First Phase Drilling Results and Commencement of Phase Twoat the Fairholme Project

The Fairholme Project includes two contiguous licenses covering a total of 169.2km2 and was secured by Kincora in the March 2020 agreement with RareX Limited (“REE” on the ASX). Kincora is the operator, holds a 65% interest in the Fairholme Project and is the sole funder until a positive scoping study is delivered at which time a fund or dilute joint venture will be formed.

• Air-core drilling program at up to six prospects, including the Gateway and Anomaly 2 prospects commenced, seeking to follow up and expand previous geochemical anomalies, often with coincident geophysical anomalies across the wider Fairholme project
• Maiden 5-holes for 1,684 metres diamond-drilling program by Kincora at the Gateway prospect returned broad anomalous copper, gold and base metal mineralisation (eg KFHD003 with 80m @ 0.11 g/t gold & 0.16% copper), with localised higher grade zones (eg KFHD001 with 1m @ 1.42 g/t gold & 2m @ 0.91 g/t gold), and, identified zonation and controls to mineralisation. The system’s strike at Gateway is over 600m with the upcoming 9-hole air-core program focused on strike extension and higher grade potential
• Kincora has been awarded a A$200,000 grant for drilling at the Gateway prospect under the latest New Frontiers Cooperative Drilling program from the NSW Government 1
• The Fairholme project is host a number of large mineralised systems located adjacent and on strike from Evolution Mining’s flagship Cowal mine and wider regional exploration portfolio (total resource inventory ~15Moz gold and >0.5Mt copper 2)
• Diamond drilling (hole TRDD032) continues at the southern trend discovery zone at the Trundle Park prospect within Kincora’s brownfield Trundle project

Kincora Copper Limited (the Company, Kincora) (TSXV & ASX:KCC) is pleased to provide an exploration update for drilling activities at the Fairholme project, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW, Australia.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, noted:

“Our initial five-hole diamond drilling program at the Gateway prospect has confirmed the mineralised system, and identified zonation and controls. The system covers a strike of greater than 600m with the focus now both to extend the southern trend and finding better grades, with a nine-hole air-core program planned at Gateway.

Importantly, the air-core program will also seek to follow up many geochemical anomalies at other under-explored prospects across the wider Fairholme project where there is a 16km mineralised strike along trend from the gold corridor at the Cowal mine. For example, initial drilling at the Anomaly 2 prospect is already returning interesting visual results following up a single previous drill hole interval of 9m @ 1.05 g/t gold and 0.04% copper.

Many of these anomalies, like Anomaly 2, have not been drill tested in over 15 years despite hosting significant existing mineralised footprints, and the significant resource growth and exploration success at the adjacent Cowal project.”

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