Why has Renascor Resources Limited's Siviour Mineral Resource increased by 25%?
Renascor Resources Limited (ASX: RNU) has recently announced an upgrade to the Mineral Resource estimate for its Siviour Graphite Deposit in South Australia. The independent mining consultants, Snowden Optiro, have updated the JORC Mineral Resource estimate, taking into account the results from recent resource expansion drilling.
As a result, there has been a significant 25% increase to the total Siviour Mineral Resource estimate. The updated estimate now stands at 123. 6 million tonnes at 6. 9% total graphitic carbon (TGC), containing 8. 5 million tonnes of graphite.
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Furthermore, 61% of this resource is classified as Measured or Indicated.
Siviour Graphite Deposit: A game-changer
This upgrade marks a major milestone for the Siviour Graphite Deposit, which is currently the second largest reported Proven Graphite Reserve worldwide and the largest outside of Africa. This expansion in the Mineral Resource estimate supports a 40-year mine life, with production of Graphite Concentrates projected to reach up to 150,000 tonnes per annum.
Implications for future expansions
The recently completed Battery Anode Material Study (BAM Study) by Renascor was based on areas that did not include the drilling done for resource expansion. The study estimated that the Siviour ore body has the potential to deliver a globally competitive gross operating cost for Purified Spherical Graphite. Over the first 10 years, the estimated cost is $1,782 per tonne, and over the life of the mine, it is $1,846 per tonne. This includes a Graphite Concentrate operating cost of $405 per tonne over the first 10 years and $472 per tonne over the life of the mine.
The upgraded Mineral Resource estimate is expected to provide support for further extensions and potential optimization to the current pit design. These expansions go beyond what was considered in the BAM Study. This development opens up new opportunities for increased capacity and further growth for Renascor Resources Limited.
Renascor Resources Limited is excited about the new Mineral Resource estimate and the potential it holds for the future of the Siviour Graphite Deposit.
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