Mongoose Project

Overview

Renegade has a ~29% 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.

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.

Ernest Henry style IOCG breccia zone has been confirmed at Mongoose Deeps prospect near Cloncurry after the diamond drill hole reached a final depth of 1,612m. The magnetic breccia zone encountered was significantly higher than the modelling suggested, which will enhance future exploration efforts. The company will cut and assay ~400m of core for copper, gold and cobalt. New magnetic surveys are now planned to pinpoint the next phase of shallow and deep diamond drilling. 


Figure 3: Plan view showing the very high magnetic anomaly and surrounding copper deposits & mines


Mongoose West Prospect

“Mongoose West” is a new gossanous anomaly just 250m west of the Mongoose Deposit which was announced together with the Cloncurry Queen and other outcrops mapped and sampled in the immediate area. Recent field work has extended the Mongoose West Prospect and it is now around 500m in length. A ground based magnetic program has recently been completed at Mongoose West. It is proposed to use this work to finalise the planning of an RC program of 1,000 – 2,000m at Mongoose West to follow the Mongoose Deeps diamond drill hole.


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

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