Renegade (ASX:RNX) ramps-up activities at Lady Agnes Prospect in March quarter

Highlights

• During the March quarter, Renegade focused its exploration activities on copper projects across the Mt Isa region.
• At the North Isa Project, Renegade completed the review of historical data and combined it with initial field programs to generate targets.
• Rock chip sampling program at Lady Agnes prospect delineated 100m strike for drill testing.
• Renegade reported a cash balance of AU$870,000, as of 31 March 2022.

Copper explorer Renegade Exploration Limited (ASX:RNX) recently released its March quarterly report highlighting its exploration activities.

Notably, going by recent copper price action it seems like the market participants are bullish on copper prices in the long term. The red metal is gaining traction as the world transitions into the electric era. Given this backdrop, Renegade has revised its strategic intent to focus on highly prospective copper projects across the Mt Isa region implemented.

Let’s have a look at Renegade’s key highlights during the March 2022 quarter.

Related read: Renegade Resources (ASX:RNX) eyes dominant role in copper market through North Isa Project

The geological team undertook field activities during the March quarter and delineated primary targets for drill testing on North Isa Project. The team continues its soil and rock chip sampling and mapping activities on the project tenement to identify potential outcropping structures.

Renegade reviewed the historical data of the Lady Agnes prospect, which provided significant insights into the potential for the prospect to host shallow copper oxide mineralisation. The historical drilling intersected a substantial sulphide copper zone from 273m, the target was generated through historical Induced Polarisation (IP) survey.

Lady Agnes plan view (Image source: Company update, 21 April 2022)

Latest update: Renegade’s (ASX:RNX) field program delineates a 100m copper strike at Lady Agnes

Renegade has planned a drilling campaign to test the shallow oxide copper and the interpreted upper limits of the IP high, commencing at 100-150m, which potentially hosts copper sulphide mineralisation.

Data source: Company update

RNX recently released the results of the rock chip samples from the Lady Agnes prospect and established a correlation between high-grade copper and gold values. The results induced interest in the context of potential financial metrics in case the resources are taken through the production phase.

Image source: ID 3545762 © Sisu|Megapixl.com (Data source: Company update, 27 April 2022)

Related read: Renegade Resources (ASX:RNX) Board approves RC drilling post promising exploration results at Lady Agnes

Renegade entered the North Isa Project in a joint venture (JV) with Burke Copper Pty Ltd. RNX has an option to earn up to 75% interest in the project under the terms of the JV agreement. Renegade believes that the past explorations on the tenements were sporadic, and this is the first time the tenement is under the control of a single party. This will help Renegade to launch extensive and consistent exploration activities for the project.

Apart from Lady Agnes, RNX has identified Tulloch and Pipeline prospects with significant potential.

Location of prospects on North Isa Project (Image source: Company update, 27 April 2022)

Renegade is also working in a JV with Queensland Metals, a fully owned subsidiary of mining behemoth Glencore, on the Carpentaria Joint Venture Project. During the quarter, the JV partners were engaged in the review of geophysics results and previous exploration data. A drilling program is being planned during the third quarter of this year.

Related read: Renegade (ASX:RNX) shares trade at new 52-week high

The previous results were encouraging, but the partners feel that the tenure exhibits substantial IP anomaly, and work is required to fully understand it.

Cash and financials

At the end of 31 March 2022, RNX reported a cash balance of AU$870,000. The Company spent AU$120,000 on exploration and evaluation works. The figure also includes the AU$12,000 paid for its contribution to the expenses on Carpentaria JV.