Nov 7, 2024

Renegade Exploration Hits 107m @ 0.62% Cu at Greater Mongoose, Cloncurry Project, Queensland

Introduction:

Renegade Exploration Limited (ASX:RNX) has reported significant copper intercepts from its recent reverse circulation (RC) drilling program at the Greater Mongoose mineralised zone, part of the Cloncurry Project in Queensland, highlighted by 107m @ 0.62% Cu from 55m.

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Performance: 5d: 0% | 1m: -22% | 6m: -59% | 1y: +17%

Drill Results:

107m @ 0.62% Cu from 55m (including 7m @ 2.06% Cu from 59m and 13m @ 1.01% Cu from 115m) [RMG035]
105m @ 0.51% Cu from 3m (including 22m @ 1.0% Cu from 39m and 13m @ 0.82% Cu from 89m) [RMG036]
30m @ 0.18% Cu from 153m (Tank) [RMG034]
5m @ 0.45% Cu from 33m (Mongoose West) [RMG037]
3m @ 1.10% Cu from 324m (Mongoose West) [RMG038]‍
6m @ 0.41% Cu from 38m (Magazine) [RMZ001]

Project Overview:

The Cloncurry Project is located in north-west Queensland, a region rich in mining infrastructure. The Greater Mongoose prospect area consists of multiple high-priority targets, including the Mongoose Deeps magnetic anomaly, which lies beneath the Mongoose copper deposit. The project is part of the Carpentaria Joint Venture (CJV) between Glencore plc and Renegade, with Renegade's stake currently at approximately 35%.

The Mongoose deposit currently has an Inferred Mineral Resource Estimate of 3.1 Mt @ 0.55% Cu and 0.07 g/t Au for 17.0 Kt Cu and 7.3 koz Au (0.25% Cu cut-off). The recent drilling program tested new anomalies throughout the zone identified by recent diamond drilling and geophysical surveys.

Program Details:

The recent RC drilling program targeted close-to-surface magnetic anomalies and potential de-magnetised zones in and around the Greater Mongoose area. Drilling encountered very-high magnetite alteration zones and breccias at Tank and Mongoose West. Deeper RC drilling encountered intense Red Rock alteration and potential Ernest Henry style magnetite-rich breccia/shear zones. The program has completed over 6,500m of RC and diamond drilling at Mongoose.

Understanding These Results:

The reported intercepts represent significant copper mineralization, with every drill hole encountering copper. The results are described as the best that Renegade has drilled at Mongoose to date, particularly significant given the extensive drilling completed (40 holes for over 6,500m).

The highly mineralized holes have opened up a new area of mineralization and are expected to add size to the Mongoose Deposit. The deeper 500m RC hole encountered Ernest Henry style alteration and brecciation, providing encouragement for the potential of a larger system within the Greater Mongoose Area.

Management Commentary:

Robert Kirtlan, Renegade Chairman, stated:

“To intercept significant copper mineralisation in every single drill hole is a remarkable achievement. These results are the best that Renegade have drilled at Mongoose to date, this is particularly significant as we have completed 40 holes for over 6,500m of drilling. The highly mineralised holes reported above have opened up a new area of mineralisation and will add size to the Mongoose Deposit.”

“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. We are currently interpreting the new data generated from the drilling and will plan our next programs around this.”

“The deeper 500m RC hole went well with no major technical issues with either the drill rig or water. This indicates that we may be able to go even deeper with the relatively cheaper RC drilling, perhaps beyond 600m. We have seen more of the Ernest Henry style alteration and brecciation1 which gives serious encouragement to continue looking for something bigger within the Greater Mongoose Area”.

“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.”

Next Steps & Catalysts:

The significant drill intervals from holes RMG035 and RMG036 have been sent to the lab for copper and gold analysis. All drilling has been completed and results are expected in 4-6 weeks.

Renegade is currently interpreting the new data generated from the drilling and will plan future programs based on these results. The company is well-positioned financially to continue work on the current Greater Mongoose programs, having received $330,000 in QLD Government CEI funding.

Commodity Outlook:

Copper remains a critical metal for the global transition to clean energy technologies. The Cloncurry region is a well-established mining jurisdiction with excellent infrastructure, positioning Renegade's project favorably.

Conclusion:

The latest results from Greater Mongoose demonstrate potential to expand the current resource base at the Cloncurry Project. With mineralization encountered in every drill hole and indications of a large IOCG system similar to the Ernest Henry deposit, the project continues to show promise for copper resources. Upcoming assay results and further interpretation of the data will be key catalysts for Renegade Exploration in the near term.

Sources:

RNX Drill Results Announcement

Additional Figures:

Australia

ASX

Copper

Nov 6, 2024