South Telfer

The South Telfer Project consists of six exploration licences and two prospecting licences covering approximately 540km² and greater than 40km strike of prospective geology known to host significant gold and copper mineralisation. The project area has seen previous, yet limited exploration completed by Newcrest Mining (ASX: NCM) which identified significant outcropping gold and copper mineralisation at the Hasties Prospect and bedrock gold anomalism at Westin.

Hasties Prospect

Rincon completed its maiden Reverse Circulation (RC) drilling program in August 2021 at the Hasties Prospect with a total of 27 holes for 4,944m. The drilling program aimed to confirm historical drilling results completed by Newcrest, as well as first pass testing for extensions to the existing shallow copper-gold mineralisation at both Hasties Main and Hastie South-East (SE) Zones. The Hasties mineral system, comprising both zones, is associated with a significant anticline fold hinge zone currently known to extend over 1.4km in strike length.

Rincon is highly encouraged with the results from its maiden drill program at Hasties, which expanded the mineralised footprint and confirmed the presence of wide, shallow zones of copper-gold mineralisation, including significant high-grades zones up to 17.4g/t Au and 5.31% Cu.

At Hasties Main Zone, broad Cu-Au intervals of up to 94m (21STRC012) downhole width, including 62m @ 1.06 g/t from 4m in 21STRC018 and 22m @ 1.83 g/t from 8m in 21STCR019 were intercepted. Mineralisation occurs above the base of oxidation and hosted in highly weathered sulphidic-quartz vein arrays and breccia zones.

Hole ID	From	To	Width	Au (g/t)	Cu (%)		From	To	Width	Au (g/t)	Cu (%)
Hole ID	Significant Mineralised Zones (≥ 10m width and ≥ 0.2g/t Au)					Including Significant Intersections* (≥ 2m width and ≥ 1.0g/t Au or ≥ 0.85% Cu)
21STRC001	31	82	51	0.41	0.29		48	55	7	1.09	0.64
21STRC002	46	89	43	0.33	0.78		46	54	8		1.14
						incl.	52	54	2		2.9
							59	80	21	0.37	1.08
						incl.	60	64	4		2.49
							71	74	3	0.98	1.86
						incl.	72	74	2	0.91	2.75
21STRC003	5	56	51	0.56	0.18		31	34	3	7.18
						incl.	31	32	1	17.4
							46	49	3		1.29
21STRC010	0	48	48	0.69	0.05		7	11	4	1.37
	0	48	48	0.69	0.05		33	45	12	1.13
							66	74	8	1.06	0.51
						incl.	72	74	2	0.62	1.74
							84	86	2	0.31	1.76
21STRC011	0	42	42	1.17	0.26		0	12	12	2.53
							13	16	3	0.33	1.11
							19	20	1	0.24	1.76
							31	35	4	1.35	0.48
							39	41	2	1.41
							63	65	2		1.24
							95	100	5		0.99
						incl.	98	99	1		3.06
21STRC012	7	101	94	0.64	0.58		8	11	3	1.59
							19	27	8	1.58
							32	37	5	1.6
							51	55	4	1.79
							57	61	4	0.34	5.31
							87	95	8	0.71	2.64
21STRC013	124	156	32	0.6	0.43		128	136	8	1.18	0.58
							132	135	3	1.78	1.22
						incl.	138	140	2	0.78	1.18
21STRC016	20	78	58	0.64	0.24		39	45	6	1.68
							55	56	1	4.71
							58	66	8	0.35	1.12
						incl.	58	61	3	0.35	2.48
	98	154	56	0.6	0.14		104	106	2	1.48
							118	125	7	1.04	0.39
							138	142	4	1.6
21STRC017	133	176	43	0.38	0.35		148	165	17	0.37	0.83
21STRC017	133	176	43	0.38	0.35	incl.	148	153	5	0.52	1.75
21STRC018	4	66	62	1.06	0.32		6	13	7	1.44
							21	30	9	2.94
						incl.	25	30	5	4.23
							34	38	4	1.49
							42	46	4	1.56
							47	55	8	0.37	1.2
							57	60	3	0.67	1.49
21STRC019	8	30	22	1.83	0.02		9	16	7	1.49
						incl.	10	12	2	2.86
							19	30	11	2.6
						incl.	20	26	6	3.85
21STRC022	1	61	60	0.72	0.04		6	10	4	1.85
							20	33	13	1.24
						incl.	20	23	3	2.47
							44	46	2	2.66
							66	71	5		1.01
	124	142	18	0.53	0.02		124	128	4	1.4
21STRC025	142	154	12	0.65	0.39		148	152	4	0.97	1.06

Geological interpretation indicates steep dipping mineralised structures are controlling gold mineralisation whilst copper mineralisation appears to be primarily controlled by fold structures within a preferred rock type. The overall mineral system has been broadly defined over a combined strike up to ~700m long, over 100m depth starting from surface, and widths up to 50m near surface. Importantly, mineralisation remains open in all directions.

Schematic section E – E’ showing 21STRC012, 21STRC016-017 & 21STRC025-026

The Company commenced a Phase 2 drilling program at the Hasties Prospect in December 2021. The program comprises up to 5,000m of combined RC and Diamond (DD) drilling and includes granted EIS co-funding for one DD hole to test the Hasties Deep Target.

The Hasties Deeps Target is an interpreted intrusive folded dolerite sill at about 300m depth, forming the core of an anticline bounded by a major north-west trending shear along the eastern limb zone. The Company is targeting Telfer Dome (quartz-dolomite-sulphide reef and breccia/stockwork) and Havieron (sulphide and breccia) style Cu-Au mineralisation, potentially associated with the contact zone between the dolerite sill and overlying sediments, particularly the anticline axis zone which may be a trap for upward migrating gold bearing fluids, analogous to Telfer, providing significant additional exploration potential for Hasties.

The Phase 2 program has seen seven RC holes completed to-date with two areas tested, a 300m extension zone along strike to the northwest of the Hasties Main Zone and a new target at Frenchman’s. The Phase 2 drilling program is expected to be complete during Q1 CY2022.

3D Schematic view showing Hastie Prospect with copper-gold grade shells and “Hasties Deeps” Target at depth

Plan of the Hasties Prospect showing location of Phase 2 drillholes

Other Targets

Twenty-one VTEM targets have been identified and ranked according to various characteristics. Of these twenty-one targets:

Nineteen, including five high-priority drill targets, are associated with the highly prospective Hasties–Grace shear hosted gold-copper trend; a known mineralised corridor trending northwest and south-east which passes through all Rincon’s tenement areas.
An additional two VTEM targets, both high-priority drill targets, are located proximal to the Westin Prospect, along the Dolphy–Westin Trend.

The plans to commence air core drilling testing of VTEM targets along the Hasties-Grace Trend in 2022.

South Telfer

Hasties Prospect

Other Targets

Investors