Renegade rock chips return up to 40.6pc copper at the Magazine prospect

Rock chip sampling returns up to 40.6% copper and 16.9g/t gold at the Magazine prospect
Magazine is ~600m northwest of the Mongoose Deeps hole which intersected an IOCG-style magnetic breccia pipe
Drone-based magnetic survey to refine magnetic model and find more shallow targets for drilling

Special Report: Rock chip sampling at the new Magazine prospect within Renegade Exploration’s Cloncurry project has returned significant results topping up at 40.6% copper and 16.9g/t gold in separate chips.

The rock samples were collected from historical workings that sit above one of the close-to-surface gravity anomalies – Magazine and Tank which Renegade Exploration (ASX:RNX) recently identified.

Magazine is ~600m northwest of the Mongoose Deeps diamond hole that discovered the presence of an IOCG style magnetic breccia pipe with striking similarities to the nearby world-class Ernest Henry copper-gold mine.

Mapping had highlighted a 100m mineralised zone at Magazine that was mined on a small scale historically.

Chairman Robert Kirtlan said the company had been progressing exploration since completing the part CEI-funded Mongoose Deeps diamond hole that had discovered the presence of an IOCG style magnetic breccia pipe, the first such pipe to be found in the Mongoose project area.

“We have already interpreted two potential shallow targets, Magazine and Tank, from our previous magnetics and gravity data,” Kirtlan said.

“The planned drone based magnetic survey will help refine the magnetic model and seek to add more new shallow targets to pursue in the upcoming drill program.”

Modelled gravity anomalies, magnetics analytic signal, drill holes, and recent rock sampling at Magazine. Pic: Renegade Exploration

Mongoose project

Mongoose is part of the Carpentaria joint venture between Renegade (31% ownership) and Glencore. It was excised from the JV in January 2023 with RNX’s interest increasing with further sole-risked expenditure.

It is a significant mineralised area with high grade copper-gold drill intercepts 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.

Mongoose already has a resource of 3.1Mt grading 0.55% copper and 0.07g/t gold.

The recently drilled Mongoose Deeps magnetic anomaly is a highly attractive target that sits beneath the Mongoose copper deposit.

It is a magnetite-rich breccia pipe which is similar in size, shape, and magnitude as the world-class Ernest Henry copper mine that is not exposed at surface.

This article was developed in collaboration with Renegade Exploration, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.