Renascor intersects visible chalcopyrite at Extension Tank

THE DRILL SERGEANT: Renascor Resources (ASX: RNU) believes it has intersected a possible iron-oxide-copper-gold (IOCG) system in its first drilling of the company’s Extension Tank prospect.

Renascor described Extension Tank as a large, high amplitude gravity target, which is situated within the Roopena-Angle Dam fault corridor in the Southern portion of South Australia’s Olympic Dam IOCG belt.

Renascor recently completed two reverse circulation drill holes at Extension Tank.

The first hole (14RETRC001) intersected sulphide mineralisation, including chalcopyrite, over eight metres (from 64 metres).

The second hole (14RETRC002) was completed 300 metres north to test the continuation of the gravity zone.

This hole intersected 42m of hematite and minor sulphide alteration (120 metres to end-of-hole).

 

Extension Tank. Three-dimensional view showing draped gravity surface,
interpreted density target zones and drill hole traces. Source: Company
announcement

 

Renascor said it considers the two holes drilled at Extension Tank to have tested only the upper portion of an interpreted high-density target zone.

The company believes this offers the opportunity to identify a copper-rich IOCG zone within the gravity anomaly.

“The visual results are highly encouraging, as we have now established a strong indication of IOCG development at Extension Tank,” Renascor Resources managing director David Christensen said in the company’s announcement to the Australian Securities Exchange.

“The presence of a standout gravity anomaly in the copper-mineralised Roopena-Angle Dam fault structure previously established Extension Tank as a prime IOCG target in the copper-rich Olympic Dam belt.

“The first two holes have now confirmed the exploration model and materially advanced the prospects of locating an IOCG-style deposit at Extension Tank.

“We now have a significantly improved geological understanding of the gravity anomaly at Extension Tank and are able to define immediate drill targets for IOCG development within the high-density portions of the gravity anomaly.

“We are also encouraged by the wider IOCG prospects within the Eastern Eyre project area, which we believe offer similar compelling, and now upgraded, prospects for locating large-scale IOCG deposits.

“Finally, as we are operating within a relatively shallow portion of the Olympic Dam belt, the project area offers the added benefit of being able to test these prospects with comparatively inexpensive reverse circulation drilling.”

Renascor anticipates the assays to be ready within two to three weeks, at which time it hopes to finalise drill targets at Extension Tank and the wider Eastern Eyre project area for drill testing in early 2015.

Email: info@renascor.com.au

Website: www.renascor.com.au