Kincora Copper Ltd (CVE:KCC) provided an update on Tuesday on the Ibex transaction following sign-off from the Mongolian tax authorities, a key milestone toward the completion of the proposed mergers for the respective Kincora and Ibex subsidiaries.
The parties to the Ibex transaction, High Power Ventures Inc. and Kincora, have had their original tax position upheld, with the subsequent administration processes related to closing the transaction continuing and expected to shortly complete.
"It is pleasing to pass this key milestone towards completion of the Ibex transaction, and we look forward to providing further details on the company's near-term strategy in due course,” said Sam Spring, Kincora president and chief executive officer.
"I would like to thank all involved, including the Mongolian tax authority, who ensured this matter was addressed. This milestone supports the transition to the next stages of completing the Ibex transaction."
The transaction will result in a consolidated landholding of over 1,500 square kilometres, the majority of the prospective exploration licences which dominate a key geological trend between and along strike from the Oyu Tolgoi and Tsagaan Suvarga (Devonian) copper mines, supporting an industry-leading proposition of copper-gold and gold targets.
Ibex's portfolio was secured and targets advanced by former key executives of Oyu Tolgoi's exploration team and focused on Tier 1 gold-rich copper porphyry targets.
A large and high-quality regional geophysical and surface geochemical data set supports various style targets: (i) Devonian porphyries, (ii) traditional gold-rich copper porphyries, and (iii) epithermal and Carlin-style gold deposits.
The transaction consolidates a regional portfolio in an underexplored but potentially world-class gold-rich copper province, analogous to exploring the majority of the Northern Chile copper belt from the 1970s.
The transaction will result in a strengthened team with discovery experience and complementary skill sets for exploration through to project development internationally and in Mongolia.