Renegade Exploration Limited - Drilling starts at Greater Mongoose

About this update from Renegade Exploration Limited

Renegade Exploration Limited (ASX:RNX) has started a reverse circulation drilling program up to 2,000m at its Greater Mongoose prospect within the Cloncurry Project to test new copper targets generated from recent drilling and a new drone survey. As announced last week, 3D modelling of exploration data returned by both historic and recent airborne magnetic surveys has indicated the high-priority Mongoose Deeps target lies dominantly within the company's 100% owned tenement EPM28972 and starts closer to surface. Renegade Chairman, Robert Kirtlan said the new drilling would serve to build a clearer picture of the Greater Mongoose region's growing potential. 'We're excited to have started this next phase of drilling at greater Mongoose where a diamond drill hole in July discovered the presence of an Ernest Henry -style IOCG style magnetic breccia1 ,' Mr Kirtlan said. 'We've reconciled these diamond drill results against new intense magnetic data2 provided by our recent drone survey to improve our understanding of this promising IOCG system, and pinpoint locations for this round of drilling now underway. 'Aside from the Deeps target which is located beneath the Mongoose copper deposit, our new Magazine and Tank Prospects3 headline a number of potentially shallow targets which we're very much looking forward to drilling,' he said. Renegade's Greater Mongoose prospect at its Cloncurry Project is a substantial mineralised area covering up to 1km2 with high grade copper-gold outcrops and drill intercepts located along strike from the neighbouring Great Australia Mine . Previous RC drilling over 3,600m and field work has confirmed the presence of significant copper-gold mineralisation ranging from surface down to 200m. Mongoose Project Background The Mongoose Deeps magnetic anomaly is a highly attractive target which is located beneath the Mongoose copper deposit. The anomaly is a magnetite-rich breccia pipe which is similar in size, shape, and magnitude as the world-class Ernest Henry copper mine4 . The pipe is not exposed at surface, so is a blind target. What is seen at surface are copper mines, deposits, and occurrences which are hosted in highly fractured, and faulted dolerites. Mongoose is a significant mineralised area with high grade copper-gold drill intercepts and located along strike from the neighbouring Great Australia Mine . Recent drilling and field work has confirmed the presence of significant copper-gold mineralisation ranging from surface down to 200m. Drilling by Renegade at Mongoose in 2023 allowed the company to complete a Maiden Inferred Mineral Resource Estimate5 which utilised an optimised pit shell and a base cut of 0.25 % Cu. The Mongoose Inferred Resource currently stands at: Mongoose is part of the Carpentaria Joint Venture (CJV) between Glencore plc and Renegade, whose stake is currently 31% (as at 30 June 2024 ). In January 2023 , Renegade reached agreement with Glencore to excise the Mongoose Project (EPM8588) and sole risk future expenditure. Renegade's interest in EPM8588 will increase with expenditure7 . Mongoose is hosted by dolerite-gabbro-porphyritic basalts of the Toole Creek Formation. The mineralised zone is dominated by magnetite-actinolite-albite-chlorite altered, sheared and brecciated dolerites. The mineralisation is both primary and supergene in nature. The supergene zone is defined by the presence of malachite, chrysocolla, chalcocite, and cuprite. The fresh, primary (hypogene) copper mineralisation is defined by chalcopyrite with accessory pyrite. Contact: Robert Kirtlan Tel: 1 300 525 118 Email: [email protected] (C) 2024 Electronic News Publishing, source ENP Newswire

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