Page 39 - pd290-Feb21-mag-web

Rincon adds WA bulk

to Latin success

nvestors who profited from Tesoro Re- data, allowing it to produce a 3D model. The second priority at South Telfer is
Isources Ltd’s strong run in 2020 will be “That has given us a better understand- Dolphy West, a 5km-long gold-in-soil
eager to track the progress of one of the ing of the plunge and orientation and we anomaly with little previous exploration
year’s last new floats, given the same have drill-ready targets,” McNamara said. work.
team is at the helm again. The priority target is the Hasties pros- “It is a very large tenement and as we
Tesoro’s high-grade intercepts from pect from which Newcrest returned gold head south-east [away from Telfer] min-
its El Zorro gold project in Chile had the hits of 57.8m @ 2.05 g/t gold from 17.4m, eralisation goes under 80m of cover. That
market twitching last year with the junior’s 68m @ 1.33 g/t from 1m and 26m @ 5km target is where we will target drilling
share price rising from 1.7c at the begin- 1.66 g/t from 2m as well as copper hits first, in March,” McNamara said.
ning of 2020 to a high of 50c in October. of 20.6m @ 1.23% copper from 87.7m, The Laverton project also comprises
Now the two executives behind that suc- 10.9m @ 3.39% from 91m and 4m @ strategically located tenements, just 4km
cess, Geoff McNamara and Zeff Reeves, 4.84% from 49m. south of the town centre and north of the
are hoping for similar traction from their “The maiden drilling programme will be Wallaby gold mine.
new venture, Rincon Resources Ltd. on Hasties, which is the closest to Telfer,” “There is a banded iron formation
Where Tesoro has benefitted from McNamara said. “Based on the existing which runs the length of those tenements
heading overseas, Rincon’s is a domes- drilling and the mineral outcropping and and the opportunity is that a fair portion
tic play with the company aiming to find now that we have a reasonable under- of the banded iron formation is under a
reward from three cornerstone projects in standing of the orientation and structure few metres of cover,” McNamara said.
Western Australia. controlling it, we believe we can have a “Through geophysics and soil sampling
“The book we’ve put together for the maiden resource within 24 months, ide- we’ve identified several targets with the G
IPO is a combination of Tesoro share- ally by the end of 2021, if not then early anomaly in the north-west corner a prior-
holders who wanted to continue to have 2022.” ity. There are also several good intercepts
exposure and replicate that from near surface that were
success but also institutional never followed up so it will
investors who have come be a combination of new and
on board,” McNamara told follow-up drilling.”
Paydirt TV recently. “Being The third project in the
a WA-focused business ac- Rincon portfolio, Kiwirrkurra,
tually created very high de- represents the greenfields
mand for the IPO.” component of the float.
The WA focus is sharp- Located near the Northern
ened to some of the most Territory border, Kiwirrkurra
fertile ground in the State. represents frontier country
Rincon’s lead project is but Rincon already boasts
South Telfer which lies less some high-profile neigh-
than 12km from the prolific bours including IGO Ltd.
Telfer gold mine. Rincon’s 12,600ha land-
Rincon acquired the three holding has shown potential
South Telfer tenements from for Orogenic gold as well as
a prospector, but the ground IOCG gold and copper de-
was previously worked by posits.
Telfer owner Newcrest Min- “It is very remote, but we
ing Ltd. are seeing the mid-tiers and
“Newcrest drilled the majors coming alive to the re-
ground in the late-90s/early- gion,” McNamara said. “We
2000s,” McNamara said. will probably activate work
“Fortuitously, we have ac- there in the second quarter
cess to 24,000m of drilling of 2021 with geophysics and
and more than 1,000 soil structural interpretation.”
samples Newcrest com-
pleted and since acquisition – Dominic Piper
we have acquired some geo-
physics flown by Newcrest.”
Rincon spent the pre-IPO Rincon has secured ground in the Paterson province, one of Australia’s
period reinterpreting that hottest exploration destinations

aUSTRaLIa’S PaYDIRT FeBRUaRY 2021 Page 39