STTCOMP RNU FA LONG
Renascor Resources --- Iron Copper Gold
Market Cap $2 million at 1.2 cents
The company recently raised capital at 2 cents through the corporate adviser behind SYA .
The first drill result following the cap raise was a little disappointing, and after the stock rallied to 2.5 cents the shares fell back on almost no volume to 1.4 cents , and even as low as 1.1 for about $2,000 of shares last week
The buy side has had enough bids to hit them and no body has, and the sell side other than one seller at 1.4 os very thin
After the market closed this evening RNU has reported some very positive results indicating they may have found a copper target of substance separate to the first target
RNU is located in South Australia in the general vicinity of the BHP Olympic dam area ,and received government funding to drill a part of the last programme so has not spent the 2cents cap raise money
The company has enough cash , a good broker , very experienced board , the backing of the south Australian government and a share price that has been pummelled but on almost no volume
I think the news after market this evening at 6.20pm on a Friday , may set up the stock for a good move over the next few weeks and months.
Seems to me they snuck the news out when no one was watching , which makes me think there will be corporate buying
Acorn is a big shareholder as is the SYA brokers
EXPLORATION UPDATE: EASTERN EYRE
Recently completed drilling over Renascor's 100%-owned Extension Tank prospect intersects anomalous copper mineralisation within extensive mafic volcanic sequence
The mafic sequence is the likely cause of the strong gravity and magnetic features at Extension Tank
Two reconnaissance holes drilled immediately to the east of Extension Tank, within the Angle Dam fault structure, have returned strongly anomalous lead, zinc and copper
Limited previous drilling within the Angle Dam fault, at the nearby 1050 East prospect, has intersected high-grade copper-cobalt-silver mineralisation
Recent drilling results confirm the Angle Dam fault as an extensive mineralised zone with high potential for economic deposits of massive copper sulphides and associated minerals
Renascor has identified additional, untested gravity, magnetic and geochemical drill targets within the Angle Dam fault zone
Renascor plans to undertake geophysical testing, including an induced polarisation survey, over prospect
