Renaissance Uranium (ASX:RNU) has entered an option agreement with Currie Resources to acquire tenements within the Olympic Damn IOCGU belt, subject to the final grant of the licences to Currie.
The tenements cover 314 square kilometres immediately northeast of Renaissance’s Eastern Eyre project in the southern portion of the Olympic Dam Iron ore-copper-gold-uranium (IOCGU) belt.
Notably, the newly optioned ground hosts an extension of the Roopena Fault zone from Renaissance’s current project; Renaissance has identified multiple untested IOCGU drill targets proximate to the Roopena Fault zone, including an extensive sulphide mineralised zone at the 1050 East prospect.
Under the terms of the agreement, Renaissance will pay Currie $25,000 and issue 500,000 Renaissance shares in exchange for a two-year option, during which time Renaissance will fund all exploration.
Renaissance may exercise the option at any time up to two years from date of award of the exploration licences by issuing Currie cash or shares equal in value to $175,000, less the value of the 500,000 Renaissance shares provides as initial consideration.
Renaissance expects to commence exploration activities over the newly acquired areas before year's end, including geophysical surveying over the northern extension of the Roopena Fault zone to delineate and prioritise IOCGU targets, with drilling shortly thereafter.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.