Kincora Copper shares boosted as it starts exploring Red Well license
Shares in Mongolia-focused explorer Kincora Copper Ltd added over 9% as it kicked off ground magnetic and gravity surveys at its Red Well license.
Kincora Copper shares boosted as it starts exploring Red Well license. Shares in Mongolia-focused explorer Kincora Copper Ltd added over 9% as it kicked off ground magnetic and gravity surveys at its Red Well license. Kincora was granted the exploration licence in February last year, following the eastern section of Mongolia only being opened up in the second half of 2015 following a five-year moratorium on issuing new exploration licences. The southern edge of Red Well is as close as 15km along the trend of the Oyu Tolgoi and Shivee Tolgoi mineralized systems. Red Well lies 40 km north of the Oyu Tolgoi concentrate plant and immediately to the north of Rio Tinto drilling activities on a Turquoise Hill Resources licence. "Ongoing ground magnetic and gravity surveys are expected to advance our interpretation of Red Well and refine target generation for follow-up exploration," said Sam Spring, president and chief executive of Kincora.
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