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Rincon to commence drilling at Avalon

3 July 2024 10:41
ASX:RCR

Rincon Resources Limited (ASX:RCR) has announced it will begin drilling at its Avalon Nb-REE (niobium-rare earth element) target and other key areas within the West Arunta Project in Western Australia.

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Figure 1: West Arunta Project, WA.

Heritage clearance

Rincon has received aboriginal heritage clearance for drilling activities to commence. Field operations can begin at Avalon, as well as the Sheoak, K1, and K2 targets at West Arunta.

The high-priority Avalon target is particularly promising, with potential for extended drilling based on results. Avalon’s gravity anomaly is similar in size to WA1 Resources’ Luni deposit, recently confirmed as the most significant niobium discovery globally in over 70 years with an Inferred Mineral Resource Estimate of 200Mt @ 1.00% Nb2O5.

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Figure 2: West Arunta Project tenement E80/5241 showing proposed drilling areas, planned aeromagnetic survey areas, and DDIP survey lines, overlying a shaded greyscale ground gravity 1vd image.

Drilling at Avalon

Rincon has scheduled an initial 3,000m of diamond drilling (DD) and reverse circulation (RC) drilling to primarily investigate the source of the Avalon gravity target, and the 3 km lateral extent of the weathered zone, where niobium enrichment may be present.

Rincon are also completing additional DDIP survey lines at Pokali, and plan to conduct a high-resolution airborne magnetic survey over the Pokali, Avalon, Sheoak, K1 and K2 targets in late July.

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Figure 3: 3D perspective view of the Avalon Nb-REE target showing initial program planned drillholes.

Management comments

Rincon’s Managing Director, Gary Harvey, expressed enthusiasm about the drilling campaign, noting the potential for significant discoveries in the region. “We are excited to commence drilling at our Avalon target, which we interpret as a potential carbonatite intrusion with niobium and rare earth element (Nb-REE) enrichment in the upper weathered profile.

“The Luni discovery by WA1 Resources has demonstrated the potential for world-class niobium deposits in the West Arunta region. With Avalon’s comparable size, we are eager to explore its full potential.”

Next steps

Rincon’s recent capital raising of $5.6 million puts the company in a strong financial position to aggressively pursue its drilling programs and potentially extend them based on results. Drilling at Avalon and other targets will begin by mid-July, with additional surveys planned to provide further data and refine exploration efforts.

RCR’s Australian Security Exchange-listed share price is currently trading at $0.11 (10:45 am UTC+ 8 hours)

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