Kincora announces further positive visual drill results at Trundle

• Kincora's second hole at the Trundle project, at the Mordialloc target, has intersected strong halo indicators of a mineralized porphyry intrusion system confirming the targeted geological setting. These indicators include significant intervals with visually interpreted localized moderate copper grades and inner propylitic zone alteration.
• The first two drill holes at both the Mordialloc porphyry and Trundle Park skarn-porphyry targets have significantly expanded the scale and prospectivity of these target zones.
• The Mordialloc and Trundle Park targets are located 8.5km apart and interpreted to lie within the same mineralized complex as Australia's second largest porphyry mine at Northparkes, further illustrating the scale and potential for mineralized systems at the Trundle project.
• The third of the six-hole program is in progress testing the Bayleys porphyry target.
• Assay results from initial Trundle Park and Mordialloc drill holes are anticipated within 4 weeks and 5-6 weeks respectively.

VANCOUVER, June 9, 2020 - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV: KCC) is pleased to advise that the second diamond drill hole (TRDD002) of our maiden drilling program at the Trundle project, within the Mordialloc target, has been completed at 790 metres depth.

Hole TRDD002 has intersected significant intrusion hosted intervals with the targeted geological setting of a high-level, preserved porphyry system confirmed. The Mordialloc porphyry target is located approximately 8.5 km north of TRDD001 drilled at the Trundle Park skarn-porphyry target (visual results announced May 19^th, 2020).

John Holliday, Chairman of Kincora's Technical Committee, and Peter Leaman, Senior Vice-President of Exploration, commented:

"While caution must be held without assay results the visual results of the second hole at the Mordialloc target are very encouraging.

The scale of the mineralised systems and our geological concepts has been confirmed in the first two holes of this drilling program at two targets 8.5km apart. Historically at Trundle over 60,000 metres have been drilled, but over 92% of these holes have been within the top 50 metres to surface, a depth that the existing major mines in this belt suggest is just too shallow.

Kincora's initial two deeper holes have returned the most significant skarn intervals and porphyry intrusion system intervals to date at the Trundle project. More drilling is now required to vector towards the potential cores of the respective targeted systems. We are very excited by the drilled indications so far. "

Hole TRDD002 was drilled to 790 metres, relative to a planned 700 metres, testing laterally eastward from previous explorer drilling which had returned metal grades comparable to the peripheral parts of the Northparkes deposits, with improving grades down hole, open and coincident with an untested deeper geophysical target. Kincora's deeper exploration strategy is similar to that applied in the discovery of Alkane Resources' Boda deposit, and the other major porphyry deposits in the NSW Lachlan Fold Belt (Northparkes, Cadia and Cowal).

Further drilling as part of Kincora's maiden and ongoing six-hole program at the Trundle project is proposed to follow up the initial positive drill results at the Trundle Park and Mordialloc targets, with the drilling rig currently testing the Bayleys porphyry target (TRDD003), located approximately 1km north-east of the Mordialloc target, and then moving back to Trundle Park.

Figure 1: Significant porphyry intrusion system intervals at the Trundle project in Kincora's first hole testing the Mordialloc target
Hole TRDD002 has returned intervals with visually interpreted localized moderate copper grades and inner propylitic zone alteration

Figure 2: Targeted geological setting of high-level, preserved porphyry system confirmed, analogous to Cadia, Northparkes and Boda
Hole TRDD002 has returned better widths, alteration and interpreted mineralization than previous drilling at the Trundle copper-gold porphyry project - preliminary review section

The Trundle project

The Trundle project is located 30km west of the China Molybdenum Company Limited (CMOC) operated Northparkes copper-gold project, in the same Northparkes Igneous Complex.

Past explorer drilling has been extensive with the completion of 2208 holes for 61,146 metres but deeper drilling into the basement utilising modern exploration knowledge has been limited.

Over 92% of prior drilling has been to less than 50 metres depth with just 11 holes beyond 300 metres (0.5% of holes drilled). Existing significant drill intersections supports vectoring to very compelling targets for Kincora's ongoing phase 1 drilling program at three existing mineralised systems – Trundle Park, Mordiallic and Bayleys. These systems have not been drilled since industry leading Induced Polarisation survey's, including HPX's proprietary Typhoon system, and magnetic modelling were completed.

Further background information

• June 9^th, 2020: Kincora corporate presentation: https://www.kincoracopper.com/investors/presentations
• June 9^th, 2020: RRS Special Event: Investor Webinar featuring Kincora Copper (TSX.V: KCC) and RareX (ASX: REE)
• April 7^th, 2020: Richard Schodde and John Holliday video interview of the Lachlan Fold Belt https://www.kincoracopper.com/investors/interviews

Noted upcoming relevant event

• June 19^th, 2020: John Holliday - Cadia Discovery
  
  A discovery history talk about the acquisition of Cadia by BHP Gold and the subsequent recognition of the porphyry mineralisation potential leading to the discovery and development of the Cadia Hill, Cadia East and Cadia Ridgeway deposits by Newcrest. Free registration: https://thegeohug.com/june-19th

Qualified Person

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's geological staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian Institute of Geoscientists), Non-Executive Director and Technical Committee Chairman, who are the Qualified Persons for the purpose of NI 43-101.

The review and verification process for the information disclosed herein for the Trundle project has included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora's geological staff using standard verification procedures.

About Kincora Copper Limited
(KCC – TSXV)

Kincora is an active junior and systematic explorer seeking to make a major discovery in Mongolia, the Lachlan Fold Belt in Australia and other prospective complementary jurisdictions.

Our technical team is credited with multiple discoveries of Tier 1 copper assets. In 3Q'19, Kincora made the strategic decision to opportunistically pursue entry into the Macquarie Arc, in Central West of NSW. This is Australia's foremost porphyry belt, home to the giant Cadia, Northparkes mines and recent Boda discovery by Alkane Resources.

The Macquarie Arc is synergistic with Kincora's core focus. It offers: the same scale of target (world-class); the same commodity mix (copper-gold or gold-copper); the same mineralized setting (porphyry and/or epithermal gold); supports a similar systematic exploration approach/exploration methods; and, is a region where the team has had significant exploration success.

Forward-Looking Statements

Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Kincora Copper Ltd.