Renaissance Uranium (ASX:RNU) is to start drilling at its wholly-owned Sherrys Dam and Tanners Dam iron oxide copper gold uranium project in South Australia in May.
Drilling, which was originally slated for March, has been rescheduled to permit assessment, and possible inclusion in the drill program, of its nearby Kokatha iron-oxide, copper-gold-uranium (IOCGU) prospect.
Renaissance is currently conducting an induced polarisation survey at the Kokatha prospect, part of Renaissance’s nearby Gairdner Project.
Following the IP survey assessment, the May drill program may be modified to include drill-testing of Kokatha, allowing Renaissance to achieve material cost-savings from reduced rig mobilisation charges that it would incur should Kokatha be drilled independent of Sherrys Dam and Tanners Dam.
The company's drill program includes reverse circulation drill testing of all projects.
It has already received all necessary approvals, with drilling of up to 1,200 metres expected to commence the third week of May.
The program at Sherrys Dam will focus on an IOCGU target, associated with magnetic skarn within the Gawler Range Volcanics along the margin on an intrusive, while at Tanners Dam, drilling will focus on a volcanic-hosted uranium target associated with magnetite poor Hiltaba granite intruded into Gawler Range Volcanics.
The company had a cash balance of $3.85 million at the end of the December 2012 quarter.
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