Kincora Copper : Newly discovered higher-grade zones at Trundle Park

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Newly discovered higher-grade zones expand the large-scale gold- copper system at Trundle Park

• Ongoing drilling at Kincora's Trundle Park prospect has yielded significant encouragement. Three zones of mineralised skarns have been intersected in most recent hole TRDD029. The cumulative mineralised interval amongst the three units totals some 213m.
• Assay results are only available for the Upper skarn which has returned 36m @ 1.17 g/t gold equivalent1. Remaining results are due in approximately 5 weeks.
• Notable mineralised skarn intervals encountered in TRDD029 are:

1. Upper skarn: 36m @ 0.68 g/t gold and 0.29% copper from 732m, including 4m @ 1.19 g/t gold and 0.59% copper (2.19 g/t AuEq1) from 732m

1. Middle skarn: 139.3m intersected between 826.7-966m interpreted to host multiple zones with abundant visual chalcopyrite (assay results pending)

• 1. Lower skarn: 37.7m intersected between 981.3-1019m (assay results pending)
• Gold-coppermineralization now confirmed over a ∼1.3 km strike and open
• Follow up hole TRDD030 is ongoing, testing the up and down dip extent of the Upper skarn zone in TRDD029 and for a causative porphyry intrusion
• Assay results returned for TRDD028 have returned multiple broad lower grade gold zones

Melbourne, Australia - January 25th, 2022

Kincora Copper Limited (the Company, Kincora) (TSXV & ASX:KCC) is pleased to provide an exploration update from ongoing drilling at Trundle Park prospect situated at the brownfield Trundle project, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW, Australia.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, noted:

"Hole TRDD029 has returned very encouraging assay and visual results in newly discovered magnetite skarn zones typical of Macquarie Arc porphyry systems. We eagerly await assay results for the remainder of the hole.

TRDD029 opens up a significant search space south, east and west of previous drilling. This hole has further confirmed and expanded a very large mineralised system at Trundle Park that hosts the potential for a cluster of higher-grade skarn and porphyry intrusion bodies.

Despite recent rain, good drilling metres are being achieved. Ongoing hole TRDD030 will provide a better understanding of the new large mineralised zones returned in TRDD029 and coverage of the previously untested southern strike of the currently defined ∼1.3 km mineralised system at Trundle Park."

An updated corporate presentation, including further details on the Trundle project and recent drill results, is available at www.kincoracopper.com

Newly discovered higher-grade zones expand the large-scalegold-copper system at Trundle Park	1
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Figure 1: Examples of key mineralised zones in hole TRDD029 - Trundle Park prospect2

1. i. Upper skarn: @ 735m within 734-736m @ 1.94 g/t gold & 0.94% copper, comprising: prograde

garnet (olive)-magnetite(black)-pyrite (dark yellow)-chalcopyrite (yellow), cut by later retrograde carbonate (tan iron carbonate and white calcite)-hematite(red)-chalcopyrite (yellow)

1. Upper skarn: @ 757.4m within 756-758m @ 0.96 g/t gold & 0.48% copper, with a similar

mineralogy description and paragenesis as mentioned in Figure 1 (a) i.

1. i. Middle skarn(assay results pending): @ 828.6m LHS (towards contact with the overlying limestone unit and Middle Skarn unit with chalcopyrite clots of up to 5%) & @ 858m RHS (garnet-magnetite-pyrite-chalcopyrite)

1. Middle skarn(assay results pending): @ 877.6m, predominantly with magnetite (black)-garnet (olive)- disseminated pyrite (dark yellow) and disseminated chalcopyrite (yellow)

1. Middle skarn(assay results pending): @ 892.4m LHS (garnet-magnetite-pyrite + disseminated chalcopyrite) & @ 905m RHS (magnetite-garnet-pyrite-chalcopyrite, cut by iron carbonate-calcite with clots of chalcopyrite)

1. Middle skarn: @ 940.3m (assay results pending): magnetite (black)-garnet(olive)-disseminated pyrite (dark yellow) and disseminated chalcopyrite (yellow).

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1. i. Lower skarn: @ 984.6m (assay results pending): developed in crystalline limestone (light-grey) with disseminated magnetite (black)-pyrite (dark yellow)-chalcopyrite (yellow) and hematite (red) along with later carbonate fill (white).

• gold equivalent calculated @ US$1834/oz gold and US$4.52/lb copper with 100% recoveries

• Photos of selected intervals which are not representative of the mineralization hosted on the whole property or Trundle Park prospect but are of the alteration and lithology's intersected in the mineralised zones in these sections of drill hole TRDD029, and current working geological interpretation presented in Figure 2.
  There is insufficient drilling data to date to demonstrate continuity of mineralised domains and determine the relationship between mineralization widths and intercept lengths. True widths are not known.

Figure 2: Significant new mineralised zones intersected in TRDD029 with gold-coppermineralization now confirmed over ∼1.3 km strike and open at Trundle Park

1. Plan view of Trundle Park prospect, multiple visually significant mineralised zones in TRDD029 and ongoing hole TRDD030 - see Figure 2 (b) & (c) for sections

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• 200m

Section	line

TRDD022

TRDD029
TRDD028
1
	TRDD014W1
	Upper skarn in TRDD029
TRDD030	36m @ 0.68 g/t Au, 0.29% Cu
Lower skarn2
	Middle skarn2
3

DRILL HOLE KEY

Collar

>0.5 CuEq % 4

0.1-0.5 CuEq % 4

GEOLOGY MODEL

Medial Skarn

Proximal Skarn

Monzodiorite

Monzonite

Informal Workings

Background Total Magnetic

Drill hole traces for holes >50m depth only

• Down-holelengths; True widths not known

• Part assay results currently only available for TRDD029
  2 Assay results pending (visual lithology)
  3 Designed & on-going hole TRDD030

• AuEq at $1800/oz Au and 3.55lb Cu (100% recoveries).

Newly discovered higher-grade zones expand the large-scalegold-copper system at Trundle Park	3
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(b) Working Leapfrog alteration model and section of the Trundle Park prospect

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(Section line looking southeast through Figure 2 (a). Length ~1450m and width ~600m)

1.3km 0.9km

Hole TRDD029 1,2

TD022

DRILL HOLE KEY

				Collar
				>0.5 CuEq % 4
				0.1-0.5 CuEq % 4
		GEOLOGY MODEL
					Potassic Alteration
					Sericite Alteration
					Skarn Alteration
1	Part assay results only available for TRDD029	0	200m
2	Assay results pending (visual lithology)
3	Designed & on-going hole TRDD030
4	AuEq at $1800/oz Au and 3.55 lb Cu (100% recoveries).

Current strike (open) Kincora strike prior to TRDD029

Ongoing hole TRDD030 3

New search space post TRDD029

Upper skarn

Middle skarn2

Lower skarn2

EOH 1033m

(c) Key alteration and intrusions with significant mineralised intervals/holes

Illustration of strike/down dip target of TRDD030, noting collar distance to TRDD029 is ~685m (Section line looking southeast through Figure 2 (a). Length ~1450m and width ~600m)

Hole TRDD029 1,2

Ongoing hole TRDD030 3

TRDD008
TRDD001	TRDD017W1

SIGNIFICANT INTERVALS

TRDD029

Upper skarn: 36m @ 0.68g/t Au, 0.29% Cu from 732m;

Middle skarn: ??2 826.7-966m; &

Lower skarn: ??2 981.3-1019m

TRDD022

46m @ 0.54 g/t Au, 0.08% Cu from 684m; &, 18m @ 0.75 g/t Au, 0.09% Cu from 712m

TRDD014W1

42m @ 0.42 g/t Au, 0.12% Cu from 358m, incl:

• 10m @ 1.13 g/t Au, 0.32% Cu from 382m

TRDD014

7m @ 0.64g/t Au, 0.53% Cu from 385m

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	DRILL HOLE KEY	TRDD022
			Collar
			>0.5 CuEq $ 3	TRDD014W1
			0.1-0.5 CuEq % 3
	GEOLOGY MODEL
				Monzonite
				Monzodiorite
				Sericite Alteration 0	200m
				Skarn Alteration

Upper skarn

TRDD028	Middle skarn2
Lower skarn2
	EOH 1033m

• Part assay results only available for TRDD029
  2 Assay results pending (visual lithology)
  3 Designed & on-going hole TRDD030

4 AuEq at $1800/oz Au and 3.55 lb Cu (100% recoveries).

19m @ 0.43g/t Au, 0.21% Cu from 388m incl:

• 4m @ 0.94g/t Au, 0.57% Cu from 394m 1.3m @ 2.34g/t Au, 0.54% Cu from 486m 10m @ 0.73g/t Au, 0.1% Cu from 626m

TRDD011

74m @ 0.37g/t Au, 0.40% Cu from surface incl:

• 4m @ 3.36g/t Au, 4.98% Cu from 66m

TRDD008

87.7m @ 0.65g/t Au, 0.19% Cu from surface incl:

• 8m @ 1.63g/t Au, 0.57% Cu from 66m

TRDD001

51m @ 1.17g/t Au, 0.54% Cu from 39m

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Drill hole TRDD029

Hole TRDD029 followed up the nearer surface intrusion potential recognized in TRDD028 (latter announced December 6, 2021 release "Porphyry system extended to surface and depth at Trundle Park"). It was also designed to test the western and southern strike for both skarn and porphyry type intrusion mineralisation at depth in a region of very limited deeper drill coverage (one hole) situated across a magnetic low, the eastern shoulder of a moderate magnetic zone and along strike from the existing mineralised corridor at the Trundle Park prospect.

While nearer surface intrusions are observed to occur from surface and continuing westwards, they comprise: (a) micro-diorite(0-31.7m), similar to those also identified in TRDD028, and

1. equi-granularhornblende diorite (31.7-302m) which also includes some shorter intervals with monzodiorite vein dykes (150-275m).

The most significant and positive development from TRDD029 was intersecting multiple blind and new broad higher-grade skarn zones. These zones exhibit good prograde skarn development, characterised by garnet-magnetite-pyrite, within three notable separate intervals: the Upper Skarn (732-772m); Middle Skarn (826.7-966m); and, Lower Skarn (981.3-1019m) zones.

Importantly, each of these three zones had visible disseminate chalcopyrite associated with the prograde skarn intervals, often with magnetite and pyrite. Good examples of bladed magnetite were also observed in the prograde skarn assemblages.

There is also a second stage of copper development noticed with bleb-like chalcopyrite occurring in a retro-grade skarn stage with carbonate (both iron-carbonate and calcite) along with orthoclase (orange K-feldspar) and hematite (specular and bladed).

The retrograde skarn stages tend to fill in voids (i.e., as matrix fill between breccias) and also along crosscutting veins throughout the earlier prograde skarn stages. The Middle Skarn zone is interpreted to host the more elevated levels of this second stage of copper development relative to the Upper Skarn.

Furthermore, there are examples in hole TRDD029 where chalcopyrite can be observed in both the prograde and retrograde skarn stages, providing at least two identified pulses of fluids with copper bearing sulphides within the skarn.

Above the skarns and below the aforementioned intrusions, porphyritic andesite lava flows were noted with increasing silicification along with epidote-chlorite-hematite alteration at depth, in-turn cut by later carbonate quartz veins and/or as matrix fill along fractures with chalcopyrite.

Significant assay results so far received for the Upper Skarn zone are included in Table 1 with the core of the Middle, Lower Skarn zones and balance of the hole delivered to ALS Orange, with results expected in approximately 5 weeks (impacted by current congestion at the laboratory).

The last reported quarters' production from Cadia (from Cadia East) mined a head grade of 0.82 g/t gold and 0.35% copper (1.41 g/t AuEq1) with an all in sustaining cost margin of $1,519/oz. This illustrates the favorable economic potential of bulk mining operations in the Macquarie Arc at not dissimilar depths to these mineralised zones in TRDD029.

Newly discovered higher-grade zones expand the large-scalegold-copper system at Trundle Park	5
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