- Renegade Exploration (RNX) intercepts near-surface copper at its Mongoose copper-gold project near Cloncurry in Queensland
- The company has wrapped up a reverse circulation campaign involving up to 2000 metres of drilling over 23 holes that targeted shallow supergene copper mineralisation previously identified at the project
- New assay results from three holes include 19 metres at one per cent copper, 0.39 grams per tonne (g/t) gold and 391 parts per million cobalt from surface
- While the remaining assays are still pending, the company says it hit a major massive sulphide in one hole, the results of which it is “eagerly awaiting”
- Renegade Exploration shares closed 4.76 per cent lower at 2 cents on Friday afternoon
Renegade Exploration (RNX) has intercepted near-surface copper at its Mongoose copper-gold project near Cloncurry in Queensland.
The company has wrapped up a reverse circulation campaign involving up to 2000 metres of drilling over 23 holes.
The campaign aimed to target the shallow supergene copper mineralisation that was previously identified at Mongoose.
Results from three holes have been returned from the lab, including 19 metres at one per cent copper, 0.39 grams per tonne (g/t) gold and 391 parts per million (ppm) cobalt from surface, including five metres at 1.7 per cent copper, 0.25 g/t gold, 618 ppm cobalt from seven metres.
Additional hits included seven metres at 0.52 per cent copper from surface and six metres at 0.54 per cent copper from 45 metres.
Renegade Director Robert Kirtlan said the company was pleased to have increased its confidence in the close-to-surface copper mineralisation.
“This copper mineralisation is significant due to the extremely close proximity of Mongoose to the Great Australia copper mine and its own near surface oxide mineralisation,” said Mr Kirtlan.
While the remaining assays are still pending, the company said it made a major massive sulphide hit in one hole, which Mr Kirtlan told The Market Herald may be “a little bit special”.
“We literally can’t wait to get the assays back on those particular holes,” he said.
With a high-resolution ground magnetic survey over Mongoose wrapped up, the company has scheduled a downhole electromagnetic (DHEM) crew to be onsite within the next week. This work will assist with drill targeting for the next program.
Cultural heritage clearances were also completed this week in tandem with field mapping.
“We are confident of having a rig return within four to eight weeks, by which time we will have full interpretation of the magnetic surveys and all assays will be in and incorporated into our geological model,” Mr Kirtlan said.
Renegade Exploration shares closed 4.76 per cent lower at 2 cents on Friday afternoon.