Rincon Resources : Amended - South Telfer Phase 2 Drilling Update

21 December 2021

only		EXPLORATION UPDATE - AMENDED
		South Telfer Copper-Gold Project
HIGHLIGHTS
use	▪	7 Reverse Circulation (RC) drill holes have been completed for a total of 1,476m
	complete to date.
	▪ The balance of the Phase 2 drilling program is expected to re-commence from 10
		January 2022 with diamond drilling to commence shortly thereafter.
personal	▪ All samples from the first 7 RC holes have been sent to the laboratory for analysis with
	first results expected late January 2022.
▪	Extension to Hasties Main Zone
	▪ Five holes drilled to test and additional 300m of strike extension to the northwest of
		the Hasties Main Zone.
	▪	Wide zones of favourable alteration that may be indicative of copper-gold
		mineralisation was encountered over the 300m of strike tested, extending Hasties
		Main Zone to over 600m of strike.
		Frenchman's (New Target)
	▪	One hole drilled at Frenchman's, 900m due north of Hasties Main Zone, to test below
		anomalous copper and gold mineralisation encountered in historic drilling.
For		Several significant zones of favourable alteration that may be indicative of copper-
	gold mineralisation were intersected over a 104m interval.
	Diamond Drilling
▪ One RC pre-collar was in preparation for diamond drilling.

Rincon Managing Director, Gary Harvey commented:

"We are very pleased to have completed seven holes of our Phase 2 RC and diamond drilling program so far. I am also excited by the amount of alteration our team is seeing in the drill chips along strike of the Hasties Main Zone, and particularly in new areas such as Frenchman's, which could be an exciting new prospect for us. We look forward to returning early January when we will start to test our deep targets below the Hasties system".

ASX Announcement 21 December 2021

Western Australian gold and copper explorer, Rincon Resources Limited (Rincon or the Company) is pleased to provide an update on drilling activities at its flagship South Telfer Copper-Gold Project (South Telfer) located in the Paterson Province, Western Australia, 12km south of the World-Class 32Moz Telfer Gold Mine.

Phase 2 drilling will temporarily pause over the Christmas and New Year period and is set to recommence from 10th January 2022.

onlySeven RC holes have been completed to-date and tested two areas, a 300m extension zone along strike to the northwest of the Hasties Main Zone and a new target referred to as Frenchman's.

Extension to Hasties Main Zone

Five holes have tested a 300m zone of mapped breccia and gossan directly along strike to the n rthwest of the Hasties Mains Zone. All holes intersected various widths of favourable copper-gold style alteration like that previously logged at Hasties (refer ASX Release dated 5 October 2021, available to view at www.rinconresources.com.au). This is highly encouraging and could now

usextend the Hasties Main Zone to over 600m in strike.

Drillhole 21STRC033 was the most northerly and most significant hole in terms of alteration. This hole intersected several zones of favourable alteration in an area where the mapped breccia/gossan appears to cut out and is disrupted by cross-cutting faulting, the significance of which is yet nknown. 21STRC033 intersected two wide zones of siliceous, brecciated quartz veining and

disseminated sulphides from 94-124m (30m) and 129-151m (22m) (refer Photo below). personalFor

Photo: Part zone of quartz veining and sulphide mineralisation on 21STRC033.

Frenchman's

One hole, 21STRC032, was drilled at Frenchman's where a single historic Rotary Air-Blast (RAB) hole intersected anomalous copper-gold mineralisation but was never follow-up.

21STRC032 intersected three zones of favourable alteration indicative of copper-gold mineralisation like that previously logged at Hasties (refer ASX Release dated 5 October 2021, available to view at

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ASX Announcement 21 December 2021

www.rinconresources.com.au) including silicification, brecciation, quartz veining and disseminated sulphides from 52-62m (10m), 122-134m (12m) and 143-156m (13m) associated with predominantly sandstone and siltstone.

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Figure 1: Plan of the Hasties Prospect showing location of Phase 2 drillholes.

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ASX Announcement 21 December 2021

		INTERVAL (m)			MINERALISATION DESCRIPTION SULPHIDE %
	HOLE		FROM	TO	LENGTH			(VISUAL ESTIMATE)
	21STRC028		131	168		37		Disseminated sulphides (Py) 5%
	21STRC028		180	186		6		Disseminated sulphides (Py) 5%
	21STRC028		206	211		5		Disseminated sulphides (Py) 10%
	21STRC028		214	229		15		Disseminated sulphides (Py) 5%
	21STRC029		181	186		5		Semi-massive matrix, disseminated sulphides. (Py) 10%
	21STRC029		191	196		5		Disseminated sulphides (Py) 10%
	21STRC030		104	108		4		Blebby sulphides (Py-Cpy) 5%
	21STRC030		149	154		5		Disseminated sulphides (Py) 5%
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	21STRC030		192	196		4		Disseminated sulphides (Py-Cpy) 5%
	21STRC030		262	279		17		Disseminated Sulphides (Py) 5%
use
	21STRC031		119	123		4		Disseminated sulphides (Py) 2%
	21STRC031		159	165		6		Disseminated sulphides (Py) 5%
	21STRC031		189	192		3		Disseminated sulphides (Py) 2%
	21STRC032		52	62		10		Disseminated Sulphides (Py) 2%
	21STRC032		113	115		2		Blebby to disseminated sulphides (Py) 5%
	21STRC032		122	134		12		Blebby to disseminated sulphides (Py) 5%
	21STRC032		143	156		13		Blebby to disseminated sulphides (Py) 5%
	21STRC033		94	124		30		Disseminated Sulphides (Py) 5%
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	21STRC033		103	111		8		Disseminated sulphides (Py) 2%
	21STRC033		111	129		18		Disseminated sulphides (Py) 5%
	21STRC033		113	124		11		Disseminated sulphides (Py) 2%
	21STRC033		129	133		19		Disseminated sulphides (Py) 2%
	21STRC033		133	134		1		Disseminated sulphides (Py-Cpy) 2%
	21STRC033		135	136		1		Disseminated sulphides (Py-As-Cpy) 5%
	21STRC033		136	148		12		Disseminated Sulphides (Py) 2%
	21STRC033		148	151		3		Semi-massive matrix, disseminated sulphides (Py) 10%
	21STRC033		190	193		3		Disseminated sulphides (Py) 5%
				Py = Pyrite Cpy = Chalcopyrite As = Arsenopyrite

Table 1 - Mineralised intervals in drill holes 21STRC028 - 21STRC033.

In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine widths and grade of the

visible mineralisation reported in preliminary geological logging. The Company will update the
For
market when laboratory analytical results become available.
	Hole ID	Zone	Easting	Northing		RL	Azimuth	Dip	Depth
	21STRC028	Hasties	413183	7586112		358	40	60	300
	21STRC029	Hasties	413215	7586155		357	40	60	200
	21STRC030	Hasties	413086	7586159		346	40	60	312
	21STRC031	Hasties	413547	7585371		364	40	60	194
	21STRC032	Frenchman's	413148	7586235		347	220	60	156
	21STRC033	Hasties	413079	7586301		360	40	50	96
	21STDD001	Hasties	413512	7585534		353	360	50	246

Table 2 - Hasties Prospect drill hole summary table.

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ASX Announcement 21 December 2021

only
personal use	Figure 2: Schematic section showing "Hasties Deeps" Drill Target proposed EIS Grant diamond hole.
Figure 3: 3D Schematic view showing Hastie Prospect with copper-gold grade shells and "Hasties Deeps"
		Drill Target at depth, located between the Hasties Main and Hasties South-East zones.

ForThe balance of the Phase 2 RC drilling program is expected to re-commence from 10th January 2022 with diamond drilling to commence shortly thereafter. All samples from the first 7 RC holes have been sent to the laboratory for analysis with first results expected late January 2022.

----ENDS----

Authorised by the Managing Director of Rincon Resources Limited

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