THE BOURSE WHISPERER: Renaissance Minerals has completed the acquisition of the Cambodian gold project from OZ Minerals by way of the acquisition of its wholly owned subsidiary OZ Minerals (Cambodia) Limited.
According to Renaissance the Cambodian gold project covers approximately 1,100 square kilometres within the core of what the company described to be, “a prospective new Intrusive Related Gold province”, in the eastern region of the country.
A JORC Code Indicated and Inferred Resource estimate of 12.6 million tonnes at 1.8 grams per tonne gold for 729,000 ounces of gold has recently been defined at the Okvau gold deposit.
Okvau gold deposit resource estimate. Source: Company announcement
With the completion of the acquisition, Renaissance has immediately commenced drilling on the 100 per cent-owned Okvau deposit.
The Company currently has one diamond drill rig onsite undertaking extensional drilling with the aim of expanding the current resource.
Renaissance said it is expecting a second diamond drill rig onsite during the coming weeks to test high priority prospects outside of the Okvau gold deposit.
“This is a company making acquisition for Renaissance,” Renaissance Minerals managing director Justin Tremain said in the company’s announcement to the Australian Securities Exchange.
“The company has now secured a project with a 729,000 ounce gold resource defined within a single deposit along with multiple drill ready prospects that offer exceptional exploration potential in an emerging new gold district.
“Cambodia has potential to host large, world class gold deposits yet it remains largely unexplored.
“The company is pleased to now have completed the acquisition and to have commenced to its initial drill program on the current Okvau gold deposit and other regional targets.”