RNX awaits results of drone survey at Mongoose

A drone survey has been completed at the greater Mongoose area within Cloncurry
The survey results will assist with target delineation ahead of new drilling campaign planned later this month
Renegade Exploration believes the bigger prize may be found deeper under surface

Special Report: Renegade Exploration has completed a high-definition drone survey across the greater Mongoose area at the Cloncurry project in the hope to delineate shallow prospects discovered by recent diamond drilling.

Two months ago Renegade Exploration (ASX:RNX) made a significant IOCG discovery at its Mongoose Deeps prospect in QLD, which has been likened to the prolific Ernest Henry asset – a large-scale, long-life copper gold operation in Cloncurry.

For six months of geophysics, processing, modelling, mapping and planning, the company said the drill result was ‘terrific’ with reasonably substantial sections of the hole almost mirroring Ernest Henry with its magnetite shear zones, crackle breccia with bird’s wing texture and massive pyrite zones.

A drone magnetic survey was earmarked as the next step in the company’s plan to delineate the shallower sections of the Mongoose Deeps anomaly while advanced CSIRO magnetic remanence analysis would significantly sharpen the overall model.

Drilling campaign planned

That survey has now wrapped up ahead of a new drilling campaign targeted for later this month.

RNX chairman Rob Kirtlan said the survey was designed to find new targets associated with the Ernest Henry-style IOCG system discovered by the recent Mongoose Deeps diamond drill hole and covered two new potential shallow targets – Magazine and Tank – identified from previous magnetics and gravity data.

Bigger prize lurking under surface

“The Mongoose Deeps diamond drill hole is the driver for this latest work, which is a precursor to drilling sometime in late September,” he said.

“The drone survey was done at 30m height which provides intense magnetic data to better understand the IOCG system we are working with.

“We do see substantial surface mineralisation as evidenced by the maiden inferred resource at Mongoose we defined late last year,” Kirtlan said.

“However, the bigger prize may be found deeper, so the use of geophysics is the best tool to define a larger feeder system for what we see 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.