Renaissance Minerals (ASX:RNS) has defined a JORC gold resource of 1.2 million ounces at 2.4 grams per tonne (g/t) at its Okvau deposit in Cambodia.
The resource comprises 15.2 million tonnes at 2.3g/t for 1.11 million ounces of gold in the higher confidence Indicated category, plus 0.5 million tonnes at 5.9g/t for 0.1 million ounces of gold in the Inferred category.
The results are significant for Renaissance, which acquired the project less than 12 months ago, and the drilling program completed last year has already resulted in a resource increase of 65% as well as a 33% improved gold grade.
Around 93% of the resource is in the Indicated category, and comprises mineralisation from surface to less than 300 metres, with depth and geometry amenable to open pit mining.
The Okvau deposit also remains open to the north-east, south-east and at depth, lending scope for further resource expansion.
The resource includes the drilling completed by the company on the Okvau gold deposit during 2012, which was a combination of infill and extensional drilling.
It covers about 500 metres strike and 250 metres width of the mineralised vein system and utilised 90 diamond drill holes totalling 28,156 metres.
The resource comprises 15.2 million tonnes at 2.3g/t for 1.11 million ounces of gold in the higher confidence Indicated category, plus 0.5 million tonnes at 5.9g/t for 0.1 million ounces of gold in the Inferred category.
The results are significant for Renaissance, which acquired the project less than 12 months ago, and the drilling program completed last year has already resulted in a resource increase of 65% as well as a 33% improved gold grade.
Around 93% of the resource is in the Indicated category, and comprises mineralisation from surface to less than 300 metres, with depth and geometry amenable to open pit mining.
The Okvau deposit also remains open to the north-east, south-east and at depth, lending scope for further resource expansion.
The resource includes the drilling completed by the company on the Okvau gold deposit during 2012, which was a combination of infill and extensional drilling.
It covers about 500 metres strike and 250 metres width of the mineralised vein system and utilised 90 diamond drill holes totalling 28,156 metres.
Renaissance aims to establish a multi-million ounce gold project at Okvau in Cambodia and is currently undertaking a 25,000 metre reverse circulation drilling program targeting high priority prospects within close proximity of the Okvau gold deposit.
It currently has two reverse circulation rigs drilling and has recently completed a highly successful surface geochemical sampling program that generated multiple targets to drill test over the current exploration field season.
All of these targets are situated within 15 kilometres of the Okvau gold deposit.
The Cambodian Gold Projects cover an extensive area of approximately 1,100 square kilometres within the core of a prospective new Intrusive Related Gold province in the eastern region of the country.
Exploration to date has demonstrated the potential for large scale gold deposits with the geology and geochemistry analogous to other world class Intrusive Related Gold districts, in particular the Tintina Gold Belt in Alaska.
Renaissance had a cash balance of $9.1 million at the end of last quarter.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
Renaissance Minerals (ASX: RNS) is a Perth based mineral exploration
Company focussed on exploring and developing gold projects in Western
Australia and Alaska.
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