Canada-based exploration firm Kincora Copper has completed acquisition of earlier announced copper-gold assets from RareX in New South Wales, Australia.

Under the binding memorandum of understanding (MoU) signed with RareX in January, Kincora agreed to acquire a 65% interest in 6 mineral leases covering 587km2 in the Lachlan Fold Belt (LFB).

The 6 tenements consists of advanced to early stage exploration projects and porphyry targets located in the key volcanic belts of the Macquarie Arc.

Kincora has a controlling interest across a 1,732km2 land position in the key belts of the Macquarie Arc

The Canadian firm has a controlling stake across a 1,732km2 land position in the key belts of the Macquarie Arc, with confirmed strategic appeal and pipeline of targets being systematically advanced. 

Kincora’s portfolio includes the flagship Trundle project, claimed to be the only brownfield porphyry project held by a listed junior in the Lachlan Fold Belt. The project is located less than 30km from the China Molybdenum Company (CMOC) operated Northparkes copper-gold mine, which has combined endowment (past production and current resources) of over 20Moz gold-equivalent.

Kincora president and CEO Sam Spring said: “Kincora is well positioned and funded for high impact, value add drilling at a number of the most compelling drill targets in Australia’s foremost porphyry belt, a belt that has recently attractive considerable investment and positive re-rating of active exploration peers.

“This will shortly commence at the brownfield Trundle project, which sits within the same system as Australia’s second largest porphyry mine (Northparkes) with demonstrated similar and extensive mineralisation.

“Details of the upcoming program are expected to be shortly announced and will focus on three known mineralised Northparkes porphyry targets, seeking to confirm the discovery of a new cluster of deposits.”

The company is involved in making a major discovery in Mongolia, the Lachlan Fold Belt in Australia and other prospective complementary jurisdictions.