Rincon Resources : New Frenchmans Prospect Emerges at South Telfer

15 February 2022

only	NEW FRENCHMAN'S PROSPECT EMERGES
		At South Telfer Copper-Gold Project
HIGHLIGHTS
use
N	w Frenchman's Prospect
▪ Drillhole 21STRC032 intersected significant copper-gold(Cu-Au) mineralisation at New
	Frenchman's Prospect including:
	▪ 5m @ 1.74g/t Au from 118m, and
	▪ 1m @ 2.34g/t Au from 107m within a mineralised zone of 4m @ 0.91g/t Au & 0.12%
personal	Cu from 107m.
▪	21STRC032 was drilled to follow up historical drillhole HWR029 which intersected 39m @ 0.2% Cu
	(incl. 1m @ 2.4% Cu & 0.58g/t Au) from 8m, and 5m @ 1.12g/t Au & 0.65% Cu (incl. 3m @ 1.45g/t
	Au @ 1.1% Cu) from 85m.

▪	Drilling confirmed the depth potential of gold mineralisation which remains open at depth,
	and the lateral dispersion of copper mineralisation with both copper and gold mineralisation
	remaining open along strike to the northwest and southeast.
▪	Further drilling proposed to test strike potential.
Hasties Extended
▪	Five holes drilled to test a 300m strike extension to the northwest of the Hasties Main Zone
	returned low-levelcopper-gold mineralisation despite intersecting favourable zones of
	alteration.
▪	The northernmost hole 21STRC033 intersected several zones of low-level gold mineralisation
For	associated with narrow breccia zones including 3m @ 0.36g/t Au, 9m @ 0.05% Cu (with
	antimony) from 196m associated with a silicified and brecciated felsic intrusive.
Diamond Drilling
▪	Diamond drilling, including the EIS Co-funded drillhole to test the 'Hasties Deeps' Target will
	resume towards the end of February.

Reverse Circulation (RC) Drilling

• A further 8 RC holes for an estimated 2,550m remain to complete the RC drilling component

of the mid-December 2021.

ASX Announcement 15 February 2022

Commenting on the results, Rincon's Managing Director, Gary Harvey, said "We were keen to test the historical results at Frenchman's as early as we could after mapping malachite mineralisation in gossan nearby. With hole 21STRC032 intersecting Cu-Au mineralisation in fresh rock, this increases the prospectivity of Frenchman's. Having only tested it with a single drillhole, we will now look to add further holes to assess the strike and depth potential as soon as possible.

only"The five holes drilled along strike from Hasties Main Zone are inconclusive at this stage. Although we mapped and intersected zones of breccia and favourable alteration, we think we may have missed the main Hasties structure. The fact that 21STRC033 intersected antimony mineralisation at the end of hole, which is known to be strongly associated with gold at Hasties, suggests we may not be far away."

Western Australia Gold and Copper explorer, Rincon Resources Limited (Rincon or the Company) (ASX: RCR) pleased to report the initial results from the Phase 2 drill program that commenced mid- December 2021. The full Phase 2 program comprises a minimum of 18 holes for ~5,000 metres, usehowever only 7 holes for 1,476 metres were completed before the Reverse Circulation (RC) drill rig

l ft site for the Christmas/New year period.

The seven RC holes completed tested two areas, a 300m extension zone along strike to the northwest of the Hasties Main Zone referred to as Hasties Extended and a new target now known as the Frenchman's Prospect.

Frenchman's Prospect

personalThe highlight of the results received from the first half of the Phase 2 drilling program was multiple Cu-Au intersections in hole 21STRC032, drilled at the Frenchman's Prospect, located ~900m north of

the Hasties Main Zone (see Figure 1).

Historically, a single rotary-air-blast drillhole (HWR029) by Newcrest Mining (ASX: NCM) in 1997 returned a broad zone of oxidised copper mineralisation near surface, grading 39m @ 0.20% Cu fr m 8m. This zone was intersected down dip of outcropping malachite mineralisation which was bserved 60m west of the drillhole (see Photo 1). Other historical intercepts in HWR029 that contributed to the decision to follow up included 5m @ 1.12g/t Au and 0.65% Cu and 4m @ 0.7g/t

Au and 0.28% Cu.

21STRC032 aimed to test below these intercepts and returned 5m @ 1.74g/t Au from 118m and 4m @ 0.91g/t Au & 0.12% Cu (incl. 1m @ 2.34g/t Au) from 107m down-dip of the previous intercepts and outcropping malachite (see Figure 2). These results are encouraging, and the Company will now look to follow up with further drilling at Frenchman's as early as possible.

The Cu-Au mineralisation at Frenchman's exists higher up in the sedimentary sequence and confirms the presence of multiple copper bearing units within the host sedimentary sequence (Isdell

Formation), increasing the prospectivity of the greater Hasties area.

For

Page 2

ASX Announcement 15 February 2022

personalFor onlyuse

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

Page 3

ASX Announcement 15 February 2022

For personal use only

Photo 1: Gossan float at Frenchman's Prospect with oxidised copper (malachite) mineralisation,

(60m west of HWR029)

Figure 2: Schematic section A - A' showing 21STRC032. Frenchman's is a new copper-gold zone requiring

further drilling.

Page 4

ASX Announcement 15 February 2022

Hasties Extended

Five holes (21STRC028-031 & 033) tested a 300m extension zone of mapped exposures of breccia and gossan along strike to the northwest 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 20 December 2021, available to view at www.rinconresources.com.au). This was

onlyseen as encouraging with the potential to extend the Hasties Main Zone to over 600m in strike. Low-level gold mineralisation and negligible copper mineralisation was intersected and associated with zones of brecciation, quartz and disseminated pyrite.

Drillhole 21STRC033, the most northerly hole, drilled through multiple zones of favourable alteration and breccia in an area where the mapped breccia/gossan appears to cut out at surface and disrupted by cross-cutting faulting. The hole intersected several zones of low-level gold (refer Figure 3) associated with these breccia zones. Unfortunately, the hole was abandoned at 216m, 34m short of target.

useOf importance, the best intersection in hole 21STRC033 (3m @ 0.36g/t Au from 196m) occurred at the contact of a silicified and brecciated unit and was associated with elevated antimony (≥ 6ppm Antimony) known to be strongly associated with gold mineralisation at Hasties. This is encouraging, and while it's currently inconclusive, it appears the abandoned hole may have just missed the targeted Hasties Main fault structure. This is based on post drillhole interpretation using the Company's in-house 3D model.

personalThe Company plans to re-enter 21STRC033 when the RC rig returns to site for the completion of Phase 2 drilling.

For

Figure 3: Schematic section B - B' showing 21STRC033. Anomalous antimony from 181-200m is highly

encouraging and a vector to gold mineralisation.

Page 5