What the La Punilla Assay Results and Lower-Than-Expected Gold Values Mean for Ronin Resources

Sonal Goyal

29 September 2026 11:58 PM AEST

What the La Punilla Assay Results and Lower-Than-Expected Gold Values Mean for Ronin Resources

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Ronin Resources Limited (ASX:RON) released its final laboratory assay results for the La Punilla Project in San Juan Province, Argentina, on 31 August 2026. The results from the April–May 2026 follow-up geochemical sampling programme returned peak assay values within the Project area of 0.13 g/t Au, 2.41 g/t Ag, 91.6 ppm Cu, and 840 ppm W — materially lower than the 3.04 g/t Au, 13.75 g/t Ag, 1,055 ppm Cu, and 2,110 ppm W maximums reported from the Company's 4 May 2026 programme. The Board has announced it will now conduct a thorough review of all La Punilla exploration data to determine next steps for the project.

Follow-Up Programme Results

The April–May 2026 follow-up field campaign was conducted to sample remaining targets and ground-truth the magnetic anomaly at La Punilla. A total of 21 rock chip samples were analysed by ALS laboratory. Within the Project area, the programme returned peak assay results of 0.13 g/t Au, 2.41 g/t Ag, 91.6 ppm Cu, and 840 ppm W. The highest silver and copper values from the entire programme — 4.84 g/t Ag and 181 ppm Cu — were returned by a float sample collected outside the Project boundary and are not considered representative of the Project. These results are lower than the previously reported maximums, and the Board will now conduct a detailed review of all exploration data.

Previous Programme Context

The encouraging results that prompted the follow-up programme were reported in May 2026, when rock chip sampling returned anomaly results up to 3.04 g/t Au, 13.75 g/t Ag, 1,055 ppm Cu, and 2,110 ppm W. The follow-up programme was designed to sample remaining targets and ground-truth the magnetic anomaly. The fact that the follow-up returned significantly lower grades within the Project boundary (0.13 g/t Au versus 3.04 g/t Au) suggests the initial anomalous samples may have been highly localised or from float material, rather than representative of a broader mineralised system.

Company Financial Position

Ronin Resources had cash at bank of $2.75 million at 30 June 2026, with 40,375,010 ordinary shares on issue and 3,550,000 options. The company also evaluates the Vetas Project in Colombia and seeks complementary new Business opportunities.

About the Company

Ronin Resources Limited is an ASX-listed explorer focused on the evaluation and assessment of the Vetas Project (Colombia) and the La Punilla Project (San Juan Province, Argentina), both 100%-owned. The company also seeks to evaluate complementary new business opportunities capable of delivering Shareholder returns.

Risks

The follow-up assay results at La Punilla (peak 0.13 g/t Au) are substantially lower than the initial programme's anomalous values (3.04 g/t Au), suggesting the initial high values may have been highly localised, from transported (float) material, or not representative of a broader mineralised system. Further exploration is required to resolve this uncertainty.

The best float sample results (4.84 g/t Ag, 181 ppm Cu) came from outside the Project area, which means those values cannot be attributed to the Project's mineral licences and represent an exploration lead that Ronin cannot pursue on its current tenure.

With only $2.75 million in cash, Ronin's financial runway for sustained exploration programmes across both La Punilla (Argentina) and Vetas (Colombia) is limited.

Argentina's economic environment — including foreign exchange controls, inflation, and regulatory complexity — adds jurisdictional risk to the La Punilla Project.

A decision to conduct a thorough data review rather than immediately planning the next field programme suggests management uncertainty about the direction and value of further work at La Punilla.

What to Watch Ahead

The outcome of the Board's thorough review of all La Punilla exploration data — including whether the company recommends continued exploration, relinquishment, or reorientation of the Project.

Any exploration update from the Vetas Project in Colombia, which is the company's other 100%-owned asset and may become the primary focus if La Punilla exploration is deprioritised.

Assessment of the float sample that returned 4.84 g/t Ag and 181 ppm Cu outside the Project area — whether Ronin applies for tenure covering the source of this material.

Cash position management — $2.75 million at 30 June 2026 may require Capital discipline or an additional raise if active exploration continues.

Any announcement of a new business opportunity consistent with Ronin's stated intent to evaluate complementary projects capable of delivering shareholder returns.

FAQs

Q: Why did the follow-up results come back so much lower than the original programme?

A: Rock chip sampling is inherently selective — geologists target visibly mineralised or anomalous material to maximise the chances of finding high-grade samples. The initial 3.04 g/t Au result likely represented the best of what was visible at surface from highly localised or transported (float) material. The follow-up programme sampled a broader range of targets with less visual selection bias, returning more representative (and therefore lower) grades. This is a common occurrence in early-stage exploration: high initial rock chip values attract attention to a target, but follow-up programmes often return lower grades as the true extent and grade of mineralisation is better characterised.

Q: What is a float sample and why is it excluded from the Project area results?

A: A float sample is a rock sample that has been transported by gravity, water, or wind from its original source location to where it is found at surface. Float samples may have originated from a mineralised zone that is upslope or upstream from where they were collected. The 4.84 g/t Ag and 181 ppm Cu float sample was collected outside the Project licence boundary, meaning it cannot be attributed to Ronin's tenure regardless of its grade. It may indicate mineralisation in the area adjacent to the licence, but Ronin cannot legally explore or develop that area under its current licences.

Q: What is the La Punilla Project targeting and what minerals are present?

A: La Punilla is a multi-metal exploration project targeting gold, silver, copper, and tungsten (W) in the San Juan Province of Argentina. The presence of tungsten alongside gold, silver, and copper suggests a skarn-type or porphyry-related mineral system, which can be economically significant when grades are sufficient. Tungsten is a critical metal used in cemented carbide tools, defence applications, and electronics, with Chinese supply dominance making non-Chinese sources strategically valuable. However, the follow-up programme's results of 840 ppm W (0.084% W) and 0.13 g/t Au are well below typical economic thresholds.

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