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Rincon Resources Receives Heritage Clearance for Pokali Drilling

2 November 2023 10:56
ASX:RCR
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Rincon Resources (ASX:RCR) continues to make headway at its West Arunta Project after recently announcing it has received heritage clearance, paving the way for site works and a maiden 1,000 metre diamond drilling program to commence at the Pokali IOCG Prospect.

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Figure 1: Kiwirrkurra Project location plan, West Arunta Region, WA.

An Optimistic Drill Program

Rincon’s West Arunta Project is located within the West Arunta region of Western Australia. The Company continues to make progress at the Project as it gears up for a maiden campaign, funded via its recent capital raise and the Western Australian government EIS3 co-funding grant of up to $150,000.

Rincon’s successful placement garnered a financial boost, empowering the Company 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.

At Pokali, Rincon has commenced preparations for drilling after receiving heritage approval for the program, with site works anticipated to begin shortly and drilling to follow as soon as possible thereafter.

The proposed diamond drilling campaign entails two diamond holes, at least 500 metres each, constructed to test a deep gravity high anomaly located below known shallow and outcropping IOCG copper- gold mineralisation.

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Figure 2: Pokali IOCG Prospect showing location of diamond drillholes.

Rincon believes the Prospect has vast potential to host host a significant copper-gold resource, further supported through the historical drilling and rock chip sampling which has been completed at the Project.

The historical exploration at Pokali has confirmed high-grade copper mineralisation over an approximate area of five by one kilometres.

The best recorded historic drilling results include:

  • 14 metres @ 1.00% Cu from 168 metres within 62 metres @ 0.39% Cu from 152 metres
  • 4 metres @ 1.36% Cu from 222 metres within 42 metres @ 0.33% Cu from 196 metres
  • 6 metres @ 1.36% Cu from 100 metres within 32 metres @ 0.46% Cu from 74 metres
  • 18 metres @ 0.52% Cu from 76 metres
  • 16 metres @ 0.45% Cu from 188 metres
  • 46 metres @ 0.37% Cu from 24 metres
  • 44 metres @ 0.30% Cu from 66 metres

Exploration Endeavors

Rincon continues its exploration across its portfolio, recently announcing promising results from its South Telfer Project, located in the Paterson Range of WA, where 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.

Rincon’s Comments

Rincon Resources’ Managing Director Gary Harvey said Pokali represents a unique opportunity for the Company.

“[Pokali is] clearly a large IOCG system that requires drilling, but there is also the very real possibility of a coincident, or proximal carbonatite-related REE system which we recently confirmed with rock-chip sampling returning 0.29% TREO5, at the western end of the system,” he said.

“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.”

RCR’s Australian Stock Exchange-listed share price has risen 10% and is currently trading at $0.033 today (10.30am UTC+ 8 hours).

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