VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/20/12 — 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 greater than 1g/t Au with the highest intersection hitting gold grade of 8.39g/t.
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 greater than 0.5% CuEq
(Holes F46, F47, F48, F49 only have partial assay returns received.)
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.
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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.
Contacts: Kincora Copper Limited Igor Kovarsky President and CEO +1 604-689-2599
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