Resilience enters into deal with Kincora to acquire its Mongolian Projects
On 30 June 2021, the Company entered into a legally binding and conditional acquisition and joint venture agreement (Acquisition and JV Agreement) with ASX and TSX-V listed Kincora Copper Limited (ASX: KCC) (Kincora) and Kincora Group Limited (KGL) to acquire:
- 80% of the issued shares in KGL which, through its wholly owned Mongolian subsidiaries Nadmin Ibex LLC (Nadmin) and Golden Grouse Ibex LLC (Golden Grouse), holds an effective 100% interest in two Exploration Licences and one Mining Licence in Mongolia and associated exploration data;
- Exclusive access to Kincora’s proprietary project generation database of Mongolian prospects;
- 100% ownership of the all infrastructure and equipment associated with the "White Pearl" exploration camp situated in Mandakhsoum, in the southern Gobi, Mongolia (to be relocated to the Bronze Fox Project);
- An office lease in Ulaanbaatar City, Mongolia including all office equipment, assets and data files; and
- All exploration and administration staff employed by Kincora or its subsidiaries
RMM has reviewed in excess of 160 mineral projects in Mongolia and is now focussed on a short-list of the most attractive gold and copper projects.
Kincora Projects – Mongolia
KGL, through its subsidiaries Nadmin and Golden Grouse, holds two Exploration Licences and one Mining Licence in the highly prospective CAFB of Mongolia.
CAFB is one of the largest orogenic belts in the world extending for over 5000 km from northern China to the Urals in Russia and hosts the world-class copper-gold porphyry Oyu Tolgoi project in the southern Gobi, Mongolia, within trucking distance to China (the world’s largest consumer of copper).
KGL undertook the first modern district scale systematic exploration in the Southern Gobi copper gold belt, Mongolia’s leading porphyry region. A peak landholding of 13 Exploration Licences across 1689km2 was secured, systematically explored and refined to the 3 Exploration Licences across 321km2. This strategy has confirmed a highly encouraging Exploration Target at the Bronze Fox Project, consisting of a block model-based Exploration Target of 416-428Mt grading 0.26-0.30% copper¹. KGL has undertaken desktop studies and independent block modelling of a near surface oxide zone potentially supporting an SX-EW (solvent extraction-electrowinning) development project.
The Tenements in Mongolia, are prospective for exploration for copper and gold and summarised in this Prospectus under the following projects:
- Bronze Fox Project (Mining Licence MV-021681) which hosts the majority of the West Kasulu porphyry deposit for which an Exploration Target has been defined;
- Tourmaline Hills Project (Exploration Licence XV-017977) which hosts a second and lesser-explored prospective intrusive porphyry complex ; and
- Red Wells Project (Exploration Licence XV-020294) which is located about 100 km southwest of Bronze Fox and 25 km north and along trend from the Oyu Tolgoi series of deposits.
KGL has also undertaken extensive project generation activities since 2010 resulting in a proprietary knowledge and database of copper and gold prospects in Mongolia. The Company will have exclusive access to this database and it will be combined with the Company’s own database of more than 160 mineral projects in Mongolia.