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RENASCOR RESOURCES LIMITED — Capital/Financing Update 2012
May 8, 2012
65723_rns_2012-05-08_a7bf44fe-1db8-45dc-aab5-39e8ae5769a4.pdf
Capital/Financing Update
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ASX Announcement
9 May 2012
RENAISSANCE AWARDED PACE GRANT FOR TANNERS DAM PROJECT IN CENTRAL GAWLER CRATON
Renaissance Uranium Limited (ASX: RNU) is pleased to announce that it has been awarded a PACE grant by the South Australian Government for proposed drilling of its 100%-owned Tanners Dam Project in the Central Gawler Craton of South Australia.
Renaissance’s drilling proposal has been approved for funding of up to $40,000 pursuant to the South Australian Government’s Plan for Accelerating Exploration (PACE) Initiative. Renaissance’s drilling proposal for Tanners Dam was selected as one of 26 successful proposals chosen by a panel comprised of representatives from South Australia’s Department for Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) and independent external geologists.
The exploration focus at Tanners Dam is volcanic hosted uranium associated with highlevel Hiltaba granite intruded into the base of a massive felsic lava pile. Renaissance considers the geological environment of Tanners Dam to be comparable to Streltsovska, Russia’s preeminent uranium region, where uranium and fluorite were sourced by hydrothermal leaching of a felsic lava pile above a caldera magma chamber.
The PACE grant will be applied to 50% of the direct drilling costs associated with Renaissance’s proposed drilling program of 700 meters of reverse circulation drilling. Renaissance intends to coordinate drilling at Tanners Dam in conjunction with the initial drill program planned for its Gairdner Project, located approximately 75 kilometers to the north of Tanners Dam. The Gairdner Project consists of 100% owned EL 4675 and EL 4836, in which Renaissance has an option to earn 80%. Subject to regulatory approvals, drilling is expected to commence at both the Tanners Dam and Gairdner Projects by next quarter.
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Figure 1. Geology plan for Renaissance’s Tanners Dam and Gairdner Projects
ACN 135 531 341
ASX code: RNU www.renaissanceuranium.com.au
36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: [email protected]
COMPETENT PERSON STATEMENT
THE EXPLORATION RESULTS REPORTED HEREIN, INSOFAR AS THEY RELATE TO MINERALISATION, ARE BASED ON INFORMATION COMPILED BY MR. G.W. MCCONACHY (FELLOW OF THE AUSTRALASIAN INSTITUTE OF MINING AND METALLURGY) WHO IS A DIRECTOR OF RENAISSANCE. MR. MCCONACHY HAS SUFFICIENT EXPERIENCE RELEVANT TO THE STYLE OF MINERALISATION AND TYPE OF DEPOSITS BEING CONSIDERED TO QUALIFY AS A COMPETENT PERSON AS DEFINED BY THE 2004 EDITION OF THE AUSTRALASIAN CODE FOR REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES (THE JORC CODE, 2004 EDITION). MR. MCCONACHY CONSENTS TO THE INCLUSION IN THE REPORT OF THE MATTERS BASED ON HIS INFORMATION IN THE FORM AND CONTEXT IN WHICH IT APPEARS.
BACKGROUND INFORMATION
Renaissance Uranium is an Australian-based company focused on the discovery and development of economically viable deposits containing uranium, gold, copper and associated minerals. Renaissance has an extensive tenement portfolio, holding interests in eight projects in the key mineral provinces of South Australia and the Northern Territory.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr David Christensen
Mr Angelo Gaudio
Managing Director Company Secretary +61 8 8363 6989 [email protected]
ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: [email protected]
ASX code: RNU www.renaissanceuranium.com.au
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