TIDMGUN
RNS Number : 1334X
Gunsynd PLC
26 August 2020
Gunsynd plc
("Gunsynd" or the "Company")
Rincon Resources Pty Ltd - Operational and Corporate update
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce an
update on its investment in Rincon Resources Pty Ltd ("Rincon"), an
Australian gold and base metals exploration company. Gunsynd had
previously announced in June 2020 that it had invested AUD$250,000
(approximately GBP138,000) in Rincon representing approximately 28%
of the issued share capital of Rincon at the time.
The board of Rincon has now provided an update to its
shareholders relating to operations across its three project areas
in Western Australia, and a corporate update detailing its plans to
list on the Australian Securities Exchange (ASX).
Operational update
South Telfer project - During the last twelve months, Rincon has
been preparing for field activities at its South Telfer project,
which includes completing Native Title Agreements, commencing
Heritage clearances and the acquisition of regional magnetics data
previously acquired by Newcrest Mining Ltd (Newcrest) in the late
1990's for South Telfer.
The regional magnetics data for South Telfer was acquired from
Southern Geoscience Consultants Limited (SGC). Survey data was
processed, interpreted and target generation undertaken by Resource
Potentials Pty Ltd, and final results are expected during
September. Leapfrog models have also been refined for South Telfer
over the Hasties prospect and work programs and budgets are being
finalised.
Rincon is aiming to commence a trial of Ultrafine soil sampling
over selected targets in the next 6 to 8 weeks. In addition, a
detailed structural mapping program will be conducted over the
outcropping Hasties gold and copper mineralisation. Rincon is
working to be "drill ready", a drilling Program of Works (PoW) has
been approved by the Department of Mines, Industry Regulation and
Safety and the final step required to allow drilling to commence is
Native Title and Heritage clearances over areas of proposed ground
disturbing works.
Laverton project - Rincon has completed the acquisition,
processing and interpretation of a high-resolution magnetics
dataset over the project area and also recently completed trial
geochemical survey at its Laverton project. Rincon is planning to
roll out the geochemical program over a wider area in the coming
months, with a view to defining air core drill targets for a drill
program targeting commencement in Q4 of CY2020. Exploration at the
Laverton project can be carried out year-round which provides for a
highly complementary second asset to the South Telfer project.
Kiwirrkurra Project - Target generation is planned for the
Kiwirrkurra project, commencing with an initial historical
geophysical data review.
Corporate update and proposed Initial Public Offering (IPO) on
ASX:
-- Two Australian stockbroking and equity capital market firms
have been engaged to conduct the IPO - PAC Partners Securities Pty
Ltd and Ironside Capital Limited Pty Ltd will act as Joint lead
managers.
-- T he final valuation being subject to market conditions at
the time of the IPO capital raising.
-- Rincon and its advisers are working towards an ASX IPO and a
further update will be made once timing becomes clearer.
Peter Ruse, Gunsynd PLC Director, commented: "Gunsynd is excited
to update shareholders on its investment in Rincon. We are
delighted with Rincon's decision to engage PAC Partners Securities
Pty Ltd and Ironside Capital Limited Pty to lead the proposed IPO
on ASX. We look forward to supporting Rincon, where possible, in
the future as it continues its progress to delineate fieldwork
programs at South Telfer, Laverton and Kiwirrkurra."
About Rincon Resources
Rincon Resources is a Western Australian ("WA") focused gold and
base metals exploration company. It currently holds the rights to
three highly prospective projects in WA, the most significant of
which, South Telfer, a 50,000-hectare project in the Paterson
province, is approximately 12km south from Newcrest Limited's
Telfer mine. The two others are highly prospective copper-gold
projects - Laverton and Kiwirrkurra.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The Directors of Gunsynd accept responsibility for this
announcement.
For further information please contact:
Gunsynd plc
Hamish Harris/ Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray / Mark Rogers +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's or any third party's
ability to execute and implement future plans, and the occurrence
of unexpected events. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors.
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