Kincora and AngloGold Ashanti Exploration Expands and Upgrades Nevertire with Drilling Recommenced
Major Miner AGA Doubles Down on Macquarie Arc as Kincora Vectoring Points to Porphyry Potential
The most recent release (February 10, 2026) announces the completion of Phase 1 drilling at the Nevertire Magmatic Complex (NMC) under the earn-in agreement with AngloGold Ashanti (AGA). The program consisted of 9 holes totaling 3385.2 meters. Drilling validated a large volcanic-intrusive complex with porphyry-related lithologies and alteration. Significant "broad copper anomalism" was reported, including 88.7m @ 171ppm Cu (NEDD004) and 330.7m @ 140ppm Cu (NEDD007). In response to these results, AGA and Kincora have expanded the prospective strike length to 40km and increased the planned gravity survey area from 110km² to 400km². Drilling has already recommenced to test high-priority step-out targets.
- Geological Validation: The news is material as it confirms the presence of a "Macquarie Arc composite volcanic-intrusive complex" at Nevertire, which was previously a theoretical extension under cover. The intersection of "proximal" porphyry features (veining, alteration, and anomalous copper) validates the vectoring model used by Kincora.
- Strategic Partnership Strength: The expansion of the program and immediate recommencement of drilling indicate that AngloGold Ashanti is satisfied with the Phase 1 "scout" results. Given AGA's ability to spend up to A$100 million, their continued commitment is a significant de-risking factor for Kincora shareholders.
- Grade Reality Check: From a critical standpoint, the grades reported (e.g., 0.0339% Cu in NEDD005) are extremely low and nowhere near economic. While expected in distal porphyry "scout" drilling, the company is still searching for the "core" of the system.
- Financial Cushion: Kincora manages these programs and receives a 10% management fee on AGA's expenditures, which helps offset corporate G&A without diluting the treasury.
Kincora Copper is a junior explorer focused on the Macquarie Arc in New South Wales, Australia, and the Southern Gobi in Mongolia. The company employs a "project generator" model, using partners to fund high-cost drilling. - Flagship Project: The Northern Junee-Narromine Belt (NJNB) portfolio, specifically the Nevertire and Nyngan projects. These are undercover extensions of the belt that hosts the world-class Cadia and Northparkes mines. - Secondary Assets: - Wongarbon: A large, previously untested porphyry target. - Condobolin: 100%-owned gold-base metals project. - Bronze Fox (Mongolia): Under earn-in to Woomera Mining.