Rincon Reports 26,800 Ounces Gold Resource and Crackerbox Acquisition
Rincon Resources Limited advances its Western Australian exploration portfolio with a maiden resource at South Telfer and a strategic option agreement for the Crackerbox Gold project, setting the stage for upcoming drilling campaigns.
- Maiden mineral resource estimate at South Telfer’s Hasties Main Zone
- Planned drilling to expand gold-copper resource and collect metallurgical samples
- Option agreement signed to acquire Crackerbox Gold project with significant historic grades
- Laverton drilling and drone magnetic survey ready to commence
- Quarter-end cash balance of $2.77 million and Loyalty Option Entitlement Offer underway
South Telfer – Maiden Resource and Expansion Plans
Rincon Resources Limited has marked a significant milestone with the maiden mineral resource estimate for its Hasties Main Zone and Hasties Southeast Deposits at the South Telfer Project. The resource totals approximately 26,800 ounces of gold at a grade of 0.96 grams per tonne, alongside copper mineralisation. This initial estimate provides a solid foundation for the company’s next phase of exploration.
Building on this, Rincon plans to commence a reverse circulation drilling program within the next three months aimed at expanding the Hasties Main Deposit. The program will focus on the immediate northern extension of the current pit shell and a promising zone 300 metres northwest, where historical drilling revealed anomalous gold mineralisation. Additional drillholes will also collect metallurgical samples and density data to support future resource updates.
Crackerbox Acquisition – A New Frontier
In a strategic move to broaden its exploration footprint, Rincon signed an option agreement to acquire the Crackerbox Gold project, located about 90 kilometres north of Meekatharra in the Murchison Goldfield. The project covers 62 square kilometres and hosts two mineralised shear zones within a highly prospective Archean greenstone belt.
Historic drilling at Crackerbox has returned compelling gold grades, including intervals such as 13 metres at 2.53 grams per tonne and rock chip samples reaching up to 62 grams per tonne gold. The project also features multiple walk-up drill targets and remains open along strike and at depth, presenting a significant exploration upside. A drone magnetic survey is planned to refine structural understanding and guide upcoming field activities.
Laverton and West Arunta – Advancing Exploration Readiness
The Laverton Project is poised to enter an active phase with a fully planned drilling program and drone magnetic survey ready to commence. Contractors have been secured, and all stakeholder notifications are in place, signalling imminent fieldwork to test newly identified gold targets.
Meanwhile, the West Arunta Project saw no exploration activity this quarter as Rincon completes a detailed review of 2024 work, factoring in recent positive copper price movements to inform next steps.
Financial Position and Capital Strategy
Rincon closed the quarter with a cash balance of $2.77 million, reflecting ongoing investment in exploration activities. The company also announced a Loyalty Option Entitlement Offer to raise approximately $97,520, providing modest additional funding to support its programs. Payments to related parties during the quarter were consistent with existing remuneration agreements.
Overall, Rincon’s methodical approach to advancing its portfolio through targeted drilling and strategic acquisitions underscores its commitment to unlocking value for shareholders in Western Australia’s prolific gold and copper regions.
Bottom Line?
With drilling campaigns imminent and a new project acquisition underway, Rincon Resources is positioning itself for a pivotal year of exploration and potential resource growth.
Questions in the middle?
- Will the upcoming drilling at South Telfer significantly increase the current resource estimate?
- How will the Crackerbox acquisition impact Rincon’s exploration strategy and capital allocation?
- What are the expected timelines and potential outcomes from the Laverton drilling and drone surveys?
