Woomera Secures Advanced Copper / Gold Project in World-Class Mongolian Copper Belt

Woomera Mining Limited (ASX: WML) (“Woomera”, “the Company”) is pleased to announce that it has entered into a legally binding earn-in term sheet (“Agreement”) with Kincora Copper Limited (ASX: KCC)(“Kincora”), granting the right to Woomera to earn a 100% interest in the Bronze Fox Project, located in the world-class Southern Gobi copper belt in Mongolia.

• Woomera signs binding term sheet to earn-in to the Bronze Fox Copper-Gold Project, located within the world-class Southern Gobi copper belt in Mongolia;
  
• Bronze Fox includes an Inferred Mineral Resource of 194.1 Mt of 0.2% Cu and 0.07 g/t Au containing 426kt of Cu and 437koz Au (refer page 2 for further details) for the West Kasulu prospect;
• The Inferred Resource covers a small section of one of three large near surface porphyry complexes with a number of drill ready priority targets defined;
• Woomera can earn an 80% interest in the Project (in two phases) by spending US$4m (with an election to acquire 100% once WML has earned its 80% interest);
• Drilling program scheduled to commence in the September quarter testing new greenfield and resource expansion targets;
• Firm commitments have been received for a $1.7m share placement with an additional $0.3m Share Purchase Plan to be offered to eligible shareholders.

The Agreement marks a quantum shift for Woomera, paving the way for the Company to explore for copper in an established porphyry copper belt, with field work expected to commence in the current quarter.

BRONZE FOX PROJECT

The Bronze Fox Project covers 175km² and is located in the Southern Gobi porphyry belt of southern Mongolia, approximately 450km south of the capital Ulaanbataar. It represents an opportunity to secure an 80% interest (with the ability to move to 100% at Woomera’s election) in an underexplored world-class porphyry copper project with genuine Tier-1 potential. Drilling by Kincora totalling approximately 46,625 metres of Reverse Circulation and Diamond Core drilling has defined three shallow, large porphyry complexes, providing genuine new discovery potential, resource delineation and early-stage exploration plays.

Key project components include:

• Bronze Fox Licences: located in the rapidly developing Southern Gobi copper belt.
  • two adjacent licences covering 175km²
  • 3 underexplored, large and near surface porphyry systems
  • plus other early-stage copper and gold targets.
• JORC Compliant Resource and Exploration Target (See Cautionary Statements below & Appendix)
  • 194Mt at 0.26% copper equivalent (CuEq) at a 0.2% CuEq cutoff within a notional pit shell to a depth of approximately 325m below surface¹.
  • additional Exploration Target for the West Kasulu prospect of between 100Mt and 300Mt at 0.25% to 0.35% CuEq². The Exploration Target comprises potential mineralisation below the current Mineral Resource from approximately 325m to 1,200m below surface.
  • Existing mining licence with plans for second covering the full project.
• Team: Established in-country team of internationality experienced geologists with supporting infrastructure and Ulaanbaatar office.
• White Pearl Field Camp: Year-round facility supporting operational needs.
• Country Wide Database: Provides opportunities for new acquisitions in Mongolia.

The Mineral Resource and Exploration Target were first reported by Kincora Copper (ASX:KCC) under its ASX announcement dated 26th July 2022 entitled ‘Mineral resource and updated exploration target for Bronze Fox.’

Click here for the full ASX Release

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