RENAISSANCE MINERALS LIMITED ASX Announcement & Media Release
Tuesday, 23 September 2014
Fast Facts
ASX Code: RNS
Shares on issue: 398.9 million Market Cap: $27 million Cash: $6.2 million
Board & Management
Alan Campbell, Non-Exec Chairman
Dave Kelly, Non-Exec Director
Justin Tremain, Managing Director Craig Barker, Exploration Manager Brett Dunnachie, CFO & Co. Sec. Vireak Nouch, Country Manager
Company Highlights
Renaissance Commences 2014/2015 Drilling at Okvau Gold
Project, Cambodia
Drilling has recommenced at the Okvau Gold Project in Cambodia following completion of the recent $6.0 million capital raising
Program includes ~15,000 metres of Diamond and Reverse
Circulation drillingDrilling designed to systematically test high quality targets
along the 'Okvau Trend' to the north of the Okvau DepositAdditional highly prospective targets at 'Granite Hill' and
'Area 6' will also be testedExcellent potential to discover additional high grade gold mineralisation at numerous untested prospects
Targeting multi-million ounce gold
systems in a new Intrusive Related
Gold province in Cambodia
First mover advantage in a new frontier
Okvau Deposit (100% owned): Indicated and Inferred Mineral Resource Estimate of 15.6Mt @
2.4g/t Au for 1.2 Million ounces1
Mineralisation is from surface, amenable to open pit mining and remains 'open'
Multiple high priority, untested targets
1 Refer Table One
Registered Office
288 Churchill Avenue
SUBIACO WA 6008
T: +61 8 9286 6300
F: +61 8 9286 6333
W: www.renaissanceminerals.com.au
E: admin@renaissanceminerals.com.au
Renaissance Minerals Limited (ASX: RNS) ("Renaissance" or the "Company") is pleased to announce that the next phase of exploration at the Okvau Gold Project in Cambodia is underway with the commencement of a significant drilling program. This follows the completion of the recent $6.0 million equity raising.
The drilling program, consisting of approximately 15,000 metres of diamond core drilling ("Diamond") and reverse circulation ("RC") drilling, is designed to test for new gold discoveries at a number of highly prospective targets within close proximity to the 1.2Moz Okvau Deposit.
The initial 6-7 weeks of the program will comprise of Diamond drill testing of targets surrounding the Company's 1.2Moz Okvau Deposit. Following the end of the wet season, anticipated to be the end of October, the program will shift to RC drill testing of numerous high quality exploration targets to the north of the Okvau Deposit, followed by targets further to the west (Granite Hill and Area 6).
Renaissance's Managing Director, Justin Tremain commented, "This drilling program will be the largest ever undertaken by Renaissance, testing multiple highly prospective targets within close proximity of the Okvau Deposit. The targets to be tested are each capable of delivering a step-change in Renaissance's value through the addition of significant additional ounces to the Company's already robust 1.2Moz resource inventory."
Diamond drilling has commenced at the Samnang Prospect, located just 500 metres to the north-west of the Okvau Deposit. The Samnang Prospect is characterised by highly anomalous surface geochemistry, complex geology, and significant artisanal workings with limited drill testing returning highly encouraging results. The Prospect is analogous with the Okvau Deposit.
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The Samnang Prospect is hosted by an east-west orientated 'tongue' of the Okvau diorite intrusion, immediately south of the Prek Te River.
Mapping, rock chip and channel sampling along the Prek Te Fault, to the north-east of the Samnang Prospect, has returned multiple high grade assays including 14.9g/t, 10.9g/t and
6.8g/t from grab samples and 4m @ 6.2g/t from channel samples (refer ASX announcement dated 23 June 2014).
Previous significant (+10 gram metres) drill results at Samnang include (refer ASX announcement 4 February 2013):
9m @ 6.6g/t gold from 0 metres
20m @ 2.05g/t gold from 38m
3m @ 3.97g/t gold from 21m
The current drilling program has been designed to systematically test the Samnang Prospect, following up previous encouraging results, and also to undertake first pass drill testing of the Prek Te Fault to the north-west.
Diamond drilling is also proposed along the western margin of the Okvau Deposit to test for shallow, up-dip sediment hosted mineralisation at Okvau beyond the diorite contact with the sediments. The western sediments at Okvau have not been adequately drill tested, with the limited drilling undertaken having intercepted some of the highest grades in the Okvau Deposit.
Following the initial drilling program at Samnang, Prek Te and Okvau, the drill rig will be moved 3 kilometres north to test the high priority Area 1 Prospect. Soil sampling has defined three prominent, robust geochemical soil anomalies at Area 1, with elevated levels of gold, arsenic, bismuth and tellurium over extensive areas. Numerous samples returned +100ppb gold, with peak values of 2,870ppb, 1,360ppb, 739ppb and 595ppb gold. Drilling will follow up recent trenching results which included (refer ASX announcement dated 23 June 2014):
17 metres @ 2.9g/t gold; including 9 metres @ 4.8g/t gold; and
5 metres @ 3.6g/t.
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Figure Two | Okvau and O'Chhung Licence Areas
In addition to the extensive drilling program, the Company has planned a soil geochemical sampling program comprising approximately 10,000 samples to complete detailed geochemical coverage, predominantly on 100m by 50m spacing, of the Okvau and adjoining O'Chhung project areas. This survey is expected to commence in early November, immediately following the wet season. The Company is confident this program will generate further exploration targets to test with drilling.
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Cambodian Gold Project | Background
The 100% owned Okvau and adjoining O'Chhung Exploration Licences cover approximately 400km2 of the total project area and are located in the eastern plains of Cambodia in the Mondulkiri Province approximately 265km north east of the capital Phnom Penh. The topography is undulating with low relief 80m to 200m above sea level. There are isolated scattered hills rising to around 400m. The area is sparsely populated with some artisanal mining activity. Existing dirt roads and tracks provide for sufficient access for the exploration.
In March 2013, Renaissance announced an independent JORC-compliant indicated and inferred resource estimate at the Okvau Deposit of 15.6Mt
@ 2.4g/t gold for 1.2Moz (refer Table One). The Okvau Deposit is from surface and remains 'open' with potential for further resource growth. The current Okvau resource has a strike extent of 500m and covers approximately 250m of width of the mineralised vein system. The current resource estimate is underpinned by approximately 28,000m of diamond drill core.
The Okvau Deposit and other gold occurrences within the Okvau and O'Chhung exploration licences are directly associated with diorite and granodiorite intrusions and are best classed as 'Intrusive Related Gold' systems.
Within the Okvau and O'Chhung licences are a number of high priority exploration prospects based upon anomalous geochemistry, geology and geophysics which remain untested with drilling. These targets are all located within close proximity to the Okvau Deposit.
Cambodia is a constitutional monarchy with a constitution providing for a multi-party democracy. The population of Cambodia is approximately 14 million. The Royal Government of Cambodia, formed on the basis of elections internationally recognised as free and fair, was established in 1993. Elections are held every 5 years with the last election held in July 2013. Cambodia has a relatively open trading regime and joined the World Trade Organisation in 2004. The government's adherence to the global market, freedom from exchange controls and unrestricted capital movement makes Cambodia one of the most business friendly countries in the region.
The Cambodian Government has implemented a strategy to create an appropriate investment environment to attract foreign companies, particularly in the mining industry. Cambodia has a modern and transparent mining code and the government is supportive of foreign investment particularly in mining and exploration to help realise the value of its potential mineral value.
Detailed information on all aspects of Renaissance Minerals projects can be found on the Company's website:
www.renaissanceminerals.com.au.
For further information please contact
Renaissance Minerals Limited
Justin Tremain, Managing Director
The information in this report that relates to Exploration Results is based on information compiled by Mr Craig Barker, a full time employee of the company and who is a Member of The Australasian Institute of Geoscientists. Mr Craig Barker has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Craig Barker consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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Table One | Okvau Deposit Resource Estimate
Notes
1 The Inferred resources are reported at a 0g/t gold cut-off as volumes are already restricted by a 2.0 g/t gold threshold
2 Tonnes are rounded to nearest 0.1 Mt, grade to 0.01 g/t, and contained gold to 10,000 oz. Totals may appear different from the sum of their components because of rounding
This Mineral Resource estimate for the Okvau Gold project was prepared by Robin Simpson of SRK Consulting (Australasia) Ltd. Mr Simpson is a Member of the Australian Institute of Geoscientists (AIG), and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity with which he was involved to qualify as a Competent Person as defined by the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Simpson consents to the inclusion of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to Mineral Resources and Ore Reserves was prepared and first disclosed under the JORC code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis t hat the information has not materially changed since it was last reported.
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