Marree Project

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.