Junior miner Renascor Resources has announced that it has entered into a binding heads of agreement to acquire the Munglinup graphite-nickel project in the Albany-Fraser Range province of Western Australia.
Image credit: Renascor/ASX
According to the company’s ASX Announcement, the project includes intersections of up to 34.9% total graphitic carbon within a target horizon of over 25km.
Under the terms of the agreement, the company will acquire all of the issued and outstanding shares of Sol Jar Property for eight-million ordinary shares, the grant of a further four-million options, exercisable at 3c each and A$100,000 in cash.
“This is a unique low-cost opportunity to acquire a project with highly prospective, drill-ready targets in a proven mineral province. The recent EM has confirmed the prospectivity of the shear structure along strike from the Halberts deposit and we expect upcoming groundwork will identify additional targets,” said Renascor Managing Director David Christensen.
“The inclusion of the West Australia Government drilling grant is an added incentive, as it will permit Renascor to increase targets under evaluation and significantly reduce drilling costs. We expect to be active within the project area in the immediate future, including extensive drill testing later this year.”
Renascor is a multi-commodity explorer in key mineral provinces in South Australia. The company’s flagship project is the Eastern Eyre Project, located within South Australia’s Olympic Dam copper belt.
