Kincora Copper has reached an agreement that provides for consolidation of the majority of the prospective exploration licenses on the geological trend between and along strike from the Oyu Tolgoi and Tsagaan Suvarga copper mines in southern Mongolia. The agreement merges two Kincora subsidiaries with Ibex Land Mongolia LLC and Ibex Mongolia LLC, entities indirectly controlled by High Power Exploration Inc.
High Power is a private company headquartered in Vancouver, British Columbia, Canada. Kincora is also headquartered in Vancouver. High Power will become a shareholder of Kincora and will provide support to the merged company via its proprietary Typhoon geophysical technology and other technical services. The Typhoon technology played an important role in the discovery and delineation of the high-grade orebodies at Oyu Tolgoi.
The transaction will create a consolidated landholding of more than 1,500 km2, and the merged company will have access to large regional geophysical and surface geochemical datasets, supporting potential targets that include Oyu Tolgoi-type porphyries; traditional gold-rich copper porphyries; and epithermal and Carlin-type gold deposits.
At least six porphyry targets and one epithermal gold advanced target have been identified. Near-term objectives will include testing of these advanced-stage targets and proof of geological interpretation of the regional portfolio.
Assets of the merged company will include a fully winterized camp, a permitted landing strip, and key information technology and exploration equipment.