Remarkable Bonanza for Renascor with Shallow Gold Intercepts in Central Gawler Craton

Summary

• Renascor at its wholly owned Carnding Project has identified multiple gold targets up to 16 g/t in Central Gawler Craton.
• Significant gold exploration and development activities are currently occurring near Renascor’s gold project.
• Amidst the current volatile scenario with gold prices touching new highs, RNU has expanded its strategic focus to include its highly prospective gold targets.
• Renascor’s primary efforts remain directed at becoming the first Purified Spherical Graphite producer outside China via the integration of a PSG processing operation with its high-grade Siviour Graphite Project.

Australian discoverer and developer, Renascor Resources Limited (ASX: RNU) appears to be playing out its cards well, as its strategic exploration tenement portfolio has churned out robust results amidst the booming gold prospects. In a significant update, the Company has identified several gold targets at its wholly owned South Australian project, Carnding Project (EL 5856).

Renascor, which remains focused on its flagship Siviour Graphite Project, seems to be wielding its high-potential resources in the right manner, as the pandemic-induced volatility captures the capital markets profusely. Black Swan COVID-19 has turned out to be a tipping point for gold prices, which seem to repeatedly smash new records in the current scenario, fostering a fertile ground for the bullion market.

The recent significant update on the back of the Company’s prudently crafted activities sits in line with the current yellow metal fervour. Post the significant announcement on 4 August 2020, RNU stock soared by over 23% to settle the day’s trade at $0.016.

Renascor considers the newly identified prospects, including Soyuz Prospect over which high-grade, shallow gold was intersected in previous drilling, to offer multiple drill-ready targets for near-surface, high-grade, Proterozoic granite-associated gold deposits.

A Glimpse at Central Gawler Craton Region

Carnding Project is situated in the Central Gawler Craton of South Australia. Within an aruate region around the western and southern edge of the Gawler Range Volcanic Province outcrop, the Central Gawler Craton region hosts several gold occurrences and deposits. The region is currently experiencing increased gold activity with ongoing exploration and development.

Renascor’s Carnding Project

Multiple high priority gold targets have been identified at the Carnding Project, with the newly identified prospects based on shallow drilling in areas where coincident geochemical and magnetic anomalies were defined by regional gold exploration programs after broad-scale and subsequent infill calcrete sampling.

The drill-ready targets are offered by the prospects that remain open at shallow depths for Proterozoic granite-associated, near-surface, high-grade gold deposits, which are associated with Hiltaba Suite intrusions.

Soyuz Prospect

Coincident magnetic and gravity anomalies (2km by 1km) along the northern margin of a Hiltaba-type granite define the Soyuz Prospect. Multi-element soil leach sampling within the area has identified multiple geochemical anomalies.

Anomalous to highly anomalous gold intercepts were returned in the initial shallow drilling at Soyuz, including:

• SZRB006- 7 metres @ 5.14g/t Au from 26 metres to end of hole, including 2 metres @ 16.42 g/t Au from 30 metres
• SZRC07- 6 metres @ 4.94g/t Au from 14 metres

Significantly, a coherent zone of gold mineralisation has been defined by the anomalous gold intercepts, while the gold target zone remains open both at shallow depth and along-strike.

Renascor considers that the existing drilling has defined drill-ready targets for shallow and high-grade gold deposits within the target zones as well as along-strike to the north-east and south-west and targeting the magnetic high immediately to the west.

Furthermore, at Soyuz Prospect, initial geochemical data, in addition to gold anomalies, show a rare earth element (REE) anomaly, which is located outside of the drill hole grids and has not been drill tested.

The Company believes that the REE anomaly would provide gold and REE mineralisation potential, with soil data showing three discrete uranium anomalies (peak 75ppm U).

Sunshine Prospect

Sunshine Prospect, located ~10 kilometres north of Soyuz, is defined by calcrete gold geochemistry. At the prospect, previous drilling intersected gold, including 10 metres @ 1.44g/t Au from 56 metres, including 2 metres @ 6.65 g/t Au from 60 metres, over coincident calcrete geochemical and magnetic anomalies.

Renascor considers Sunshine to offer the potential for granite-associated near-surface, high-grade gold deposits within significant, untested magnetic highs, using the Soyuz model for targeting, as well as in untested areas within the southern portion of the calcrete gold anomaly.

Limited exploration of Sunshine suggests similarities with the Challenger gold mine, unlocking the potential for large-scale, high-grade deposits.

Mir Prospect

Stationed approximately three kilometres northwest of Soyuz, the Mir prospect is defined by anomalous gold in calcrete distribution and covers an area of ~2.5 square kilometres, with values up to 97ppb Au. The area is coincident with an intense magnetic high.

At Mir, gold mineralisation and associated magnetite/pyrite alteration is related to quartz veining, indicating potential for granite-associated high-grade gold.

Targets include coincident magnetic anomalies and lesser tenor magnetic anomalies to the south-east towards Soyuz.

Good Read: Renascor Resources’ June Quarterly Report Signalling Cornucopia of Excellence at Siviour Graphite Project