- Renascor Resources (RNU) enters an access and option agreement to extend the Siviour project area in South Australia
- The agreement will allow the company to explore in, and potentially purchase the land over, an area that includes the north-western extension of the Siviour inferred resources
- Recent drilling immediately south of the north-western zone returned assays that are amongst the thickest and highest grade intersections to date within the project
- Renascor believes the north-western extension area will offer similar results and will give the company the opportunity to extend the current pit design
- Pending drill rig availability, the company is expecting to commence drilling in this current quarter
- RNU shares are trading steady at 15.5 cents each as of 10:52 am AEST
Renascor Resources (RNU) has entered an access and option agreement to extend the Siviour project area in South Australia.
The agreement will allow the company to explore in, and potentially purchase the land over, an area that includes the north-western extension of the Siviour inferred resources and other areas along strike of the exisiting mineral resources.
Recent drilling to the immediate south of the north-western zone have seen assays that are amongst the thickest and highest grade intersections to date within the project.
Renascor believes the north-western extension area will offer similar results and will give the company the potential opportunity to extend the current pit design.
“Siviour is already one of the largest graphite deposits in the world, with the current mineral resource offering the potential to produce up to 150,000 tonnes of graphite flake concentrates per year in a staged development over a 40 year mine-life,” Managing Director David Christensen said.
“The agreement announced today helps further secure the project’s long-term future as a tier one graphite project capable of significant growth to respond to the increasing demand for purified spherical graphite for lithium-ion batteries.”
The company will now look to increase the size and improve confidence level of the Siviour mineral resources within this this north-western area.
Pending drill rig availability, the company is expecting to commence drilling in this current quarter.
RNU shares were trading steady at 15.5 cents each at 10:51 am AEST.