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Kincora Copper (TSX-V: KCC)(OTCQB: BZDLF) CEO Sam Spring on Active Drilling at the NJNB Copper-Gold Project with JV Partner AngloGold Ashanti in New South Wales, Australia
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of the very busy Kincora Copper — Mr. Sam Spring. Sam, how are you today, sir?
Sam Spring: Very well, Gerardo. Great to link up.
Gerardo Del Real: Well, let's get into it. I thought it would be timely to get an update. I missed you at Beaver Creek, and for good reason — you have been busy. You proceeded with the divestment of the Mongolian assets. You were providing a drilling update here a couple of weeks ago that I thought was a pretty important one.
So a great time to catch up and get an overview of everything Kincora has been doing and everything Kincora is going to do because I think you have a pretty busy rest of the year ahead of yourself and shareholders.
Sam Spring: We absolutely do… and the most recent exploration update we provided was on drilling with AngloGold Ashanti, and those activities are looking really encouraging.
We provided some color about the immediate area of interest, the immediate target around hole 11, plus another, what we think is an intrusive complex close to that. But also, really, the larger-scale thesis and picture — there's a 40 km strike.
We've drilled some holes testing that, some scout holes that look like they've hit the same sort of complexes that we're looking for. And that really upgrades the thesis, increases the scale of potential that this portfolio that we've got with AngloGold Ashanti — where they're earning in, we're the operator receiving a management fee, they're funding the bills — really offers new province-scale potential, which is really exciting and encouraging.
Gerardo Del Real: How beneficial has it been to have a partner like AngloGold given the deep technical expertise? And I know that, obviously, the Kincora team has plenty of expertise in its own right… but I have to believe that having the support and another set of eyes is beneficial.
Sam Spring: It absolutely is, both technically but also financially. And the deal structure that we have is really important because you've got a 100 km north-south portfolio, five contiguous licenses. That's a huge amount to bite off, even with a major.
So how do you systematically work that through? How do you fund it without blowing out your share capital? That's absolutely critical. And that's a really good win-win scenario.
And I think that sort of thesis is exactly what we're looking to do with some of our more advanced projects — Fairholme, Cowal East, Trundle — where we're ongoing asset-level partners.
But I think you'll probably see an update relatively soon on us coming in and following up these holes at Nevertire South and squeezing that in, hopefully, before the end of the year.
Gerardo Del Real: Elsewhere in the portfolio, how are things coming along there?
Sam Spring: Good. You alluded to the Mongolian divestment. Since we last spoke, we've had the third tranche of funds come in for that. That brings our cash balance to circa $13 to $14 million at the moment.
Only last week, we had the last $3.5 million, the fourth tranche due before the end of the year, go into an escrow account. So that should support our cash position going into year-end, and that'll be four quarters this year that that's taken place.
So that provides us a really good treasury position. And we've recently announced that we're going to do some pretty extensive air-core drilling in the late spring-summer period here in Australia, drilling 17 targets over 25,000 meters across four projects. The first of those should be completed before year-end at Nyngan West.
We're really gearing up to get on the front foot with our sole-funded exploration. And at the same time, a lot of these other asset-level conversations for some of our more mature assets are quietly progressing in the background and we’re making some good progress there.
Gerardo Del Real: A lot going on. The rest of the year is shaping up to be a busy one. You have the treasury, and it looks like the drills are going to be turning consistently. Anything else to add to that, Sam?
Sam Spring: No. I think there's plenty of news flow coming up. Obviously, there's a couple of conferences that are coming up as well. Kerry Stevenson's Gold Conference is next week where Rick Rule is the keynote… and we have the New Orleans Investment Conference right after that.
So plenty of news flow with some focused marketing to get the story out there. And it's great to see copper and gold prices still doing pretty well. And we're certainly seeing that reflected in the asset-level partner conversations we're having for some of these projects that we own 100% and are looking to get partners engaged with. Pretty exciting times ahead.
Gerardo Del Real: Good stuff. Looking forward to having you back on. Thank you as always, Sam. I appreciate it.
Sam Spring: Thank you, Gerardo.
Gerardo Del Real: All right. Cheers.
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