Stellar Resources (ASX: SRZ) has reported that Renaissance Uranium (ASX: RNU) has completed diamond core drilling at its Glensea Prospect, within the Pirie Basin Joint Venture Project.
In all four diamond-cored holes, visible sulphides were found in narrow veins within alteration zones in areas proximate to earlier intersections of strongly elevated copper.
The Pirie Basin Project in the Eastern Eyre Peninsula of South Australia, is located within EL 3978. Renaissance has a right to earn a 75% interest in EL 3978 pursuant to an agreement with a subsidiary of Stellar Resources.
The Glensea Prospect is an area of strong gravity gradient adjacent to an anomalous magnetic zone.
Elevated gold, uranium and rare earth elements associated with a previously reported intersection of 12 metres at 0.42% copper from 186 metres suggest possible iron-oxide, copper-gold-uranium or Hillside-style mineralisation.
Importantly, previous strongly elevated copper intervals from reconnaissance drilling at the prospect suggest that elevated copper grades in this area may continue to greater depths.
Assays from cored intervals are expected later this month, at which time Renaissance expects to formulate a next-stage exploration program.
Renaissance earn-in
In November 2010 Renaissance agreed to sole fund $3.5 million of expenditure over five and a half years to earn a 75% interest in the tenement.
During the initial 18 months, Renaissance is required to spend a minimum of $500,000 on geophysics and drilling before it can elect to earn an interest.
On election, Renaissance will sole fund $3 million of expenditure over four years to earn a 75% interest in EL 3978. The minimum expenditure commitment in each of the four years is $500,000.