Renascor Resources Reports New Shallow IP Gold Targets Along-Strike from Soyuz Prospect at Carnding Project

Summary

• Induced Polarization (IP) survey has confirmed multiple untested, shallow gold targets along-strike from the Soyuz prospect at Renascor Resources’ 100% owned Carnding Gold Project.
• Earlier in August, Renascor reported newly identified gold prospects, including the Soyuz, Mir, and Sunshine gold prospects at the project. Previous drilling at the Soyuz prospect intersected shallow, high-grade gold results, with drill intercepts of up to 16 g/t Au.
• IP anomalies located approximately 500m along strike of previous Soyuz drilling are shallow (from the surface) and significant in scale.
• Renascor considers Soyuz and other prospects to offer multiple drill-ready targets for granite-associated gold deposits that are near surface and of high grade.

Gold exploration momentum of Renascor Resources Limited (ASX:RNU) looks charged up with the series of noteworthy outcomes characterising its dedicated exploration endeavours. In a significant update on 28 August, the Company reported to have identified multiple untested, shallow gold targets along-strike from the Soyuz prospect, located at its 100% owned Carnding Gold Project (EL 5856) in South Australia’s Central Gawler Craton. The multiple new targets have been confirmed from an induced polarization (IP) survey.

Renascor considers that the IP zone contains high priority drill targets for primary gold mineralisation and plans to include the IP anomaly in upcoming drilling planned at Soyuz.

Significantly, the Company earlier this month reported newly identified gold prospects, including the Soyuz, Mir, and Sunshine gold prospects at the project with drill intercepts of up to 16 g/t Au. Renascor considers the prospects at Carnding, over which the previous drilling intersected robust gold results, to offer multiple drill-ready targets for near-surface, high-grade, Proterozoic granite-associated gold deposits.

Subsequent to the discovery of new prospects, Renascor has also expanded its tenement holding at Carnding, with the approval of ELA 2020/00110. It consists of additional prospective exploration areas adjacent to the gold prospects within EL 5856.

FOR DETAILED DISCUSSION: Renascor’s Expansion of Carnding Gold Project in Central Gawler Craton Fostering Impressive Exploration Undertakings

As gold exploration efforts tread along advancing trajectory, let us explore the Soyuz prospect, which is in the spotlight, as well as latest gold exploration undertakings by the Company.

Soyuz Prospect

Gold targets identified within the Carnding Project include the Soyuz Prospect. Notably, the prospect is defined by coincident magnetic and gravity anomalies along with multiple geochemical anomalies, which are identified by multi-element soil leach sampling.

Highly anomalous gold intercepts were returned from the initial shallow drilling at Soyuz, with results including:

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The results contain several significant and anomalous gold intersections over two cross-sections separated by 100m.

The gold target zone remains open both along-strike and at shallow depth. The Company considers the existing drilling to have defined drill-ready targets for shallow, high-grade gold deposits.

Soyuz IP Anomalies

Besides the gold zone defined by previous drilling at the Soyuz prospect, Renascor has identified a further target zone from the IP survey, which was conducted ~500m to the west of the high-grade intercepts.

The survey incorporated a single line of 100m dipole-dipole IP undertaken by Search Exploration Services Pty Ltd in March 2001 using a high-powered time domain transmitter and a proprietary full wave form digital acquisition receiver.

The IP anomaly is shallow (from the surface) and significant in scale. It covers a zone of around 150m in width and exhibits chargeability values at least eight times those of background.

The single line IP Section 433250E was initially run for investigating a coincident magnetic/gravity anomaly adjacent to a Hiltaba age granite. It has also revealed a moderate to strong chargeability anomaly near the southern end of the coverage.

As currently defined, the anomaly lies between the north-south orientated magnetic feature and the granite margin to the south and is consistent with a significant hydrothermal system.

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The IP anomaly is close to a subtle IP/chargeability high, coinciding with low-level gold intercepts in drill holes SZAC013, SZAC014 and SZAC015. At surface, previous soil sampling in the IP zone has demonstrated Rare Earth Element and Uranium anomalism, which may indicate pathfinders for gold.

Renascor considers the IP anomaly to be consistent with sulphide development and hydrothermal alteration/silicification, which are favourable for gold mineralisation.

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Next Steps

RNU stock traded at $0.013 on 31 August 2020. RNU share price has appreciated by more than 55% in the past six months.