Australian mining firms Rincon Resources and PLC Resources announce major exploration moves in Western Australia

Rincon Resources signed a binding heads‑of‑agreement with Maverick Minerals Australia to divest a 90 % interest in its West Arunta gold‑copper project. The deal provides $600,000 in upfront consideration – $100,000 in cash and $500,000 in Maverick shares – plus a further $500,000 deferred payment linked to two drilling programs. Rincon will retain a free‑carried 10 % stake and may regain majority ownership if exploration milestones are not met. The transaction follows the earlier sale of Rincon’s Laverton project and allows the company to focus on its Telfer South gold‑copper project and the Crackerbox gold project.

In a separate development, PLC Resources reported that a high‑resolution airborne magnetic and radiometric survey uncovered a previously unmapped 14‑kilometre antiform structure along the eastern margin of the Abbotts Greenstone Belt at its Abbotts North gold project in the Murchison region. The fold intersects a deep‑seated crustal formation that is recognized as a key control on major gold deposits in the Yilgarn Craton. PLC plans ground reconnaissance, mapping and sampling to define drill targets, following a maiden five‑hole reverse‑circulation program at the nearby Rochefort prospect.