The new 20 sq km Shavagtai licence is the second Kincora has secured via the direct application system since 2015 and is adjacent to the Bayan Tal target on the 403 sq km Khuren Tsav licence.
There, previous results includes 18 metres at 0.75% copper equivalent in a trench and 18 m at 0.66% copper equivalent.
A five-year moratorium on issuing new exploration licences ended in the second half of 2015.
Sam Spring, Kincora's president and chief executive, said the Bayan Tal target was "one of the most advanced and prospective untested intrusive complexes in the Oyu Tolgoi-Tsagaan Suvarga Devonian copper belt".
"The new licence, in addition to the issuance of our Red Well licence last year (noting drilling activities currently ongoing on an adjacent licence by large scale incumbent), further demonstrates Kincora's ability to pick up prospective exploration land in Mongolia.
"Discussions remain ongoing for more advanced and/or strategically important new opportunities to provide further scale and continue our counter-cyclical expansion and exploration strategy.
"There has been a noticeable increase in activities in the belt, with increasing exploration and drilling activities, incumbents expanding land holdings and new entrants undertaking due diligence.
"Post the IBEX transaction being completed late last year further additions of strategic land and divestments of less prospective licences will be part of Kincora's ongoing strategy and has become possible since favourable changes to the Mongolian mining sector's legislative environment.
"Following recent exploration activities, 103 square kilometres of unprospective ground has been voluntarily relinquished as we undertake the first modern systematic Tier 1 drill testing and district scale reconnaissance exploration program the world-class, underexplored Southern Gobi Devonian copper gold belt."
Kincora shares shed 5.41% in Toronto to stand at $0.35.