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 in Queensland to test new copper targets generated from recent drilling and a new drone survey.
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 breccia,” Mr Kirtlan said.
“We’ve reconciled these diamond drill results against new intense magnetic data 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.
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 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 Estimate which utilised an optimised pit shell and a base cut of 0.25 % Cu. The Mongoose Inferred Resource currently stands at 3.1Mt @ 0.55% Cu and 0.07 g/t Au for 17.0 Kt Cu and 7.3 koz Au (0.25%Cu cutoff).