ASX-listed Renaissance Minerals (ASX:RNS) announced more drill results from its 100%owned Okvau Project in Cambodia.
Highlights of the set of results are intercepts of 28 meters at 1.8 g/t gold, 14 meters at 3.1g/tgold and an astonishing 35 meters at 2.4g/t at a depth of 256 meters.
Renaissance currently has a JORC-compliant resource estimate of 729,000 ounces of gold at an average grade of 1.8g/t, and the new drill results confirm the potential to expand the current resource base. We are expecting Renaissance to release an updated resource estimate sometime next year, and we expect the Okvau Project to contain in excess of 1Moz of gold by then.
As the dry season in Cambodia is about to commence, the company plans to drill some holes on what they consider to be high-priority targets in the vicinity of the current resource base at Okvau. As Renaissance just completed a capital raise, they can drill a lot of holes before tapping the markets again.
Read the full press release here (pdf)
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