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Fresh deal positions Renegade (ASX:RNX) to earn up to 75% of the North Isa Project

Highlights

  • Renegade Exploration has entered into an agreement with Burke Copper Pty Ltd to earn up to 75% of the North Isa Project.
  • This project comprises the Eastern Creek Volcanics and Mt Isa Group sediment boundary with many existing copper mineral occurrences.
  • RNX is currently planning work programs to begin at the earliest, including an investigation of targets generated by Burke.

Renegade Exploration Limited (ASX:RNX) has been seeking to emerge into a mid-tier resource company by discovering, acquiring, and developing value-accretive mineral deposits. Recently, RNX was engaged in acquiring and offloading mineral deposits to enhance its position as a mineral explorer and developer.

RNX has recently acquired an interest in the Carpentaria Joint Venture, which comprises several identified advanced copper and gold projects. RNX has been continuing the acquisition work and inked a fresh deal.

RELATED ARTICLE: Renegade Exploration (ASX:RNX) makes significant strides during September quarter

RNX inks a joint venture transaction

Lately, RNX has entered a joint venture transaction with Burke Copper Pty Ltd and has inked an agreement that allows RNX to earn up to 75% of the North Isa Project. This project is located directly north of the George Fisher mine, and around 40km north of Mt Isa township and will control around 20km of the Western Fault.

North Isa Project Permit Location

North Isa Project Permit Location with existing Prospects (Source: RNX Announcement 06/12/21)

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The Western Fault and related faults are a host to the historic Lady Agnes copper mine, while the project spans the Eastern Creek Volcanics (ECV) and Mt Isa Group sediment boundary with many existing copper mineral occurrences.

Historically, the area has witnessed irregular and disjointed exploration, and the faulted contact recently came under the control of Burke Copper. RNX believes that this would allow a consistent and rigorous exploration program to evaluate and examine the faulted ECV/Mt Isa Group contact and other connected structures of interest.

A snapshot of the various terms and conditions for the option agreement is given below:

Terms of agreement

Source: RNX Announcement 06/12/21

RELATED ARTICLE: Renegade (ASX:RNX) retains indirect interest despite divestment of Yandal East Project

Way forward

RNX believes that the North Isa Project is a valuable addition to its expanding footprint in Queensland as the local government recently released its draft Queensland Resources Industry Development Plan (QRIDP), seeking to develop a strategy for the coming three decades to ensure consistent, sustainable growth in the resources sector.

The QRIDP, in conjunction with recent State and Federal initiatives, offers further support to the strategy in Queensland that RNX pursues.

Moreover, both RNX and Burke are looking to conclude the formal JVA as RNX is eager to kick off work immediately. Currently, RNX is engaged in planning work programs to begin very soon, comprising soil sampling, field mapping, reinterpretation of historical data and investigation of targets generated by Burke.

RELATED ARTICLE: Renegade Exploration (ASX:RNX) on the lookout for further developmental opportunities 

RNX stock was noted at AU$0.007 on 06 December 2021.

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