Gold-copper explorer and hybrid project generator Kincora Copper Limited (Kincora) is pleased to announce that an airborne electromagnetic (AEM) geophysical survey covering approximately 155 km2 has been mobilized at the Condobolin project, located in the southern end of the Cobar Basin. Ahead of this survey, Kincora has pegged the adjacent open ground to expand the total project size by 90 km2.
Figure 1. Kincora has seven major project groups located in Central West NSW, six porphyry and one Cobar style mineral system, all located in world-class geological terrains which host Tier-1 mines The Condobolin project is in the southern and lesser explored section of the Cobar Basin. Image Credit: Kincora Copper Limited
The AEM survey is expected to generate new near surface targets and refine existing mineralized systems located under shallow post mineral cover, as well as refine potential deeper source feeder zones. These include the Meritilga target where preparations have commenced for a high impact drilling program to test the down dip and on strike extensions of the existing system which hosts broad near surface gold-silver-base metal mineralization with ore grade intervals (including 4 m @ 20 g/t gold and 30.2 g/t silver from 75 m).
In light of near record Australian gold and silver prices, Kincora has commenced a review of prior encouraging drilling results within a paleochannel at the Meritilga target, which has including up to 28.4 g/t gold in gravels (from 4 m) and 3.99 g/t gold in basement (from 28 m). John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, commented,
“We are pleased to commence exploration at our wholly owned Condobolin project at a time of significant exploration, development and corporate success in the southern and lesser explored section of the Cobar Basin.
Kincora has a well-planned strategy to explore the extensions of the Condobolin Mineral Field, which has a substantial mining history for high grade gold, silver and base metals.
The project is well located to existing infrastructure, is easy to explore and has very limited effective exploration below the shallow weathering profile. The extent of historical mining, and geochemical and geophysical anomalies, indicate excellent potential for multiple new discoveries. We are looking to systematically use exploration techniques that have already yielded the Meritilga discovery and many new recent discoveries in the north of the district at similar and earlier stage profile projects. The designed multi-phase campaign is a capital efficient value add strategy at a project that has the potential to excite in the current very strong precious metals environment.”
Cobar District
The Cobar Basin has a 150-year history of high-grade, long-life mining and is an important supplier of critical and precious metals. The region benefits from established infrastructure and favorable ESG considerations with significant scope for processing and mining efficiencies, supporting potential consolidation.
The district has recently seen several significant new discoveries utilizing modern exploration techniques in lesser explored regions (eg Federation, Achilles, Mallee Bull, Southern Nights and Wagga Tank) and emerging corporate activity (eg Harmony’s A$1.6 billion takeover for MAC Copper and Kingston Resources recently receiving A$50 million cash for the first tranche of its divestment of its PNG Misima project).
Condobolin Project
The project and regional profiles’ support the Condobolin project being an asset that a junior explorer such as Kincora can add significant value to. A multi-phase exploration campaign of regional scale exploration and target specific drilling has commenced and is fully funded following the Company’s July 2025 non-brokered private placement (C$4 m raising with a 12-month hold period).
The Condobolin project was historically the focus of up to 25 informal open pit operations (peak late 1800’s-early 1900’s), with mining impacted by the water table and exploration by the weathering profile. The mineral field has not been effectively explored below the weathered zone (~30 m).
Very limited modern exploration has taken with initial activities by Clancy Exploration (Clancy, now RareX Limited) yielding encouraging results at all five prospects drilled (2011- 13), including a virgin high-grade gold discovery at the Meritilga Prospect.
More recently within the immediate district, Kingston Resources has significantly expanded the resources and restarted hard rock mining at the Mineral Hill mine, Talisman Mining has recent new success at its Rip N Tear and Durnings targets (to both the immediate north and south of Mineral Hill), while Australian Gold and Copper has excited the market with its new potential district scale discovery at its Achilles target located within the south western extension of the Cobar Basin.
The Condobolin project is located approximately 40 km south from the mill at Mineral Hill and north of the Condobolin town (which is the primary source of employees to Mineral Hill operation who drive through the Condobolin project to work) – see Figure 2. Kincora has consolidated a 100 % project ownership and continued to expand our foothold across the near surface potential of the historical Condobolin Mineral Field. The total project size is 297 km2 across two adjacent licenses with a new license application (latter 90 km2) – see Figure 3.
To advance the potential of the wider project and historical mining field, Kincora has mobilized an AEM survey covering over 800 line-kilometers utilizing Expert Geophysics Pty Ltd’s (Expert Geophysics) TargetEM26 system. Approximately 20 % of the wider project is out-sub cropping with the average depth of cover in non-outcropping areas less than 5 meters supporting very easy exploration with surface geology and sampling being an effective, quick and cheap methods – see Figures 3 & 4.
AEM surveys have proven to be a highly effective discovery technique in this region significantly contribution in several recent discoveries in the Cobar Basin. The survey is a quick low impact method to provide subsurface structure across the full historic Condobolin Mineral Field with an infill survey across multiple targets, including Meritilga, many of which have significant base metal and gold-silver anomalies – see Figures 3 & 4 overlaying lead anomalism from soil sampling.
Figure 2. Regional brownfield and greenfield exploration projects are generating new discoveries and drill targets in a lesser explored but historic mining district The Condobolin project is located at the southern end of the Cobar Basin, benefits from existing infrastructure and is near the Mineral Hill mill which is seeking organic and inorganic means to fill existing excess mill capacity. Image Credit: Kincora Copper Limited
The Meritilga target was a new discovery made by Clancy in 2012 following up a coincident 2 km x 2 km arsenic-lead-zinc (+gold) geochemical anomaly and K-channel radiometric anomaly over ridges east of the historic mines at Mascotte and west of Potters. The anomalies coincided with key NE-striking structures identified in detailed 3D induced polarization (IP) surveys.
The gold, silver and base metals system is situated within a lode with high grade lens (ore grade, eg 4 m @ 20 g/t gold, 30.2 g/t silver from 75 m, including 1 m @ 62 g/t gold, 60 g/t silver in hole CORC029) and a lower grade halo. The lode is a consistent body, open up and down dip.
Land access agreements are in place and the permitting process commenced for an up to 15 diamond drill hole program for 4100 meters testing down dip (up to 350 m depth) and strike extensions and the potential for repeat high grade lens and/or a stacked series of lenses.
This setting is supported by the last phase of Reverse Circulation (RC) drilling by Clancy, the one diamond hole drilled by Kincora in 2023, coupled with a favorable structural setting where the main Meritilga Fault has been cross-cut by N-S trending faults.
The current working geological model, underpinned by pathfinder zonation and coincident geophysical anomalies, supports the potential for a larger mineralised intrusive source at depth – see Figure 6. The AEM survey is expected to also better advance and refine these concepts.
Given shifting in commodity prices, Kincora has commenced a review of prior encouraging very shallow gold drilling results of Clancy. In 2011, twenty Air-Core (AC) holes tested the Tilga paleochannel with several significant hits returned. The best intercept was 1 m @ 28.4 g/t Au (from 4 m, hole COAC012 in the gravels) and 3.99 g/t Au (from 28 m, hole COAC005 in basement).
The average depth of the paleochannel gravels was 7.9 m with a potential target area of 2 km by 0.5 km – see Figure 4. The last review of the alluvial gold potential was undertaken by Clancy when the Australian gold price was approximately A$1500/ounce (versus current spot of almost A$6000/oz). The review by Kincora will explore the potential alternatives, budgets and partnering opportunities available to advance the alluvial (placer) gold potential either concurrent with the wider Condobolin project or as a standalone project.
Figure 3. Kincora has increased the size of the total Condobolin project by a third and commenced an airborne geophysical survey across the historic Condobolin Mineral Field The extent of historical mining, existing near surface geochemical and geophysical anomalies provides excellent potential for multiple new discoveries as Kincora implements modern systematic exploration approaches that have already yielded the Meritilga discovery plus many recent discoveries in the north of the district at similar and earlier stage profile projects. Image Credit: Kincora Copper Limited
Figure 4. The extent of historical mining, existing near surface geochemical and geophysical anomalies, coupled with limited modern exploration or exploration below the weathered zone provides excellent potential for multiple new discoveries South-western portion of the Condobolin Project, including the Tilga Paleochannel where prior Clancy drilling supported the potential for alluvial (placer) gold. Image Credit: Kincora Copper Limited
Figure 5. Limited prior modern exploration by Clancy resulted in the Meritilga discovery with follow up drilling planned to test down dip, on strike and the potential for repeat high grade lens and/or a stacked series of lenses. Many other similar mineral systems in the Cobar Basin are vertically extensive with repeat lodes 4. Meritilga is open with a currently defined high (ore) grade lens and a lower grade halo. Image Credit: Kincora Copper Limited
Figure 6. The Condobolin project hosts various polymetallic mineral system styles and deposit targets Target models included high-grade near surface repeat systems similar to other deposits in the southern end of the Cobar Basin as well as intrusion related gold (IRGS) or porphyry systems at depth. Image Credit: Kincora Copper Limited