- Exploration alliance partner Earth AI has commenced its maiden drilling program at the Cundumbul Project
- A first phase program of up to 1800m of diamond core drilling has been approved by the Resource Regulator (NSW Government)
- includes up to 3 holes at approximately 600m per hole
- Initial program is expected to run for 1-2 months and be solely funded by Earth AI
- A first phase program of up to 1800m of diamond core drilling has been approved by the Resource Regulator (NSW Government)
- Earth AI's Artificial Intelligence and field based exploration has generated a pipeline of new intrusion related copper targets in the central portion of the project
- Initial program tests a 2.2km x 800m zone of anomalous surface copper associated with a zoned hydrothermal quartz breccia system (and open)
- Field mapping, soil and rock chip sampling program is ongoing to test both north and southern strike extensions, and open zones to the west and east, including higher grade surface geochemical anomalies (up to 5.2% Cu)
- The Cundumbul Project is located in the world-class Molong belt of the Macquarie Arc, 30km south of the Boda-Kaiser discoveries (>15Moz AuEq resource) and 70km north of Cadia (>90Moz AuEq endowment)
"After multiple field based campaigns refining Earth AI's artificial intelligence model and geological theses the commenced diamond drilling program is a exciting catalyst in our success based exploration alliance and provides Kincora shareholders exposure to a fully funded, new discovery focused opportunity.
Prior explorer activities and limited drilling has confirmed fertile porphyry systems in both the north and south of Cundumbul located over 10km apart.
The initial new drill targets of this first phase program by Earth AI are associated with a newly identified zoned mineralised hydrothermal quartz breccia system in the previously untested central eastern portion of the project.
The hydrothermal quartz breccia system is open, already stretches over 1.8km, and the commenced program seeks to provide initial guidance on the down-hole extent and grade as plans are being advance to test further targets along strike."
Figure 1 (see PDF): Cundumbul is located in the world-class Molong belt of the Macquarie Arc, 30km south of Alkane's Boda-Kaiser porphyry project (>15Moz AuEq), 25km north of Copper Hill (>3Moz AuEq resource) & 70km north of Cadia (>90Moz AuEq endowment)
Previous surface exploration and limited drilling has confirmed porphyry potential both in the north and south of the Cundumbul project, located 10km apart
Figure 2 (see PDF): Earth AI's Artificial Intelligence and field based exploration has generated a pipeline of new intrusion related copper targets in the central portion of the project
Prior explorer activities and limited drilling has confirmed fertile porphyry systems in both the north (the Andrew's prospect) and south (the Bell prospect) of Cundumbul located over 10km apart.
The Earth AI team have undertaken multiple phases of field work to build a greater understanding of the Cundumbul project's geology and applying their proprietary approach for identifying and refining targets via ground truthing AI and machine learning predictions – an summary of this included in Figure 2.
Diamond drilling, utilising Earth AI's low cost Mobile Low Disturbance ("MLD") diamond rig, is now underway to test their new geological thesis and targets that have been defined in the central portion of the project. Multiple phases of mapping, petrographic studies, and, soil and rock chip analysis have been completed and identified a pipeline of new targets.
The commenced initial drilling program seeks to a 750m strike of anomalous surface copper associated with a zoned hydrothermal quartz breccia system mapped along a 1.8km strike (and open) within a 2.2km N-S x 800 W-E anomalous copper zone (and open).
A field mapping, soil and rock chip sampling program, and planning and permitting for a second phase drill program, is ongoing to test both north and southern strike extensions, and open zones to the west and east, including higher grade surface geochemical anomalies (including rock chips of 5.2% Cu, 3.2% and 1% Cu, and, up to 0.56g/t Au) – see Figure 2 for further details.
The "success based"
Figure 3 (see PDF): Earth AI's low cost Mobile Low Disturbance ("MLD") diamond rig in operations at Cundumbul drilling hole ECU18D
Earth AI is a private
Earth AI has an in-house geological team, boots on the ground field assessment approach, proprietary cloud computing and integrated geological AI review and machine learning process supported by boots on the ground field assessment approach to identify, refine and de-risk targets for new discovery drilling.
Earth AI utilises its low cost Mobile Low Disturbance diamond rig, and associated equipment, drill testing targets and leveraging its NSW field based operations located in Young.
On
The agreement does not affect the capital structure of the Company or ownership in the project, with Kincora consolidating 100% project ownership in
Kincora is under no obligation to explore, develop or mine the
For further details and technical disclosures please refer to the
Exploration efforts at the Cundumbul project were last lead by Mitsubishi Materials Corporation during an earn-in period (concluded 2015). Previous exploration has included mapping, soil sampling, rock chip sampling, induced polarisation ("IP"), gravity and magnetic geophysical surveying, with more limited follow up auger, RC and diamond drilling.
Mineralised monzonitic intrusions have been identified at both the Bells and Andrews prospects, in the north and south respectively of the Cundumbul project, located over 10km apart.
Further details on the
This announcement has been authorised for release by the Board of
The scientific and technical information this announcement is extracted from reports lodged as market announcements referred to above, quarterly reports and available on the Company's website www.kincoracopper.com .The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
The scientific and technical information in this announcement was prepared in accordance with the standards of the
Information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves are those that have been previously reported (with the original release referred to in this announcement), in the case of Mineral Resources or Ore Reserves the material assumptions and technical parameters underpinning the estimates have not materially changed, and have been reviewed and approved by
Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
Neither the
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