Rincon Resources Limited (ASX: RCR) has reported a significant breakthrough in its exploration activities at the West Arunta Project, with recent diamond drilling confirming the presence of Iron Oxide Copper Gold (IOCG)-style mineralisation.
The company’s second diamond drill hole at the Pokali prospect, labelled ’24WADD002,’ has intersected multiple zones with moderate to intense magnetite alteration, along with quartz and sulphide veining containing copper sulphides such as chalcopyrite, bornite, and traces of native copper and rare visible gold.
These findings suggest the potential for a major IOCG deposit within the Pokali area.
The drill core is currently being transported to Perth for detailed laboratory analysis, with results expected by late June to early July.
Concurrently, Rincon is conducting a dipole-dipole-induced polarisation survey and a reverse circulation drilling program at the site to further delineate the mineralisation extent and characteristics.
Rincon’s Managing Director, Gary Harvey, said: “The identification of magnetically altered core containing copper sulphide veinlets, native copper and visible gold confirms our belief in the highly anomalous historical copper, gold and related pathfinder element results from Pokali.
“This second deep diamond hole was aimed at testing geophysical anomalism and the geological host rocks and mineral potential in the main Pokali gravity and magnetic anomaly trend.”
He added: “Visual inspection of the drill core confirms that Pokali has potential to host a significant IOCG deposit.
“We are progressing exploration at Pokali with IP surveying and the current RC drilling while working on heritage clearing for other targets nearby for immediate drill testing.”
Rincon Resources holds a 100 per cent interest in three exploration assets in Western Australia that are highly prospective for copper, gold, Niobium, Rare Earth Elements (REE), and other critical metals required for the energy transition.
These are the South Telfer Project, West Arunta Project, and Laverton Project.