Mr. Sam Spring reports

EXTENSIVE MULTIPLE SYSTEM PORPHYRY COMPLEX CONFIRMED AT TRUNDLE

Kincora Copper Ltd. has provided an exploration update from drilling activities in the Lachlan fold belt (LFB) in New South Wales, Australia, as the continuing program seeks to test a total of 13 gold-copper discovery opportunities across a pipeline of five projects.

John Holliday, technical committee chair, and Peter Leaman, vice-president of exploration, commented:

"The results of this program further illustrate the very extensive scale (3.2 kilometres and open) of the mineralized zone at the southern portion of the Trundle licence. The zone has demonstrated higher-grade potential, including most recent assay results of up to 2.24 per cent copper and 1.75 grams per tonne gold.

"The most northern three holes intersected significant zones of mineralization and alteration from near surface in a composite intrusive system, including the strongest and longest interval of potassic (biotite) alteration to date at the project within the North-East gold zone.

"To the south, an extensive mineralized magnetite skarn has been discovered by Kincora along a 900-metre northwest-southeast-trending strike from over 800 m vertical depth in the Southern Extension zone to only 240 m at the adjacent Botfield prospect. This is a very significant mineralizing skarn system, with the porphyry intrusive source rocks and pathways to the skarn open for further exploration.

"Alteration zones and grades encountered in all holes of this program are suggestive of being in a proximal porphyry setting and continue to strongly support our exploration concept that Trundle has the potential for a series or cluster of porphyry-related ore deposits.

"Following receipt of pending assays a detailed workshop is scheduled to design more drill targets at Trundle, as drilling continues at the Condobolin project and as we work through a large number of gold-copper discovery opportunities across a pipeline of five projects."

Highlights of new results from Trundle:

• Botfield prospect -- assay results for hole TRDD037 (western hole) with a high-grade vein and mineralized skarn from 112 m and 330 m vertical, respectively:
  • 2.9 m at 0.95 per cent copper and 0.62 g/t gold within coarse banded chalcopyrite-bornite-pyrite veins (from 129 to 132 m), including 0.9 m at 2.24 per cent copper and 1.75 g/t gold (from 131 m);
  • 31 m of anomalous gold and copper within a banded magnetite-pyroxene-feldspar skarn with pyrite and chalcopyrite, and a later massive magnetite-pyrite-chalcopyrite skarn (from 393 to 424 m).
• Botfield prospect -- visual interpretation of hole TRDD0391 (eastern hole) with a high-grade vein and mineralized skarn from 80 m and 240 m vertical, respectively:
  • Strong hydrothermal hematite-silica alteration overprinting early feldspar altered volcaniclastic conglomerate and coarse banded chalcopyrite-pyrite veins (from 92 to 94 m);
  • Semi-massive to massive magnetite skarn, including early garnet veins overprinted by retrograde magnetite (massive) cut by a carbonate-chalcopyrite vein at 288.6 m (from 284.5 to 322.40 m).
• North-East gold zone prospect -- assay results for hole TRDD038 with the strongest and longest interval of potassic alteration with sulphides to date at Trundle (from 220.5 m to end of hole) within multiple intrusions and the adjacent wall rocks:
  • 135.5 m at 0.23 g/t gold, 0.02 per cent copper and 10 parts per million molybdenum from 220.5 m;
  • Hole remains open (end of hole 357.3 m) pending coming workshop noting:
    • Three m at 0.53 g/t gold and 0.03 per cent copper from 243 m;
    • Two m at 0.73 g/t gold and 0.11 per cent copper from 354 m;
    • 20 m at 0.20 g/t gold, 0.02 per cent copper and 48.9 ppm molybdenum from 326 m.
• Drilling commenced at the high-grade Meritilga prospect with promising initial visual results.

Drilling update

Kincora has completed five diamond drill holes at four adjacent but separate mineral system targets at its flagship Trundle project, located in a brownfield setting within the Northparkes igneous complex of the Macquarie arc. All holes have intersected zones of gold-copper mineralization at shallow depths with broader lower-grade intervals and localized higher grades.

Assay results returned for four holes, and detailed geological logging of all holes, are suggestive of an interpreted proximal setting to the targeted porphyry intrusions. This setting, coupled with the coincident magnetic response, across a long strike, and open both to the north and south, strongly support the company's concept that the southern portion of the Trundle project has the potential for a series or cluster of high-grade and gold-endowed porphyry copper and skarn deposits.

Kincora's drilling has confirmed a 3.2 km mineralized strike, from shallow depths, up to 900 m wide (open) and vertical depth of greater than 800 m.

The observed alteration and mineralization at each prospect drilled during this program are interpreted to be analogous to a proximal setting in comparison with the deposits at Northparkes and Cadia mines.

A workshop, led by the company's technical committee, is scheduled for the end of the month to undertake an analysis and review, pending results, to assist and plan follow-up exploration activities and drilling at the Trundle project.

In the interim, a maiden Kincora drilling program has commenced at the Condobolin project, located within the Cobar superbasin and serviced from the company's Trundle regional base. This program will test three near-surface, high-grade gold-base metal targets within a two km radius.

Trundle project

Kincora's current phase of drilling at the Trundle project commenced in January and has drilled five diamond holes for 1,972 m, testing four adjacent mineral systems.

Gold-copper mineralization at shallow depths has been intersected in all five holes drilled in the current program with assay results for drilling at the Dunn's North and Dunn's South prospects previously reported with higher-grade results including:

• Dunn's North (TRDD035): 12.5 m at 2.77 g/t gold from 77.5 m, with two m at 14.2 g/t gold;
• Dunn's South prospect (TRDD036): 31 m at 0.49 g/t gold, 0.25 per cent copper and 55 ppm molybdenum from 65.9 m, including:
  • 8.6 m at 1.21 g/t gold, 0.26 per cent copper and 90 ppm molybdenum from 65.9 m, with one m at 6.88 g/t gold, 0.30 per cent copper and 46 ppm molybdenum;
  • 4.5 m at 0.50 g/t gold, 0.79 per cent copper and 180 ppm molybdenum from 92.4 m, with 0.5 m at 1.72 g/t gold, 2.54 per cent copper and 721 ppm molybdenum.

Assay results are now to hand for Kincora's first hole at the Botfield prospect and a stepout hole at the North-East gold zone, with visual reports for a follow-up second hole at Botfield.

Botfield prospect

Kincora has completed two holes at the Botfield prospect that have for the first time drill tested a large magnetic-high complex coincident with shallow anomalous copper-gold results and an induced polarization (IP) chargeability-high anomaly.

Kincora's first and most western hole TRDD037 at Botfield was drilled on the margin of this coincident magnetic and IP chargeability anomaly, with follow-up hole TRDD039, a stepout 260 metres to the east and into the geophysical anomalies core, seeking to test if the Botfield prospect was a large untested skarn and/or porphyry complex associated with the adjacent Southern Extension zone (SEZ) discovery.

Holes TRDD037 and TRDD039 indicate that the Botfield prospect is located in an uplifted block, in the order of over 500 m, to the immediately adjacent SEZ prospect across an interpreted significant north-south fault zone, with high-grade, coarse banded vein-hosted mineralization intersected as close as 80 m vertical depth and board magnetite skarn horizons from 240 m vertical depth.

Massive to semi-massive and banded magnetite skarn with associated pyrite and chalcopyrite has been discovered over a northwest-southeast strike length of over 900 m from the most western hole at the SEZ (TRDD031) through to and including the most eastern hole at Botfield (TRDD039). This magnetite skarn is an extensive mineralizing system, with mineralizing porphyry intrusive source rocks and pathway to the skarn yet to be confirmed and open for further exploration.

Assay results for hole TRDD037 (west of the holes at the Botfield prospect):

• 2.9 m at 0.62 g/t gold, 0.95 per cent copper, within coarse banded chalcopyrite-bornite-pyrite veins (from 129 to 132 m), including 0.9 m at 1.75 g/t gold, 2.24 per cent copper (from 131 m);
• 31 m at 0.16 g/t gold, 0.08 per cent copper, within massive magnetite-pyrite-chalcopyrite skarn (greater than 80 per cent magnetite, from 393 to 424 m down hole, 330 m vertical);
• 18 m at 0.20 g/t gold, 0.10 per cent copper, within banded magnetite-pyroxene-feldspar skarn with pyrite and chalcopyrite (less than 30 per cent magnetite from 402 to 420 m).

Visual interpretation of hole TRDD039 (east of the holes at Botfield):

• Strong hydrothermal hematite-silica alteration overprinting early feldspar altered volcaniclastic conglomerate and coarse banded chalcopyrite-pyrite vein (from 92 to 94 m, interpreted to be similar to 129 to 132 m in hole TRDD037);
• Almost a 40 m interval of semi-massive to massive magnetite skarn from 284.5 m to 322.40 m, including early garnet veins overprinted by retrograde magnetite (massive) cut by a carbonate-chalcopyrite vein at 288.6 m.

North-East gold zone prospect

Hole TRDD038 was a 170 m stepout from previous shallow intrusive-hosted gold mineralization. Geological logging indicates the strongest and longest interval of potassic alteration (secondary biotite) with sulphides to date at Trundle (mainly pyrite with trace chalcopyrite) hosted with both diorite and monzodiorite intrusions and also into the adjacent volcaniclastic wall rocks. This presence of secondary biotite and pyrite with traces of chalcopyrite is indicative of a proximal setting to the mineralizing system.

A broad interval was returned of 135.5 m at 0.23 g/t gold, 0.02 per cent copper and 10 ppm molybdenum from 220.5 m, in a sequence of volcaniclastic sandstone and andesite with monzodiorite intrusions. The hole remains open (end of hole 357.3 m) pending the coming technical workshop and noting:

• Three m at 0.53 g/t gold and 0.03 per cent copper from 243 to 246 m within monzodiorite;
• Two m at 0.73 g/t gold and 0.11 per cent copper from 354 to 356 m within altered volcaniclastic sandstone;
• 20 m at 0.20 g/t gold, 0.02 per cent copper and 48.9 ppm molybdenum from 326 to 346 m within altered volcaniclastic sandstone.

Condobolin project

Kincora has recently consolidated the ground around the historic Condobolin gold-base metal mining district. This immediate district was previously the focus of 25 informal open-pit operations, with mining impacted by the water table and exploration by the weathering profile. Limited modern exploration has taken place despite significant new discoveries in the Cobar superbasin.

Following detailed technical reviews Kincora's commenced program is seeking to test new geological concepts for the controls of mineralization at three existing high-grade gold-base metal targets: the Meritilga, Phoenix and Tilga prospects.

The three prospects are located within a two radius with the designed program seeking to test the concept of a potential hub and spoke development scenario.

Hole CDDH001 has commenced at the Meritilga prospect where previous limited prior drilling sought to test mapped northeast-trending quartz veins, breccia zones with quartz-sulphide matrix, historic workings, soil geochemistry, IP chargeability and resistivity anomalies.

The best gold grades compiled from historic information included:

• Five m at 7.9 g/t gold, 22 g/t silver and 14 ppm molybdenum (from 99 m);
• 10 m at 5.8 g/t gold, 27 g/t silver and 0.1 per cent copper (from 80 m);
• 28 m at 0.76 g/t gold and four g/t silver (from 26 m).

In Kincora's view, the mapped northeast-trending breccia zones and veins with quartz only, as identified from drilling by previous explorers, have proven to not be associated with the main mineralizing event. These quartz veins are syntectonic quartz veins with a similar orientation to regional foliation. Observations from previous drill cores has noted gold closely associated with sulphides (mainly pyrite and arsenopyrite) and quartz along breccia zones.

Kincora's new geological concept at the Meritilga prospect is that numerous very significant previous mineralization intervals appear to be structurally controlled and in line with prominent regional northwest-trending lineaments defined by magnetics. These northwest trends are also evident in soil and rock chip sampling geochemistry and have not been adequately drill tested. The continuing program is seeking to test this new concept.

Hole CDDH001 is continuing with promising initial visual results.

Kincora has consolidated the historic open-pit, high-grade Condobolin mining district which has had a lack of systematic modern exploration. Near-surface targets for drilling are testing the concept of a hub and spoke development scenario.

For diamond and air-core drilling collar information of previous Kincora holes please refer to the July 17, 2022, press release.

Kincora Copper -- New South Wales drilling program

Following extensive technical reviews, the company's continuing drilling program in New South Wales will seek to drill test 13 new copper-gold discovery opportunities across five projects.

Trundle project background

The Trundle project is located in the Junee-Narromine volcanic belt of the Macquarie arc, less than 30 km from the mill at the Northparkes mines in a brownfield setting within the westerly rift separated part of the Northparkes igneous complex (NIC). The NIC hosts a mineral endowment of approximately 24 million ounces gold equivalent (at 0.6 per cent Cu and 0.2 g/t Au) and is Australia's second-largest porphyry mine, comprising 22 intrusive porphyry discoveries, nine of which with positive economics.

The Trundle project includes one single licence covering 167 square km and was secured by Kincora in the March, 2020, agreement with RareX Ltd. Kincora is the operator, holds a 65-per-cent interest in the Trundle project and is the sole financer until a positive scoping study is delivered at which time a fund or dilute joint venture will be formed.

Condobolin project background

The Condobolin project is located in the southeastern section of the Cobar superbasin, situated north of the Condobolin township.

The Condobolin project includes two licences covering 207.4 square kilometres (EL7748 covering 43.2 square km and EL9340 164.2 square km). EL7748 was secured by Kincora in the March, 2020, agreement with RareX and EL9340 was pegged by Kincora in 2022, consolidating the historic high-grade Condobolin mining district. This immediate district was previously the focus of 25 informal open-pit operations, with mining impacted by the water table and exploration by the weathering profile.

Kincora is the operator, holding 100 per cent of EL9340 and a 65-per-cent interest in EL7748, and, regarding the latter, is the sole financer until a positive scoping study is delivered at which time a fund or dilute joint venture will be formed.

Drilling, assaying, logging and quality assurance/quality control procedures

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

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

Diamond drilling was undertaken by DrillIt Consulting Pty. Ltd., from Parkes, under the supervision of the company's 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 all of the logged core.

Sample interval selection was based on geological controls or mineralization or metre intervals, and/or guidance from the technical committee provided subsequent to daily drill and logging reports. Sample intervals are cut by the company and delivered by the company direct to ALS.

All reported assay results are performed by ALS and widths reported are drill core lengths. There are insufficient drilling data to date to demonstrate continuity of mineralized domains and determine the relationship between mineralization widths and intercept lengths.

True widths are not known at this stage.

Significant mineralized intervals for drilling at the Trundle project are reported based upon two different cut-off grade criteria:

• Interpreted near-surface skarn gold and copper intercepts are calculated using a lower cut of 0.20 g/t and 0.10 per cent, respectively;
• Porphyry intrusion system gold and copper intercepts are calculated using a lower cut of 0.10 g/t and 0.05 per cent, respectively.

Significant mineralized intervals are reported with dilution on the basis of:

• Internal dilution is below the aforementioned respective cut-offs;
• Dilutions related with core loss as flagged by an asterisk.

The following assay techniques have been adopted for drilling at the Trundle project:

• Gold: Au-AA24 (fire assay), reported, unless above detection limit where the interval is reassayed using fire assay method with atomic absorption finish (Au-AA26 method of ALS). The technique allows accurately determine the gold grade above 0.01 g/t and suitable for high-grade samples where grade exceeds 10 g/t.
• Multiple elements: ME-ICP61 (four-acid digestion with inductively coupled plasma atomic emission spectroscopy analysis for 33 elements) and ME-MS61 (four-acid digestion with ICP-AES and inductively coupled plasma mass spectrometry analysis for 48 elements), the latter report for holes TRDD001, TRDD035, TRDD036 and TRDD038 and also the former reported for holes TRDD002-TRDD034, TRDD037 and TRDD039.
• 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 greater than 10 g/t gold and/or 1 per cent copper are reassayed.

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 and was reviewed, verified and compiled by Kincora's geological staff under the supervision of Paul Cromie (BSc, honours, MSc, economic geology, PhD, a member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), exploration manager, Australia, who is the qualified persons for the purpose of NI 43-101.

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