Radio Gold Mine, Western Australia
The Radio Project is an advanced high-grade gold project located adjacent to the Bullfinch township approximately 40 kilometres north of Southern Cross. The Radio Project is centred on the historic Radio gold mine which is 8km along strike to the north-northwest of the +1 million ounce Copperhead. Prior to its closure in 1974, the Radio mine produced 71,050 ounces of gold from 57,333 tonnes of ore at an average grade of 38.5 g/t gold.
To this day, the high grade gold lodes of the Radio mine have not been closed off along strike and at depth. In its day, Radio was the highest grade gold mine in Western Australia.
The potential of the Radio mine is enhanced by the existing underground mining infrastructure, excellent regional infrastructure and its proximity to quality gold processing plants. The exiting mine working and extend to a depth of just 100 metres.
There are various lines of historical gold workings within the immediate vicinity of the Radio mine where high grade gold was mined to shallow depths from lodes similar to the Radio mine.
These neighbouring gold prospects remain largely untested along strike and at depth with drilling.
In May 2012 the Company entered into a Joint Venture and Farm-in Agreement with Southern Cross Goldfields Ltd (SXG). Under the terms of the agreement SXG will fund up to $2.5 million towards the redevelopment of the Radio Gold Mine earning up to 70% interest by funding $1.5 million earning 50% within the 2 years and a further 20% by funding the remaining $1 million.
Renaissance retains the right to retain a 30% contributing interest.