www.unuudur.com » Kincora Copper announces LOI to acquire New Mongolian Property

Kincora Copper announces LOI to acquire New Mongolian Property

[Нийтэлсэн: 14:41 19.01.2012 ]

www.steelguru.com

Kincora Copper Limited announced that it has entered into a letter of intent with Forbes & Manhattan Inc a Canadian merchant bank and Temujin Mining Corp a closely held private company, whereby the Company would acquire from Temujin all of the issued and outstanding shares of Golden Grouse LLC a Mongolian company which holds certain mineral exploration licenses adjoining the Company’s Bronze Fox project in Mongolia referred to as the Manlai Licences.

As consideration for the shares of Golden Grouse, the Company is to issue to Temujin approximately 35,000,000 shares of the Company, which shares are intended to be dividended out by Temujin to its shareholders concurrent with the closing of the Acquisition.

The Manlai Licences are located immediately to the western and northern boundaries of the Company’s Buyant License 15000X; in an area of known porphyry copper deposits. The Bronze Fox Intrusive Complex copper-gold resources owned by Kincora and Tourmaline Hills Intrusive Complex exploration target which is the subject of the proposed Acquisition are both located just over 100 kilometres to the north north east of the giant copper-gold deposit Oyu Tolgoi, within the same geological group.

Licence 15075X (Southern) Manlai is approximately 480 km south of Ulaanbaatar and 190 km north of the Chinese border. The licence area is 24,670.37 hectares. Licence 15076X (Northern) Manlai is approximately 460 km south of Ulaanbaatar and 205 km north of the Chinese border. The licence area is 15,208.54 hectares.

The Manlai Licences lie on an east west trending splay off the Zuunbayan fault zone, which is also thought to control the location of porphyry style copper and gold mineralization at Suvarga, Tsagaan Suvarga, Shuteen and Olut Ulaan and possibly Kharmagtai. This equates to a belt with a 150 km strike length.

The Manlai Licences contain both the Bronze Fox and Tourmaline Hills Prospects that are underlain by an intrusive centre referred to as the Bronze Fox Intrusive Complex and Tourmaline Intrusive Complexes.

Porphyry style alteration at BFIC and THIC and associated mineralization has a typical pro grade high temperate assemble with biotite and magnetite and quartz sheet veins and stockwork containing varying percentages of chalcopyrite. A direct relationship does exist between elevated copper and gold grades. The THIC has significant quartz and tourmaline veining and brecciation in the southern margins of the intrusive complex. The southern anomaly is more likely to be associated with an epithermal target. This target was not previously drilled or trenched by Ivanhoe.

Mr Igor Kovarsky president and CEO of the Company said that “This transaction suits the Company’s strategic goals and will add a significant tenement to the Company’s prospect pool of promising targets. On closing of the Acquisition, our tenement will encompass two of Ivanhoe’s former high priority prospects, the Bronze Fox and Tourmaline Hills.”

Concurrent with the Acquisition it is intended that F & M, together with certain of its affiliates, associates and other investors, will subscribe for units of the Company (the “Units”) for proceeds of up to USD 2,800,000 and that certain insiders and other investors may also subscribe for Units with proceeds to the Company of up to a further USD 3,200,000 for combined proceeds of up to USD 6,000,000 (the “Offering”).



Шинээр

Mongolia Celebrates 60 Years in the United Nations
[Нийтэлсэн: 03.11.2021 ]
[Эх сурвалж: ]
SouthGobi Announces Profit Warning and Business Update
[Нийтэлсэн: 29.10.2021 ]
[Эх сурвалж: ]
Coal truckers stuck at Mongolia-China border
[Нийтэлсэн: 29.10.2021 ]
[Эх сурвалж: ]
Chile protests take toll on Antofagasta quarterly output
[Нийтэлсэн: 23.01.2020 ]
[Эх сурвалж: ]
Metallurgical coal prices starting to slip: Fitch
[Нийтэлсэн: 02.10.2018 ]
[Эх сурвалж: ]
Copper price plunges to 1-year low
[Нийтэлсэн: 14.07.2018 ]
[Эх сурвалж: ]
Global Religion and the United Front: The Case of Mongolia
[Нийтэлсэн: 11.07.2018 ]
[Эх сурвалж: ]
Thermal coal prices hit 6-year high
[Нийтэлсэн: 09.07.2018 ]
[Эх сурвалж: ]
Former Rio Tinto exec jailed for corruption in China let free
[Нийтэлсэн: 09.07.2018 ]
[Эх сурвалж: ]

Get Flash to see this player.