Renegade Exploration Limited’s latest drone magnetic survey at the Greater Mongoose Prospect has uncovered multiple shallow magnetic anomalies. These promising findings have spurred the company to launch a fresh drilling program, commencing mid-October, targeting copper-gold mineralisation.

The magnetic anomalies, discovered through a 130-kilometre drone survey over the highly prospective Mongoose area, are located at shallow depths and exhibit similar characteristics to nearby significant copper-gold deposits. These new targets align with the signature of deposits at Mongoose and Taipan and have piqued interest with their close proximity to high-grade anomalies at Mongoose West, Magazine, and Tank. A 3D model of the data is being developed to fine-tune drilling operations.

According to Renegade Exploration’s Chairman, Robert Kirtlan, the data from the new survey is providing a robust basis for further exploration. Incorporating this with the previously collected data from the Mongoose Deeps Target, the company’s confidence is growing in their ability to hit substantial mineralisation zones. The Mongoose Deeps magnetic anomaly, previously identified, is considered a highly promising target, mirroring the Ernest Henry copper-gold mine in size and magnitude.

Key findings and next steps

The drone survey revealed a large magnetite-rich breccia zone at Mongoose Deeps, where drilling previously detected an anomalous copper-gold zone measuring approximately 300 metres. Assays from drill hole RMD001 confirmed persistent copper-gold mineralisation, with further testing scheduled for the upcoming round of drilling. Kirtlan indicated that these results validate the exploration strategy, providing the team with optimism that the continued modelling will yield further insights.

Mongoose Deeps was diamond-drilled in July, uncovering a structure analogous to the world-class Ernest Henry mine, a significant development for Renegade. The next phase of drilling will focus on targets from surface down to 500 metres, marking an important step in Renegade’s exploration efforts in the Cloncurry Project, Queensland.

Renegade has invested over 5,200 metres of reverse circulation (RC) and diamond drilling into the Mongoose area. This has led to the company completing its Maiden Inferred Mineral Resource Estimate of 3.1 Mt @ 0.55% copper and 0.07g/t gold, equating to 17 Kt copper and 7.3 koz gold. The company’s stake in the Carpentaria Joint Venture is expected to increase following the forthcoming sole-risk expenditure agreement.

Expert analysis

The recent magnetic discoveries are a vital development for Renegade Exploration. By identifying these shallow anomalies, Renegade has increased its chances of success in subsequent drilling phases. The copper-gold mineralisation potential is particularly notable, with significant intersections already recorded. The focus on 3D modelling ensures the company’s targeting is precise and aligned with these new findings, offering a high potential for expanding the resource base.

The company’s comparison of the Mongoose Deeps anomaly to the Ernest Henry mine indicates significant potential, especially given the latter’s world-class status. As Renegade moves toward the next round of drilling, it will likely continue to capture investor attention, particularly as copper and gold markets remain strong.

  Carpentaria Joint Venture, Cloncurry Project, Ernest Henry Mine, Greater Mongoose, Mongoose Deeps, Queensland, Renegade Exploration, Robert Kirtlan