Gunsynd PLC Operational Update for Rincon Resources (7525F)
November 09 2022 - 2:00AM
UK Regulatory
TIDMGUN
RNS Number : 7525F
Gunsynd PLC
09 November 2022
Gunsynd plc
("Gunsynd" or the "Company")
Operational Update for Rincon Resources Limited
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce a
positive operational update for one of its investee companies,
Rincon Resources Limited ("Rincon") (ASX: RCR), an ASX listed
Australian gold and base metals exploration company.
The Board of Gunsynd was very pleased to see that Rincon
received a preliminary high-level report from independent
consultant Resource Potentials highlighting the similarities
between Rincon's Pokali Prospect and an exciting new Niobium Rare
Earth (REE) discovery by WA1 Resources Limited (ASX: WA1) located
about 87km NW of Pokali. The Pokali target is located within
Rincon's 100% owned Kiwirrkurra IOCG Project, located in the West
Arunta Region of Western Australia.
As well as being used in the steel industry predominantly as a
micro alloy with iron, Niobium (Nb) , 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. Australia's niobium resource is confined to a
small number of deposits, largely as a by-product or co-product of
rare earth element (REE) or rare earth element-zirconium
mineralisation in peralkaline rocks and carbonatites. Examples of
these include the Mount Weld carbonatite and the Brockman deposits
in Western Australia.
Rincon has reported that 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, Rincon will be implementing programmes to obtain new
multi-element and REE data for analysis to further understand the
REE potential of its Kiwirrkurra Project. Rincon has 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 programme will commence later this week at
Pokali to investigate the potential for REE mineralisation at
Pokali and other outcropping target areas to the east.
The work programme described above will be operated in
conjunction with a 3,000m aircore drilling campaign and will test
three priority targets along the highly prospective Hasties-Grace
Trend, a major structural corridor known to host significant
copper-gold mineralisation and which passes through all of Rincon's
main Gold-Copper project areas, as announced on 13 October 2022.
Targets to be tested with the forthcoming programme are located
along strike and within 5km of Paterson Resources Limited's
Grace-Bemm Deposit.
As announced on 2 November 2022, Gunsynd's further investment of
2,165,812 shares at 8 AUD cents for a total consideration of
AUD$173,265 had been approved by Rincon shareholders. Rincon
intends to utilise the funds raised pursuant to the capital raising
to explore its existing and proposed projects and for general
working capital.
As a result, Gunsynd now holds 11,065,812 ordinary shares in
Rincon representing approximately 16.37% of Rincon's issued share
capital.
The Directors of Gunsynd accept responsibility for this
announcement.
For further information please contact:
Gunsynd plc
Hamish Harris/ Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
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