News: Renaissance Minerals raising $6M for Cambodian gold hunt

Renaissance Minerals (ASX:RNS) is raising $6 million through a heavily oversubscribed placement to new and existing institutional and sophisticated shareholders at $0.065.

Funds raised will enable the acceleration of exploration activities at its Cambodian Gold Project, which will include drill testing a number of new targets in close proximity to the 1.2 million ounce Okvau Deposit.

The raising was well supported by both new investors and long term supporters, which demonstrates a high level of confidence in the company.

Trenching results in June at the Area 1 Prospect included 17 metres at 2.9g/t gold with 9 metres at 4.8g/t gold, 5 metres at 3.6g/t gold, and 4 metres at 3.9g/t gold.

Mapping and rock chipping of a new target area returned 14.9g/t, 10.9g/t and 6.8g/t gold and 4 metres at 6.2g/t gold from channel sampling of outcrop.

The Okvau Deposit and other gold occurrences within the Okvau and O’Chhung exploration licences are directly associated with diorite and granodiorite intrusions and are best classed as ‘Intrusive Related Gold’ systems.

There is potential to continue to grow the 1.2 million ounce Okvau deposit, and importantly, this growth potential is likely to come from near surface mineralisation amenable to low cost open pit mining.

The company is valued at $24 million.