Kincora Copper (ASX:KCC) is considering a range of options for its Bronze Fox Copper-Gold Project in Mongolia after re-securing the full rights to the project.  
The junior explorer, which has a market capitalisation of around $33 million, is assessing the path forward, which could include focused self-funded exploration, third party investment and other corporate initiatives. 
CEO Sam Spring tells Mining.com.au Kincora is now able to consider some potentially significant near-term value catalysts and explore existing and new interest in the portfolio.
Near-term value-add options being investigated include a submission for a second mining licence at Bronze Fox and fresh mining studies relating to the existing oxide resource. 
Kincora re-secured the full rights to Bronze Fox following partner Orbminco’s (ASX:OB1) withdrawal from the September 2024 earn-in agreement given its primary focus now being on Australian gold exploration.
The Mongolian portfolio hosts three shallow and underexplored copper-gold prospective intrusive complexes with an existing resource of over 400,000 tonnes of copper and 400,000 ounces of gold.
Initial mapping, trenching and drilling has also confirmed the expansion and higher grade potential of the existing resource.
The project is located in the Southern Gobi region of Mongolia, which is emerging as a critical new source of copper supply.
The region has an endowment of 85 million ounces of gold and 50 million tonnes of copper, which has drawn the likes of Rio Tinto (ASX:RIO), BHP (ASX:BHP), China’s Zijin Mining Group (HKG:2899) and the original Ivanhoe Mines (TSX:IVN) (which became Turquoise Hill and was acquired by Rio Tinto in late 2022).
Kincora says the development comes at a time of several positive developments highlighting the potential of Mongolia’s resource sector as well as the Bronze Fox Project.
This includes the recent $160 million takeover of Xanadu Mines and its Kharmagtai Copper-Gold Project by Singapore’s Bastion Mining. 
Spring says the cash deal for Xanadu supports a peer valuation of $28 million for the Bronze Fox project based on resource multiples. 
However, he adds the real upside to the project is its largely untapped exploration potential across three very large, from surface intrusive complexes. 
This includes the Shuteen North complex which has never been drilled and Kincora believes is related to the “massive” Shuteen lithocap. 
“The importance of this conceptual setting is very significant given the lithocap at the Oyu Tolgoi project was an important early stage exploration marker and the size of the Shuteen lithocap relative to Oyu Tolgoi. 
“In our mind this is a great example of the remaining potential in the Southern Gobi and also within our asset portfolio.”
Meanwhile, Erdene Resource Development just last week announced it had poured first gold at its Bayan Khundii Mine and construction is progressing at the privately held Tsagaan Suvarga Copper-Molybdenum Project.
Additionally, expansion at Rio Tinto’s Oyu Tolgoi Copper-Gold Project is setting the operation up to become the fourth largest copper mine by 2030.
“Our 100% owned Bronze Fox project is the fourth emerging porphyry complex in this rapidly developing copper district,” Spring says. 
Kincora says the Bronze Fox Project is one of the largest land positions and porphyry complexes in the Southern Gobi copper-gold belt.     
Write to Angela East at Mining.com.au

Published Date:2025-09-22