Rincon Resources is seeking to raise up to $600,000 @ 1.66c per share to complete acquisition of its highly prospective gold assets 12km south west of Newcrest’s 32Moz Telfer mine.

Rincon Resources is seeking to raise up to $600,000 @ 1.66c per share to complete acquisition of its highly prospective gold assets 12km south west of Newcrest’s 32Moz Telfer mine.

Rincon Resources Investment Highlights

Short Term Milestones

  • Acquisition of an additional asset in Q1 2020.
  • Q1 2020 drill results from identified targets.
  • ASX listing in 1H 2020.
  • The following Deferred Consideration Shares will be issued pro rata to investors in and facilitators of the Offer upon satisfaction of the associated milestones. All gold equivalent JORC resources:
  • 500koz – Deferred Consideration Shares to the value of A$200,000
  • 1moz – Deferred Consideration Shares to the value of A$200,000
  • 1.5moz – Deferred Consideration Shares to the value of A$200,000

Highlights

  • Pre-money valuation of $325,000.
  • 24,762m of Newcrest drilling  multiple targets for immediate follow up.
  • Approx $350,000 spent to date by Rincon.
  • $1M post-money MCAP.
  • 12km south west of Newcrest’s 32Moz Telfer mine.
  • Gold and copper mineralisation from surface
  • Rincon assets include more than 50km strike of Telfer’s host geology.
  • 54,538 Ha’s in the highly sought Paterson Province – Neighbours include Rio Tinto and Newcrest.
  • All tenements granted and Native Title access agreements in place.
  • Rincon is targeting 2-5Moz assets and has identified several highly prospective targets including the well mineralised Hasties target.
  • Two additional highly prospective gold projects at Laverton (earning 100%) and Kiwirrkurra (owned 100%).

Historic Drilling Highlights

Historic Drilling highlights from the Hasties target include:

Gold intercepts:

57.80m @2.05g/t Au from 17.40m including:

16.10m @4.75g/t Au from 42.70m

68.00m @1.33g/t Au from 1.00m

36.00m @1.66g/t Au from 2.00m

33.20m @1.46g/t Au from 25.00m

23.00m @2.06g/t Au from 23.00m;

5.00m @3.73g/t Au from 50.00m

Copper intercepts:

20.60m @1.23% Cu from 87.60m

10.90m @3.39% Cu from 91.80m

4.00m @4.84% Cu from 49.00m

 

Key Clients/Strategic Partnerships

The Company intends on rapidly defining mineable resources at South Telfer with multiple development options emerging including potential mid tier/major investment and/or toll treatment opportunities through the Telfer Mill.

Team

Mr Blair Sergeant will join the Board as Managing Director

Blair is currently the Executive Director of Bowen Coking Coal (ASX:BCB) and will bring valuable experience as mining executive to the Rincon Board.

Geoff McNamara, Non Executive Chairman Geologist with >25 years of resource sector experience, operational roles including Project Manager, Senior Mine Geologist and Mine Geologist for Ivanhoe Mines, LionOre International and Western Mining Corporation.

Zeffron Reeves, Non Executive Director Geologist with > 20 years of experience in the resources sector working on resource projects from greenfields exploration, discovery, definition and feasibility, construction, production to closure.

Exit Strategy

This offering represents a time critical raising to secure 100% ownership of the South Telfer assets ahead of a H1 2020 listing on the ASX.

Use of Funds

Funds will be used to complete acquisition of the South Telfer assets and to continue to fund preparation for drilling and public listing.

Investment Offering

Rincon will raise up to $600,000 at $0.0166 per share via the placement of up to 36,144,578 new fully paid ordinary shares

Indicative capital table

Register Interest