Rincon Resources : Copper-rich Gossan & Breccia at Kurili Hill Prospect

22 April 2022

Copper-rich Gossan & Breccia at Kurili Hill Prospect

South Telfer Copper-Gold Project

Highlights

• ▪ Significant malachite (copper-oxide) rich gossan and breccia observed over a strike length of over 200m and up to 20m wide at the Kurili Hill Prospect.

• ▪ Historic drilling by Newcrest Mining Limited (ASX: NCM) in 1997, intersected significant shallow copper mineralisation over a strike length of 200m including:

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• HWR042 3m @ 1.00% Cu & 0.17g/t Au from 6m within a mineralised zone of 10m @ 0.58% Cu & 0.13g/t Au from 1m

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• HWR043 1m @ 1.95% Cu & 0.32g/t Au from 50m

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• HWR043 1m @ 1.60% Cu & 0.39g/t Au from 78m, and 1m @ 1.02% Cu & 0.18g/t Au from 86m, and 5m @ 1.02% Cu & 0.14g/t Au from 90m within a mineralised zone of 18m @ 0.55% Cu & 0.09g/t Au from 78m.

• ▪ Copper mineralisation remains open and untested at depth and predominantly along strike to the southeast.

• ▪ Interpretation of magnetic and aerial imagery suggests the geological horizon that hosts the copper mineralisation can be mapped over an untested strike length of up to 2km, with historic drillhole HAB1002 intersecting 16m @ 0.29% Cu from 4m at the south-eastern end of the potential 2.2km long copper bearing horizon.

• ▪ Follow-up work to commence in preparation for proposed drilling to test extent of copper mineralisation at Kurili Hill.

Rincon's Managing Director, Gary Harvey commented:

"We were aware of anomalous copper at Kurili Hill but not this, I was surprised to see the extent of malachite rich gossan and breccia at surface, indeed significantly more than I had seen previously at the Hasties Main Zone before we commenced drilling there last year.

"With known copper mineralisation open and untested at depth and potentially along strike for up to 2km, this is possibly the most significant new target area unearthed at South Telfer yet."

Rincon Resources Limited (Rincon or the Company) is pleased to report the emergence of the Kurili Hill Prospect as a new high-priority target area at its South Telfer Copper-Gold Project located in the Paterson Province of Western Australia, 12km south of the Telfer Gold Mine.

The Kurili Hill Prospect, located about 1.7km northwest of Hasties, was first identified and drilled by Newcrest Mining Limited (Newcrest) (ASX: NCM) in 1997. Newcrest drilled several broad spaced holes to test the outcropping malachite (copper-oxide) rich gossan and breccia (see Photo's 1-3) but failed to complete further follow-up drilling at depth and along strike, predominantly to the southeast.

Significant copper mineralisation was intersected near surface including in historic RC drillhole HWR042, which returned 3m @ 1.00% Cu & 0.17g/t Au from 6m, within a mineralised zone of 10m @ 0.58% Cu & 0.13g/t Au from 1m (see Figure 1). Importantly, not only was copper mineralisation intersected at shallow depth below the copper rich gossan/breccia, but it was also intersected over a current strike length of 200m.

A recent site inspection observed the significant outcropping malachite (copper-oxide) rich gossan and breccia over at least 200m of strike and up to 20m in width. A review of the historic drilling data indicates the copper mineralisation remains open at depth and untested with the previous wide space drilling by Newcrest failing to test the interpreted moderate to steep west dipping mineralisation immediately down-dip. The next closest hole HWR043 however, drilled 200m to the west of HWR042, intersecting multiple zones of significant copper, including 1m @ 1.95% Cu from 50m, 1m @ 1.60% Cu from 78m, 1m @ 1.02% Cu from 86m and 5m @ 1.02% Cu from 90m downhole, interpreted to be a separate copper bearing horizon to that in HWR042 (See Figure 2).

Lastly, an interpretation of magnetic and aerial imagery suggests the copper bearing horizon can be trace over an untested strike length of up to 2km to the southeast. Of significance, is historic drillhole HAB1002, inferred to have tested the same copper horizon, intersected 16m @ 0.29% Cu from 4m at the south-eastern end of the 2km strike length.

The emergence of the Kurili Hill Prospect now provides the Company with 4 priority target areas including Hasties Main Zone, Hasties South-East Zone, Frenchman's Prospect and now Kurili Hill Prospect, all within a 2km radius from the Hasties Prospect, within the Hasties Tenement Area only. This is in addition to the Company's multiple untested targets within the Central and Westin Tenement Areas, where up to 10,000m of aircore drilling is scheduled to commence in August 2022 (refer Figure 3).

Photos 1-3: Outcropping copper-rich (green malachite) gossan and breccia observed at Kurili Hill Prospect.

Next Steps and Other Activities:

• 1. Reconnaissance mapping and rock-chip sampling over extended 2km strike length along the Kurili Hill copper horizon.

• 2. Propose and plan follow-up drilling to test immediate down-dip extensions below HWR042 and HWR043.

• 3. Propose and plan new geophysical survey programs over Kurili Hill copper horizon if warranted.

• 4. Target generation and drill planning to test new targets along the Kurili Hill copper horizon.

Figure 1: Greater Hasties area showing location of Kurili Hill Prospect and interpreted 2km strike extension of the Kurili Hill copper horizon to the southeast.

Figure 2: Schematic section A-A' through Kurili Hill Prospect.

Company:	Investors & Media:
Gary Harvey	Amalie Schreurs
Managing Director	White Noise Communications
Rincon Resources Limited	[e-mail]
[phone]	[phone]
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Figure 3: Map of South Telfer Project showing Central and Westin Tenement Areas and targets/trends to be tested with aircore drilling.

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Authorised by the Board of Rincon Resources Limited

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