Rincon’s Exploration Surge Hinges on Pending Assays and Resource Estimates
Rincon Resources has identified a promising new copper target at its West Arunta project and is progressing mineral resource estimations at South Telfer, underpinning a busy exploration quarter with $3.342 million cash in hand.
- New 'Daylight' copper target outlined at West Arunta with significant pXRF copper readings
- Diamond drilling confirms rare earth element mineralisation at Avalon and Sheoak prospects
- Laverton soil sampling reveals 18 gold anomalies, with 9 new drill targets prioritised
- Mineral Resource Estimate underway for South Telfer's Hasties deposits, expected February 2025
- Company ends quarter with $3.342 million cash balance, maintaining financial flexibility
Exploration Momentum at West Arunta
Rincon Resources Limited (ASX: RCR) has reported a highly active December 2024 quarter, highlighted by the completion of a comprehensive rock-chip sampling program at its West Arunta project. The program, focused on the Pokali IOCG alteration zone, has delineated a new copper target dubbed 'Daylight', located approximately one kilometre southwest of the existing Pokali North prospect.
Preliminary portable X-Ray Fluorescence (pXRF) analyses revealed copper concentrations exceeding 1,000 ppm at multiple sampling points, with standout values reaching up to 1,383 ppm. This new target sits along a significant copper-bearing structural trend extending over 5 kilometres, suggesting robust mineralisation potential. Rincon awaits final multi-element laboratory assays from ALS Global, which will inform the development of a Mineral Resource Estimate (MRE) for Pokali and guide future exploration efforts.
REE Mineralisation Confirmed at Avalon and Sheoak
Diamond drilling results from the Avalon prospect have confirmed the presence of a calc-alkaline mafic-ultramafic complex associated with rare earth element (REE) mineralisation, linked to intrusive granitic and syenitic dykes and sills. Similarly, at Sheoak, REE mineralisation is tied to a syenite intrusive complex, identified as the source of significant total rare earth oxides (TREO).
Notable drill intercepts include 6 metres grading 3,223 ppm TREO at Sheoak, with elevated concentrations of cerium, neodymium, and praseodymium oxides. Copper mineralisation was also intersected at Sheoak, with 0.55 metres at 1,110 ppm Cu. These findings underscore the project's potential for critical metals essential to the energy transition.
Laverton Project: New Gold Targets Emerge
In the Laverton region, Rincon's soil sampling program has successfully outlined 18 gold anomalies, with nine untested anomalies now classified as new targets for follow-up drilling. These targets have been prioritised into three Priority-1, five Priority-2, and one Priority-3 categories, reflecting their prospective value. The company is actively progressing drill program planning and securing necessary permits.
South Telfer Mineral Resource Estimation Underway
At the South Telfer project, Rincon is advancing a Mineral Resource Estimate for the Hasties Main and Hasties Southeast deposits, alongside an Exploration Target encompassing adjacent prospects. The MRE, prepared in accordance with JORC 2012 standards, is anticipated to be completed in February 2025. This milestone will be pivotal in defining the next phase of exploration and development at South Telfer.
Financial Position and Corporate Updates
Rincon closed the quarter with a cash balance of $3.342 million, providing a solid financial foundation to support ongoing exploration activities. The company also announced the upcoming departure of Managing Director Gary Harvey, effective 18 January 2025, signaling a forthcoming leadership transition. Rincon continues to evaluate potential asset acquisitions aligned with its growth strategy.
Overall, Rincon Resources' recent exploration results and strategic initiatives position the company well to unlock value across its Western Australian portfolio, with critical assay results and resource estimates expected to catalyse further market interest in the coming months.
Bottom Line?
With assays pending and resource estimates imminent, Rincon’s next moves will be closely watched by investors seeking exposure to emerging copper, gold, and critical metals plays.
Questions in the middle?
- What will the final laboratory assays reveal about the extent and grade of copper mineralisation at the Daylight target?
- How might the upcoming South Telfer MRE influence Rincon’s exploration and development priorities?
- What impact will the Managing Director transition have on Rincon’s strategic direction and operational momentum?
