The board of Rincon has now provided an update to its shareholders relating to operations across its three project areas in
South Telfer project - During the last twelve months, Rincon has been preparing for field activities at its South Telfer project, which includes completing Native Title Agreements, commencing Heritage clearances and the acquisition of regional magnetics data previously acquired by Newcrest Mining Ltd (
The regional magnetics data for South Telfer was acquired from
Rincon is aiming to commence a trial of Ultrafine soil sampling over selected targets in the next 6 to 8 weeks. In addition, a detailed structural mapping program will be conducted over the outcropping Hasties gold and copper mineralisation. Rincon is working to be "drill ready", a drilling Program of Works (PoW) has been approved by the
Laverton project - Rincon has completed the acquisition, processing and interpretation of a high-resolution magnetics dataset over the project area and also recently completed trial geochemical survey at its Laverton project. Rincon is planning to roll out the geochemical program over a wider area in the coming months, with a view to defining air core drill targets for a drill program targeting commencement in Q4 of CY2020. Exploration at the Laverton project can be carried out year-round which provides for a highly complementary second asset to the South Telfer project.
Corporate update and proposed Initial Public Offering (IPO) on ASX:
· Two Australian stockbroking and equity capital market firms have been engaged to conduct the IPO -
· The final valuation being subject to market conditions at the time of the IPO capital raising.
· Rincon and its advisers are working towards an ASX IPO and a further update will be made once timing becomes clearer.
About Rincon Resources
Rincon Resources is a Western Australian ("WA") focused gold and base metals exploration company. It currently holds the rights to three highly prospective projects in WA, the most significant of which, South Telfer, a 50,000-hectare project in the Paterson province, is approximately 12km south from
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
The Directors of
For further information please contact:
+44 (0) 78 7958 4153
James Caithie /
+44 (0) 20 7213 0880
+44 (0) 20 7469 0936
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
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