Woomera Mining has officially commenced initial drilling at Kincora Copper’s Bronze Fox Copper-Gold Project in Mongolia, following the finalization of their recent earn-in and joint venture agreement.
The partnership, now approved by shareholders, allows Woomera to earn an 80% stake in the project by investing up to US$4 million (approximately AU$5.8 million) over five years.
Woomera plans to conduct 2,250 to 3,250 meters of diamond core drilling aimed at exploring the potential for a shallower, higher-grade structural zone. This effort will also help expand the resource and support an application for an additional mining licence covering the entire Bronze Fox Project.
Currently, the project, partially covered by a 30-year mining licence, has a maiden inferred resource of 426,000 tonnes of copper and 437,000 ounces of gold down to a depth of 325 meters. Kincora has previously outlined an updated exploration target of 100-300 million tonnes at a copper equivalent grade of 0.25-0.35%.
In line with the agreement’s completion, Kincora has received $100,000 in cash and will soon be issued 180 million shares of Woomera, valued at $450,000, along with an equivalent number of attaching options exercisable at $0.005 before the end of July 2026. This makes Kincora the largest shareholder in Woomera, holding an 8.2% interest.
Woomera, with a market capitalisation of $3.3 million, recently raised $1.7 million and is currently running a share purchase plan to support the earn-in deal.
Located in the Southern Gobi region of Mongolia, the Bronze Fox Project is situated in a rapidly developing area for copper supply. Kincora CEO Sam Spring noted that copper production in Mongolia is projected to rise to 800,000 tonnes by 2028, a significant increase from 300,000 tonnes last year, representing a 167% growth over five years.
Mongolia currently exports about 1.4 million tonnes of copper concentrate annually, with future potential to increase to 2-2.5 million tonnes per year.
Spring emphasized that the high-impact drilling program set to begin in October marks a “transformational period” for Kincora. “This program is expected to achieve several significant value catalysts and highlight Bronze Fox’s strategic value as the fourth major porphyry district in the world-class Southern Gobi copper belt,” he stated.
Kincora has partnered with Woomera to free up resources to focus on its flagship copper-gold projects in the mineral-rich Macquarie Arc region of New South Wales.
