Rincon Resources (ASX:RCR) reports it will start reconnaissance mapping and rock chip sampling this week targeting highlighted niobium and rare earth element (REE) targets at the Kiwirrkurra IOCG Project in Western Australia.
The company says independent consultant Resource Potentials have highlighted the similarities between Rincon’s Pokali Prospect and WA1 Resources’ (ASX:WA1) new niobium and REE discovery at its West Arunta Project located about 87km northwest of Kiwirrkurra.
The review completed by Resource Potentials focused primarily on the Pokali Prospect area, where historical copper and gold drilling intercepts have been previously reported by Rincon. A review of existing geophysical survey data over Pokali shows similar high amplitude and elongated magnetic and gravity anomaly patterns to those that define WA1’s Pachpadra Prospect containing its Nb-REE discovery.
Rincon’s share price had spiked 27.272% to $0.14 as of 3pm AWST.
Addressing the works program, Rincon Resources Managing Director Gary Harvey said: “With WA1 Resources (ASX: WA1) having recently discovered a Niobium-REE mineralised carbonatite at their West Arunta Project (intersecting 54m at 0.62% Nb2O5, 0.18% TREO, 3.85% P2O5), our independent consultant Resource Potentials have informed us that there are similar geophysical anomaly patterns (gravity and magnetics) and geological setting between our Pokali IOCG Prospect and WA1’s Pachpadra Prospect containing their Nb-REE discovery.
“Consequently, Rincon plans to have geologists on-ground at Pokali by the end of this week”
Consequently, Rincon plans to have geologists on-ground at Pokali by the end of this week.”
Historical drilling and surface geochemical datasets over Pokali were interrogated however most historical activity and geological analysis was focused on IOCG-style copper mineralisation and REE assaying was limited.
Therefore, the company will be implementing programs to obtain new multi-element and REE data for analysis to further understand the REE potential of its Kiwirrkurra Project. Fortunately, the company notes it recently received a Consent to Mine endorsement and Ministerial Entry Permit for its granted tenements at the Kiwirrkurra Project, permitting on ground exploration activities to commence.
A site reconnaissance and rock-chip sampling program will commence later this week at Pokali to investigate the potential for REE mineralisation at Pokali and other outcropping target areas to the east.
Both gravity anomaly images produced by Resource Potentials using historical open file gravity data, with both images show ‘high’ anomaly responses coincident to magnetic highs for both prospects, and historical drilling and surface geochemical datasets over Pokali were interrogated during the ‘high’ level review of REE potential. However, with activities focused on IOCG-style copper, gold and base metal mineralisation and analysis for REE mineralisation was limited and not comprehensive.
Rincon Resources is a copper and gold exploration company with 3 projects in Western Australia including South Telfer, Laverton and Kiwirrkurra.
The company says each project has identified ‘major’ mineralised systems which it intends on exploring to delineate copper and gold resources.
Niobium (Nb) is one of a suite of commodities identified by the Australian Government as critical minerals, which are considered vital for the well-being of the world’s economies, yet whose supply may be at risk of disruption. Niobium is essential for advanced technology.
Niobium is a ductile refractory metal that is highly resistant to heat and wear. Like tantalum, it is resistant to corrosion owing to the formation of a surface oxide layer. Approximately 90% of niobium use is attributed to the steel industry, predominantly as a micro alloy with iron.
The addition of small, relatively cheap, amounts of niobium (much less than 1%) significantly increases the strength and decreases the weight of steel products. This results in more economic, beneficial products for use in the construction industry, in gas and oil pipelines, and in the automotive industry where weight savings result in increased performance and fuel reduction.
Niobium, along with other refractory elements such as tantalum, is also used in nickel and nickel-iron superalloys, particularly for applications requiring strength and heat resistance. Uses for such superalloys include turbine blades in jet engines within the aeronautic industry, and gas turbines in the energy industry.
Images: Rincon Resources Ltd & iStock
