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Renascor to drill Arno graphite project, take ownership to 49% in June

RenascorResources Ltd. said May 5 that a drilling program will start laterthis month at its Arno graphite project in South Australia's EyrePeninsula.

The company also intends to take its in Eyre Peninsula MineralsPty. Ltd., which holds the Arno project, up to 49% in the next month by issuing38.67 million ordinary shares.

Drilling will focus on accelerating the development of theSiviour graphite deposit by obtaining large diameter core samples and expandingthe mineral resource.

The company expects to complete a scoping study on Siviourin the next quarter, it said.

Renascor also has the option to acquire the remaining 51% ofEyre Peninsula by December by issuing additional shares.