Transcription of The Stock Network Interview with Kincora Copper (ASX:KCC, TSXV:KCC), President and CEO Sam Spring
Lel Smits: Kincora Copper is a gold, copper, explorer and hybrid project generator focused on district scale opportunities in Australia and has just commenced drilling at its wholly owned Condobolin project in the southern Cobar Basin. This marks the first systematic drilling program in over a decade at the historic mining field. I’m joined today by President and CEO Sam Spring to discuss what this program aims to unlock, why Condobolin stands out in the Cobar Basin and how recent activity in the region is shaping strategies.
Sam, welcome back to the Stock Network.
Sam Spring: Thank you for having us on, Lel.
Lel Smits: Now, Kincora has just commenced drilling at Condobolin. What are the key objectives of this initial phase and also what should investors really be watching out for?
Sam Spring: Yeah, and we’re really excited. Well, this is the first systematic drilling at the Condobolin mining field in over 10 years and the last phase provided proof of concept. It had some very good results.
There was a new discovery at the Merotilga area, which is a shallow, blind, epithermal gold with base metals discovery. But as we know with these Cobar-style systems, they often are vertically extensive and they often have repeat mineral systems, and that potential is really open here at Merotilga. So with this first phase drilling campaign, and there’s a second phase already proposed, what we’re looking to do is test that potential for the first time, look for down dip extensions, a long strike, and also there’s some really compelling geochemical and geophysical anomalies that are really right next to that system. So how big can this area really be? And this initial phase of drilling will help answer that.
Lel Smits: Fantastic. And also recent M&A and corporate activity in the Cobar Basin is highlighting the value of high-grade assets. How does Condobolin fit into that broader regional narrative?
Sam Spring: Yeah, and there’s been some really good discoveries across the wider district following up exactly these sort of targets and anomalies that have been sitting there. As you touched on, M&A has been very prevalent. The largest deal was Harmony entering the district last year with a $1.6 billion acquisition of CSA, which is a really high-grade copper critical minerals deposit.
More recently, you’ve seen Arias do a deal over $200 million with Peel, looking to truck two existing deposits over 100 kilometres to their existing mill. So that sort of thesis makes Condobolin look really good. It’s a historical mining field.
There is a mill within trucking distance where the workforce comes and goes through our Condobolin licence that’s seeking third-party oil. So this is a project that a junior can add significant value to, we feel, by confirming the previous discovery. You had sort of four metres of 20 grams, 10 metres of almost six grams, very shallow with associated base metals and silver also alongside that.
We think there’s also probably an intrusion of porphyry that is cooking this up, which is a much larger scale opportunity. It’s a series of other prospects outside of Miratilga. So we think the Condobolin project is something that there’s some really easy wins there and fits into that larger district play very easily.
Lel Smits: Great. And alongside Condobolin, Kincora is also drilling with Anglo Gold Ashanti at the Nevatized South. How do these parallel programs position the company really in terms of news flow and also discovery potential?
Sam Spring: Yeah, and we had a workshop with Anglo Gold Ashanti the week before last and were really encouraged and excited by what we were seeing.
Condobolin is funded by ourselves. This will be the eighth licence that Kincora has drilled in the last 18 months, two years. So in terms of shots on goal and our existing strategy of advancing eight separate projects across the portfolio, this is another key part of it.
And again, what does that provide our shareholders? Significant leverage to a lot of exploration activities. So far, we’ve had $9 million worth of investment by our partners supporting over 18,000 metres of drilling. But given the financings we’ve done recently, we’re able to do some more sole funded exploration and that’s Condobolin right there as that.
So in terms of leverage to exploration upside, that’s all we’re looking to do here is keep executing on that strategy.
Lel Smits: Well, Sam, I really appreciate the update from Kincora and look forward to seeing what happens next.
Sam Spring: Thank you.
Ends