The Cutana Project covers an area of 282 km2 in the Olary region, about 350 km north-east of Adelaide. and within approximately five kilometres of the White Dam gold mine operated by GBM Resources (ASX:GBM). See Figure 1.
Exploration at the Cutana Project is targeting gold and associated mineralisation similar in style to the nearby White Dam gold deposit. Renascor has identified several high priority targets from a program of extensive multi-element geochemical sampling over areas of major interpreted structures in the two western blocks of EL 5585 (previously EL 4394). See Figure 2.
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 include elevated gold and copper levels at the partially drilled Heinrichs Prospect.
In December 2011, whilst drilling over the two western blocks of EL 5585 (previously EL 4394), Renascor completed additional multi-element geochemical sampling in the eastern block of EL 4394 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, respectively, the southern and northern portions of the anomaly. Renascor considers the soil gold anomaly at Pinery to compare quite favourably to soil gold levels from White Dam. See Figure 3.
The Outalpa Project covers an area of 287 km2 in the Olary region, about 25km from Renascor’s Cutana Project.
The Outalpa Project covers an area of 287 km2 in the Olary region, about 350 km north-east of Adelaide. Important mineral deposits in this area include the Radium Hill uranium mine and the recently commissioned White Dam gold mine. See Figure 4.
Renascor has performed systematic, multi-element soil sampling over limited portions of its 100%-owned Outalpa Project in northeast South Australia. 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 targets.