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Rincon Resources Maiden Mammoth Drillhole Intersects Wide Zone Quartz-Sulphide Mineralisation

17 October 2023 11:12
ASX:RCR

Rincon Resources (ASX:RCR) has advanced exploration at its South Telfer Project in the Paterson Range of Western Australia, with the initial results from its maiden drillhole at the Mammoth Prospect reporting a 29 metre zone of brecciated quartz and up to 5-10% sulphide mineralisation.

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Figure 3: South Telfer Project Plan

Mammoth Drilling Campaign

Rincon Resources received heritage clearance for the Mammoth target in September, with the Company reporting the completion of three holes (631 metres) thus far, with a further 12 holes (~1500-2000 metres) remaining in the campaign.

Earlier this month, Rincon initiated reverse circulation (RC) drilling at the Mammoth Prospect, specifically focusing on drillhole 23STRC034 to investigate the potential down-dip extension of high-grade mineralisation previously discovered in the historic drillhole WSA08039.

This historic drillhole (WSA08039) had recorded intercepts 8 metres at 3.85g/t Au from a depth of 84 metres, including an impressive 4-metre section at 6.9g/t Au from 88 metres.

Drillhole 23STRC034 was strategically positioned approximately 45 metres down-dip from the WSA08039 intercept, and penetrated a zone of brecciated quartz-sulphide from 115 metres to 144 metres.

Rincon’s latest findings from this drilling effort are promising, revealing a 29 metre expanse of brecciated quartz-sulphide mineralisation enriched with 5-10% disseminated pyrite and quartz.

Furthermore, within this extensive mineralised zone, there is a distinct 15 metre interval characterised by albite and potassic alteration, potentially representing the core of this broader mineralised region.

Through pXRF analysis, the Company reports elevated pathfinder elements were also identified, which it associates with gold mineralisation between 119 – 130 metres.

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Figure 2: 23STRC034 chip tray containing the interval between 115 metre to 130 metre

The advancement of the Project can be primarily attributed to a highly successful oversubscribed placement in August, which generated $2.6 million before expenses.

This financial boost has empowered Rincon to expedite its exploration efforts in the Paterson Range and West Arunta regions, with a focus on unlocking the inherent potential of the Mammoth Copper-Gold Target and Pokali IOCG/REE Prospect through accelerated drilling initiatives.

RCR’s Australian Stock Exchange-listed share price is currently selling at $0.033 (11.00am UTC+ 8 hours).

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