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Renegade Exploration (ASX:RNX) has revealed its best copper drill hits to date from Mongoose based on early-stage pXRF readings.
The company has posted a 107m intersection at 0.62% copper from 55m depth including one 7m pocket at 2% copper, and, a 13m pocket at 1% copper.
The Mongoose target is part of the company’s larger Cloncurry project in QLD.
A second intercept from the same prospect came in at an eye-catching 105m width at 0.51%, practically from surface starting at 3m depth. Two pockets of interest within that larger intercept; a 22m pocket at 1% copper and a 13m pocket at 0.8%.
At the Mongoose West and Tank target areas of interest, a range of hits were highlighted. Mineralisation starts deeper at Tank, one 30m intercept came in at 0.2% copper from 153m depth.
Meanwhile at Mongoose West, mineralised intercepts ranged from 30m depth to over 200m depth but all core width equivalents were less than 10m. On the upper end of tapped depths, the company’s geotechs are hopeful early stage evidence suggesting a magnetite rich shear zone is correct.
(Speaking of early stage evidence, it should be noted handheld pXRF readings are typically considered less reliable than full fledged assays, for which the company still awaits data.)
For now, ongoing exploration is the name of the game.
“The QLD Government CEI funding amount of $330,000 has been received and together with current cash and the small loan facility in place, Renegade is well placed financially to continue work on the current Greater Mongoose programs,” company chair Robert Kirtlan said.
(QLD’s CEI program – Collaborative Exploration Incentive – is that state’s equivalent of WA’s Exploration Incentive Scheme.)
“Each and every hole we drill in the Greater Mongoose Area adds to our understanding of the very large IOCG system which we believe has remarkable similarities to the Ernest Henry Cu-Au deposit,” Kirtlan added.
“We are currently interpreting the new data generated from the drilling and will plan our next programs around this.”
RNX last traded at 0.8cps.
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