VANCOUVER (miningweekly.com) – Exploration work by TSX-V-listed Kincora Copper has confirmed that its East Tsagaan Suvarga (East TS) target is a mineralised porphyry system with comparable geochemistry, magma fertility and age to that of other developed projects in the same mineral belt, including the massive Oyu Tolgoi and Tsagaan Suvarga deposits, in Mongolia.
East TS is an openpit target located about 13 km from the existing Serven Sukhait deposit, which has a known sulphide openpit resource of 255-million tonnes within the larger Tsagaan Suvarga intrusive complex.
Since closing the Ibex transaction at the end of last year, Kincora has announced the discovery of two new Devonian porphyry targets in the belt since Oyu Tolgoi was discovered.
Kincora controls the dominant exploration portfolio, with a unique multi-target, multistage pipeline, between and on strike from Rio Tinto's largest global expansion project, the Oyu Tolgoi mine, and the Tsagaan Suvarga Serven Sukhait development project.
New analysis undertaken during the most recent field season has shown Tsagaan Suvarga can be classified as a Devonian quartz monzodiorite system, essentially identical to the high-grade orebodies at Oyu Tolgoi, and the East TS target is part of the suite. This further supports East TS as a priority target area and has important implications to future regional exploration, the company said.
It plans to undertake a technical workshop shortly to advance plans for the 2017 field season.
Meanwhile, copper prices advanced 3.1% to $5 763/t on Tuesday, while gold futures rose 0.5% to $1 188.9/oz.