Renascor Resources Limited
1
1
Renascor Resources Extends Siviour Graphite Project, Secures Funding for Processing Plant Construction
Renascor Resources extends its Siviour Graphite Project in South Australia and secures funding for processing plant construction
Renascor Resources Limited, a mining company focused on the development of the Siviour Graphite Project in South Australia, has achieved two significant milestones. The company completed a successful drilling program to extend the Siviour Mineral Resource Estimate (MRE), while also securing a substantial loan for the construction of a graphite processing plant.
Drilling Program Expands Mineral Resource Estimate
Renascor Resources conducted a drilling program in the north-western region of the Siviour Graphite Project. The objective of the program was to extend the existing MRE and support potential future production capacity increases. The drilling results were highly encouraging, as they confirmed the continuity of graphite mineralisation along strike and down dip. This extension increased the MRE by approximately 500 meters, showcasing the potential for increased mineral resources. Furthermore, the drilling program also intersected graphite mineralisation outside the current MRE, suggesting further room for resource expansion.
Story Continues.. after this ad because we need some dollarydoos
Updated MRE and Mine Plan
Based on the positive drilling results, Renascor Resources plans to update the Siviour Mineral Resource Estimate and incorporate these findings into their optimised Battery Anode Material Study. The study, scheduled for completion in the third quarter of 2023, will provide valuable insights for future production planning and maximising the project's potential.
Funding Secured for Graphite Processing Plant
Renascor Resources has additionally secured a $185 million loan from the federal government's Northern Australia Infrastructure Facility (NAIF). This funding will be allocated to the construction of the graphite processing plant required for the Siviour Graphite Project. The plant's primary purpose will be to produce purified spherical graphite, a crucial component of lithium-ion batteries. This financial support marks a significant step forward for Renascor Resources, ensuring the necessary capital for project development and value creation.
Renascor Resources continues to make considerable progress with the expansion of the Siviour Graphite Project. The successful drilling program has extended the mineral resources and identified additional expansion potential, while the secured funding provides financial stability for the construction of the processing plant. These achievements position Renascor Resources as a key player in the graphite market, contributing to the growing demand for battery materials in the renewable energy sector.
Disclaimer: This article provides a summary of the original Renascor Resources announcements and is not a substitute for the full text of the announcements.
Promote your business on our growing investor platform: Advertise With Us
Trending