Kincora Copper Limited

Kincora Copper Limited

August 07, 2012 14:47 ET

Kincora Copper Intersects Significant High Grade Copper at Bronze Fox and Gold at Tourmaline Hills

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2012) - Kincora Copper Limited (TSX VENTURE:KCC) ("Kincora") is pleased to announce partial assay results from Hole BF62 located in the West Kasulu zone at Bronze Fox:

The discovery is located at the centre of Kincora's group of exploration licenses and at the west border of Kincora's license 15000X. License 15000X is located in the southwest of Mongolia, 140km to the northeast of Oyu Tolgoi and sits in the same metallogenic belt. Partial drill core from hole BF62 has intersected a 180 metre interval with continuous copper mineralization.

  • The average copper grade across 180m is 0.5% Cu and 0.1g/t Au with associated Mo mineralization up to 0.33%;
    • including 37m averaging 0.829% Cu, 0.14g/t Au, and 0.04% Mo between 573m to 610m or 1.11% CuEq. This includes 13m between 595m and 608m averaging 1.14% Cu, 0.17g/tAu and 694 ppm Mo equating to a CuEq of 1.57%.

The mineralization begins from the surface and remains open at depth. Further core cutting and sampling is ongoing with the hole continuing below 1,000m.

These results confirm the potential for a deep high grade porphyry style copper deposit and increase management's confidence that the exploration program could be reaching the edge of a large high grade copper and gold resource. Further drilling will test the extent of the mineralisation and will track the halo east and west which runs for 2km.

Commenting on today's announcement, John Rickus, President and CEO of Kincora, said: "These exciting results confirm that higher grade zones exist within this exceptionally large system. For the remainder of the year our team will continue to explore a number of high priority targets to establish the extent of the copper and gold mineralisation on the Bronze Fox properties."

Between April and July 2012, 7,168m of diamond core drilling was completed. Partial cores containing 2,219 samples were sent to laboratories for assaying with 2,184 results now received.

  • In West Kasulu, F50 drilled to 319.5m with the entire hole intersecting lower grade copper mineralization. The hole collapsed in an argillic zone and could not penetrate further.
  • Hole F57 in West Kasulu drilled to 517m with all of the hole intersecting copper mineralization;
    • including 151m averaging 0.25% Cu from 217m to 368m with up to 1.16% Cu and 64m of 0.297% Cu from 217m to 281m with up to 1.67% Cu.

Partial assays have been returned for Tourmaline Hills, one of the licenses acquired from Forbes and Manhattan through an exchange of shares in April 2012.

  • Hole F61 intersected 1m of 2.74g/t Au between 39m to 40m and 5m averaging 2.65g/t Au between 60m to 65m;
    • including 3m of 3.45g/t to 4.70g/t.
  • Hole F51 intersected 6m averaging 0.67g/t Au between 39m and 45m with up to 1.18g/t Au and 1m of 0.8g/t Au at 154m.
  • Hole F59 intersected 14m at an average of 0.39g/t Au from 273 to 287m with up to 1.49g/t Au.
  • Further core cutting and sampling is ongoing.

To view the images associated with this press release, click on the following link:

Qualified Person

The new drilling results in this news release and on Kincora's website and the other scientific and technical information in this news release were prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and were reviewed, verified and compiled by Kincora's geological staff under the supervision of John Rickus, a director of Kincora, who is the Qualified Person for the purpose of NI 43-101.

About Kincora:

Kincora Copper Limited is a mining exploration and development company focused on copper-gold deposits in Mongolia. Its key assets are Bronze Fox, Tourmaline Hills and North Fox located in southeast Mongolia along the Oyu Tolgoi copper belt. The licenses are located 140km northeast of the world class Oyu Tolgoi copper gold project and 250km from the Chinese border.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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