- Minerals explorer Renascor Resources (RNU) has locked up its shares today ahead of a capital raise
- Over the last few weeks, the company has made some significant gold discoveries at its Carnding Gold Project in South Australia
- Notably, the Soyuz prospect at the project has proven fruitful, returning gold values of up to 16.42 grams per tonne
- The company stated it was in the process of obtaining approvals for a drilling program at Soyuz
- Renascor will also conduct infill soil sampling and geophysical surveys
- Whether or not the upcoming capital will support drilling and exploration activities remains uncertain
- Company shares last traded 6.67 per cent lower for 1.4 cents in early morning trade
Minerals explorer Renascor Resources (RNU) has locked up its shares today ahead of a capital raise announcement.
The company will remain in a trading halt until trading commences on September 18, unless the capital raise is announced earlier.
On August 4, Renascor announced it had identified a number of gold targets at its Carnding Gold Project in South Australia. Amid this, the Soyuz prospect returned gold values of seven metres at 5.14g/t gold from 26 metres to end-of-hole including two metres at 16.42g/t gold from 30 metres.
The discoveries continued throughout the month, with Renascor identifying more untested gold targets at the Soyuz prospect.
The company stated it was in the process of obtaining approvals for a drilling program at Soyuz.
This drilling will target the existing gold zone, the induced polarisation (IP) anomaly and further targets which may arise from upcoming infill soil sampling and geophysical surveys.
Whether or not the upcoming capital will support drilling and exploration activities is not yet certain.
Company shares last traded 6.67 per cent lower for 1.4 cents in early morning trade.