AI assistant
RENASCOR RESOURCES LIMITED — Capital/Financing Update 2013
Mar 3, 2013
65723_rns_2013-03-03_6a091bc0-6119-4f92-a45b-23b79059e1e7.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [143 x 64] intentionally omitted <==
ASX Announcement
4 March 2013
STANDOUT IOCGU GRAVITY TARGET OUTLINED AT EASTERN EYRE PROJECT
HIGHLIGHTS
-
Gravity coverage within EL 4721 of 100%-owned Eastern Eyre Project has delineated a striking gravity anomaly at the Nilginee prospect of at least 3 milliGal amplitude, over approximately 3 square kilometres
-
Anomaly centre coincident with local circular magnetic anomaly, within broad zone of elevated gold geochemistry
-
Nilginee prospect located approximately 8 kilometres to the northeast of the Moola copper prospect, held by Arrium Ltd., where DMITRE reports oxide zone copper-gold mineralisation within a stratabound hematite-albite-calcite-chlorite breccia of at least 1.6 kilometre strike
-
Gravity coverage of remaining areas within Eastern Eyre Project (2,500 stations covering 400 square kilometres) completed and data under review
-
Nilginee target elevated in priority, with drilling scheduled to commence, together with high priority geochemical targets at 1050 East, 1050, Quondong and Malachite, in April-May 2013
==> picture [380 x 289] intentionally omitted <==
Figure 1. Renaissance’s Eastern Eyre Project (in yellow), showing regional geology and location of EL 4721
www.renaissanceuranium.com.au
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
Renaissance Uranium Limited (ASX: RNU) is pleased to announce that it has identified a standout gravity target at the Nilginee prospect within its 100%-owned Eastern Eyre Project in the Eyre Peninsula of South Australia. The gravity anomaly measures at least 3 milliGal amplitude, over approximately 3 square kilometres, with the anomaly centre coincident with a local circular magnetic anomaly, within a broad zone of elevated gold geochemistry. The Nilginee prospect is located within EL 4721 of Renaissance’s Eastern Eyre Project, which also includes EL 5012. Within EL 5012, Renaissance previously identified several high priority geochemical targets at its 1050 East, 1050, Quondong and Malachite prospects. See Renaissance ASX releases dated 27 November 2012 and 15 January 2013. Gravity coverage within the remaining areas of the Eastern Eyre Project (2,500 stations covering 400 square kilometres), including EL 5012, was recently completed and is currently under review. On the basis of the recent gravity results, Renaissance has elevated the priority of the Nilginee prospect, with drilling at Nilginee scheduled to commence in April-May 2013, together with the high priority geochemical targets previously identified within EL 5012.
Overview
Renaissance’s exploration at the Eastern Eyre Project is targeting iron-oxide, copper-gold-uranium (IOCGU) style and associated deposits within the Roopena Fault Zone in the southern portion of the Olympic Dam corridor. See Figure 1. The majority of this fault zone has not been recently drill tested as a result, in part, of the proposed expansion of the Department of Defence’s Cultana Training Area, which extends into Renaissance’s EL 5012 (but does not impact EL 4721). Recently, the Department of Defence and the Government of South Australia agreed upon protocols for conducting exploration within the Cultana Training Area and proposed extensions into EL 5012. With these procedures clarified, in September 2012, South Australia’s Department of Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) granted Renaissance’s licence application over EL 5012, permitting Renaissance to commence on-ground activities.
In late 2012, Renaissance commenced a program of pre-drilling exploration over the Eastern Eyre Project area. This program included an analysis of previous exploration data, which led Renaissance to identify several high priority geochemical, as well as geophysical, drill targets within EL 5012. The exploration program has also focused on portions of EL 4721 located to the southwest of the Roopena Fault Zone. This area within EL 4721 covers an inferred north-south structural corridor separating the palaeoproterozoic Lincoln Complex in the east from the older Hutchison Group metasediments to the west. Of particular interest to Renaissance is an area in EL 4721 previously defined as anomalous in calcrete geochemistry for both copper and gold. To test for highdensity zones within this area, Renaissance included it in regional infill gravity coverage designed to locate high density, hematite dominant IOCGU-style deposits.
Gravity Coverage
Renaissance’s gravity survey covered prospective areas of both EL 4721 and EL 5012. The survey included 2,500 stations covering 400 square kilometres, and was carried out by Daishsat Pty Ltd during December 2012 and February 2013. Coverage was designed to provide 400 by 400 metre station spacing within target structural areas, where previous gravity coverage was regarded as inadequate for delineation of economic IOCGU-style mineralised targets. Results of the survey are summarised in Figure 2. Within EL 4721, Renaissance has identified the standout gravity anomaly at the Nilginee prospect (see description below) as a first-priority drill target. Within EL 5012, the gravity data suggests that there are a number of significant local gravity features. Renaissance is currently assessing this data, and merging it with previous detailed survey coverage in the eastern portion of the fault zone, to determine priority anomalies.
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
2
==> picture [403 x 629] intentionally omitted <==
Figure 2. Residual gravity image for recently completed survey coverage
ASX code: RNU www.renaissanceuranium.com.au
ACN 135 531 341 36 North Terrace, Kent Town, SA 5067 Phone: +61 8 8363 6989 • Fax: +61 8 8363 4989 Email: [email protected]
3
Nilginee Gravity Target
The Nilginee gravity anomaly measures at least 3 milliGal amplitude, over approximately 3 square kilometres. The anomaly centre is coincident with local circular magnetic anomaly, within a broad zone of elevated gold geochemistry. The prospect area is located approximately 8 kilometres to the northeast of Arrium Limited’s (ASX: ARI) Moola copper prospect, where DMITRE reports oxide zone copper-gold mineralisation within a stratabound hematite-albite-calcite-chlorite breccia of at least 1.6 kilometre strike. Detailed results of the gravity response at Nilginee are shown in Figures 3-5 below.
==> picture [384 x 522] intentionally omitted <==
Figure 3. Gravity Detail for the Nilginee IOCG target gravity anomaly
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
4
==> picture [386 x 521] intentionally omitted <==
Figure 4. Gravity contours for the Nilginee anomaly imposed on aeromagnetic (TMI) image
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
5
==> picture [407 x 548] intentionally omitted <==
Figure 5. Gravity contours for the Nilginee anomaly imposed on calcrete gold geochemistry image
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
6
Next steps
As a result of the favourable results of the gravity survey over EL 4721, Renaissance expects to include the Nilginee prospect in its first drill program at Eastern Eyre project, scheduled to commence in April or May 2013. Previously identified targets within EL 5012, including 1050 East, 1050, Quondong and Malachite, are also expected to be included in the initial drill program, together with any additional targets that may be subsequently identified from further assessment of gravity data and historical exploration.
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 copper, gold, uranium and associated minerals. Renaissance has an extensive tenement portfolio, holding interests in 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
7