RINCON RESOURCES LIMITED — Capital/Financing Update 2021

Oct 20, 2021

FURTHER HIGH-GRADE COPPER-GOLD MINERALISATION INTERSECTED AT HASTIES

including 62m @ 1.06g/t Au, 22m @ 1.83g/t Au & 8m @ 1.20% Cu

HIGHLIGHTS

• Assays received for final 12 holes from maiden reverse circulation (RC) drilling program at Hasties.
• Multiple wide, shallow high-grade copper and gold zones have been returned including:
  • 21STRC016 – 58m @ 0.64g/t Au & 0.24% Cu from 20m including:
    • 6m @ 1.68g/t Au from 39m;
    • 1m @ 4.71g/t Au from 55m; and
    • 8m @ 1.12% Cu from 58m, (incl. 3m @ 2.48% Cu).
  • 21STRC018 – 62m @ 1.06g/t Au & 0.32% Cu from 4m including:
    • 9m @ 2.94g/t Au from 21m (incl. 5m @ 4.23g/t Au);
    • 4m @ 1.49g/t Au from 34m;
    • 4m @ 1.56g/t Au from 42m; and
    • 20m @ 0.5g/t Au & 0.85% Cu (incl. 8m @ 1.20% Cu).
  • 21STRC019 – 22m @ 1.83g/t Au & 0.02% Cu from 8m including:
    • 7m @ 1.49g/t Au from 9m (incl. 2m @ 2.86g/t Au); and
    • 11m @ 2.60g/t Au from 19m (incl. 6m @ 3.85g/t Au).
  • 21STRC022 – 60m @ 0.72g/t Au & 0.04% Cu from 1m including:
    • 4m @ 1.85g/t Au from 6m;
    • 13m @ 1.24g/t Au from 20m (incl. 3m @ 2.47g/t Au); and
    • 2m @ 2.66g/t Au from 44m.
• Drilling to date has intersected copper gold mineralisation from surface to 100m depth, over 300m of strike and up to 50m wide.
• Mineralisation remains open in all directions at Hasties Main zone.
• All results now received for the 27 hole (4,944m) maiden RC drill program.

Rincon Managing Director, Gary Harvey commented:

"Our maiden RC drilling program has successfully returned multiple wide, shallow, high-grade copper and gold intercepts highlighting the potential at Hasties. We have now delineated a significant zone of continuous mineralisation starting from surface, extending to over 100m depth, over 300m of strike, and up to 50m wide. Importantly, mineralisation remains open in all directions.

The results of our maiden program clearly demonstrate the potential to add significant scale to the system at Hasties, which we will do by commencing the Phase 2 RC and diamond drilling program in November".

Rincon Resources Limited (Rincon or the Company) is pleased to announce assay results from the final 12 holes of its maiden drilling program at the 100% owned South Telfer Copper-Gold Project, located in the Paterson Province, Western Australia, 12km south of the World-Class 32Moz Telfer Gold Mine.

The reported results are for the remaining 12 holes (21STRC016-027) of the Company's maiden 27 hole, 4,944m RC drilling program, completed at the Hasties Prospect in August this year (Figure 1 and Figure 2).

Figure 1: Hasties Prospect drillhole location plan.

Figure 2: Hasties Main zone showing location of recent drillholes and results. All holes drilled towards 040o magnetic, except where shown by an arrow.

The Hasties Prospect maiden drilling program aimed to confirm historical drilling results completed over 20 years ago by Newcrest Mining (ASX: NCM), as well as testing for extensions to the known shallow copper-gold mineralisation at both Hasties Main and Hastie South-East (SE) zones along the 1km long Hasties Prospect mineral system.

The Company is highly encouraged by these drill results, which has expanded the footprint and confirmed the presence of wide, shallow zones of copper-gold (Cu-Au) mineralisation at both areas drilled, including significant high-grades zones up to 17.4g/t Au and 5.31% Cu at both zones.

Drilling has broadly defined an interpreted moderate to steep dipping, south-east plunging mineralised system, defined over a combined strike up to ~700m, a depth of over 100m below surface, up to 50m wide, with mineralisation remaining open in all directions.

At Hasties Main zone, broad Cu-Au intervals of up to 94m (21STRC012) downhole width, including 62m @ 1.06 g/t from 4m in 21STRC21019 and 22m @ 1.83 g/t from 8m in 21STCR018 were intercepted. Mineralisation occurs above the base of oxidation and hosted in highly weathered sulphidic-quartz vein arrays and breccia zones.

Geological interpretation suggests multiple steep dipping mineralised structures are present and are controlling gold mineralisation. Copper mineralisation appears to be primarily controlled by fold structures within a preferred rock type (Figures 3-9).

Figure 3: Schematic section A – A' showing 21STRC009.

Figure 4: Schematic section B – B' showing 21STRC010 & 21STRC022.

Figure 5: Schematic section C – C' showing 21STRC011 & 21STRC019-021.

Figure 6: Schematic section D – D' showing 21STRC018.

Figure 7: Schematic section E – E' showing 21STRC012, 21STRC017 & 21STRC025-026.

Figure 8: Schematic section F – F' showing 21STRC013 & 21STRC015.

Figure 9: Schematic section G – G' showing 21STRC014 & 21STRC024.

Phase 2 drilling is due to commence in November 2021, including diamond drilling planned to test extensions to mineralisation at depth and a newly defined deep target ("Hasties Deeps") approximately 300m below the Hasties Main zone.

Diamond core will provide detailed information about the alteration, mineralisation and structural controls to the Cu-Au mineralisation intersected in RC drilling as well as providing vectors to other deeper drill targets.

Significant results for all holes, including the new results from 21STRC016-027 are listed in Table 1.

	From	To	Width	Au(g/t)	Cu(%)		From	To	Width	Au(g/t)	Cu(%)
Hole ID	Significant Mineralised Zones(≥ 10m width and ≥ 0.2g/t Au)							Including Significant Intersections*(≥ 2m width and ≥ 1.0g/t Au or ≥ 0.85% Cu)
							48	55	7	1.09	0.64
21STRC001	31	82	51	0.41	0.29		55	56	1	0.21	0.98
							77	78	1	1.29	0.05
							46	54	8	0.18	1.14
				430.330.78				incl.	52	54	2	0.08	2.90
	46						59	80	21	0.37	1.08
		89				incl.	60	64	4	0.18	2.49
							66	67	1	0.01	1.18
21STRC002							71	74	3	0.98	1.86
						incl.	72	74	2	0.91	2.75
							87	88	1	1.27	0.36
							110	112	2	0.01	1.36
							116	117	1	0.01	2.98
							31	34	3	7.18	0.07
						incl.	31	32	1	17.40	0.04
21STRC003	5	56	51	0.56	0.18		44	49	5	0.14	0.96
						incl.	46	49	3	0.08	1.29
21STRC004							85	89	4	1.14	0.01

	From	To	Width	Au(g/t)	Cu(%)		From	To	Width	Au(g/t)	Cu(%)
Hole ID	Significant Mineralised ZonesIncluding Significant Intersections*
			(≥ 10m width and ≥ 0.2g/t Au)						(≥ 2m width and ≥ 1.0g/t Au or ≥ 0.85% Cu)
21STRC005		No significant intersection (NSI)
21STRC006		NSI
21STRC007						NSI
21STRC008						NSI
21STRC009						NSI
							7	11	4	1.37	0.04
	0	48	48	0.69	0.05		18	19	1	1.08	0.04
							33	45	12	1.13	0.08
21STRC010							61	63	2	0.13	1.00
							66	74	8	1.06	0.51
						incl.	72	74	2	0.62	1.74
							84	86	2	0.31	1.76
							0	12	12	2.53	0.03
							13	20	7	0.33	0.86
	0	42	42	1.17	0.26	incl.	13	16	3	0.33	1.11
						also incl.	19	20	1	0.24	1.76
21STRC011							31	35	4	1.35	0.48
							39	41	2	1.41	0.04
							63	65	2	0.01	1.24
							95	100	5	0.01	0.99
						incl.	98	99	1	0.01	3.06
					0.58		8	11	3	1.59	0.08
							19	27	8	1.58	0.03
							32	37	5	1.60	0.03
21STRC012	7101		94	0.64			45	48	3	1.03	0.06
							51	55	4	1.79	0.05
							57	61	4	0.34	5.31
							69	70	1	0.12	1.43
							87	95	8	0.71	2.64
							124	125	1	1.33	0.35
							128	136	8	1.18	0.58
21STRC013	124	156	32	0.60	0.43	incl.	132	135	3	1.78	1.22
							138	140	2	0.78	1.18
							144	148	4	0.54	0.88
						incl.	146	147	1	0.23	1.35
21STRC014						NSI
							27	28	1	1.17	0.20
21STRC015	23	64	41	0.38	0.11		30	31	1	1.66	0.05
							40	41	1	1.82	0.04
	132	159	27	0.20	0.11
							31	32	1	1.21	0.01
	2078						39	45	6	1.68	0.08
			58	0.64	0.24		5558	5666	18	4.710.35	0.161.12
21STRC016						incl.	58	61	3	0.35	2.48
							104	106	2	1.48	0.13
							116	117	1	1.32	0.05
	98	154	56	0.6	0.14		118	125	7	1.04	0.39
							138	142	4	1.60	0.04
							22	23	1	0.21	0.91
	37	63	26	0.23	0.25		51	52	1	1.33	0.17
21STRC017							148	165	17	0.37	0.83
	133	176	43	0.38	0.35	incl.	148	153	5	0.52	1.75
							167	172	5	0.90	0.05
21STRC018	4	66	62	1.06	0.32		6	13	7	1.44	0.05

	From	To	Width	Au(g/t)	Cu(%)		From	To	Width	Au(g/t)	Cu(%)
Hole ID			Significant Mineralised Zones
			(≥ 10m width and ≥ 0.2g/t Au)			Including Significant Intersections*(≥ 2m width and ≥ 1.0g/t Au or ≥ 0.85% Cu)
							21	30	9	2.94	0.02
						incl.	25	30	5	4.23	0.02
							34	38	4	1.49	0.08
							42	46	4	1.56	0.05
							46	66	20	0.50	0.85
						incl.	47	55	8	0.37	1.20
						also incl.	56	57	1	1.06	0.18
						also incl.	57	60	3	0.67	1.49
						also incl.	61	62	1	1.06	0.37
							9	16	7	1.49	0.02
21STRC019	8	30	22	1.83	0.02	incl.	10	12	2	2.86	0.01
							19	30	11	2.60	0.02
						incl.	20	26	6	3.85	0.02
21STRC020	NSI
21STRC021						NSI
							6	10	4	1.85	0.03
							15	16	1	1.01	0.02
							20	33	13	1.24	0.02
	1	61	60	0.72	0.04	incl.	20	23	3	2.47	0.02
21STRC022							40	41	1	1.04	0.03
							44	46	2	2.66	0.08
							60	61	1	1.12	0.01
							66	71	5	0.12	1.01
	124	142	18	0.53	0.02		124	128	4	1.40	0.02
21STRC023						NSI
21STRC024						NSI
21STRC025	142	154	12	0.65	0.39		148	152	4	0.97	1.06
21STRC02621STRC027						NSINSI

Table 1- Significant mineralised zones and intersections ( reported results in bold- Hole ID)*.

* Significant gold intersections area calculated using a lower cut-off ≥0.2 g/t Au with maximum 2m internal dilution and grading ≥1.0g/t Au, and copper calculated at ≥0.1% Cu with maximum 2m internal dilution and grading ≥0.85% Cu. From, To and Width measured in metres (m). For all drill collar data, refer to Table 2.

Widths are drillhole widths only.

Next Steps

A Heritage Survey at Hasties was completed 18th October 2021. Pending final Heritage clearance, the Phase 2 - 5,000m RC and diamond drilling program is set to commence November 2021.

The program will test new target areas including those identified from the GAIP geophysical survey over the greater Hasties Prospect area completed earlier in the year (refer ASX: RCR Release dated 26/08/2021).

----ENDS----

Authorised by the Board of Directors of Rincon Resources Limited

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

Company:	Investors:
Gary Harvey	Amalie Schreurs
Managing Director	White Noise Communications
Rincon Resources Limited	contact@whitenoisecomms.com
+61 8 6555 2950	+61 431 636 033

ABOUT SOUTH TELFER GOLD-COPPER PROJECT

The South Telfer Gold-Copper Project covers over 500km2 and over 40km strike, of prospective geology in the Paterson Province in Western Australia. The project area has been previously explored by Newcrest Mining which identified outcropping gold and copper mineralisation at the Hasties Prospect (Hasties) and bedrock gold anomalies at the Westin Prospect (Westin). Multiple targets have been identified in the project area with the most advanced being Hasties.

Hasties is only 12km south of Newcrest's 32Moz Telfer Gold Mine with gold and copper mineralisation previously identified within the same sedimentary sequences known to host gold mineralisation at Telfer. Mineralisation at Hasties outcrops at surface and has been traced over 1km in strike length and is associated with brecciated sedimentary rocks. Historical drilling returned multiple wide intersections of gold and copper over a large area with mineralisation remaining open in all directions and only a small portion of the prospective strike length drill tested. Historically significant drill intercepts include*:

Hasties Gold Intercepts

• 57.80m @ 2.05g/t Au from 17.40m incl; 16.10m @ 4.75g/t Au from 42.70m;
• 68.00m @ 1.33g/t Au from 1.00m;
• 36.00m @ 1.66g/t Au from 2.00m;
• 33.20m @ 1.46g/t Au from 25.00m;
• 23.00m @ 2.06g/t Au from 14.00m; and
• 5.00m @ 3.73g/t Au from 50.00m.

Hasties Copper Intercepts

• 20.60m @ 1.23% Cu from 87.60m;
• 10.90m @ 3.39% Cu from 91.80m; and
• 4.00m @ 4.84% Cu from 49.00m.

* Refer to prospectus dated 18/12/2020 for full historical drill results.

Historical regional exploration work was also completed at Westin, approximately 34km south-east of the Telfer Gold Mine. Previous work consisted of soil sampling and wide spaced air-core drilling. At Westin, underlying thin sand cover and sand dunes, sedimentary sequences which host gold mineralisation at Telfer have been identified, as well as a large, open, 5km long gold-in-bedrock anomaly. Best results from Westin include 8.00m @ 3.85g/t Au from 84.0m. Rincon's tenements cover over 25km strike of prospective Telfer geology at Westin which has never been explored.

South Telfer Gold-Copper Project tenement location plan, Paterson Province WA.

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.

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 an employee 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.

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.

Hole ID	Zone	Easting	Northing	RL	Azimuth	Dip	Depth
21STRC001	Hasties SE	413833	7585256	351	40	50	252
21STRC002	Hasties SE	413804	7585223	350	40	50	198
21STRC003	Hasties SE	413813	7585305	352	40	50	150
21STRC004	Hasties SE	413789	7585284	352	40	60	102
21STRC005	Hasties SE	413756	7585246	35	40	60	198
21STRC006	Hasties SE	413765	7585320	354	40	50	240
21STRC007	Hasties SE	413765	7585320	353	360	50	246
21STRC008	Hasties SE	413737	7585290	353	40	50	252
21STRC009	Hasties Main	413338	7586130	354	43	50	162
21STRC010	Hasties Main	413360	7586125	354	43	50	150
21STRC011	Hasties Main	413397	7586120	358	43	60	150
21STRC012	Hasties Main	413420	7586083	362	43	50	108
21STRC013	Hasties Main	413417	7586003	35	43	50	174
21STRC014	Hasties Main	413462	7585976	351	42	50	222
21STRC015	Hasties Main	413454	7586046	357	43	55	168
21STRC016	Hasties Main	413415	7586073	360	43	60	156
21STRC017	Hasties Main	413402	7586060	359	43	62	186
21STRC018	Hasties Main	413395	7586091	358	43	51	156
21STRC019	Hasties Main	413378	7586107	355	43	60	30
21STRC020	Hasties Main	413351	7586081	356	43	60	246
21STRC021	Hasties Main	413338	758606	358	43	60	246
21STRC022	Hasties Main	413355	7586120	354	43	60	144
21STRC023	Hasties Main	413338	7586130	354	340	60	264
21STRC024	Hasties Main	413462	7585976	351	90	50	204
21STRC025	Hasties Main	413403	7586061	357	85	50	162
21STRC026	Hasties Main	413412	7586077	362	130	60	138
21STRC027	Hasties SE	413737	7585290	353	360	50	246

Table 2 – Hasties Prospect drill hole summary table.

Note: Northing, Easting, RL and Depth are measured in metres (m). Northing and Easting are GDA94, Zone 51. Azimuth and Dip are measured in degrees. All numbers are rounded to nearest 1 metre or 1 degree.

Appendix 1

JORC Code, 2012 Edition

Table 1 report – South Telfer Project, Hasties Prospect RC Drilling Program

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhandheld XRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning of	The sampling has been carried out using Reverse Circulation drilling (RC). Atotal of 27 holes (21STRC01-027) were drilled in the reported program fora total of 4944m with hole depths ranging from of 102 to 246m. Holes wereinclined (-50 to -70o). Azimuth was generally 040 degrees but varied from3400 to 0900. (See table in text)A total of 4121 samples (single and 2m composites) were collected. Sample
	sampling.	quality was generally high although some sample loss occurred due to voidsin the weathered zone. Overall, dry sample was produced to the depthsdrilled
	Include reference to measures taken to ensuresample representation and the appropriatecalibration of any measurement tools orsystems used.	The drill holes were located by handheld GPS. Sampling was carried outunder Company protocols and QAQC procedures as per current industrypractice. See further details below.
	Aspects of the determination of mineralisation that areMaterial to the Public Report.	RC holes were drilled with a 5.5-inch face-sampling bit, 1m samplescollected through a cyclone and rig mounted splitter into pre-numbered
	In cases where 'industry standard' work has been donethis would be relatively simple (e.g. 'reverse circulationdrilling was used to obtain 1 m samples from which 3kg was pulverised to produce a 30 g charge for fireassay'). In other cases more explanation may berequired, such as where there is coarse gold that hasinherent sampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules) maywarrant disclosure of detailed information.	calcio bags placed on the ground as 1m samples, generally in rows of 20.Two-meter samples are collected with a scoop to generate 2m compositesample outside of the interpreted mineralised zones. The 2-3 kg compositesamples were dispatched Onsite Laboratories in Bendigo. These sampleswere sorted and dried by the assay laboratory, pulverised to form a 50gmcharge for Fire Assay/AAS to 0.01 ppm levels. A suite of base metals (As, Sb,Cu, Co, Ni, Pb, Zn, S%, Mn) were analysed via ICP-MS to ppm levels.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (e.g. core diameter, triple or standardtube, depth of diamond tails, face-sampling bit orother type, whether core is oriented and if so, bywhat method, etc).	Inclined RC drilling was completed by TopDrill Pty Ltd, based in Perth.
Drill samplerecovery	Method of recording and assessing core andchip sample recoveries and results assessed.	Most samples were dry. Minor ground water was encountered in someholes. Sample recoveries were visually estimated, and any low recoveriesrecorded in the drill logs. Sample quality was noted on the drill logs.
	Measures taken to maximise sample recovery andensure representative nature of the samples.	Drill mounted cyclone and splitter were cleaned between rod changes andafter each hole to minimize contamination.
	Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	There is no observed relationship between recovery and grade in thedrilling.
Logging	Whether core and chip samples have been geologicallyand geotechnically logged to a level of detail to supportappropriate Mineral Resource estimation, miningstudies and metallurgical studies.	All holes were inspected by Company Geologists, with detailed loggingusing the Companies logging scheme to follow.
	Whether logging is qualitative or quantitative in nature.Core (or costean, channel, etc) photography.	Logging of RC samples records lithology, mineralogy, mineralisation,weathering, colour, and other features of the samples. All samples are wetsieved, and samples stored in chip trays. These trays were stored off sitefor future reference.
	The total length and percentage of the relevantintersections logged.	All holes were inspected by Company Geologists.
Sub‐samplingtechniques andsample preparation	If core, whether cut or sawn and whether quarter, half orall core taken.	No core drilling was completed.
	If non-core, whether riffled, tube sampled, rotary split, etcand whether sampled wet or dry.	Single metre samples were collected from a rig mounted splitter off thecyclone. Samples are recorded as dry, wet, or damp. Results from thecomposite samples are used to identify if further singe meter samples willbe submitted to laboratory. Composite samples are not used in resourcescalculations.
	For all sample types, the nature, quality andappropriateness of the sample preparation technique.	Samples were prepared at the Onsite Laboratories in Bendigo. Sampleswere dried, and the whole sample pulverised to 90% passing 75um, and areference sub-sample of approximately 200g retained. A nominal 50 g wasused for the analysis (FA/AAS) with a separate split used for base metalanalysis. The procedure is industry standard for this type of sample. Sampleloss was experienced in some holes at Hasties Main due to voids in theoxidized zone, where no sample was recovered. This has been noted in theCompany database.

Criteria	JORC Code explanation	Commentary
	Quality control procedures adopted for all sub-samplingstages to maximise representation of samples.	Certified Reference Materials (CRM's), duplicates and/or blanks areanalysed with each batch of samples. These quality control results arereported along with the sample values in the final report. Selected samplesare also re-analysed to confirm anomalous results.
	Measures taken to ensure that the sampling isrepresentative of the in situ material collected, includingfor instance results for field duplicate/second-halfsampling.	Compositing of samples involves collection of a representative scoop fromwithin the single sample meter sample in green plastics bags. Samplesweigh 2-3kg prior to pulverisation.
	Whether sample sizes are appropriate to the grain size ofthe material being sampled.	Sample sizes are considered appropriate to give an indication ofmineralisation given the particle sizes and the practical requirement tomaintain manageable sample weights.
Quality of assaydata andlaboratory tests	The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total.	Samples were analysed for gold to ppm levels via 50g fire assay / AAS finishwhich gives total digestion and is appropriate for high-level samples. Basemetals were analysed to ppm levels.
	For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determining theanalysis including instrument make and model, readingtimes, calibrations factors applied and their derivation,etc.	No geophysical tools were used in this program.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratory checks)and whether acceptable levels of accuracy (i.e. lack ofbias) and precision have been established.	Field Standards (Certified Reference Materials) and Blanks are insertedregularly within the sample sequence. At the Assay Laboratory additionalRepeats, Lab Standards, Checks and Blanks are analysed concurrently withthe field samples. Results of the field and Lab QAQC samples were checkedon assay receipt. All assays met QAQC protocols, showing no levels ofcontamination or sample bias.Analysis of field duplicate assay datasuggests expected levels of sampling precision, with less than 10% pairdifference.
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.	Significant results were checked by the MD and Exploration Geologist.
	The use of twinned holes.	Twin holes were not employed during this part of the program.
	Documentation of primary data, data entry procedures,data verification, data storage (physical and electronic)protocols.	Data is entered electronically on site. Assay files are received electronicallyfrom the Laboratory. All data is stored in a Company database system, andmaintained by the Database Manager.
	Discuss any adjustment to assay data.	No assay data was adjusted. The lab's primary Au field is the one used foranalysis purposes. No averaging is employed.
Location of datapoints	Accuracy and quality of surveys used to locate drill holes(collar and down-hole surveys), trenches, mine workingsand other locations used in Mineral Resource estimation.	Drill collar locations were located by differential GPS.The drill rig mast is set up using a clinometer and rig is orientated usinghandheld compass.
	Specification of the grid system used.	Grid projection is GDA94, Zone 51.
	Quality and adequacy of topographic control.	Relative Levels are allocated to the drill hole collars using current DigitalTerrain Model's for the area. The accuracy of the DTM is estimated to bebetter than 5m.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	Drilling was designed to intersect mineralisation within the knownmineralized structures interpreted within the tenement.
	Whether the data spacing and distribution is sufficient toestablish the degree of geological and grade continuityappropriate for the Mineral Resource and Ore Reserveestimation procedure(s) and classifications applied.	The drilling is part of a first pass drilling program, the first drilling at theHasties areas in over 20 years. The data spacing in insufficient to be usedfor resources calculations at present.
	Whether sample compositing has been applied.	No compositing has been employed in the reported results.
Orientation of datain relation togeological structure	Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.	The orientation of the drill hole (azimuth) is approximately perpendicularto the strike of the targeted mineralisation when drilled at an azimuth of040 degrees. Holes drilled at other azimuths will be slightly oblique to theinterpreted strike of mineralisation and were designed to test plunge/strikeextensions from existing drill pads.
	If the relationship between the drilling orientation and theorientation of key mineralised structures is considered tohave introduced a sampling bias, this should be assessedand reported if material.	The 040 degrees drill orientation is estimated to be approximatelyperpendicular to the main mineralised trend. It is unclear at presentwhether cross structures or other oblique zones are mineralised, howeverit is considered unlikely that any sampling bias has been introduced.
Sample security	The measures taken to ensure sample security.	Samples were submitted in pre -numbered plastic bags (five calico bags persingle plastic bag), sealed and transported to the Onsite Laboratories inBendigo, Victoria for assaying.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	Sampling and assaying techniques are industry-standard. No specific auditsor reviews have been undertaken at this stage in the program.

Table 2 - 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, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties, native title interests, historical sites, wildernessor national park and environmental settings.	The RC drilling occurred within tenements E45/4336 and P45/2929 whichis held 100% by South Telfer Mining Pty Ltd, a 100% owned subsidiary ofRincon Resources Ltd. The Project is located 12km south of Telfer inWestern Australia
	The security of the tenure held at the time of reportingalong with any known impediments to obtaining a licenceto operate in the area.	The tenements subject to this report are in good standing with the WesternAustralian DMIRS.
Exploration done byother parties	Acknowledgment and appraisal of exploration by otherparties.	The majority of past exploration work within the project area includingdrilling, surface sampling; geophysical surveys and geological mapping hasbeen largely completed by Newcrest, who explored the region South andSE of Telfer Mine during the 1990-2000's as part of a large regionalprogram.Where relevant, assay data from this earlier exploration has been
Geology	Deposit type, geological setting and style ofmineralisation.	incorporated into Company databases.The Project occurs within the Proterozoic Paterson Province, and isconsidered prospective for structurally controlled and replacement styleCu-Au mineralisation in folded sediments of the Isdell Formation.
Drill holeInformation	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:easting and northing of the drill hole collarelevation or RL (Reduced Level – elevation	Refer to table in the body of text.
	above sea level in metres) of the drill hole collardip and azimuth of the holedown hole length and interception depthhole length.If the exclusion of this information is justified on the basisthat the information is not Material and this exclusiondoes not detract from the understanding of the report,
	the Competent Person should clearly explain why this isthe case.
Data aggregationmethods	In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum grade truncations(e.g. cutting of high grades) and cut-off grades are usuallyMaterial and should be stated.	Grades are reported as down-hole length averages of grades. No top cutshave been applied to the reporting of the assay results. A maximum of 2mof continuous internal dilution was used.
	Where aggregate intercepts incorporate short lengths ofhigh grade results and longer lengths of low grade results,the procedure used for such aggregation should be statedand some typical examples of such aggregations shouldbe shown in detail.	All higher-grade intervals are included in the reported grade intervals.
	The assumptions used for any reporting of metalequivalent values should be clearly stated.	No metal equivalent values are used.
Relationshipbetween	These relationships are particularly important in thereporting of Exploration Results.	Historical drilling by previous explorers defined SE striking breccia zonesvarying in dip, but generally steep to the NE or SW.
mineralisationwidths andintercept lengths	If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect(e.g. 'down hole length, true width not known').	Drilling was aimed to intersect this strike approximately perpendicularly(040 degrees). Due to constraints on access, Holes with varying azimuth'swere drilled from the same drill pads to intersect the interpretedmineralisation along strike or down plunge. These are noted in the collartable in the amin body of text.All assay results are based on down-hole lengths, and true width ofmineralisation is not known.
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported. These should include,but not be limited to a plan view of drill hole collarlocations and appropriate sectional views.	Refer to Figure in the body of text.
Balanced reporting	Where comprehensive reporting of all Exploration Resultsis not practicable, representative reporting of both lowand high grades and/or widths should be practiced toavoid misleading reporting of Exploration Results.	Refer to results reported in body of text and summary statistics for theelements reported.
Other substantiveexploration data	Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulkdensity, groundwater, geotechnical and rockcharacteristics; potential deleterious or contaminatingsubstances.	Refer to body of text and this appendix.

Criteria	JORC Code explanation	Commentary
Further work	The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).	Further drill testing is planned, as described in this announcement. Locationof drilling is still to be determined.
	Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretationsand future drilling areas, provided this information is notcommercially sensitive.