Kincora Copper Limited
TSX VENTURE : KCC

Kincora Copper Limited

February 21, 2012 05:00 ET

Retransmission: Kincora Copper Announces Exploration Results and Ramps up its 2012 Drilling Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - Kincora Copper Limited (TSX VENTURE:KCC) ("Kincora") announces the highlights from its Q4 2011 drilling campaign:

The Q4 2011 results in this release provide further evidence that the Bronze Fox project contains a very large area of copper and/or gold mineralization (including sub zones of extensive and continuous copper mineralization). High grade intersections in the drill core demonstrate the potential for a high grade resource. Furthermore, the identification of new anomalies expands the number of exploration targets; this will be discussed in an upcoming press release containing Kincora's 2012 drilling program and strategy.

Commenting on today's announcement, Igor Kovarsky, President and CEO of Kincora, said: "I am delighted to announce the results from the 2011 exploration campaign which further demonstrate that Bronze Fox (Buyant license) hosts a large area of copper and gold mineralization. Nearly all of the holes intersected mineralization which is particularly encouraging given that 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."

Between October and December 2011, a further 2,400m of diamond drilling was completed, resulting in a total of 12,435m for the year across 23 holes. All holes have received Au assay returns with a total of 12,133 core samples. There are still 1,453 samples pending for Cu, Mo, etc. of ICP assays in the lab.

22 holes hit copper and/or gold mineralization and 14 of these contain intersections of >1g/t Au with the highest intersection hitting gold grade of 8.39g/t.

  • Dunlop Fox ("DF") (hole F47) has 6 separated 1m intervals with gold grade over 0.5g/t with the highest grade of 8.39g/t Au at 88m depth.

  • In Sophie North ("SN"), a total of 5 holes were drilled this year and 4 holes were previously drilled. All had gold mineralization; 3 of them contain >1g/t Au (over intervals of 1-2m) with the highest grade of 2.48g/t (1m interval at 13m depth).

  • Buchanan Heights ("BH"), (hole F33) returned associated Cu mineralization with the highest Cu grade of 1.88% Cu at 226m depth.

  • In West Kasulu ("WK"), low grade Cu/Au mineralization exists extensively in all of the holes drilled. In addition, further higher grade Au and Cu was intersected

    • Hole F42 with intervals of over 1% Cu; and

    • Holes F48 and F49 with over 1g/t Au intervals.

The soil geochemistry was sampled at a grid of 200m, the work concentration area appears to have extensive Cu and Au anomalies; few of those anomalies overlapping IP chargeability anomalies warrant further drill testing, including the high gold soil anomalies over 0.3g/t Au in DF, and SN. Outside of the work concentration area these anomalies are generally between 1,000m to 2,000m in strike. More gold soil geochemistry anomalies have been identified, with a high proportion in the southern part of the license some of which demonstrate grades of over 1g/t Au. These anomalies either overlap VIP chargeability anomalies, or are adjacent to high grade rock chips samples (up to over 20g/t Au).

A high resolution ground magnetic survey was completed over the whole license area. A magnetite destruction feature area was identified in the southeast of the license under younger cover sequence which overlaps with VIP chargeability anomalies. There is a possibility that this is related to a potential alteration system and warrants further geophysics follow up and potentially drill testing.

Holes in SN and BH have demonstrated notable gold mineralization and are scattered in a belt of over 4km striking east-west. While we are endeavoring to locate the main economic copper mineralization zones over a large area of mineralization, the emerging gold potential will be heavily accounted for in the future work.

Table 1: Intervals with >0.5% CuEq

(Holes F46, F47, F48, F49 only have partial assay returns received.)

Area Hole
No
From To Au
(g/t)
Cu
(%)
Mo
(ppm)
CuEq
(%)
DF F47 38 39 0.64 0.42
F47 43 44 2.07 1.36
F47 87 88 0.42 0.28
F47 88 89 8.39 5.5
F47 106 107 0.04 0.362 3 0.39
F47 108 109 0.67 0.0122 <1 0.45
F47 193 194 0.38 0.25
F47 303 304 0.35 0.23
F47 322 323 0.57 0.37
F47 368 369 2.28 1.49
BH F33 53 54 0.19 0.12 <1 0.24
F33 54 55 1.12 0.33 3 1.07
F33 65 66 0.28 0.05 1 0.24
F33 67 68 1.34 0.02 2 0.9
F33 201 202 0.55 0.3 140 0.72
F33 205 206 0.36 0.16 5 0.4
F33 226 227 4.21 1.88 9 4.64
F33 244 245 0.45 0.21 1 0.51
F33 300 301 2.01 0.48 6 1.8
F33 341 342 0.19 0.18 29 0.31
F40 80 81 0.16 0.104 <1 0.21
F40 157 158 0.95 0.0689 1 0.69
F40 292 293 0.28 0.184 10 0.37
F40 319 320 0.86 0.0534 5 0.62
F40 337 338 1.64 0.262 4 1.34
F40 338 339 0.27 0.25 2 0.43
SN F34 13 14 2.48 0.0281 4 1.66
F34 14 15 1.76 0.0232 <1 1.18
F34 17 18 0.47 0.0347 <1 0.34
F34 21 22 0.79 0.0205 <1 0.54
F34 24 25 0.61 0.0266 <1 0.43
F34 70 71 0.73 0.0294 <1 0.51
F34 74 75 0.32 0.0867 <1 0.3
F34 104 105 0.25 0.0554 <1 0.22
F34 184 185 0.21 0.0933 <1 0.23
F36 301 302 0.44 0.017 <1 0.31
F36 345 346 0.03 0.166 53 0.21
F36 389 390 1.81 0.0381 2 1.23
F36 391 392 1.57 0.0084 2 1.04
F37 51 52 0.43 0.0946 <1 0.38
F37 74 75 0.42 0.105 <1 0.38
F37 182 183 1.54 0.0076 <1 1.02
F45 114 115 0.32 0.21
WK F35 6 7 0.13 0.409 <1 0.49
F35 35 36 0.06 0.223 38 0.28
F35 41 41.5 0.46 0.321 <1 0.62
F35 41.5 42 0.16 0.189 9 0.3
F35 42 43 0.15 0.271 6 0.37
F35 154 155 <0.01 0.287 <1 0.29
F35 161 162 0.06 0.168 14 0.21
F35 164 165 0.08 0.165 5 0.22
F35 177 178 0.09 0.193 9 0.26
F35 185 186 0.31 0.0475 10 0.25
F35 187 188 0.07 0.241 215 0.37
F35 242 243 0.01 0.0713 595 0.31
F35 256 257 0.01 0.22 2 0.23
F35 340 341 0.04 0.274 18 0.31
F35 399 400 0.02 0.185 5 0.2
F35 423 424 0.02 0.277 11 0.29
F35 426 427 0.01 0.0399 546 0.26
F35 427 428 0.01 0.0679 747 0.36
F35 440 441 0.02 0.142 151 0.21
F42 1 2 0.04 0.179 2 0.21
F42 13 14 0.13 0.127 1 0.21
F42 23 24 0.04 0.212 6 0.24
F42 28 29 0.03 0.243 2 0.26
F42 101 102 0.03 0.206 72 0.25
F42 102 103 0.03 0.193 49 0.23
F42 103 104 0.03 0.235 11 0.26
F42 104 105 0.04 0.256 15 0.29
F42 105 106 0.03 0.229 13 0.25
F42 106 107 0.03 0.183 5 0.2
F42 107 108 0.04 0.221 51 0.27
F42 111 112 0.03 0.272 62 0.32
F42 112 113 0.04 0.345 58 0.39
F42 113 114 0.04 0.313 10 0.34
F42 114 115 0.04 0.292 375 0.46
F42 115 116 0.08 0.418 73 0.5
F42 116 117 0.05 0.206 52 0.26
F42 119 120 0.03 0.216 7 0.24
F42 120 121 0.03 0.237 12 0.26
F42 202 203 0.02 0.136 381 0.3
F42 206 207 0.05 0.17 194 0.28
F42 207 208 0.03 0.189 69 0.24
F42 213 214 0.03 0.131 248 0.25
F42 217 218 0.04 0.339 46 0.38
F42 218 219 0.08 0.3 37 0.37
F42 219 220 0.03 0.251 25 0.28
F42 264 265 0.02 0.265 14 0.28
F42 268 269 0.02 0.238 21 0.26
F42 269 270 0.03 0.24 19 0.27
F42 310 311 0.05 0.293 4 0.33
F42 336 337 0.06 0.508 13 0.55
F42 371 372 <0.01 0.345 2 0.35
F42 406 407 0.02 0.245 <1 0.26
F42 408 409 0.03 0.342 9 0.37
F42 453 454 0.03 0.299 <1 0.32
F42 459 460 0.02 0.208 <1 0.22
F42 462 463 0.16 1.3 4 1.41
F42 476 477 0.05 0.271 <1 0.3
F42 479 480 0.04 0.226 20 0.26
F42 482 483 0.03 0.335 <1 0.35
F42 487 488 0.06 0.192 <1 0.23
F42 494 495 0.04 0.196 1 0.22
F42 516 517 0.05 0.536 3 0.57
F42 571 572 0.02 0.213 3 0.23
F42 572 573 0.04 0.341 4 0.37
F42 581 582 0.02 0.198 1 0.21
F42 597 598 0.06 0.256 4 0.3
F42 598 599 0.03 0.235 <1 0.25
F42 617 618 0.04 0.221 8 0.25
F42 619 620 0.31 1.14 1 1.34
F42 627 628 0.05 0.19 4 0.22
F42 628 629 0.03 0.308 <1 0.33
F42 630 631 0.02 0.202 3 0.22
F42 633 634 0.14 1.18 5 1.27
F42 634 635 0.06 0.718 2 0.76
F42 635 636 0.06 0.324 2 0.36
F42 636 637 0.06 0.397 2 0.44
F42 640 641 0.03 0.304 2 0.32
F42 647 648 0.02 0.21 6 0.23
F42 668 669 0.04 0.18 2 0.21
F42 669 670 0.05 0.428 2 0.46
F42 679 680 0.02 0.192 1 0.21
F42 680 681 0.13 0.67 17 0.76
F42 681 682 0.03 0.31 3 0.33
F42 693 694 0.06 0.173 2 0.21
F42 694 695 0.01 0.352 2 0.36
F44 2 3 0.06 0.322 1 0.36
F44 12 13 0.03 0.877 973 1.27
F44 15 16 0.03 0.211 4 0.23
F44 16 17 0.03 0.194 8 0.22
F44 17 18 0.04 0.201 3 0.23
F44 18 19 0.04 0.263 3 0.29
F44 19 20 0.06 0.285 2 0.33
F44 20 21 0.04 0.181 3 0.21
F44 25 26 0.05 0.182 <1 0.21
F44 26 27 0.05 0.232 1 0.27
F44 27 28 0.05 0.24 5 0.27
F44 28 29 0.06 0.358 10 0.4
F44 28 29 0.05 0.281 18 0.32
F44 29 30 0.03 0.184 2 0.2
F44 31 32 0.04 0.21 3 0.24
F44 33 34 0.03 0.189 3 0.21
F44 34 35 0.03 0.223 2 0.24
F44 35 36 0.03 0.257 4 0.28
F44 36 37 0.03 0.298 3 0.32
F44 40 41 0.03 0.182 2 0.2
F44 46 47 0.03 0.182 2 0.2
F44 49 50 0.03 0.199 7 0.22
F44 50 51 0.09 0.289 23 0.36
F44 61 62 0.1 0.54 4 0.61
F44 70 71 0.13 0.76 3 0.85
F44 72 73 0.03 0.204 3 0.22
F44 73 74 0.04 0.193 2 0.22
F44 82 83 0.03 0.214 1 0.23
F44 86 87 0.06 0.315 2 0.36
F44 90 91 0.04 0.225 2 0.25
F44 91 92 0.04 0.211 2 0.24
F44 103 104 0.04 0.242 3 0.27
F44 104 105 0.03 0.256 <1 0.28
F44 105 106 0.03 0.196 7 0.22
F44 115 116 0.03 0.192 <1 0.21
F44 132 133 0.05 0.236 <1 0.27
F46 64 65 0.42 0.28
F46 65 66 0.37 0.24
F46 67 68 0.43 0.28
F48 149 150 0.44 0.29
F48 158 159 0.55 0.36
F48 171 172 0.38 0.25
F48 190 191 1.06 0.69
F48 294 295 0.52 0.34
F48 299 300 0.31 0.2
F48 530 531 0.47 0.31
F49 113 114 0.37 0.24
F49 114 115 0.36 0.24
F49 115 116 1.17 0.77
F49 374 375 0.41 0.27
Leca Pass ("LP") F39 56 57 0.34 0.124 12 0.35
F39 134 135 0.03 0.211 4 0.23
F39 153 154 0.05 0.176 6 0.21
F39 204 205 0.08 0.148 13 0.21
F39 211 212 0.02 0.204 7 0.22
F39 220 221 0.02 0.263 4 0.28
F39 228 229 0.04 0.422 5 0.45
F39 256 257 0.09 0.142 8 0.2
F39 303 304 0.02 0.23 13 0.25
F39 304 305 0.02 0.345 3 0.36
F39 347 348 0.24 0.0759 5 0.24
F39 377 378 0.03 0.648 17 0.67
F39 413 414 0.02 0.313 29 0.34
F39 434 435 0.03 0.247 < 1 0.27
F39 437 438 0.05 0.245 4 0.28
F39 446 447 0.01 0.227 13 0.24
F39 466 467 0.25 0.04 8 0.21
F39 476 477 0.03 0.18 8 0.2
F39 486 487 0.12 0.17 3 0.25
F39 494 495 0.02 0.25 2 0.26
F39 515 516 0.34 0.0725 1 0.3
F39 530 531 0.03 0.383 5 0.4
F39 531 532 0.05 0.193 25 0.24
F39 585 586 0.02 0.228 22 0.25
F39 631 632 0.02 0.201 13 0.22
F39 654 655 <0.01 0.423 3 0.42
F39 655 656 0.01 0.434 10 0.44
F39 656 657 0.01 0.267 3 0.27
F39 656 657 0.01 0.258 5 0.27
F39 657 658 0.02 0.612 12 0.63
F39 658 659 <0.01 0.216 46 0.23
F39 665 666 0.03 0.263 6 0.28
F39 666 667 <0.01 0.325 58 0.35
F39 675 676 0.02 0.19 10 0.21
F39 678 679 0.1 0.167 23 0.24
F39 680 681 0.06 0.45 5 0.49
F39 686 687 0.03 0.219 30 0.25
F39 700 701 0.01 0.275 15 0.29
F39 704 705 <0.01 0.292 234 0.38
F39 705 706 <0.01 0.135 181 0.2
F39 707 708 <0.01 0.209 4 0.21
F39 708 709 <0.01 0.226 140 0.28
F39 710 711 <0.01 0.131 338 0.26
F39 718 719 <0.01 0.168 85 0.2
F39 721 722 0.03 0.556 60 0.6
F39 723 724 0.04 0.164 49 0.21
F41 163 164 0.02 0.187 622 0.44
F41 188 189 0.05 0.122 211 0.24
F41 189 190 0.03 0.237 143 0.31
F41 198 199 0.61 0.0584 11 0.46
F41 207 208 0.02 0.296 30 0.32
F41 268 269 0.21 0.0876 8 0.23
F41 287 288 0.01 0.385 3 0.39
F41 315 316 0.02 0.203 2 0.22
F41 320 321 0.15 0.363 4 0.46
F41 321 322 0.03 0.553 7 0.58
F41 322 323 0.04 0.29 6 0.32
F41 323 324 0.03 0.244 11 0.27
F41 324 325 0.02 0.241 9 0.26
F41 325 326 0.02 0.216 6 0.23
F41 329 330 0.04 0.2 9 0.23
F41 332 333 0.06 0.176 5 0.22
F41 367 368 0.13 0.157 5 0.24
F41 391 392 0.01 0.455 2 0.46
F41 417 418 <0.01 0.274 7 0.28
F41 419 420 0.04 1.53 93 1.59
F41 420 421 0.04 0.229 5 0.26
F41 423 424 0.1 0.205 5 0.27
F41 428 429 0.13 0.254 8 0.34
F41 459 460 0.02 0.282 7 0.3
F41 627 628 0.1 0.164 4 0.23
F41 631 632 0.09 0.196 <1 0.25
F43 30 31 0.04 0.292 <1 0.32
F43 31 32 0.05 0.243 <1 0.28
F43 31 32 0.05 0.223 2 0.26
F43 89 90 <0.01 0.27 <1 0.27
F43 90 91 0.02 0.587 <1 0.6
F43 109 110 0.02 0.242 <1 0.26
F43 110 111 0.02 0.218 5 0.23
F43 125 126 0.13 1.25 1 1.34
F43 126 127 0.02 0.212 <1 0.23
F43 134 135 0.25 0.0423 2 0.21
F43 135 136 0.86 0.0246 1 0.59
F43 142 143 0.02 0.191 <1 0.2
F43 152 153 0.01 0.21 1 0.22
F43 211 212 0.03 0.25 <1 0.27
F43 215 216 0.03 0.24 2 0.26
F43 282 283 1.04 0.0735 <1 0.76
F43 639 640 0.02 0.256 <1 0.27
F43 682 683 0.66 0.03 <1 0.46
F43 695 696 0.02 0.192 <1 0.21
F43 748 749 0.02 0.192 11 0.21
F43 767 768 0.02 0.257 11 0.27
F43 767 768 0.02 0.222 2 0.24
F43 771 772 0.01 0.23 <1 0.24

Note: CuEq calculated based on prices of: Cu: $3.8/lb, Au: $1,725/oz, Mo: $14.0/lb

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 asset is the Bronze Fox (Buyant License) copper-gold deposit located in southeast Mongolia along the Oyu Tolgoi copper belt. Bronze Fox (Buyant License) is located approximately 140km to the northeast of the world-class Oyu Tolgoi copper-gold project, and is 250km from the Chinese border.

To view the seven images associated with this release, please click the following link: http://file.marketwire.com/release/kincora.pdf.

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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