Renascor Resources (ASX:RNU) announces it is expecting to update its Mineral Resource Estimate (MRE) later this quarter for the Siviour Graphite deposit in South Australia.
The $482.48 million market capitalisation company says results from a recent drilling program are being incorporated into a revised geological interpretation and will be used to update the resource model.
Sample material obtained from the diamond drilling will also be used in metallurgical testwork.
Renascor reports the drilling confirms ‘major’ extensions to the Siviour Graphite deposit, with assays demonstrating the continuity of widespread, ‘high-grade’ graphite over an area extension over 3km immediately north of the Siviour mineral resource.
‘Significant’ intersections include hole SIVDD290 with 47m @ 7.6% total graphitic carbon (TGC) from 78m; hole SIVDD294 with 38m @ 6.6% TGC from 91m; and hole SIVDD287 with 26m @ 9% TGC from 70m, including 7m @ 14.1% TGC from 110m.
Commenting on the drill results, Renascor Resources Managing Director David Christensen says: “The drill results continue to add to the world-class quality of the Siviour Graphite deposit and demonstrate the unique potential of an abundance of near-surface, high-grade graphite in a single ore body.
“The drill results continue to add to the world-class quality of the Siviour Graphite deposit”
We expect that these results will support further extensions to the current pit design for future capacity expansions beyond those being considered in the optimised BAM Study, as well as to offer the potential for a significant increase to the Siviour mineral resource.”
The primary aim of the program has been to confirm the continuity to, and to test for possible extensions of, mineralisation to the north of the Siviour mineral resource.
Renascor completed 26 diamond drillholes for 2,963m, though 6 of these holes were abandoned prior to intersecting mineralisation.
The results from the recent drilling indicate the potential to extend the current mine plan into the northwestern extension of the Siviour mineral resource and areas immediately north over a wide area, extending over 3km.
Renascor Resources is an ASX-listed company, with a ‘large’ tenement position in key mineral provinces in South Australia. The company’s currently focused on its wholly owned Siviour Battery Anode Materials Project and Carnding Gold Project.
As of 31 March 2023, Renascor Resources had $134 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Renascor Resources Ltd
