Gold is humanity’s oldest investment safe-haven, a point that was made abundantly clear when queues snaked out the door and around the block at Sydney’s ABC Bullion last month as Australians raced to snap up gold at record highs.
Between September and late October, the metal climbed from around US$3,500 an ounce to nearly US$4,380. While it has come off a little over the past couple of weeks, it is still nudging over $4000 and analysts believe this breather is just part of a healthy near-term correction.
In fact, analysts at Bank of America Corp forecast the price of gold to hit $5,000 in 2026.
Against this backdrop, Rincon Resources Ltd (ASX:RCR) has reported results that technical director, Michael Griffiths, calls “highly encouraging”.
“We’re thrilled with the outcomes of this focused drilling program - our drills have intersected several extensive mineralised zones with gold and copper grades that match those outlined in the Hasties Main MRE, yielding ore comparable to what the Telfer Mine is presently processing,” Griffiths said.
It’s no doubt a good time to be in gold and delivering strong results that capitalise on the current momentum.
Rincon continues to build its own momentum
Rincon has just completed reverse circulation (RC) drilling at the Hasties Main deposit, part of its Telfer South Gold-Copper Project, located about 10 kilometres south of the Telfer Gold-Copper Mine in the Eastern Pilbara of Western Australia.
Telfer South Project location.
The Telfer South Project comprises six exploration licences and two prospecting licences covering about 540 square kilometres and more than 40 kilometres of strike across geology known to host significant gold and copper mineralisation.
All assay results from the September 14-hole, 1,350-metre RC program at Hasties Main have now been received and processed. The drilling was designed to test the potential to expand the Hasties Main deposit, which is currently the subject of a February 2025 Mineral Resource Estimate (MRE) of 870,000 tonnes at 0.96 g/t gold and 0.26% copper (26,800 ounces gold and 2,286 tonnes copper).
Drilling intersected multiple zones of high-grade gold and copper mineralisation in 12 of the 14 holes. Significant intercepts include:
- 23 metres at 1.05 g/t Au from 64 metres (including 9 metres at 1.43 g/t Au)
- 28 metres at 0.95% Cu from 31 metres (including 7 metres at 2.5% Cu)
- 12 metres at 0.91 g/t Au from 32 metres (including 1 metre at 3.71 g/t Au)
- 38 metres at 0.67% Cu from 0 metres (including 6 metres at 0.43% Cu and 1 metre at 16.3% Cu)
- 4 metres at 0.77 g/t Au from 24 metres (including 1 metre at 2.33 g/t Au)
- 25 metres at 0.58 g/t Au from 24 metres (including 3 metres at 1.37 g/t Au)
- 11 metres at 0.88 g/t Au from 106 metres (including 5 metres at 1.30 g/t Au)
- 26 metres at 0.27% Cu from 99 metres (including 6 metres at 0.55% Cu)
- 18 metres at 0.53 g/t Au from 33 metres (including 1 metre at 1.15 g/t Au and 6 metres at 0.6 g/t Au)
- 6 metres at 0.44 g/t Au from 21 metres
The program has extended the near-surface mineralisation defined in the current MRE by approximately 150 metres along strike and has improved confidence in mineralisation within the resource’s transition zone. Mineralisation at Hasties Main remains open along strike and at depth.
Hasties Main RC drill hole locations.
Density data are pending, and samples from within the orebody will be selected for preliminary gold and copper metallurgical test work. Once the work is complete, an updated JORC-compliant MRE for Hasties Main is planned.
“The grades we are seeing at Hasties are highly encouraging, especially when compared to Telfer's grades for their September 2025 Quarterly of 0.58 g/t Au and 0.09% Cu. These results will be incorporated in our revised MRE due in Q1 2026 as we aim to expand our MRE at the Hasties Main deposit,” Griffiths said.
“To almost double the strike length of Hasties from the original 200m pit shells from the maiden MRE by almost double and see the new results at depth are very exciting and certainly gives us scope to dramatically increase the ultimate size of this project."
“Permits for the second-stage drilling have been submitted and are pending approval; once they’re granted, we plan to launch the next program to infill and further grow the Hasties Main resource, as well as to extend the Hasties SE deposit that wasn’t covered in this phase.”
Next steps
Building on the successful extension of mineralisation and improved confidence in the resource, Rincon will now focus on advancing key technical datasets, refining drill targets and preparing for the next phase of drilling and resource growth. The following activities are planned:
- Receive and interpret sample density data
- Submit samples for preliminary copper and gold metallurgical testwork
- Reassess priority drill targets within approved Heritage Survey boundaries
- On approval of lodged POWs, commence the Stage 2 drill program
- Implement and interpret the planned Mobile MT geophysical survey
- Initiate a revised MRE incorporating the new drilling and metallurgical results.