Agreement with Rio Tinto Exploration to farm into EL 5586 in Adelaide Fold Belt

  • Renascor entered into binding agreement with Rio Tinto Exploration regarding EL 5586, part of Renascor’s Marree Project in South Australia’s Adelaide Fold Belt (see Figure 1).
  • Rio Tinto Exploration 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 licences, EL 6170 and EL 6403.
  • The agreement offers Renascor the opportunity to benefit from Rio Tinto Exploration’s resources and exploration expertise, while concurrently allowing Renascor to focus on core projects with near-term potential to offer significant value uplift.
  • Renascor will retain a 100% interest in the remaining Marree Project exploration licences, EL 6170 and EL 6403.

Figure 1. Marree Farm in

Renascor has identified the potential for large tonnage Zambian Copper Belt-style, sedimentary copper deposits with a prominent copper belt in South Australia.

The Marree Project is made up a large, copper-prospective ground position within South Australia’s Adelaide Fold Belt.  Renascor’s exploration program here is 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.) 

Figure 3. Marree

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 EM surveying. Ground sampling undertaken during the reporting period focused on historical copper occurrences at the Flat Hill prospect.  Results included strongly anomalous gold values (maximum 2.6 g/T gold) 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 gold with strongly anomalous rare earths and molybdenum, suggesting a possible granitic intrusive association.