Kincora Copper (CVE:KCC) is looking at new properties around its existing Bronze Fox property in Mongolia after the application process for the east of Mongolia re-opened last week.
The area includes territory within the hugely prolific Oyu Tolgoi copper belt where Rio Tinto recently opened one of the world’s largest copper mines.
Kincora has focused on reducing costs further while it looks at ways to advance its existing Bronze Fox and Tourmaline Hills copper properties in Mongolia.
The explorer ended the half year to June with cash of C$1.42mln, enough for a year and surface exploration, including infill mapping and geochemistry, around both projects.
“The key objective for the 2015 field season will be refining discrete magnetic anomaly highs around the BFIC, including a series of large targets that cross or are adjacent to the eastern and western licence boundary, and undertaking magnetic modelling to refine potential drilling targets.”
Kincora repeated it is also looking outside of Mongolia for near construction and production assets that would not otherwise be available at more favourable points in the commodity cycle.
Discussions with major shareholder Origo Partners regarding the settlement and/or extension of the US$2.5mln convertible note that is now due are continuing, it added.
The company posted a loss of C$194,000 (C$755,000) in the three months to June.