Gunsynd PLC - London-based investment firm - Notes update from Australia-focused gold and base metals exploration company Rincon Resources Pty Ltd, in which it holds 28% stake. Rincon preparing for field activities at South Telfer project, having acquired regional magnetics data. Final results from survey data processing, interpreting, and target generation due in September. Rincon plans to begin trial of ultrafine soil sampling in 6 to 8 weeks. Rincon has already acquired, processed, and interpreted high-resolution magnetics dataset for Laverton project. It is planning the roll-out of a geochemical programme in wider area over coming months, aiming for defined air core drill targets for drill programme set to start Q4. Plans target generation for Kiwirrkurra project, starting with initial historical geophysical data review. Two Australian stockbroking and equity capital market firms engaged to conduct Rincon initial public offering on Australian Stock Exchange. Final valuation subject to market conditions at IPO.
Gunsynd Non-Executive Director Peter Ruse says: "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."
Current stock price: 0.82 pence
Year-to-date change: down 19%
By Anna Farley; annafarley@alliancenews.com
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