Renascor Resources announced the results of geochemical sampling programs over previously identified cobalt targets at its 100%-owned Olary Project. Surface soil and rock chip sampling has significantly enhanced cobalt prospects in the Bulloo Creek and Shorts Dam areas. Renascor intends to seek immediate approvals to drill-test these cobalt targets.
It’s 100%-owned Olary Project is located in South Australia, approximately 100km west of Broken Hill. The project tenements are located in close proximity to Cobalt Blue’s (ASX: COB) Thackaringa cobalt deposit near the Barrier Highway between Adelaide and Broken Hill. Additional nearby deposits include Havilah’s (ASX: HAV) Mutooroo copper-cobalt deposit and Kalkaroo copper-cobalt-gold project. See Figure 1 (previous page). Significantly, the nearby Thackaringa Project being progressed by Cobalt Blue is widely recognised as a pure play high-grade cobalt project, and one of the largest undeveloped resources in the world.
In 2011, Renascor undertook extensive multi-element geochemical sampling over areas of major interpreted structures within the project area. Renascor followed this with a program of reverse circulation drilling over several gold targets. In 2017 Renascor identified multiple prospective cobalt targets, including significant cobalt targets within the Bulloo Creek and Shorts Dam area. See Renascor ASX releases dated 10 April 2018 and 27 November 2017.
In preparation for drill-testing these targets, Renascor recently competed a program of geochemical soil and rock chip sampling, the results of which are presented in this release.
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