Renegade Exploration Ltd (ASX:RNX) has discovered a large iron oxide copper gold (IOCG) breccia system at its Mongoose Deeps prospect in Queensland, with features similar to the system underpinning the nearby Ernest Henry Mine.
In particular, Renegade noted that the mineralisation included very-high magnetite shear zones, crackle breccia with bird’s wing textures, massive pyrite zones, and polymictic brecciation with magnetite and sulphides (pyrite-chalcopyrite).
The discovery was made during the company’s recent drilling at the prospect, with its maiden diamond drill hole reaching a target depth of 1,612 metres, although Renegade has also spent the past six months dedicated to a program of geophysics, processing, modelling, mapping, and planning work.
However, the magnetic breccia zone was much higher than what had been predicted through modelling, and this is likely to enhance future exploration at the prospect, located near Cloncurry.
Chairman Robert Kirtlan said the drill result was a terrific reward given all the work that had been done in the past six months.
“It has been an exciting process confirming the large magnetic anomaly at Mongoose Deeps, which lies beneath copper-gold mines, deposits, and historical workings,” he said.
“Particularly encouraging is the hole terminated in IOCG altered rock proving this system is large and continues at depth.
“Our geologist has selected approximately 400 metres of core for multi-element analyses, including copper, gold, and cobalt, and core cutting is set to commence next week.
“We’ve confirmed the body causing the magnetic anomaly is an IOCG style breccia pipe and we’re looking forward to more drilling of this outstanding target following our review of upcoming assays and further magnetic surveys and analysis.”
Renegade has been trading at 1.5 cents.