Tasty new copper targets set stage for Renegade’s Cloncurry drill drive

Renegade Exploration will start drilling in mid-October after a drone survey lit up new targets at Mongoose
The explorer, which shares the broader Carpentaria JV with Glencore, is chasing an iron-oxide copper-gold discovery in the vein of Evolution’s 50,000tpa copper, 80,000ozpa gold Ernest Henry mine
Mongoose Deeps diamond hole set the groundwork for potential major find

Special Report: Renegade Exploration is set to drill into new Greater Mongoose targets in mid-October in its search for the next large iron-oxide copper-gold discovery in Queensland at its Cloncurry project.

New close to surface magnetic anomalies have been picked up in high-definition drone magnetics survey across the greater Mongoose area, where a deep target resembling the breccia geology at Evolution Mining’s (ASX:EVN) multi-billion dollar Ernest Henry copper gold mine was diamond drilled in July.

The Renegade Exploration (ASX:RNX) drone survey collected data over 130 line kilometres, which is now being processed to generate a 3D model.

It’s also shown indications of a shallow target zone repeating the magnetic signature of the adjacent Mongoose and Taipan copper-gold deposits, linking a cluster of very high magnetic anomalies at Mongoose including Mongoose West, Magazine and Tank.

The latter is considered a high priority target by RNX geos.

“The new drone data will be incorporated with our magnetic remnants data, and Mongoose Deeps drill hole data to provide a higher confidence 3D model for drill targeting but is already offering an impressive picture of widespread mineralisation and robust new targets,” RNX MD Rob Kirtlan said.

A new shallow target zone has been lit-up by a drone survey ahead of mid-October drilling at Mongoose. Pic: RNX

On the right track

While the first, partly QLD Government funded, diamond drill hole at Mongoose Deeps didn’t hit paydirt right away, it did deliver confidence-building anomalous copper-gold results over a 300m zone from 330m deep, Kirtlan added.

The project is located next to the historic Great Australia mine, with 3600m of drilling so far demonstrating an impressive accumulation of mineralisation down to 200m below surface on the 1km2 mineralised area.

“IOCG units are notoriously difficult in terms of hitting mineralised zones and the Renegade team and its advisors are very encouraged with the ~300m zone hit in RMD001, plus elsewhere within the hole, and look forward to the next round of drilling,” Kirtlan said.

“The continued modelling work and the adjustments to it by our geophysicists will provide more confidence as we progress this exciting program.”

Of the 5200m of RC and diamond drilling conducted by RNX across the greater Mongoose project, best results have included a hit of 10m at 5.4% Cu and 0.88g/t gold from 84m within a broader 27m strike at 2.2% Cu and 0.35g/t Au.

The Mongoose Deeps target is viewed as a magnetite-rich breccia pipe similar in size, shape and magnitude to the one hosting Ernest Henry, which is expected to produce around 80,000oz of gold and 50,000t of copper per annum across a mine life that extends to at least 2040.

A maiden inferred resource covering the shallower Mongoose hits includes 3.1Mt at 0.55% Cu and 0.07g/t Au for 17,000t copper and 7300oz gold.

Renegade has earned up to a 31% stake in Mongoose and the Carpentaria JV, which is majority held by Glencore, one of the world’s largest mining companies and commodity traders, and owner of Mt Isa Mines.

Since early 2023 Mongoose has been excised, with RNX taking over as sole operator and funder of exploration activities, chasing an extension of the Paddock Lode mine and Taipan deposit first uncovered in 2013.

The new round of drilling comes with copper metal prices, currently at a solid US$9400/t, threatening a breakout following the US Fed’s decision to cut interest rates this week by 50bps.

Base metals tend to rise in rate cutting cycles because they are largely traded in the US dollar, which tend to weaken as credit gets cheaper to obtain.

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.