Rincon Resources (ASX:RCN) receives fresh rock-chip sample results that confirm the multi-commodity potential of its Kiwirrkurra Project in Western Australia.
Rock-chip sample KWRK070 returned ‘extremely unusual’ and ‘highly significant’ values including 0.29% total rare earth oxide (TREO), comprising 1.94% Cr, 3,030 parts per million (ppm) Zr, 187ppm Th, 1.81% Ti, 71ppm Sc, 0.30g/t Au, 0.08ppm Pt, 0.09ppm Pd, 158ppm Bi, 890ppm W, and 265ppm Sn.
Rincon says this sample confirms the potential for rare earth element (REE) carbonatite-mineralised systems at the project.
The company says the results are ‘highly significant’ insofar as it is the first concrete evidence that Rincon’s Kiwirrkurra Project is prospective for fertile carbonatite intrusions.
Shares in Rincon Resources closed 17.02% higher at $0.055 on 3 July.
Commenting on this discovery, Rincon Resources Managing Director Gary Harvey says: “This is by far the most unusual and significant rock-chip sample ever collected from our Kiwirrkurra Project.
The high chromium value associated with Zr-Th-REE-Au-Pt-Pd is what one would expect of carbonatite mineralisation. The sample was taken from an outcropping silicified quartz-breccia vein whilst mapping within the tin-tungsten dominant system at Pokali North.
“This is the first concrete evidence of potential carbonatite-hosted mineralisation at the Kiwirrkurra Project and demonstrates that the project has multi-commodity potential”
This is the first concrete evidence of potential carbonatite-hosted mineralisation at the Kiwirrkurra Project and demonstrates that the project has multi-commodity potential.
Planning is already underway to further investigate this result in greater detail, and the broader search over the Pokali area before our planned drilling activities later this year.”
The company says further work is necessary to comprehend the significance of this result.
Rincon Resources is an ASX-listed exploration company that holds a 100% interest in 3 ‘highly prospective’ copper and gold projects in Western Australia, namely the South Telfer, Laverton, and Kiwirrkurra projects.
As of 31 March 2023, Rincon Resources had $685,000 cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Rincon Resources Ltd