Kincora drilling underway at brownfield Trundle project, NSW

• Deeper core drilling commenced testing three large and mineralized porphyry targets at the Trundle project
• Trundle is the only brownfield project held by a listed junior in Australia's foremost porphyry belt, and within the same mineralized complex as Australia's second largest porphyry mine
• Excellent potential for new higher-grade porphyry and skarn copper-gold discoveries

VANCOUVER, April 22, 2020 - Kincora Copper Ltd. (the "Company", "Kincora") (TSXV:KCC) is pleased to have commenced drilling activities at the Trundle project, located in the Macquarie Arc of the Lachlan Fold Belt ("LFB"), in central west New South Wales ("NSW"), Australia.

A first phase drilling program is planned for six holes and 3,800 metres, testing three known mineralized targets seeking to discover a new cluster of porphyry deposits. Extensive porphyry and skarn-style copper-gold mineralisation and informal mining activities are associated with several Ordovician intrusive centres across the full Trundle license, which is located within a prolific mining and infrastructure district.

John Holliday, Chairman of Kincora's Technical Committee, and Peter Leaman, Senior Vice-President of Exploration, commented: "Modern systematic exploration at Trundle has utilised industry leading Induced Polarisation survey's, including HPX's proprietary Typhoon system, and magnetic modelling which has been insufficiently followed up by drilling.

Existing significant drill intersections supports vectoring to very compelling targets at three existing mineralised systems within a brownfield environment to Northparkes, Australia's second largest porphyry mine where five deposits are defined.

We are very excited by the upcoming high impact and funded drilling program at Trundle."

Sam Spring, President & CEO, noted: "Our team has demonstrated Tier 1 exploration success in the belt, which coupled with unique prior exploration experience at Trundle, and the quality of prior activities and results, has supported mobilising drilling within three months of agreeing the MoU with our now project level JV partner RareX Limited (ticker "REE" on the ASX).

Significant preventative measures have been taken to proactively manage the potential impact of COVID-19 and execute a successful drilling campaign. These systems and policies reflect the guidance given by the State and Federal authorities, and include sourcing the on-site-team and supplies from within the region to both reduce the risk to, as well as financially support, the communities we operate in.

We look forward to considerable news flow over the coming months in a market that is still significantly rewarding exploration success in the Lachlan Fold Belt".

The Trundle project

The Trundle project is located 30km west of the China Molybdenum Company Limited (CMOC) operated Northparkes copper-gold project, which is Australia's second largest porphyry mine (behind Cadia, also located in the Macquarie Arc). CMOC acquired an 80% interest in Northparkes from Rio Tinto in July 2013 for US$820 million (Sumitomo retaining a 20% minority interest) and has since undertaken a material expansion of production and extension of mine life.

Trundle hosts the inferred westerly rift of the Northparkes Igneous Complex with extensive evidence of porphyry and skarn-style copper-gold mineralisation across a 12.5km strike associated with Ordovician intrusive centres similar to the Northparkes and Cadia deposits and mines.

Figure 1: Trundle is the only brownfield porphyry project held by a listed junior in the Macquarie Arc, Australia's foremost porphyry region
The Raggatt volcanics at Trundle are the stratigraphic equivalent to the Goonumbla volcanics that host the deposits at Northparkes
Aeromagnetics illustrate key regional structures and geological features with the Trundle project located on the interpreted western rift of the Northparkes Igneous Complex within the Junee-Narromine Ordovician volcanic belt of the Macquarie arc
Recent new license application from FMG Resources Pty Ltd for the adjacent southern ground

Sealed and unsealed roads traverse most of the license area, which hosts the town of Trundle. On the adjacent western license sits Clean TeQ Holdings Ltd.'s ("Clean TeQ"), Westella limestone development project associated with its flagship Sunrise nickel-cobalt-scandium battery materials complex located 30 km to the north-west – Figure 2.

Figure 2: A prolific mining and infrastructure district
Trundle sits between Northparkes, Australia's second largest porphyry mine, and CleanTeQ's large, low cost, long life Sunrise development stage battery materials complex, and close to existing infrastructure

At Trundle, surface geological mapping, geochemistry, magnetic, gravity and Induced Polarisation ("IP") coverage, coupled with structural and basement interpretations have been positive, indicative of multiple levels and phases of large mineralised copper and gold systems.

Past drilling has been extensive with the completion of 2208 holes for 61,146 metres but drilling utilising the modern exploration techniques, and deeper drilling to basement and target depth has been inadequate.

Over 92% of prior drilling has been to less than 50 metres depth with just 11 holes beyond 300 metres (0.5% of holes drilled). Existing significant drill intersections supports vectoring to very compelling targets at three existing mineralised systems that have not been drilled since industry leading Induced Polarisation survey's, including HPX's proprietary Typhoon system, and magnetic modelling.

Significant intercepts not followed up include:

• 60m @ o.54g/t Au from 1m ²
• 56m @ 0.88g/t Au, 0.35% Cu from 34m ³, including:
• • 2m @ 20g/t Au, 6.97% Cu and 81g/t Ag from 64m
• 39m @ 0.55 g/t Au, 0.14% Cu from surface ⁴
• 35m @ 0.55 g/t Au, 0.25% Cu from 12m ⁵
• 51m @ 0.58 g/t Au, 0.14% Cu from 33m⁶
• 58m @ o.44 g/t Au, 0.17% Cu from 22m ⁷, including:
• • 4m @ 1.19g/t Au and 0.41% Cu from 28m

Figure 3: Kincora is drilling three fences at Trundle to test three known mineralized porphyry targets analogous to the five deposits at Northparkes
3 targets for phase 1 drilling: Trundle Park in the south; &, Mordialloc & Bayleys in the north

The Trundle Park target

Drilling has commenced at the Trundle Park prospect (which sits within the southern portion of the license) where prior activities have intersected very high-grade localised zones within a large lower grade skarn magnetite skarn, similar in style to the Big Cadia skarn that is peripheral to the Cadia porphyry copper-gold deposits.

No drilling has tested below these mineralised holes where geophysics and relogging of historic drilling has indicated proximity to a porphyry source. Encouragingly the prior drilling provides vectors and supports subsequently defined underlying geophysical at shallow to moderate depth targets – see Figure 4.

Figure 4: Geological concept for the Trundle Park target: Shallow drilling has intersected higher-grade material at the top of an interpreted preserved porphyry
The first hole of the current drilling program is a scissor hole to TPRC003 which returned 56m @ 0.88g/t gold, 0.35% copper and 3.7g/t silver, including 2m @ 20g/t gold, 6.97% copper and 81g/t silver ³, and for the first time testing the potential for an underlying porphyry source

The Mordialloc target

Metal grades at the Mordialloc target are comparable to the peripheral parts of the Northparkes deposits with improving grades down hole and open. Prior drilling has returned porphyry quartz-sulfide veins overprinted by phyllic alteration adjacent to porphyrtic monzonite stock in a region with informal small-scale mining from the early 1900's when shafts were developed on quartz chalcopyrite vein breccias.

One deeper diamond drill hole (CTD006, drilled in 2008) on the periphery of the subsequently defined chargeability high outer shell intersected 48 metres @ 0.15% copper, 0.12g/t gold and 41ppm molybdenum from 478 metres in a quartz monzonite porphyry. CTD006 ended in mineralisation with the grade profile improving as the hole approached the IP shell – see Figure 5.

Similar to Alkane Resource's discovery at Boda, Kincora is diamond core drilling below previous holes with improving grades and open, but with the benefit of the subsequent to prior drilling industry leading IP and magnetic modelling.

Figure 5: Geological concept for the Mordialloc target: Improving grade at end of hole coincident with deeper geophysical target

For further details on the Trundle project, Kincora's strategy in the Lachlan Fold Belt and the region becoming the latest global hot spot for exploration please refer to the recent (April 7^th, 2020) interview with Richard Schodde, MD of MinEx Consulting, and John Holliday, principal discoverer and site manager for the Tier 1 Cadia project and technical director of Kincora.

The interview is available at: www.theassay.com/the-assay-tv/the-assay-tv-richard-schodde-john-holliday-kincora-copper/?dm_t=0,0,0,0,0

The updated accompanying Kincora corporate presentation is available at: www.kincoracopper.com/media/downloads/presentations/corporate-presentation-4-7-2020.pdf

COVID-19

The Company has been proactively managing the potential impact of COVID-19, taking preventative measures to modify how we conduct our business, to protect our staff, contractors and the communities we operate in.

These systems and policies reflect guidance of State and Federal authorities and the Company has sourced workers and supplies for the drilling program from within the region to both reduce the risk to, and financial support, the communities we operate in.

Kincora continues to closely monitor the requirements and guidance of government officials, and discussions with our stakeholders, and will act accordingly. The Company's, March 17, 2020, COVID-19 statement is available at: www.kincoracopper.com/about-us/covid-19-statement

References and further background information

• Kincora closes agreement with RareX - March 19, 2020
  www.kincoracopper.com/news/press-releases/18-2020/98-kincora-closes-agreement-with-rarex
• Corporate strategy letter to shareholders - March 18, 2020
  https://www.kincoracopper.com/about-us/corporate-strategy
• Kincora grows a district scale landholding in the Lachlan Fold Belt - January 30, 2020
  www.kincoracopper.com/news/press-releases/18-2020/90-kincora-grows-a-district-scale-landholding-in-the-lachlan-fold-belt

Qualified Person

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's geological staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian Institute of Geoscientists), Non-Executive Director and Technical Committee Chairman, who are the Qualified Persons for the purpose of NI 43-101.
The review and verification process for the information disclosed herein for the Trundle project has included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora's geological staff using standard verification procedures.

About Kincora Copper Limited
(KCC – TSXV)

Kincora is an active junior and systematic explorer seeking to make a major discovery in Mongolia, the Lachlan Fold Belt in Australia and other prospective complementary jurisdictions.
Our technical team is credited with multiple discoveries of Tier 1 copper assets. In 3Q'19, Kincora made the strategic decision to opportunistically pursue entry into the Macquarie Arc, in Central West of NSW. This is Australia's foremost porphyry belt, home to the giant Cadia, Northparkes mines and recent Boda discovery by Alkane Resources.
The Macquarie Arc is synergistic in line with Kincora's core focus. It offers: the same scale of target (world-class); the same commodity mix (copper-gold or gold-copper); the same mineralized setting (porphyry &/or epithermal gold); supports a similar systematic exploration approach/exploration methods; and, is a region where the team has had significant exploration success.

Forward-Looking Statements

Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Kincora Copper Ltd.