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Renegade Exploration Limited (ASX:RNX) is planning a reverse circulation (RC) drilling campaign up to 3,000m at its Mongoose Project near Cloncurry for later this month after recent rock sampling confirmed the presence of significant copper-gold mineralisation within multiple gossanous zones.
Highlights
- Multiple copper-gold gossanous zones identified at Mongoose.
- Main gossan zone extends for over 500m with maiden rock sampling returning:
- 15.6 % Cu & 0.52 g/t Au
- 8.81 % Cu & 4.12 g/t Au
- 1.81 % Cu & 0.21 g/t Au
- 1.87 % Cu & 1.98 g/t Au
- 1.04 % Cu & 1.95 g/t Au
- 2.88 % Cu & 0.1 g/t Au
- Reverse circulation drilling at Mongoose planned for late February.
Renegade Director, Mr Robert Kirtlan, said Mongoose was a primary focus for the company given the significant historical copper-gold drill intercepts and its location along strike from the neighbouring Great Australia Mine operations and, in particular, the Taipan deposit and Paddock Lode mine.
“Mongoose has considerable appeal as a prospect given its prime geological location, strong historical exploration data, great access to infrastructure, and our most recent positive rock sampling results,” Mr Kirtlan said.
“We’ve identified significant high-grade copper-gold mineralisation over a large gossan zone which runs for over 500m.
“We’re looking forward to testing this discovery with drilling commencing later in the month together with developing a number of immediate other prospects already identified across the permit,” he said.
Mongoose was first discovered in 2013 and was subject to approximately 4,000m of drilling at that time which confirmed it as an extension to the neighbouring Paddock Lode mine and Taipan deposit owned by True North Copper and part of the Great Australia mining lease.
Figure 1. Mongoose project, showing rock samples, historic drill holes and nearby open pit mines and resources.
Mongoose is part of the Carpentaria Joint Venture (CJV) between Glencore plc and Renegade, whose stake is currently 23.03%. In January 20231, Renegade recently reached agreement with Glencore to excise the Mongoose Project (EPM8588) from the CJV and sole risk future expenditure. Renegade’s interest in EPM8588 will increase with expenditure.
Mongoose Project Background
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.
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