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Rincon Resources Unveils Two Anomalous REE Trends at Pokali IOCG Prospect

13 December 2023 11:03
ASX:RCR
Rincon Resources Unveils Two Anomalous REE Trends At Pokali IOCG Prospect

Rincon Resources Limited (ASX:RCR) has provided an update on the West Arunta Project, noting recent developments in rare earth element (REE) exploration. Despite the temporary deferral of the diamond drilling program, the Company reports the identification of two anomalous REE trends, highlighting potential opportunities within the Project.

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Figure 1: Pokali IOCG Prospect showing location of planned diamond holes DDH#1 and DDH#2, gravity high targets, previous rock-chip results at Pokali East, North, South and Jewel, and new REE anomalism indicated by recent rock-chip pXRF sampling (Overlying Google Earth image and gravity image).

Rare Earth Element Trends Unveiled

Portable x-ray florescence (pXRF) analysis conducted at the Tin-Tungsten system at Pokali North has revealed two anomalous REE trends.

Noteworthy total rare earth element (TREE) results, such as KWRK094 at 0.48%, KWRK104 at 0.43%, and KWRK107 at 0.25% in rock-chip samples, pave the way for extended exploration, emphasising the region’s substantial geological potential.

Discovery of Trend-2

New rock-chip samples, analysed for gold pathfinder and rare earth elements, have not only confirmed the existence of an anomalous REE trend (Trend-1) southeast of Pokali North but also unveiled a second new anomalous REE trend (Trend-2) southwest and west of Pokali North and Jewel respectively.

Association with Gravity Targets

REE Trend-1 is potentially associated with a gravity target located near Pokali North, suggesting a possible source for the anomaly.

This association underscores the importance of gravity targets in identifying key geological features, with the upcoming diamond drilling program aiming to test these associations and provide valuable insights into the underlying geology.

Copper Results

In addition to the identified REE trends, notable copper findings, such as KWRK120 at 16.69% Cu, KWRK118 at 7.55% Cu, and KWRK119 at 1.85% Cu at Pokali East, have been uncovered, adding significance to the ongoing exploration efforts.

Deferral of Diamond Drilling

Severe lightning storms, multiple fire outbreaks, and the closure of access tracks have unfortunately led to the deferral of the 2023 diamond drilling program at Pokali.

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Image 1: Rincon team and DDH1 drill crew attempting to “batten down the hatches” a day before drilling was deferred.

Despite this setback, Rincon Resources remains optimistic and has scheduled a restart of the drilling program for late February 2024.

Rincon’s Managing Director, Gary Harvey, expressed disappointment over the deferral but emphasised the silver lining in the discoveries made.

Harvey remains positive about the future, stating, “Two months will pass quickly, and we’ll be drilling away, clearly something to look forward to in early 2024.”

“No-one is more disappointed in the deferral of diamond drilling program than me. The team, including myself, waited over a week for the crew to arrive, only to have two severe storms and an outbreak of bushfires put an end to the program before we started. The unpredictability of the weather and for the safety of all personnel, the decision to defer was made,” he said.

“Despite the setback however, there is a silver lining. Unearthing two REE trends is a significant result and further highlights the immense untapped potential of our West Arunta Project. The main trend,’ Trend-1’ at Pokali North (Figure 1) is potentially related to Gravity Target #1 (refer to Figure 1) which we were about to drill test with the first diamond hole.

RCR’s Australian Stock Exchange-listed share price is currently trading at $0.028 (11.00am UTC+ 8 hours).

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