Kincora Copper Limited provided an exploration update from the new phase of drilling at the brownfield Trundle project, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW, Australia. The drilling is testing 5 shallow large-scale porphyry and porphyry-related skarn targets across the 3.2km strike of the mineralised magnetic complex at the southern portion of the Trundle license. Kincora's new phase of drilling at the Trundle project commenced in January 1, and is testing 5 adjacent systems and separate large-scale porphyry targets across an existing 3.2km mineralised strike.

Assay results have been returned for Kincora's first holes at the Dunn's North and Dunn's South prospects, located 640m metres apart. These assays have confirmed significant zones of potentially ore grade porphyry mineralisation at shallow depths. Petrology and fertility analysis is pending with a review commenced of these prospects, and adjacent open prospects, for follow up exploration.

While assay results are pending for the first hole drilled at the Botfield prospect, notable zones of visible mineralisation have been prioritized. These include a zone of coarse chalcopyrite- bornite-pyrite epithermal veins, as well as massive and banded magnetite pyrite-chalcopyrite skarn horizons. A step out hole from previous shallow intrusive mineralisation at the North-East Gold Zone is in progress, with a priority follow up hole at the Botfield prospect then planned.

Botfield prospect Kincora's first hole at the Botfield prospect, TRDD037, sought to test for the first time a large magnetic high complex coincident with shallow anomalous copper-gold and an IP chargeability high anomaly. The concept Kincora sought to test was of a large untested skarn and/or porphyry complex, potentially associated with the emerging Southern Extension Zone (SEZ) discovery. This discovery was made by Kincora in the past 18 months to the west, and the southern extension of the multiple phase intrusive complexes intersected by Kincora and previous explorer drilling.

While assay results are pending, notable zones of visible mineralisation have been prioritized and include: Coarse banded chalcopyrite-bornite-pyrite epithermal veins (from 128-132m) Massive magnetite-pyrite-chalcopyrite skarn (>80% magnetite, from 376-407m).Banded magnetite-pyroxene-feldspar skarn with pyrite and chalcopyrite (<30% magnetite from 407-425m) Hole TRDD037 supports the current working interpretation that the Botfield prospect is located in an uplifted block, in the order of almost 500m, to the immediately adjacent SEZ prospect across an interpreted significant N-S fault zone. The relatively shallow chalcopyrite-bornite-pyrite epithermal veins are new to the project, and support vectors to a more proximal and prospective level in porphyry system. Hole TRDD037 intersected over 30 metres of massive magnetite skarn from only 330 metres vertical depth compared to an interpreted equivalent horizon of 34 metres from 710 metres vertical depth in TRDD032, located 430 metres to the west, with similar stratigraphic horizons above and below these zones.

The geophysical inversions and targets for TRDD037 correlate well with visual logging and current interpretations of the returned diamond core, benefiting from the relatively shallow depths and width of the massive magnetic zone and associated sulphides. The Botfield prospect has been prioritised for follow up. Planned hole TRDD039 will step out a further 250 metres to the east testing the up-dip coincident magnetic and induced polarisation (IP) chargeability anomaly cores, and at potentially open-pitable depths.

Assay results from completed hole TRDD037, and planned TRDD039, will assist in determining the next phases of drilling at the Botfield and SEZ prospects. As announced in December 20222, Kincora has been awarded a drilling grant from the latest New Frontiers Exploration program by the New South Wales State Government to follow up the intersected 34m @ 1.45 g/t gold and 0.25% copper in skarn, including an interpreted porphyry vein that drove 2m at 19.9 g/t gold and 2.43% copper (hole TRDD032) within the SEZ 3. Kincora's first hole at the Dunn's North prospect, TRDD035, sought to test for the first time the down dip potential of previous shallow air-core drilling that had failed to test an IP chargeable high anomaly co-incident with the shoulder of a significant NE-SW trending magnetic anomaly. Hole TRDD035 confirmed a near surface intrusive complex, intersected early porphyry style quartz veins (A-type) cutting both diorite(s) and wall-rock volcaniclastic sediments proximal to intrusive bodies intersected towards the top of the hole, and, the presence of early quartz- chalcopyrite and quartz-magnetite-chalcopyrite veins at depth.

Encouraging previous gold grades in previous hole PPT08, including 10m at 1.99 g/t gold and 0.12% Cu from 36m, were repeated including 12.5m @ 2.77g/t gold from 77.5m, including 2m @ 14.2g/t gold, within a near surface gold mineralised diorite-monzodiorite intrusive complex (i.e., from 0m - 136m downhole). Sulphides returned in the intrusive complex, coupled with the subsequently intersected magnetic andesite volcaniclastic sandstone sequence with interbedded lava follows, towards the west, are interpreted to have explained the respective IP and magnetic anomalies. Kincora's first hole at the Dunn's South prospect, TRDD036, sought to test for the first time a significant magnetic anomaly, follow up previous broad lower grade mineralisation from surface and test the up-dip potential a previously intersected felsic intrusions with quartz- carbonate-pyrite veins with chalcopyrite and bornite.

Hole TRDD036 also confirmed a near surface intrusive complex, intersecting sulphide bearing quartz veins with encouraging gold and copper grades within the intrusions (eg 44.39m @ 0.36g/t gold, 0.19% copper and 41ppm molybdenum from only 52.5m), and zones with high molybdenum grades (up to 721ppm) associated with intrusions suggesting a proximal setting to a magmatic source. Highly magnetic hornfels volcanic sandstones intersected subsequent to the intrusive complex towards the west is interpreted to explain the magnetic anomaly.