FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Rincon Resources’ heritage survey completion fuels West Arunta drilling plans

14 May 2024 09:49
ASX:RCR

Rincon Resources Limited (ASX:RCR) has reached a significant milestone in its West Arunta Project situated in Western Australia, with the completion of a heritage clearance survey covering the high-priority ‘Avalon’ target, as well as the Sheoak, K1, and K2 targets.

KWnQkr3bDOLgxRGk?auto=format%2Ccompress&fit=max&h=800&q=75&s=bdc2dd7090d8aec49e97ff9530c9520a

Figure 1: Plan of West Arunta tenement E80/5241 showing proposed drilling traverses subject to recent heritage clearance survey.

Survey significance

The heritage clearance survey, encompassing 32 proposed drilling traverses, follows closely on the heels of the results from a high-resolution ground gravity survey.

This survey revealed the presence of the ‘bullseye’ Avalon gravity target among other potential site of interest.

Notably, the Avalon target bears resemblance to the gravity anomaly defining the WA1 Luni carbonatite, hinting at the presence of a carbonatite Nb-REE or an IOCG mineral target.

UHjhq64D7sKm0WjF?auto=format%2Ccompress&fit=max&h=800&q=75&s=067e616f807d4887264a2073a81c196c

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).

Future plans

With the completion of the heritage clearance survey, Rincon is now poised to advance its exploration efforts at the West Arunta Project.

The company is currently undertaking detailed planning for the initial phase of reverse circulation (RC) and diamond core (DD) drilling programs, with the aim of promptly commencing drilling activities upon arrival of the final survey report.

The recent receipt of a co-funding grant totaling up to $180,000 under Round 29 of the Western Australian Exploration Incentive Scheme, coupled with option holders exercising $460,500, further strengthens Rincon’s financial capacity for exploration efforts at West Arunta.

AuIZoG0FMiuiBQTr?auto=format%2Ccompress&fit=max&h=800&q=75&s=5e0baee92101b0686078ad3dca55b752

Figure 3: 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.

Management commentary

Rincon Resources‘ Managing Director, Gary Harvey, expressed gratitude to the Tjamu Tjamu Aboriginal Corporation and the Kiwirrkurra People for accommodating the survey in their busy schedule.

“It is a testament to the strong relationship we have built with the community at Kiwirrkurra,” he said.

“Subject to the final report, this survey could allow the company to start drilling at Avalon in several weeks’ time and if we achieve early success, allow us to keep drilling for the next 12-18 months uninterrupted.”

RCR’s Australian Security Exchange-listed share price has risen 21.21% today and is currently trading at $0.12 (09:45 am UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This