Market shrugs at Rincon’s latest copper drill hits – with management uncharacteristically honest for an ASX explorer

Rincon Resources (ASX:RCR) has unveiled its latest drill hits searching for copper at West Arunta, but the market hasn’t paid much notice.

The company found multiple pockets of “anomalous copper mineralisation” – anything over 100ppm – at Pokali East & North respectively; and another target called Jewel.

Results include:

• 7m @ 0.15% copper from 196m depth
• 1.04m @ 0.18% copper from 391m depth
• 4m @ 0.39% copper from 42m depth
• 10m @ 0.20% copper from 42m depth

Clearly, those intersections made at depths of less than 50 metres are far more appealing to – but given the overall low grades for copper, the market’s unenthusiasm is perhaps predictable.

So too might it be given that copper prices have stopped rallying in 2024, and YoY gains are now less than 2%.

Still, Rincon said on Tuesday that it has early stage geochem evidence there could be IOCG style mineralisation underfoot. Ideally that would also be at depths of less than fifty metres.

Company MD Gary Harvey was, uncharacteristic for small companies on the ASX, fairly honest about today’s results.

“This was our first drilling program at Pokali, and we hoped to intersect high-grade copper mineralisation. Unfortunately, this was not to be,” Harvey said.

“However, the analysis of the multi-element data has provided very positive outcomes in furthering our hunt for a copper discovery.

““Establishing alteration signatures indicative of the type of the zoning one expects to observe in an extensive IOCG system is additional evidence to warrant further work at Pokali. We can now map these in detail to vector towards the heart of the IOCG system, where high-grade copper mineralisation is likely to be found.”

RCR last traded at 6.2cps.