The company is set to open an offer of up to 50 million CHESS depositary interests, targeting A$8-10 million at 20c per CDI under an offer supported by Morgans Corporate and Bridge Street Capital.
Sydney-based chairman Cameron McRae described the Australian Securities Exchange as the "natural" home for the company, now it has switched its focus to the Lachlan Fold Belt as a pure play explorer in "Australia's foremost copper porphyry belt".
McRae said the company would be able to access untapped local investors who have significant interest in funding local exploration projects.
The explorer believes its priority projects demonstrate all the potential hallmarks of neighbouring world-class discoveries which are now major mines - such as Cadia, the world's largest currently known alkalic porphyry system - and says its team under Cadia co-discoverer John Holliday is ‘best-in-class' for exploring for porphyry deposits in the Macquarie Arc.
The explorer aims to drill at least 17,000m at three of its Australian projects over 2021.
Kincora moved into the Lachlan Fold Belt in late 2019 and, after a deal with ASX-listed RareX, now controls 1649sq.km of tenure, and it has rapidly over-taken Mongolia as a focus.
In December it signed an exclusivity agreement with Resilience Mining to sell 80% of its Mongolian portfolio, including Bronze Fox and Tourmaline Hills, pending Resilience listing on the ASX.
Less than 10% of holes drilled in the Lachlan Fold Belt have been drilled below 150m, and less than 3% below 300m, so Kincora sees significant untested potential at depth for deposits, such as Cadia, Northparkes, Cowal, and Boda, which have little or no, at or near surface higher-grade mineralisation, the company says.
Funds from the IPO will allow further drilling at Trundle, a maiden drilling program at the Fairholme project along strike from Cadia, and testing of two porphyry targets at Nyngan, while advancing its other early-stage leases.
Its first hole at Trundle Park, 30km from Australia's second largest porphyry mine Northparkes, returned 51m at 1.17 grams per tonne gold and 0.54% copper from 39m in the same minerals complex. Further results have been even better.
Work will focus on expanding the scale of the near surface ore grade skarn mineralisation by stepping out along strike to the north and south at Trundle Park, while a potential cluster of pencil porphyries is the target at Mordialloc, supported by geophysical data.
Fairholme, 15km along strike from Evolution Mining's Cowal operation, will be tested for similar near-surface gold-base metal epithermal deposits with a number of prospects ready for drilling, including Gateway.
Nyngan, in the northern extension of the Junee-Narromine belt, is essentially untested by drilling, but the company has taxpayer funding to test two copper gold porphyry targets.
McRae, Kincora's chairman and former advisory, is Rio Tinto's former Oyu Tolgoi boss and Mongolia country manager.
The board comprises CEO and former analyst Sam Spring, and three other directors: Orange-based Holliday; ex- Oyu Tolgoi business development exec Ray Nadarajah and Mongolia-based lawyer Lewis Marks.
Kincora first flagged an ASX listing last August when it completed a C$5 million raising at 10c.
The junior's shares in Toronto have traded between 6-57c over the past year, and were last traded down 6.5% at 27c, valuing it at $20.5 million.
