Kincora Copper (TSXV: KCC) on Tuesday released more positive results from its ongoing drill campaign at the Trundle copper-gold porphyry project in New South Wales, Australia.
The Vancouver-based miner has completed the second drill hole of its maiden drilling program at Trundle within the Mordialloc porphyry target at 790 metres depth. Visual results show the intersection of significant intrusion hosted intervals with the targeted geological setting of a high-level, preserved porphyry system.
This follows encouraging results received last month from the first drill hole testing the Trundle Park skarn-porphyry target completed at 685 meters depth.
Both drill holes — part of an initial six-hole drill campaign — have significantly expanded the scale and prospectivity of these target zones, the company said.
“While caution must be held without assay results the visual results of the second hole at the Mordialloc target are very encouraging,” John Holliday, chairman of Kincora’s technical committee, and Peter Leaman, senior vice-president of exploration said in a joint statement.
The Mordialloc and Trundle Park targets are located 8.5 km (about 5 miles) apart and interpreted to lie within the same mineralized complex as Australia’s second-largest porphyry mine at Northparkes, operated by China Molybdenum.
According to Kincora, more than 60,000 metres have been drilled historically at Trundle, but over 92% of the holes have been within the top 50 metres to surface, a depth that the existing major mines in the belt suggest is too shallow.
Kincora’s initial two deeper holes have returned the most significant skarn intervals and porphyry intrusion system intervals to date at the Trundle project, it added.
A third hole is currently in progress testing the Bayleys porphyry target, approximately 1 km northeast of Mordialloc.
Assay results from the initial Trundle Park and Mordialloc drill holes are expected within 4 weeks and 5-6 weeks, respectively.
Shares of Kincora Copper jumped 19.2% by midday Tuesday. The copper-gold explorer has a market capitalization of C$23.7 million.