Cloncurry Project

Figure 1: Cloncurry Project Map

Mongoose Deposit

Mongoose is a primary target with significant historical copper-gold intercepts and is along strike from the neighbouring Great Australia Mine and Taipan Deposit. Mongoose has been the subject of two reverse circulation (RC) drilling programs in March and May 2023 to determine the potential for near term mining with the initial target being near surface copper oxides.

Inferred JORC resource

3.1Mt @ 0.55% Cu and 0.07g/t Au for
17.0Kt of Cu and 7.3Koz of Au @ 0.25% Cu cut-off

Stunning sulphide hits, excellent oxide results

RMG021
27m @ 2.2 % Cu, 0.35 g/t Au from 84 m; including:
10m @ 5.4 % Cu, 0.88 g/t Au from 84 m;
incl 1m @ 25.60 % Cu, 2.13 g/t Au from 90m,
incl 1m @ 14.05 % Cu, 1.98 g/t Au from 91m

RMG019
74m @ 0.70 % Cu, 0.19 g/t Au from 68 m including:
5m @ 1.9 % Cu, 1.01 g/t Au, from 68m; and
27m @ 1.1 % Cu, 0.26 g/t Au, from 115m incl;
7m @ 2.3 % Cu, 0.54 g/t Au, from 130m

RMG001
19m @ 1.0% Cu & 0.39g/t Au from surface including:
5m @ 1.7 % Cu, 0.25 g/t Au;
4 m @ 1.0 % Cu from 24m;
5 m @ 1.1 % Cu, 0.23 g/t Au from 98m
4 m @ 2.1 % Cu, 1.2 g/t Au from 133 m.

RMG032
42m @ 0.79 % Cu, 0.17 g/t Au from 96m including:
25m @ 1.1 % Cu, 0.26 g/t Au from 113m; incl
8m @ 2.3 % Cu, 0.6 g/t Au from 113m

Figure 2: Mongoose Prospect Drilling Results

Mongoose Deeps Prospect

The Mongoose Deeps magnetic anomaly is a highly attractive target which is located beneath the Mongoose copper deposit. In July, the company announced it had discovered a large Iron Oxide Copper Gold (IOCG) breccia system at Mongoose Deeps similar in size, shape and magnitude to the nearby world class Ernest Henry Mine, after its maiden drill hole reached a target depth of 1,612m.

The pipe is not exposed at surface, so is a blind target. What is seen at surface are copper mines, deposits, and occurrences which are hosted in highly fractured, and faulted dolerites.

Similarities to Ernest Henry include very-high magnetite shear zones, followed by crackle breccia with bird’s wing textures, massive pyrite zones, and polymictic brecciation with magnetite and sulphides (pyrite-chalcopyrite).

The magnetic breccia zone encountered was significantly higher than the modelling suggested, which will enhance future exploration. Around 400m of core was cut for copper, gold and cobalt analysis.

Renegade received a $300,000 state grant to assist with funding the drilling of Mongoose Deeps, which was the maximum amount available in round 8 of the Queensland Government’s Collaborative Exploration Initiative (CEI).

Greater Mongoose Mineralised Precinct

Renegade’s Greater Mongoose mineralised precinct covers up to 1km2 with high grade copper-gold outcrops and drill intercepts located along strike from the neighbouring Great Australia Mine. Previous RC drilling over 3,600m and field work has confirmed the presence of significant copper-gold mineralisation ranging from surface down to 200m.

Following the completion of a drone magnetic survey over 130 line kilometres, Renegade announced that it had identified multiple new, close-to-surface targets within this highly prospective area.

The drone survey data was used to generate a 3D model that shows clear indications of a new shallow target zone that repeats the magnetic signature of the adjacent Mongoose and Taipan copper-gold deposits. Interestingly, the zone links a cluster of very high magnetic anomalies at Mongoose including Mongoose West, Magazine and Tank which is considered a high priority target.

The drone survey also covered the highly prospective Mongoose Deeps Target which was diamond drilled in July and identified an Ernest Henry-style IOCG, magnetic breccia zone.

Subsequent to the end of the quarter, the company announced that it had completed 3D modelling of exploration data returned by both historic and recent airborne magnetic surveys that indicated the high priority Mongoose Deeps target lies dominantly within the company’s 100% owned tenement EPM28972 and starts closer to surface.

The Mongoose Deeps magnetic anomaly is proximal to the newly modelled gravity anomaly and has also lifted to begin 400-500m from surface. The model has generated both shallow and new deeper targets which have been validated by the recent deep diamond drill hole which encountered a substantial brecciated and mineralised zone from around 300m.

Figure 4: Map showing the drone magnetics survey area over the Greater Mongoose prospect area including modelled gravity anomalies, magnetics analytic signal, drill holes, and recent rock sampling.

Mt Glorious Prospect

Mt Glorious is located just 7km west of both Mongoose and the Cloncurry townsite and lies 500m south from the Barkly Highway.

Mt Glorious was mined up until approximately 2015 with limited availability of records. Mt Glorious consists of three pits, South Pit, Main Pit and North Pit. From the sampling completed to date, field mapping and observation of the geological settings it appears the ore grade was high.

Previous Drilling

Figure 5: Renegade Exploration Tenement Map