- Renascor Resources (RNU) upgrades the mineral resource estimate (MRE) for its Siviour graphite deposit in South Australia
- Siviour’s measured, indicated and inferred MRE stands at 93.5 million tonnes at 7.3 per cent total graphitic carbon for 6.9 million tonnes of contained graphite
- This represents a 17 per cent increase in indicated resources and a 14 per cent increase in the measured and indicated resource
- The company is currently progressing further drilling, an updated battery anode material study, as well as offtake and financing discussions
- RNU shares are up 5 per cent and trading at 21 cents at 10:56 am AEST
Renascor Resources (RNU) has upgraded the mineral resource estimate (MRE) for its Siviour graphite deposit in South Australia.
The measured, indicated and inferred MRE stands at 93.5 million tonnes at 7.3 per cent total graphitic carbon (TGC) for 6.9 million tonnes of contained graphite.
This represents a 17 per cent increase in indicated resources and a 14 per cent increase in the measured and indicated resource.
The newest MRE was completed by independent mining consultants Snowden Optiro following the completion of an infill drilling program.
Renascor expects the MRE results will support an improved pit design, mining schedule and ore reserve to be included into the company’s ongoing optimised battery anode material (BAM) study.
“The resource upgrade offers continued evidence of the quality of the Siviour graphite deposit, confirming to a higher degree of confidence the continuity of widespread, high-grade mineralisation at Siviour,” Managing Director David Christensen said.
In addition to the BAM study, the company is also progressing resource expansion drilling, securing a downstream facility, offtake agreements and financing.
According to Renascor, the Siviour Project is currently the second largest reported proven graphite reserve in the world and the largest graphite reserve outside of Africa.
RNU shares were up 5 per cent and trading at 21 cents at 10:56 am AEST.