Key Highlights

  • Reverse circulation drilling is under way at Telfer South, a programme totalling about 3,500 metres.
  • Drilling aims to extend mineralisation along a 1.1 kilometre corridor at the Hasties zone, with eight holes planned at Frenchman's Prospect.
  • Cash was A$3,306,000 at 30 June 2026, with an estimated 6.20 quarters of funding.

Rincon Resources Limited (ASX:RCR) told the market on 24 August 2026 that reverse circulation drilling was underway at its Telfer South gold-copper project in Western Australia's Eastern Pilbara. The programme totals about 3,500 metres, with roughly 20 holes for 2,000 metres at the Hasties zone and eight holes for 1,500 metres at Frenchman's Prospect, which lies about 700 metres north of Hasties on a parallel structure. Drilling aims to extend mineralisation along a 1.1 kilometre corridor northwest and southeast of the Hasties Main and Hasties South-East deposits. The ground sits within a farm-in and joint venture with Greatland Resources.

What the company actually does

Rincon Resources is a Western Australian mineral exploration company with no revenue from operations. Its principal asset is the Telfer South gold-copper project, about ten kilometres south of the Telfer gold mine in the Paterson Province, where Rincon holds the tenements and Greatland Resources (ASX:GGP) is earning an interest under a multi-stage, multi-year farm-in and joint venture covering 200.8 square kilometres. Rincon also holds the Crackerbox gold project, where field operations await access agreements, and the Monument project. The company balances its accounts on 30 June.

Latest verified developments

The most recent announcement returned by the ASX company announcement feeds is the 24 August 2026 notice that drilling had begun at Telfer South, following the securing of a drill rig announced on 22 June 2026. Earlier in 2026 Rincon reported in February that reinterpreted data revealed a significantly larger gold-copper system at Telfer South, flagged two additional gold-copper targets in April, and identified a major geophysical target beneath the Hasties zone in May. On 4 March 2026 the company announced the sale of its Laverton tenements and a proposed sale or joint venture at West Arunta. A binding heads of agreement with Maverick Minerals Australia followed, for A$600,000 initial and A$500,000 deferred consideration, alongside the acquisition of additional West Arunta tenements announced on 1 July 2026.

Financial and operational evidence

Rincon has no production and reports exploration-stage cash flows. For the quarter ended 30 June 2026 it recorded a net operating cash outflow of A$201,000 and exploration spending of A$332,000, against A$685,000 and A$1,920,000 respectively across the twelve months. Cash at 30 June 2026 was A$3,306,000, and item 8.7 of the Appendix 5B put estimated funding at 6.20 quarters. The quarter's work included validating 478 historic Newcrest rock chip samples at Hasties, collecting 103 new samples with assays pending, completing a MobileMT survey of about 89 line kilometres. ASX key statistics record a loss of A$6,957,230 for the year ended 30 June 2026 and 522,229,100 shares on issue.

Risks and pressure points

Rincon is a pre-revenue explorer funded by equity, having completed a A$3.1 million placement in March 2026. The 6.20 quarters of funding reported at 30 June 2026 predates the drilling now underway, so the position will have moved. Exploration results may not convert into a mineral resource, and Telfer South is being advanced under a farm-in in which Greatland Resources earns its interest through expenditure, so Rincon's holding may dilute. Crackerbox remains stalled pending access agreements. The company carries a very small market capitalisation.

Milestones to watch

Assay results from the roughly 3,500 metre Telfer South programme, and from the 103 rock chip samples collected in the June 2026 quarter, are the near-term items to monitor. Drilling in the Central Area was deferred pending a heritage survey, so additional collar positions there are a further step to watch. Completion of the West Arunta divestment to Maverick Minerals Australia would bring deferred consideration of A$500,000. The September 2026 quarterly Appendix 5B will update cash and the funding runway, and progress on access agreements at Crackerbox could determine whether field operations resume there.