Kincora Copper (CVE:KCC) said today that latest drilling on its Bronze Fox project in Mongolia had indicated further evidence of a very large of copper and/or gold mineralisation.
Intersections in the drill core had demonstrated the potential for a high grade resource and had also identified new anomalies to expand the number of exploration targets, Kincora said.
Igor Kovarsky, president and chief executive, said nearly all of the holes intersected mineralisation, which he said was particularly encouraging as drilling took place over a significant area.
“The results revealed a number of targets along a significant strike. Furthermore I am excited with the addition of newly discovered gold zones and we look forward to expediting the 2012 exploration campaign,” he added.
Between October and December 2011, Kincora drilled a further 2,400m for a total of 12,435m during the year across 23 holes.
Of these, 22 holes hit copper and/or gold mineralisation and 14 of these contained intersections of greater than 1g/t Au with the highest intersection hitting gold grade of 8.39g/t, Kincora said.
Bronze Fox is in the same geological neighbourhood as the giant Oyu Tolgoi mine, just over 100 miles to the north-east. Oyu Tolgoi is the world’s largest undeveloped copper deposit, which also contains an estimated 46 million ounces of gold.
Kincora said that highlights from the drilling included Dunlop Fox (hole F47), which had 6 separated 1m intervals with gold grade over 0.5g/t with the highest grade of 8.39g/t Au at 88m depth.
At Sophie North, 5 holes were drilled this year and 4 holes were previously drilled. All had gold mineralization; 3 of them contain greater than 1g/t Au (over intervals of 1-2m) with the highest grade of 2.48g/t (1m interval at 13m depth).
Buchanan Heights (hole F33) returned associated copper (Cu) mineralisation with the highest Cu grade of 1.88% Cu at 226m depth.