- KIWIRRKURRA IOCG PROJECT UPDATE -

Consent to Mine received & airborne electromagnetic survey completed

Highlights

Consent to Mine endorsement received for granted tenements which permits on-ground exploration activities within Aboriginal Inhabitants Reserve.
Site reconnaissance mapping & rock-chip sampling planned to commence mid-November.
High-resolution helicopter-borne electromagnetic ("AEM") survey completed with preliminary interpretation and targeting underway.
AEM survey was flown in conjunction with neighbouring tenement holders.

Rincon's Managing Director, Gary Harvey commented:

"The region is hotting up; we are surrounded by good neighbours with majors such as Rio Tinto (ASX: RIO) and IGO (ASX: IGO) also exploring for Iron Oxide Copper Gold ("IOCG"), gold and other base metal deposits in the region.

"This is welcome news for Rincon, with a Consent to Mine endorsement now received we can commence on-ground activities at Kiwirrkurra. We have waited over 12-months for this endorsement. Now we can schedule our activities with some certainty including drilling at Pokali, one of the more advanced IOCG prospects in the West Arunta region. There's no other prospect in the region that I'm aware of that has known copper mineralisation drilled over at least 4km strike, starting from outcrop and extending to about 250m depth; and the system remains open in all directions.

"The AEM survey, completed in conjunction with neighbouring tenement holders, is the first bonafide exploration activity we have completed at Kiwirrkurra other than a review and targeting exercise based on previous geophysics data. This should really assist with refining our existing targets as well as identifying new IOCG-style copper targets for drilling".

Rincon Resources Limited (Rincon or the Company) is pleased to advise that it has received a Consent to Mine endorsement for its granted tenements and completed an AEM survey at its 100% owned Kiwirrkurra IOCG Project ("Kiwirrkurra"), located in the West Arunta Region of Western Australia.

Consent to Mine

The Consent to Mine endorsement ("Endorsement") for its granted tenements, received from the Western Australian Department of Mines, Industry Regulation and Safety ("DMIRS"), follows a 12 month process whereby the Company successfully negotiated a Mineral Exploration and Land Access Deed ("DOA") with the Tjamu Tjamu (Aboriginal Corporation) RNTBC and received a Ministerial Entry Permit, both pre-requisites to receiving the Endorsement.

The Endorsement now permits on-ground exploration activities to commence subject to terms of the DOA with the Company planning to conduct a site reconnaissance survey and a rock-chip sampling program commencing November 2022.

Airborne Electromagnetic Survey

A high-resolution helicopter-borne 'XciteTM' 1 time-domain electromagnetic survey ("Airborne EM or AEM") survey was recently completed over the Company's priority tenement E80/5241, which hosts the highly prospective Pokali IOCG Prospect (Refer to Figure 1) where historic drilling has identified a significant copper mineral system over a current strike length of at least 4km and to a depth of about 250m, with the system remaining open in all directions.

Best historic drilling results at Pokali include2 :

PKC024 62m @ 0.39% Cu from 152m (incl. 14m @ 1.0% Cu from 168m);
PKC027 42m @ 0.33% Cu from 196m (incl. 4m @ 1.36% Cu from 222m);
PKC023 32m @ 0.46% Cu from 74m (incl. 6m @ 1.36% Cu from 100m);
PKC007 46m @ 0.37% Cu from 24m;
PKC021 44m @ 0.30% Cu from 66m;
PKC008 18m @ 0.52% Cu from 76m; and
PKC022 16m @ 0.45% Cu from 188m.

Figure 1: Map showing location of AEM survey.

1 The XciteTM system is operated by New Generation Geophysics (NRGTM).

2 For full results refer to Rincon's Prospectus dated 3 November 2020 (available to view on the Company's website).

Airborne EM surveys have shown to be a successful targeting tool in detecting electrically conductive massive sulphide mineralisation in ironstone and gneissic rocks, which also provides discrete targets for focussed drill testing compared to magnetic-gravity highs, which may require multiple holes for proper testing.

The Company previously identified multiple coincident magnetic-gravity IOCG-style targets from a study completed in 2021 (Refer to ASX; RCR Announcement dated 15 October 2021). The recent AEM survey was flown in order to try and detect massive sulphide mineralisation in the top 250m for direct drill targeting that may not have been identified from the 2021 study. The results will also assist in refining current targets ahead of drilling.

The recent AEM survey was completed in conjunction with the neighbouring tenement holders, which provided a cost reduction with shared mobilisation costs. Preliminary interpretation and targeting is underway with results to be released as they become available.

----ENDS----

Authorised by the Board of Rincon Resources Limited

For more information visit www.rinconresources.com.au or contact:

Company:

Gary Harvey Managing Director Rincon Resources Limited +61 (08) 6243 4089

David Lenigas Executive Chairman U.K.: M: +44 (0) 7881 825378 Australia: M: +61(0) 405504512 Monaco: M: +33 (0) 678633030

About Rincon

Rincon Resources Limited has a 100% interest in three highly prospective copper and gold projects in Western Australia: South Telfer, Laverton and Kiwirrkurra. Each project has been subject to historical exploration which has identified major mineralised systems which Rincon intends on exploring in order to delineate copper and gold resources.

Kiwirrkurra IOCG Project location plan, West Arunta Region, WA.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Gary Harvey who is a Member of The Australian Institute Geoscientists and is Managing Director of the Company. Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Harvey consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Geophysical Results is based on information compiled by Sharna Riley. Miss Riley is a Member of the Australian Institute of Geoscientists (AIG) and the Australian Society of Exploration Geophysics (ASEG). Miss Riley is a consultant to Rincon Resources Limited. Miss Riley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources & Ore Reserves. Miss Riley consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Future Performance

This announcement may contain certain forward-looking statements and opinion. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Rincon.

Appendix 1

JORC Code, 2012 Edition – Table 1 report – Airborne electro-magnetic (AEM) survey over Kiwirrkurra Project.

Section 1 - Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cutchannels,randomchips,orspecificspecialised industry standard measurementtools appropriate to the minerals underinvestigation, such as down hole gammasondes, or handheld XRF instruments, etc).These examples should not be taken aslimiting the broad meaning of sampling.	Xcite helicopter-borne time-domain electromagnetic surveycarried out by New Resolution Geophysics (NRG) over project inOctober 2022.Heliborne magnetic and EM data acquired along N-S surveylines spaced 300m apart covering the majority of tenementE80/5241. 105 survey lines were surveyed for a total of 366-line kms. The EM receiver/transmitter frames were flown atan average of 37m above land surface.
	Include reference to measurestaken to ensure samplerepresentation and the appropriatecalibration of any measurementtools or systems used.
	Aspects of the determination of mineralisationthat are Material to the Public Report.	Not applicable
	In cases where 'industry standard' workhas been done this would be relativelysimple (e.g. 'reverse circulation drilling wasused to obtain 1 m samples from which 3kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types (e.g.submarine nodules) may warrantdisclosure of detailed information.
Drilling techniques	Drill type (e.g. core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details(e.g. core diameter, triple or standardtube, depth of diamond tails, facesampling bit or other type, whether coreis oriented and if so, by what method,etc).	No drilling was undertaken
Drill samplerecovery	Method of recording and assessingcore and chip sample recoveriesand results assessed.	No drilling was undertaken
	Measurestakentomaximisesamplerecovery and ensure representative natureof the samples.	No drilling was undertaken
	Whetherarelationshipexistsbetweensample recovery and grade and whethersample bias may have occurred due topreferential loss/gain of fine/coarse material.	No drilling was undertaken
Logging	Whether core and chip samples have beengeologically and geotechnically logged toa level of detail to support appropriateMineral Resource estimation, mining studiesand metallurgical studies.	No drilling was undertaken
	Whetherloggingisqualitativeorquantitative in nature. Core (or costean,channel, etc) photography.	No drilling was undertaken
	The total length and percentage of therelevant intersections logged.	No drilling was undertaken
Sub‐samplingtechniques andsample preparation	If core, whether cut or sawn and whetherquarter, half or all core taken.	No sampling techniques were undertaken
	If non-core, whether riffled, tube sampled,rotary split, etc and whether sampled wet ordry.	No sampling techniques were undertaken
	For all sample types, the nature, quality and	No sampling techniques were undertaken

Criteria	JORC Code explanation	Commentary
	appropriateness of the sample preparation
	technique.
	Quality control procedures adopted for allsub-sampling stages to maximiserepresentation of samples.	No sampling techniques were undertaken
	Measures taken to ensure that the sampling isrepresentative of the in situ materialcollected, including for instance results forfield duplicate/second-half sampling.	No sampling techniques were undertaken
	Whether sample sizes are appropriate to thegrain size of the material being sampled.	No sampling techniques were undertaken
Quality of assay	The nature, quality and appropriateness of		Xcite equipment and data sampling specifications:
data and	the assaying and laboratory procedures usedand whether the technique is considered
laboratory tests	partial or total.

















	For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining the analysisincluding instrument make and model,reading times, calibrations factors appliedand their derivation, etc.	No assay data was collected
	Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptablelevels of accuracy (i.e. lack of bias) andprecision have been established.	No assay data was collected
Verification ofsampling andassaying	The verification of significant intersections byeither independent or alternative companypersonnel.	Xcite survey AEM and magnetic survey data to be reviewed byexternal geophysical consultants, Resource Potentials Pty Ltd.
	The use of twinned holes.	No assay data was collected
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	No assay data was collected
	Discuss any adjustment to assay data.	No assay data was collected
Location of datapoints	Accuracy and quality of surveys used tolocate drill holes (collar and down‐holesurveys), trenches, mine workings and otherlocations used in Mineral Resource estimation.	tests section.	See Xcite equipment and data sampling specificationsinformation provided in Quality of assay data and laboratory
	Specification of the grid system used.	WGS84 UTM zone 52.
	Quality and adequacy of topographiccontrol.
Data spacing anddistribution	Data spacing for reporting of ExplorationResults.	Survey line spacing was 300m.
	Whether the data spacing and distribution issufficient to establish the degree ofgeological and grade continuity appropriatefor the Mineral Resource and Ore Reserveestimation procedure(s) and classificationsapplied.		Not applicable – No Resource estimation was completed
	Whether sample compositing has beenapplied.	Not applicable
Orientation of datain relation to	Whether the orientation of sampling achievesunbiased sampling of possible structures and		Xcite survey lines orientated N-S and designed to be nearperpendicular to the general geological strike, and are

Criteria	JORC Code explanation	Commentary
geological structure	the extent to which this is known, consideringthe deposit type.	considered to be appropriate for the project area.
	If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	No drilling was undertaken
Sample security	The measures taken to ensure samplesecurity.	All data were acquired under strict security measures by NRGand monitored by external geophysical consultants, ResourcePotentials Pty Ltd.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	Data audits and processing reviews were undertaken daily byNRG and verified by geophysical consultants, ResourcePotentials Pty Ltd.

Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such as jointventures, partnerships, overriding royalties,native title interests, historical sites, wildernessor national park and environmental settings.	The geophysical survey data was acquired within theCompany's Kiwirrkurra Project. The project area comprises fourgranted exploration licences which cover a total area ofapproximately 192 km². Rincon Resources Ltd through its whollyowned subsidiary Lyza Mining Pty Ltd holds 100% of all licences.(E80/5241, E80/5648-5650)
	The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in thearea.	The tenements subject to this report are in good standing withthe Western Australian DMIRS
Exploration done byother parties	Acknowledgment and appraisal ofexploration by other parties.	Most of the past exploration work within the project areaincluding drilling, surface sampling; geological mapping hasbeen largely completed by Ashburton Minerals Limited. Thereports are available on the West Australian Mines DepartmentWAMEX open file library.
		The Geological Survey of Western Australia and GeoscienceAustralia has also completed regional geological andgeological programs on the West Arunta Province in which thetenements are located which are available to member of thepublic.
Geology	Deposit type, geological setting and style ofmineralisation.	The principal targets being targeted is IOCG, similar to theOlympic Dam deposit in South Australia.
Drill holeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:•easting and northing of the drill holecollar	No drilling was undertaken
	•elevation or RL (Reduced Level –elevation above sea level in metres)of the drill hole collar
	•dip and azimuth of the hole•down hole length and interceptiondepth
	•hole length.
	If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explainwhy this is the case.
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.	No drilling was undertaken
	Where aggregate intercepts incorporateshort lengths of high grade results and longerlengths of low grade results, the procedureused for such aggregation should be statedand some typical examples of such	No drilling was undertaken

Criteria	JORC Code explanation	Commentary
	aggregations should be shown in detail.
	The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	No drilling was undertaken
Relationshipbetweenmineralisationwidths andintercept lengths	These relationships are particularly importantin the reporting of Exploration Results.If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down holelengths are reported, there should be a clearstatement to this effect (e.g. 'down holelength, true width not known').	No drilling was undertaken
Diagrams	Appropriate maps and sections (with scales)and tabulations of intercepts should beincluded for any significant discovery beingreported. These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	Appropriate diagrams have been included in the body of textin this report.
Balanced reporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	Not applicable
Other substantiveexploration data	Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	Refer to body of text and this appendix.Other ASX Announcements for Kiwirrkurra can be found here:https://www.rinconresources.com.au/asx-announcements/
Further work	The nature and scale of planned further work(e.g. tests for lateral extensions or depthextensions or large-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	Interpretation and processing of results is ongoing, and furtherwork may include extensions to survey areas and drilling ofareas of interest.

AI assistant

RINCON RESOURCES LIMITED Capital/Financing Update 2022

65672_rns_2022-10-25_cdd97902-edfd-48b6-a71f-425c19ecddd7.pdf

- KIWIRRKURRA IOCG PROJECT UPDATE -

Consent to Mine received & airborne electromagnetic survey completed