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Rincon Resources secures EIS co-funding for West Arunta drilling

9 May 2024 10:22
ASX:RCR

Rincon Resources Limited (ASX:RCR) has secured a co-funding grant under Round 29 of the Western Australian Government’s Exploration Incentive Scheme (EIS).

The grant, amounting up to $180,000, is specifically designated to bolster the Company’s exploration efforts to discover the next Nb-REE or IOCG deposit in the West Arunta region through targeted reverse circulation (RC) drilling at the newly identified Avalon, Sheoak, K1, and K2 sites.

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Figure 1: Map showing new targets recently outlined from detailed gravity surveying at West Arunta. RC drilling to test the new the Avalon, Sheoak, K1 and K2 targets will be co-funded up to $180,000 via the WA Government EIS.

Boosting exploration efforts

Rincon recently unveiled the outcomes of its ground gravity survey program, revealing numerous new gravity targets ripe with potential mineralisation at the West Arunta Project in Western Australia.

Completed in March 2024, this survey disclosed enhanced and newly identified targets across the surveyed regions, notably including K1, K2, Sheoak, and the particularly significant Avalon, designated as a “Bullseye Target.”

Avalon, characterised by a 3km east-west elongated gravity anomaly with comparable size, geometry, and amplitude, draws parallels to established mineralisation sites like the WA1 Luni carbonatite and significant Australian IOCG copper-gold deposits such as BHP’s Prominent Hill and Evolution Mining’s Ernest Henry.

Next steps

With approval secured from the WA Department of Energy, Mines, Industry Regulation and Safety for its RC drilling program, Rincon is now collaborating with the Tjamu Tjamu Aboriginal Corporation to complete an Aboriginal heritage survey and secure clearance for drilling at the new targets promptly.

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Figure 2: Comparison of the Avalon (top right) and Luni (top left) residual gravity anomalies with the outline of the Luni residual gravity anomaly highlighted as a black dashed outline on both maps, and an east-west profile showing the Avalon gravity anomaly amplitude profile (below).

Management commentary

Rincon Resources‘ Managing Director, Gary Harvey, thanked the Western Australian Government for implementing initiatives such as the EIS co-funding grant, essential for the long-term sustainability of the state’s resources sector.

“We are very pleased to have been successful in this recent Round 29 of the WA Government’s Exploration Incentive Scheme (EIS) and is a strong endorsement by the government of the West Arunta Region’s potential to be the next significant critical minerals province in WA.

“It is also a real boost to Rincon’s efforts to discover the next major Nb-REE or IOCG deposit in the West Arunta Region,” he added.

RCR’s Australian Security Exchange-listed share price has risen 14.29% today and is currently trading at $0.088 (10:15 am UTC+ 8 hours).

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