Kincora announces high-grade gold-copper results from first hole at Trundle

• Kincora's first drill hole at the Trundle project has intersected multiple significantly mineralized skarn zones at the Trundle Park target¹
• • 51m @ 1.17 g/t gold and 0.54% copper from 39m, including;
  • • 20.5m @ 1.94 g/t gold and 1.18% copper from 57.6m, including;
    • • 8m @ 3.07 g/t gold and 1.95% copper from 57.6m, and
      • 2.2m @ 4.32 g/t gold and 2.43% copper from 75.9m
  • 18m @ 0.53 g/t gold and 0.05% copper from 284m, including;
  • • 3m @ 1.80 g/t gold and 0.18% copper from 284m
• Hole TRDD001 also intersected the targeted adjacent porphyry intrusion system with broad anomalous mineralization, including:
• • 21.1m @ 0.25 g/t gold and 0.03% copper from 664m to end of hole¹
• Assay results support the most significant mineralized intervals to date at the Trundle project and the targeted setting of a high-grade gold-copper skarn and adjacent porphyry intrusion
• The Trundle project is the only brownfield project held by a listed junior in Australia's foremost porphyry belt, being within the same mineralized complex as Australia's second largest porphyry mine at Northparkes

VANCOUVER, July 6, 2020 - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV: KCC) is very pleased to report the assay results of the first hole at the Trundle project, within the Trundle Park target which has returned multiple significant intervals of gold and copper mineralisation.

John Holliday, Technical Committee chair, and Peter Leaman, Senior VP of Exploration, commented: "We are extremely pleased and excited by the results of this first hole, it is not often you see such high grades near surface within a porphyry environment.

Assay results support previously announced visual interpretations of multiple zones of significant gold and copper mineralisation. This supports the skarn being a standalone target at depths and intervals often mined by both open cut and underground methods, but the high-grade zones within broader moderate mineralised zones are very importantly illustrating significant magmatic fluids associated with the adjacent porphyry intrusion system, which is a much larger target.

These results from this first hole at the Trundle Park target, plus visual indications from the second hole 8.5km north at the Mordialloc target are very encouraging. The Trundle project is interpreted to sit within the interpreted Northparkes Intrusive Complex, placing Kincora in a unique global setting being a listed junior exploring a large system in a prospective brownfield field setting."

The skarn and porphyry intrusion system setting intersected at the Trundle Park target is a common geological setting of many large porphyry systems. Within the Macquarie Arc, the Big and Little Cadia skarns at Cadia have produced an estimated 140,000t of high-grade copper (5-7%) and greater than 1.5Mt iron ore², and were important to the discovery of multiple adjacent causative intrusions and deposits that make up the largest porphyry system in Australia.

The average depth of prior drilling at the Trundle Park target is only 28 metres.

The fourth hole of the ongoing maiden Kincora drilling program at the Trundle project, and follow up hole to TRDD001, has recently been completed at the Trundle Park target (detailed review of core pending) with drilling activities remobilized to complete the previously announced third hole at the Bayleys porphyry target.

Assay results from Kincora's second hole at the Mordialloc target (TRDD002), are expected within two weeks. As announced on June 9^th, 2020, TRDD002 has intersected strong alteration halo indicators of a mineralized porphyry intrusion system supporting the targeted geological setting of a high-level, preserved porphyry system. These indicators include significant intervals with visually interpreted localized moderate copper grades and inner propylitic zone alteration. A follow up hole at the Mordialloc target is expected to commence in July.

Figure 1: Cross section of TRDD001 at the Trundle Park target

Targeted geological setting of adjacent porphyry to near surface high-grade skarn returned in first hole

Figure 2: Potential vectors underpin favourable geological setting

Skarn alteration at Big and Little Cadia helped focus exploration at Cadia toward the largest porphyry system in Australia, and now are expected to assists exploration at Trundle Park

Figure 3: Highly mineralized and multiple skarn zones intersected at Trundle Park

Targeted geological setting of adjacent porphyry to near surface skarn confirm in first hole – photos of selected intervals which are not representative of the mineralization hosted on the whole property but are of the lithology's intersected in the mineralized zones in this drill hole

References

1 - Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively. Internal dilution is below cut off.

2- Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively. Internal dilution is below cut off.

Analysis of copper discovery benchmarks and recent gold and copper discoveries included in an accompanying updated corporate presentation (see slides 29, 30 and 34) – available at: https://www.kincoracopper.com/investors/presentations

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 utilising modern exploration knowledge has been very limited.

Over 92% of prior drilling has been to less than 50 metres depth, a depth that the existing major mines in this belt suggest is just too shallow, 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

July 7^th, 2020: Updated corporate presentation
https://www.kincoracopper.com/investors/presentations

June 19^th, 2020: John Holliday - Cadia Discovery History Talk via GeoHug
https://www.youtube.com/watch?feature=youtu.be&v=ccncxhH549M&app=desktop

June 9^th, 2020: RRS Special Event: Investor Webinar featuring Kincora Copper (TSX.V: KCC) and RareX Limited (ASX: REE)
https://www.youtube.com/watch?v=KSW2weEg6lc&feature=youtu.be

April 7^th, 2020: Richard Schodde and John Holliday video interview of the Lachlan Fold Belt
www.theassay.com/the-assay-tv/the-assay-tv-richard-schodde-john-holliday-kincora-copper/?dm_t=0,0,0,0,0

March 18^th, 2020: Press release: Kincora closes agreement with RareX
https://www.kincoracopper.com/news/press-releases/18-2020/98-kincora-closes-agreement-with-rarex

January 30^th, 2020: Press release: Kincora grows a district scale landholding in the Lachlan Fold Belt
https://www.kincoracopper.com/news/press-releases/18-2020/90-kincora-grows-a-district-scale-landholding-in-the-lachlan-fold-belt

Upcoming Events

July 17^th, 2020: Noosa Mining Virtual conference at 10am Australian Eastern Standard Time
https://www.kincoracopper.com/investors/events

QA/QC Procedures
Sampling and QA/QC procedures are carried out by Kincora Copper Ltd., and its contractors, using the Company's protocols as per industry best practise.

All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, NSW, Australia. In addition to internal checks by ALS, the Company incorporates a QA/QC sample protocol utilizing prepared standards and blanks for 5% of all assayed samples.

Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of our field geologists.

All drill core was logged to best industry standard by well-trained geologists and Kincora's drill core sampling protocol consisted a collection of samples over mineralized sections of the logged core.

Sample interval selection was based on geological controls or mineralization, and/or guidance from the Technical Committee provided subsequent to daily drill and logging reports. Sample intervals reflect geological boundaries, are cut by the Company and samples prepared in line with these geological boundaries, and delivered to ALS.

All reported assay results are performed by ALS and widths reported are drill core lengths. There is insufficient drilling data to date to demonstrate continuity of mineralised domains and determine the relationship between mineralization widths and intercept lengths, true widths are not known. The following assay techniques have been adopted:

• Gold: Au-AA24 (Fire assay), reported.
• Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements), the latter report.
• Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been assayed, but not reported.
• Assay results >10g/t gold and/or 1% copper are re-assayed.

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 in line 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.