06:50 AM EDT, 05/28/2024 (MT Newswires) -- Kincora Copper ( BZDLF ) on Tuesday said it has signed a multiple-phase earn-in and joint venture agreement with a subsidiary of AngloGold Ashanti for the Northern Junee-Narromine Belt project in Australia.

AngloGold has the right to spend up to A$50 million to earn an 80% interest. In Phase I, AngloGold may spend A$25 million on exploration over seven years to earn a 70% joint venture interest, including a minimum A$2 million expenditure obligation, with Kincora as the initial operator for a 10% management fee. In Phase II, AngloGold may either complete a pre-feasibility study or fund a further $25 million over three additional years to earn an additional 10% for a total of 80% interest.

Under the agreement, a wide range of copper-gold targets will be drill tested, the company said.

Kincora noted that regional geophysics strongly indicate that the area includes two of the few remaining volcano-intrusive complexes of the significant Macquarie Arc porphyry copper-gold geology.