- Renascor Resources (RNU) has upgraded the JORC ore reserve estimate for its Siviour Graphite Project in South Australia
- The expanded ore reserve estimate is 51.5 million tonnes at 7.4 per cent total graphitic carbon (or TGC) for 3.8 million tonnes of contained graphite
- This includes a proven reserve of 15.8 million tonnes at 8.4 per cent TGC for 1.3 million tonnes of contained graphite
- This upgrade confirms Siviour is the largest reported total ore reserve of graphite outside of Africa
- It also positions Siviour as the second-largest reported proven reserve of graphite in the whole world
- These results further support Renascor’s ongoing offtake and finance discussions
- Company shares are up 8.33 per cent and trading for 1.3 cents each just before market close
Renascor Resources (RNU) has upgraded the JORC ore reserve estimate for its Siviour Graphite Project in South Australia.
The upgraded ore reserve estimate totals 51.5 million tonnes at 7.4 per cent total graphitic carbon (TGC) for 3.8 million tonnes of contained graphite.
This includes a proven reserve of 15.8 million tonnes at 8.4 per cent TGC for 1.3 million tonnes of contained graphite and probable reserves of 35.8 million tonnes at 6.9 per cent TGC for 2.5 million tonnes of contained graphite.
This expanded reserve confirms Siviour as the largest reported total ore reserve of graphite outside of Africa and the second largest reported proven reserve estimate of graphite in the world after the 50.5 million-tonne Nachu Project in Tanzania.
“The upgraded ore reserve announced today, and in particular, the significant Proven Reserve, highlights the unique potential of Siviour to become a source of consistent, low cost, high-quality graphite to service the increasing demand for lithium-ion battery anodes,” Managing Director David Christensen said.
Independent mining consultancy, Optima Consulting and Contracting prepared the Siviour ore reserve and used the Siviour definitive feasibility study that was released in November 2019 to form the basis of the estimated ore reserve.
Additionally, Optima referred to the mineral resource estimate for the Siviour Graphite Project, which currently sits at 87.4 million tonnes at 7.5 per cent TGC for 6.6 million tonnes of contained graphite.
Importantly, the ore reserve is based on measured and indicated resources only. Inferred mineral resources have not been included.
This was released in April of last year and was prepared by Optiro in accordance with the 2012 JORC Code.
Next steps for the company include a focus on integrated mine and battery anode material operation.
Planned upcoming work includes offtake and finance discussions with potential buyers, producing more spherical graphite samples for customers, advancing battery testing and completing permitting and approvals to officially commence production at Siviour.
“We are progressing well on our objective of securing high-quality offtake commitments to support Siviour’s financing and development, and we look forward to using today’s results to support these efforts,” David concluded.
Company shares are up 8.33 per cent and trading for 1.3 cents each just before market close.