Renegade Exploration Limited - Ernest Henry style IOCG breccia zone discovered at Mongoose Deeps Prospect

About this update from Renegade Exploration Limited

Renegade Exploration Limited (ASX:RNX) has discovered a large Iron Oxide Copper Gold (IOCG) breccia system at its Mongoose Deeps prospect near Cloncurry, similar in characteristics to the nearby Ernest Henry Mine , after its maiden drill hole reached a target depth of 1,612m. Renegade Chairman, Robert Kirtlan said the drill result was terrific reward for six months of geophysics, processing, modelling, mapping, and planning. 'It has been an exciting process confirming the large magnetic anomaly at Mongoose Deeps, which lies beneath copper-gold mines, deposits, and historical workings. Particularly encouraging is the hole terminated in IOCG altered rock proving this system is large and continues at depth,' 'Our geologist has selected 400m of core for multi-element analyses, including copper, gold, and cobalt. Core cutting is planned to commence in the coming days with assay results expected in 6-8 weeks. '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. Mr Kirtlan said a drone magnetic survey would delineate shallower sections of the Mongoose Deeps anomaly while advanced CSIRO magnetic remanence analysis would significantly sharpen theThe Mongoose Deeps hanging wall shear zone shows intense foliation with layers comprised of actinolite, magnetite, biotite, red-rock alteration, and sulphides (pyrite and chalcopyrite). The Ernest Henry hanging wall shear zone consists of moderately to strongly foliated biotitemagnetite schist. Alteration mostly biotite-magnetite-k-feldspar. The Mongoose main magnetite breccia zone shows a polymictic breccia which is matrix supported is parts and clast supported in others. The matrix is predominantly magnetite, biotite, calcite, sulphides. The Ernest Henry Ore breccia is matrix to clast supported hydrothermal breccia, 5-50%. 5-50mm diameter subrounded breccia clasts with intense k-feldspar alteration set in matrix comprising magnetite-biotite-calcite-barite-pyrite-chalcopyrite. 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 mine. The pipe is not exposed at surface, it 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 Mines. Recent drilling and field work has confirmed the presence of significant copper-gold mineralisation ranging from surface down to 200m. Renegade has completed over 3,600m of RC drilling3,4 at Mongoose producing the following intersections: Mongoose is part of the Carpentaria Joint Venture (CJV) between Glencore plc and Renegade, whose stake is currently 29%. 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. The work completed by the CJV during the early 2010's delineated an extensive coincident magnetic-chargeable anomaly. Based on the coincident anomalies, CJV completed 4,000 m of reverse circulation (RC) and diamond drilling over 21 drill holes during 2013/2014. This drilling is exclusively orientated towards the south and intercepted large zones of Cu-Au mineralisation. Cautionary Statement The Company notes that while the sulphide species chalcopyrite is readily observable in drill core when present, the relative abundance estimated is particularly subjective due to the way the core is visually logged. In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of chalcopyrite abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of mineralisation. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company will update the market when laboratory analytical results become available for these samples Contact: Robert Kirtlan Tel: 1 300 525 118 Email: [email protected] (C) 2024 Electronic News Publishing, source ENP Newswire

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