Standout IOCG Gravity Target Outlined at Eastern Eyre Project
Adelaide, Mar 4, 2013 AEST (ABN Newswire) - Renaissance Uranium Limited (
ASX:RNU) is pleased to announce that it has identified a standout gravity target at the Nilginee prospect within its 100%-owned Eastern Eyre Project in the Eyre Peninsula of South Australia.
The gravity anomaly measures at least 3 milliGal amplitude, over approximately 3 square kilometres, with the anomaly centre coincident with a local circular magnetic anomaly, within a broad zone of elevated gold geochemistry. The Nilginee prospect is located within EL 4721 of Renaissance's Eastern Eyre Project, which also includes EL 5012. Within EL 5012, Renaissance previously identified several high priority geochemical targets at its 1050 East, 1050, Quondong and Malachite prospects. See Renaissance ASX releases dated 27 November 2012 and 15 January 2013. Gravity coverage within the remaining areas of the Eastern Eyre Project (2,500 stations covering 400 square kilometres), including EL 5012, was recently completed and is currently under review. On the basis of the recent gravity results, Renaissance has elevated the priority of the Nilginee prospect, with drilling at Nilginee scheduled to commence in April-May 2013, together with the high priority geochemical targets previously identified within EL 5012.
Overview
Renaissance's exploration at the Eastern Eyre Project is targeting iron-oxide, copper-gold-uranium (IOCGU) style and associated deposits within the Roopena Fault Zone in the southern portion of the Olympic Dam corridor. See Figure 1. The majority of this fault zone has not been recently drill tested as a result, in part, of the proposed expansion of the Department of Defence's Cultana Training Area, which extends into Renaissance's EL 5012 (but does not impact EL 4721). Recently, the Department of Defence and the Government of South Australia agreed upon protocols for conducting exploration within the Cultana Training Area and proposed extensions into EL 5012. With these procedures clarified, in September 2012, South Australia's Department of Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) granted Renaissance's licence application over EL 5012, permitting Renaissance to commence on-ground activities.
In late 2012, Renaissance commenced a program of pre-drilling exploration over the Eastern Eyre Project area. This program included an analysis of previous exploration data, which led Renaissance to identify several high priority geochemical, as well as geophysical, drill targets within EL 5012. The exploration program has also focused on portions of EL 4721 located to the southwest of the Roopena Fault Zone. This area within EL 4721 covers an inferred north-south structural corridor separating the palaeoproterozoic Lincoln Complex in the east from the older Hutchison Group metasediments to the west. Of particular interest to Renaissance is an area in EL 4721 previously defined as anomalous in calcrete geochemistry for both copper and gold. To test for highdensity zones within this area, Renaissance included it in regional infill gravity coverage designed to locate high density, hematite dominant IOCGU-style deposits.
Gravity Coverage
Renaissance's gravity survey covered prospective areas of both EL 4721 and EL 5012. The survey included 2,500 stations covering 400 square kilometres, and was carried out by Daishsat Pty Ltd during December 2012 and February 2013. Coverage was designed to provide 400 by 400 metre station spacing within target structural areas, where previous gravity coverage was regarded as inadequate for delineation of economic IOCGU-style mineralised targets. Results of the survey are summarised in Figure 2. Within EL 4721, Renaissance has identified the standout gravity anomaly at the Nilginee prospect (see description below) as a first-priority drill target. Within EL 5012, the gravity data suggests that there are a number of significant local gravity features. Renaissance is currently assessing this data, and merging it with previous detailed survey coverage in the eastern portion of the fault zone, to determine priority anomalies.
To View location maps, please visit:
http://media.abnnewswire.net/media/en/docs/74767-ASX-RNU-724084.pdf
About Renascor Resources Limited
Renascor Resources Limited (ASX:RNU) is engaged in exploration for copper, gold, uranium and other minerals in Australia. The Company's projects include Arno Graphite Project, which consists of four granted exploration licenses: ELs 5618, 5204, 5496 and 5714, covering approximately 1,372 square kilometers in the Eyre Peninsula.
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