Images showing the 6 locations of Renascor Resource's projects in the state of South Australia

Carnding Project

Carnding Project Area

Renascor’s Carnding Project contains several near-surface, high-grade gold prospects (up to 16g/t from previous drilling) in South Australia’s Central Gawler Craton, an emerging gold province.

At Carnding, Renascor is targeting shallow, high-grade gold occurrences. Within the project area, Renascor has identified multiple high priority gold targets based on shallow drilling in areas where regional gold exploration programs defined coincident geochemical and magnetic anomalies after broad-scale and subsequent infill calcrete sampling.

The prospects remain open at shallow depths and offer drill-ready targets for Proterozoic granite-associated, near-surface, high-grade gold deposits associated with Hiltaba Suite intrusions.

Carnding Project tenement map of EL 6687 (Carnding) and EL 6585 (Malbooma) and location with South Australia

Figure 1: Carnding Project tenement map of EL 6687 (Carnding) and EL 6585 (Malbooma)

Soyuz Prospect

Gold targets identified within the Carnding Project include the Soyuz Prospect, which is defined by coincident magnetic and gravity anomalies. Multi-element soil leach sampling has identified multiple geochemical anomalies.

Initial shallow drilling at Soyuz returned anomalous to highly anomalous gold intercepts, including:

  • 7m @ 5.14g/t Au from 26m to end of hole, including 2m @ 16.42 g/t Au from 30m (SZRB006), and

  • 6m @ 4.94g/t Au from 14m (SZRC07).

Figure 2 and Figure 3 provide an example of this drilling, with holes containing anomalous gold intervals highlighted, overlaying part of a vertical gradient aeromagnetic (Figure 2) and soil geochemistry anomaly (Figure 3) underlay image.

 

As shown by cross-sections in Figure 4, Figure 5 and Figure 6 below, the anomalous gold intercepts have defined a coherent zone of gold mineralisation at shallow depths.

Notwithstanding weathering and oxidation, which may have caused gold leaching or enrichment, the results include several significant and anomalous gold intersections over two cross-sections separated by 100 metres. The gold target zone remains open both at shallow depth and along-strike.

Soyuz Prospect showing previous drill holes with anomalous Au highlighted, over part of vertical gradient aeromagnetic image.

Figure 2: Soyuz Prospect showing previous drill holes with anomalous Au highlighted, over

Soyuz Prospect soil gold image with soil anomaly heatmap overlain with historic and recent drill results.

Figure 3: Soyuz Prospect soil gold image with soil anomaly heatmap overlain with historic and recent drill results (2021).

Soyuz Prospect, Section 433380 East showing historic drill holes and gold anomalous intercepts.

Figure 4: Soyuz Prospect, Section 433380 East showing historic drill holes and gold anomalous intercepts.

Soyuz Prospect, Section 433480 East showing historic drill holes and gold anomalous intercepts.

Figure 5: Soyuz Prospect, Section 433480 East showing historic drill holes and gold anomalous intercepts.

Soyuz Prospect, Section 6608400 North showing historic drill holes and gold anomalous intercepts.

Figure 6: Soyuz Prospect, Section 6608400 North showing historic drill holes and gold anomalous intercepts.

Other prospects

The project includes other drill-ready targets, which include large calcrete gold geochemical anomalies with coincident magnetic highs:

  • Sunshine: Limited drilling intersected quartz vein-hosted gold within Challenger host lithology

  • Mir: Anomalous surface geochemical gold in calcrete distribution covering an area of approximately 2.5km2 over intense magnetic high.

The project area also includes several untested geochemical gold anomalies defined by broad- scale (800m x 1,600m) and subsequent infill (50m x 50m) calcrete sampling.

 

Soyuz Prospect, Section 6608400 North showing historic drill holes and gold anomalous intercepts.

Figure 7: Location of Sunshine and Mir within the Carnding Project (EL 6687).

Marree Project

Marree Project Area

The Marree Project is made up of a large, copper-prospective ground position within South Australia’s Adelaide Fold Belt. Renascor’s exploration program here has focused on identifying and drilling prospects for potentially large tonnage Zambian Copper Belt-style, sedimentary copper deposits.

The sedimentary sequences of the Adelaide Fold Belt have long been recognised as distinctly analogous to the copper-rich Zambian Copper Belt, offering prospects for large tonnage sedimentary copper deposits. In the 1970s and early 1980s, some significant exploration programs adopted the Zambian-style sedimentary copper model within Renascor’s current project area, resulting in intersections of significant ore-grade copper in areas identified from detailed geological mapping and geochemical targeting (see Figure 2 geological overlay).

Renascor’s review of historical exploration in the project area has resulted in the identification of a new copper prospect, Flat Hill (formerly Callanna), located within an area of historical drilling on the northwest margin of exposed Adelaidean rocks. In addition, Renascor identified two prospective sedimentary copper target zones where sediments are inferred to exist beneath shallow cover and hence, amenable to electromagnetic surveying.

Ground sampling undertaken has focused on historical copper occurrences at the Flat Hill prospect. Results included strongly anomalous gold values (maximum 2.6 g/t Au) associated with oxide copper mineralisation. A single hand-picked sample from a small working approximately 3 kilometres north of the main Flat Hill prospect area returned 27% copper and 0.4 g/t Au, with strongly anomalous rare earths and molybdenum, suggesting a possible granitic intrusive association.

Renascor also dedicated focus on cobalt prospects in 2018, as reflected in ASX release 26 June 2018.

Renascor identified then named the “Farina Project”; a stratiform Cu/Co target at West Willouran was reported with historical drillhole WP78 returning 32m @ 665ppm Co from 76m downhole within a massive sulphide hosted silicified arenite (Figure 3).

Laurel prospect
The Laurel prospect has had detailed rock chip sampling of the stratigraphic trend from Breaden Hill to Laurel and beyond completed, carried out by Mt Isa Mines Ltd in the early 1990s.

These samples were subsequently assayed for cobalt, returning values to a maximum of 1,000ppm within two anomalous zones, each of approximately 1 kilometre strike length (Figure 4).

Regional scale trends remain untested throughout tenement EL 6403.

Agreement with Rio Tinto Exploration to farm into EL 5586 (now EL 6549) in Adelaide Fold Belt.

  • Renascor subsequently entered into a binding agreement with Rio Tinto Exploration (RTX) regarding EL 5586 (now EL 6549) in October 2020.

  • RTX may earn up to an 80% interest in EL 5586 through payments of $200,000 to
    Renascor and sole funding exploration expenditure of $3 million.

  • Renascor will retain a 100% interest in the remaining Marree Project exploration licence EL 6403.

  • The agreement offers Renascor the opportunity to benefit from RTX’s resources and exploration expertise, while concurrently allowing Renascor to focus on core projects with near-term potential to offer significant value uplift.

Magnesium resource potential is also noted, with significant magnesite mineral occurrences spread along the northwest-southeast trending strike length of outcropping Skilagee Dolomite and Myrtle Springs Formation. The same geological units repeat throughout Renascor’s tenure but remain untested to date, with the closest boundary only 5km away from known resources.

 

 

Figure 1. Marree Project tenement map. EL 6549 (Flat Hill) subject to farm-in/JV agreement with Rio Tinto Exploration and EL 6403 (Witchelina).

Figure 1: Marree Project tenement map. EL 6549 (Flat Hill) subject to farm-in/JV agreement with Rio Tinto Exploration and EL 6403 (Witchelina).

Figure 2. Marree Project area with regional geological interpretation and historic identified mineral occurrences. Historical tenement distribution shown (current tenements EL 6549 and EL 6403 now fall within the confines of historical tenements EL 4822 and EL 5586).

Figure 2: Marree Project area with regional geological interpretation and historic identified mineral occurrences. Historical tenement distribution shown (current tenements EL 6549 and EL 6403 now fall within the confines of historical tenements EL 4822 and EL 5586).

Figure 3. West Willouran Co target, depicting historical drillholes, Cu/Au diggings and structures of interest.

Figure 3: West Willouran Co target, depicting historical drillholes, Cu/Au diggings and
structures of interest.

Figure 4. Note surface copper and cobalt hits near Breaden Hill (Cu) and Laurel (Co), as depicted within the 26 June 2018 ASX release above.

Figure 4: Note surface copper and cobalt hits near Breaden Hill (Cu) and Laurel (Co), as
depicted within the 26 June 2018 ASX release above.

Olary Project

Cutana Tenement

The Cutana Project area is about 350 km north-east of Adelaide and within approximately five kilometres from the White Dam gold mine operated by GBM Resources (ASX:GBM). See Figure 2 highlighting close proximity to other large resources in the region, including Havilah Resources’ (ASX:HAV) Kalkaroo and Mutooroo Cu-Au-Co deposits, and Cobalt Blue’s (ASX:COB) Thackaringa Co-Cu deposit.

Exploration at Cutana has primarily targeted gold extensions into Renascor’s project area from regional structures interpreted to control localisation and mineralisation of the nearby White Dam gold mine. Later efforts have transitioned to cobalt/copper targeting, with promising indicators presenting at Bulloo Creek and Shorts Dam.

Renascor has identified several high priority targets from a program of extensive multi-element geochemical sampling over areas of major interpreted structures.

In December 2011, Renascor completed initial reconnaissance drilling over a portion of these gold targets, completing 33 reverse circulation holes for a total of over 2,100 metres at 50 to 100 metre intervals. Results from this initial sampling included elevated gold and copper levels at the partially drilled Heinrichs Prospect.

Renascor also completed additional multi-element geochemical sampling in the eastern block of EL 6451 and identified the Pinery Prospect, the project’s most extensive geochemical target to date. The sampling defined two elevated gold zones at the Pinery Prospect, near the eastern tenement boundary. Subsequent infill sampling of Pinery defined an elevated gold zone (greater than 5 ppb) over an area of approximately 2,000 metres by 500 metres, with maximum gold levels of 48 and 53 ppb in the southern and northern portions of the anomaly respectively. Renascor considered the soil gold anomaly at Pinery to compare quite favourably to soil gold levels from White Dam. See Figure 3 Au geochemistry contour.

Subsequently, five initial wide-spaced RC drill fences intercepted narrow low-grade intervals in 50% of holes, with a best result at 0.16 g/t Au (RC057). Additional targeted geophysics (IP) and/or systematic RAB drilling is considered as a prospective opportunity to vector in on potential higher-grade intervals.

Renascor narrowed focus on cobalt exploration in 2017-2018. Several positive Co resource discoveries have presented in the Olary region, such as close proximity to the globally significant Cobalt Blue resource, Thackaringa, as well as Havilah’s Mutooroo Cu-Co resource supporting Renascor’s Co approach (see ASX release here). The Bulloo Creek and Shorts Dam prospects identified as key targets in this study.

Olary tenement map containing Outalpa and Cutana.

Figure 1: Olary tenement map containing Outalpa and Cutana.

Map highlighting Bulloo Creek and Shorts Dam prospects.

Figure 2: Map highlighting Bulloo Creek and Shorts Dam prospects.

Cutana gold soil geochemistry contouring at the Pinery Prospect

Figure 3: Cutana gold soil geochemistry contouring at the Pinery Prospect.

Bulloo Creek Prospect

Bulloo Creek has been identified from extensive detailed soil geochemistry (Figure 4), with elevated Co soil geochem. contours strongly correlating with a magnetic high surveyed in the area (Figure 5). Soil geochemistry and magnetics viewed together is depicted in Figure 6.

Two Renascor RC drill sections previously testing a soil gold anomaly returned strongly elevated Co near surface (see RC28: 14m @ 414ppm Co incl. 2m @ 0.139% Co, RC33: 46m – 48m @ 0.087% Co).

Coincident infill Co soil geochemistry compared to overlying magnetics contours has also been completed.

As a result, an extensive (3km) magnetic trend coincident with strong, coherent Co soil anomaly currently presents as a highly prospective walk-up drill target.

Carnding Project tenement map of EL 6687 (Carnding) and EL 6585 (Malbooma) and location with South Australia

Figure 4: Cutana cobalt soil geochemistry heat map at the Bulloo Creek Prospect.

Cutana-magnetics-imagery-displaying-the-prominent-magnetic-high-over-the-Bulloo-Creek-Prospect.

Figure 5: Cutana-magnetics-imagery-displaying-the-prominent-magnetic-high-over-the-Bulloo-Creek-Prospect.

Shorts Dam Prospect

Gossan sampling and mapping by Esso Minerals in the 1970s defined an extensive zone of strongly elevated Cu/Co gossans. Historical drill testing returned the following results:

  • DH SP4: 15m at 0.14% Co from 19m, accompanying pyrrhotite and pyrite.

  • Esso drillhole “SP4” deepened with “SP12” returned strongly elevated Co, Cu associated with the “Bimba” sulphide unit.

  • Hole SP3 failed to test the target down dip.

Subsequent Renascor gossan sampling confirmed a major NW target zone following the Bimba Unit trend.

Noting the Co association with pyrrhotite/pyrite and proximity to the Bimba Unit and related sulphide gossans, following the predicted Bimba Unit trend is viewed as a strong potential walk- up drilling target. A major NW trending target zone awaits testing (see Figure 5).

Shorts Dam prospect – depiction of cobalt intercepts and basement/gossan subcrop.

Figure 6: Shorts Dam prospect – depiction of cobalt intercepts and basement/gossan subcrop.

Outalpa Tenement

The Outalpa Project resides approximately 25km west from Renascor’s Cutana Project, about 350 km north-east of Adelaide.

In addition to significant resources noted within the Cutana Project description, another important mineral deposit in this area is the Radium Hill uranium mine.

Renascor has performed systematic, multi-element soil sampling over limited portions of its 100%-owned Outalpa Project. The sampling program, which was targeting uranium and copper, showed limited responses for these minerals, however, several elevated gold zones were detected. Given the favourable results from the sampling program over the Cutana Project,

which is located in a similar geologic setting within 25 kilometres of the Outalpa Project, Renascor believes the Outalpa Project could yield similarly prospective gold, copper or cobalt targets.

Lithium potential is also noted given the extensive pegmatites within the tenement.

Upper Eastern Eyre Project

Upper Eastern Eyre / Iron Baron Project Area

As shown in Figure 1, tenements reside approximately 55km west/southwest of Port Augusta and 50km west of Whyalla, separated into northern and southern block areas.
The northern area presents a number of prospective features:

  • A regional scale gravity anomaly sits within this area (Figure 2), which has been considered by Renascor for its potential to suggest IOCG-style mineralisation.

  • Renascor has evaluated its own data alongside data accessed via a public crowdsourcing competition instigated by the SA Government in 2020 (“the Gawler Challenge”) to develop next generation mineral systems maps for exploration companies. An Old Wartaka TEMPEST anomaly is in the eastern margin of EL 6191, which also sits adjacent to “Per-OZ” (Gawler Challenge winning participant) theoretical Cu-Au targets.

The abovementioned TEMPEST anomaly has been reviewed and also possibly correlates to the regional gravity anomaly noted above in EL 6698 (see Figure 3). Participants “Incalc Exploration” and “Gawler Challenge Group 5 – University of Adelaide” also conducted desktop target generation experiments in the near vicinity.

Flanked by prominent iron ore and uranium resources, the southern tenement block remains lightly explored. It contains the Myola South prospect, a copper with Zn-Mn-Fe-Co geochem. association, approximately 8km southeast of the Iron Baron iron ore mining complex.

When operating under historical EL 4721, an area extending slightly wider than the current EL 6698 southern block bounds, soil geochemical surveys and FPXRF analysis were completed totalling 200 samples.

Initial exploratory reverse circulation (RC) drilling totalling 258m, of two copper targets – Nilginee and Knights, was completed, both defined by gravity geophysics and coincident soil geochemical anomalies noted above.

Upper Eastern Eyre/Iron Baron tenement map, showing EL6698 (Iron Baron) and EL6191 (Old Wartaka).

Figure 1: Upper Eastern Eyre/Iron Baron tenement map, showing EL6698 (Iron Baron) and
EL6191 (Old Wartaka).

Northern block regional scale gravity anomaly at the Upper Eastern Eyre Iron Baron Project.

Figure 2: Northern block regional scale gravity anomaly (note EL 5822 is now EL 6698).

Northern block mosaic showing potential targeting opportunities formed by overlaying regional gravity, electromagnetics (EM) and the Gawler Challenge copper and gold theoretical targets

Figure 3: Northern block mosaic showing potential targeting opportunities formed by overlaying regional gravity, electromagnetics (EM) and the Gawler Challenge copper and gold theoretical targets (note EL 5822 is now EL 6698).