Overview
Renegade has a ~31% interest in the Cloncurry Project which has Renegade earning back its interest in EPM8588. Renegade’s interest will increase with further expenditure. The project also includes EPM28972, which Renegade holds 100%.
In January 2023, Renegade reached an agreement with Carpentaria Joint Venture (CJV) partner Mount Isa Mines (MIM) to become sole operator and funder of EPM8588, host to a number of advanced copper prospects including the Mongoose Prospect.
Figure 1: Cloncurry Project Map
Mongoose Deposit
Located just south of Cloncurry, 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. The anomaly is a magnetite rich breccia pipe which is similar in size, shape, and magnitude as the world-class Ernest Henry copper mine. The inferred pipe is not exposed at surface, it is a blind target. What is seen at surface are copper mines, deposits, and occurrences which are hosted in highly fractured, faulted, and brecciated dolerites.
In early July 2024, the company announced it had discovered a large Iron Oxide Copper Gold (IOCG) breccia system at Mongoose Deeps similar in characteristics to the nearby Ernest Henry Mine, after its maiden drill hole reached a target depth of 1,612m.
Similarities to Ernest Henry include very-high magnetite shear zones, followed by crackle breccia with bird’s wing textures, massive pyrite zones, monomict/polymictic brecciation with magnetite and sulphides (pyrite-chalcopyrite), and red-rock alteration.
At 330m down hole a 300m long magnetic breccia zone was encountered which is significantly shallower than the initial geophysical modelling suggested. A drone high-definition magnetic survey will be completed in August to define new targets and enhance current zones of interest. This is a particularly positive development as future exploration can employ cheaper RC drilling to test new targets.
In general, the hole encountered numerous brecciated and magnetic zones finishing in altered rock containing veins of sulphides (pyrite-chalcopyrite) and detailed in the 2 July ASX Release; Ernest Henry style zone discovered at Mongoose Deeps.
Around 400m of core has been cut for copper, gold and cobalt plus multi element assaying.
Renegade received a $300,000 QLD 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).
New high definition drone magnetic surveys are now planned to pinpoint the next phase of shallow RC drilling followed by possible deep diamond drilling.
Figure 3: Plan view showing the very high magnetic anomaly and surrounding copper deposits & mines
Mongoose West Prospect
Rock sampling and geological mapping at showed Mongoose mineralisation at the Cloncurry Project extended a further 500m to the west. “Mongoose West” has returned excellent copper-gold values and has emerged as the “next cab off the rank” for reverse circulation (RC) drillhole testing after Mongoose Deeps.
Rock sampling results include:
- 19.4% Cu, 2.3g/t Au (RMGRS062)
- 3.8% Cu, 0.6 g/t Au (RMGRS069)
- 3.1% Cu, 1.13 g/t Au (RMGRS067)
- 5.9% Cu, 1.09 g/t Au (RMGRS068)
Subsequently in May, Renegade reported a high-resolution, ground-based magnetic survey (using 20m line spacing) of Mongoose West had delineated a discrete magnetic anomaly, which broadly corresponds with the zone of mapped intrusive dolerites which have been faulted, altered, and display gossans at surface. This area has not been drill tested by any explorers to date.
The planned drilling program will consist of up to 2,000m of RC drilling and will be targeting close to surface supergene and primary mineralisation. Mongoose West appears to be a major structural feature which trends into the Mongoose Deposit.
Figure 4: Mongoose Resource area with prospect locations and magnetics.
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
The work completed by the CJV during the early 2010’s delineated an extensive coincident magnetic-chargeable anomaly. Based on the coincident anomalies, CJV completed 3,988.1 m of reverse circulation (RC) and diamond drilling over 21 drill holes during 2013/2014. This drilling is exclusively orientated towards the south and has intercepted large zones of Cu-Au mineralisation at surface and depth including;
• 44 m @ 1.7 % Cu & 0.17 g/t Au from 2 m (MGX009)
• 11 m @ 1.2 % Cu & 0.31 g/t Au from 20 m (MGX019)
• 6 m @ 1.0 % Cu & 0.34 g/t Au from 98 m (MGX017)
• 15 m @ 1.6 % Cu & 0.32 g/t Au from 174 m (MGX002)
• 10 m @ 0.95 % Cu & 0.12 g/t Au from 8 m (MGX011)
• 28 m @ 0.66 % Cu % 0.067 g/t Au from 105 m (MGX010)
• 5 m @ 1.7% Cu and 0.42g/t of Au from 20 m (MGX005)
Figure 5: Renegade Exploration Tenement Map