The Renascor (ASX: RNU) share price is remaining flat today despite the company confirming and extending gold mineralisation at its Soyuz Prospect.
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The Renascor share price is sitting at 11 cents per share at the time of writing.
Renascor is engaged in exploring graphite, copper, gold, uranium and other minerals in Australia. Its projects include the Siviour Graphite Project, which recently expanded capacity, and the Carnding project in South Australia, home to its Soyuz prospect.
It also has interests in projects including Munglinup, Eastern Eyre, Farina, Gairdner, Olary, and others. Renascor has a market capitalisation of $183.24 million.
Renascor gold mineralisation at Soyuz
The company advised that 13 out of 14 holes drilled intersected gold mineralisation, with significant gold intervals recorded proximate to previous high-grade gold intercepts. These intercepts included 11 metres at 0.9 g/t and 4 metres at 2.0 g/t.
Renascor says the results confirm the presence of a broad gold zone defined by a stacked system of gold mineralisation along the granite margin, with potential for further shallow high-grade gold shoots.
The company says it will still need to delineate the size and continuity of gold mineralisation and potential for economic gold deposits. Its next steps are more infill soil sampling and further evaluation of its priority targets in Soyuz.
Renascor has also yet to test for gold in soil geochemical anomalies along the granite boundary to the southwest.
Renascor share price snapshot
The Renascor share price hit an all-time-high on 25 March of 18.5 cents before settling at 16 cents and has fallen over the past few weeks to its current price.
The initial investor excitement was created by Renascor signing a non-binding MOU with Hanwa CoLtd (Hanwa) to supply purified spherical graphite. Hanwa is one of the largest traders of battery chemicals in the Asian region.
Since that flux, the Renascor share price quickly returned to 15 March levels, where it remains now. However, it’s still up 1,471% this year, beating the basic materials sector by 1,522%.
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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.