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Renaissance Minerals aquired OZ Minerals' Cambodian gold project
- Created on Wednesday, 20 June 2012 17:29
Renaissance Minerals has acquired OZ Minerals’ Cambodian gold project in eastern Cambodia for A$17.8 million in cash, shares, and options, along with possible future payments of A$22.5 million based on achieving certain milestones. The project covers an area of approximately 1,100 km2 within the core of a prospective new intrusive-related gold province in the eastern region of the Cambodia. A JORC indicated and inferred resource estimate of 12.6 million mt grading 1.8 g/mt gold, containing 729,000 oz of gold, has been defined at the Okvau gold deposit within the project area.
Mineralization at Okvau remains open at depth and along strike, and Renaissance currently has one diamond drill rig undertaking extensional drilling to expand the resource. The project area includes a number of high-priority exploration prospects based upon anomalous geochemistry, geology, and geophysics that remain untested by drilling, and Renaissance plans to bring in a second diamond drill rig to test these prospects.
Possible future payments by OZ Minerals include A$10 million in cash contingent upon the earlier of either a 1.2-million-oz gold resource being defined or a decision to mine. A further A$12.5-million cash payment is payable six months after the first gold pour.
Renaissance Minerals is an Australian junior company headquartered in Subiaco, Western Australia.