Rincon Resources Limited ("Rincon" or the "Company") is excited to announce significant progress at its wholly-owned West Arunta Project, situated in the resource-rich West Arunta region of Western Australia.
Highlights of the Update:
Heritage Clearance Secured: Rincon has successfully obtained the necessary heritage clearance, setting the stage for imminent site works and the initiation of a groundbreaking 1,000m diamond drilling program at the Pokali IOCG Prospect.
Preparations in Full Swing: With the clearance in place, the team is diligently preparing for the site works, which are slated to begin shortly, followed closely by the drilling activities.
Strategic Drilling Program: The upcoming drilling program is meticulously designed to include two diamond holes, each extending to a minimum depth of 500m. The primary objective is to probe a deep gravity high anomaly situated beneath the previously identified shallow/outcropping IOCG copper-gold mineralisation. (Please refer to Figure 1 for more details.)
Exploring the Gravity High Anomaly: The large gravity high anomaly, believed to be the potential source of the known copper-gold mineralisation, is under investigation to uncover a deeper, more extensive, and richer zone of copper-gold mineralisation.
Demonstrated Potential at Pokali: Historical drilling and rock-chip sampling at Pokali have consistently indicated the site’s capacity to host a significant copper-gold resource. This is evidenced by high-grade copper mineralisation spanning an approximate area of 5km by 1km. Notable results from previous drilling efforts include:
- PKC024: 14m @ 1.00% Cu from 168m within 62m @ 0.39% Cu from 152m
- PKC027: 4m @ 1.36% Cu from 222m within 42m @ 0.33% Cu from 196m
- PKC023: 6m @ 1.36% Cu from 100m within 32m @ 0.46% Cu from 74m
- PKC008: 18m @ 0.52% Cu from 76m
- PKC022: 16m @ 0.45% Cu from 188m
- PKC007: 46m @ 0.37% Cu from 24m
- PKC021: 44m @ 0.30% Cu from 66m
Government Support and Funding: The diamond drilling program has garnered support from the Western Australian government, securing an EIS co-funding grant of up to $150,000.
Rincon Resources Limited is committed to unlocking the full potential of the West Arunta Project, and this upcoming drilling program marks a significant milestone in our exploration efforts. The Company is confident that the results from this program will provide valuable insights and contribute to the further understanding of the mineralisation at Pokali, ultimately driving the project forward towards development.
Rincon’s Managing Director, Gary Harvey commented: “Pokali represents a unique opportunity, it’s clearly a large IOCG system that requires drilling, but there is also the very real possibility of a coincident, or proximal carbonatite-related REE4 system which we recently confirmed with rock-chip sampling returning 0.29% TREO5 , at the western end of the system (refer to ASX: RCR Release dated 03/07/2023).
“We are really pleased to have receive heritage clearance, paving the way for our maiden diamond drilling program at Pokali to commence. Importantly, the clearance also includes areas for additional drilling programs proposed for our 2024 campaign.
“There’s a lot of activity in the West Arunta Region right now with the likes of WA1 Resources (ASX: WA1), Encounter Resources (ASX: ENR), and recently listed CGN Resources (ASX: CGR) all currently drilling for IOCG and/or carbonatite niobium-REE mineralisation”.
Rincon has a 100% interest in three exploration assets in Western Australia that are highly prospective for copper, gold, REE’s and other critical metals for the energy transition; these are the South Telfer Project, West Arunta Project and Laverton Project.