Renascor Resources (ASX:RNU) has intersected multiple near-surface intersections of high-grade graphite from drilling at the Siviour Deposit within the Arno Graphite Project in South Australia.
The company’s shares were last trading 19% higher intra-day on Tuesday, at $0.025.
Renascor completed 34 reverse circulation holes totalling about 1,800 metres.
Twelve holes drilled along-strike of a near flat-lying, shallow +10% total graphitic carbon (TGC) zone intersected significant graphite, including:
- 22 metres at 10.5% TGC from 14 metres; and
- 27 metres at 11.6% TGC from 16 metres.
Seven additional holes drilled to the northeast of the current indicated resource also intersected thick intervals of graphite, including:
- 44 metres at 8.2% TGC from 31 metres; and
- 24 metres at 12.3% TGC from 28 metres.
Renascor is aiming to complete a revised JORC resource estimate next week, with the company expected to announce a resource upgrade.
Interestingly, the Siviour Graphite Deposit is currently Australia’s largest reported graphite deposit, with a resource of 60.8 million tonnes at 7.8% TGC for 4.7 million tonnes of contained graphite.
Renascor’s mineral processing tests and scoping study are progressing on schedule, with a focus on the higher-grade graphite zone (including the recently identified extension zone).