Renaissance Uranium (ASX: RNU) has uncovered multiple graphite zones at its Cowell Prospect in South Australia’s Eastern Eyre Peninsula, including two target zones along strike from Archer Exploration’s (ASX: AXE) Wilklow graphite prospect.
The company recently completed airborne electromagnetic survey over the prospect that identified the strong conductors in the emerging graphite district.
The district has recently been the subject of significant exploration for graphite, including exploration programs conducted by Archer Exploration adjacent to Renaissance’s EL 3978.
Archer has reported high grade graphite (39.25% carbon) and flake size of up to 0.5 millimetres in length on its nearby Wilklow Prospect.
Renaissance now plans to drill test the primary target conductive zones located along the interpreted stratigraphic boundary from Wilklow.
Drilling is expected to begin in 2013 in conjunction with Renaissance’s exploration at its nearby Eastern Eyre Project.
Renaissance has a right to earn a 75% interest in EL 3978 under an agreement with a subsidiary of Stellar Resources (ASX: SRZ).
The company has been on an upwards share trajectory in recent months with shares rising 105% to today’s intra-day high of A$0.082, up from a low of $0.04 at the end of July.
Renaissance recently acquired the rights to the historic Warrior uranium project in Central Gawler Craton of South Australia.
The Warrior project is an advanced project located in a region full of significant uranium occurrences.
The project was originally discovered in the 1970s by PNC Exploration through extensive drilling that defined seven discrete zones of uranium mineralisation within acquired project area.
As consideration, Renaissance will grant Hillment Pty Ltd – a subsidiary of Stellar Resources, a residual net smelter royalty of 1%.
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