A new independent JORC-compliant indicated and inferred resource has been announced at Renaissance Minerals’ flagship Okvau gold deposit in eastern Cambodia. The company says the site hosts 15.6 million tonnes @ 2.4 grams/tonne gold for 1.2 million ounces of gold, of which 15.2 million tonnes @ 2.3 grams/tonne gold for 1.11 million ounces is in the indicated category.
Renaissance managing director Justin Tremain says, “This is a significant achievement for the company. Renaissance acquired the project less than 12 months ago and it is proving a very attractive high grade project with significant scale. The Okvau deposit covers only a small part of the project area and demonstrates the prospectivity of this unexplored region of Cambodia.”
The resource estimate includes results from the company’s 2012 drill program which provided better delineation of the high grade gold zones at the site. Mineralization remains open to the north-east, south-east and at depth, and as such Renaissance believes the resource estimate to be only an interim measurement with much potential to expand the resource base.
High priority targets within close proximity of Okvau are already being drilled in a 25,000 metre reverse-circulation program with two rigs operating. The company believes there is potential for the establishment of a new gold district in the area.
“Results achieved to date vindicate our belief that the eastern region of Cambodia will evolve into a major new gold province in an emerging country with a stable democratic country,” says Justin Tremain.
Okvau is in Mondulkiri province about 265km northeast of the capital Phnom Penh where existing dirt tracks provide sufficient access for exploration activities.
The Cambodian government has implemented a strategy to create an inviting investment environment to attract foreign companies to the local mining industry.