Renegade Exploration (ASX:RNX) kicks off drilling at Lady Agnes, shares jump 10%

Highlights

• Renegade Exploration has commenced a 1,500-2,000m RC drilling campaign at the Lady Agnes Prospect.
• The drilling campaign aims to test the extent of copper oxides and large underlying IP anomaly.
• Assay results are expected in the third quarter of 2022.

Minerals explorer and developer Renegade Exploration Limited (ASX:RNX) has made a notable move with an RC drilling rig secured and a drilling program now underway at the Lady Agnes Prospect within the core North Isa Project.  

The North Isa Project, circa 35km from Mt Isa, is believed to be an ideal operating base with sufficient supportive mining infrastructure.

Triggered by the update, RNX shares gained ~10% to AU$0.011 midday on 30 May 2022.

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

Drilling to test the extent of copper oxidation

RNX has designed the RC drilling campaign to test the extent of the copper oxidation and a historical induced polarisation (IP) anomaly. The campaign will also focus on the untested upper limits of the IP signature.

The geology team executed a comprehensive review of all historical data review over the recent few months. This was followed up with mapping, soil and rock chip sampling.

The team resolved this work with the knowledge that Lady Agnes Mine used to produce copper oxides. As a result, the team believes that optimal targets have been selected for drill testing.

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

Lady Agnes Plan View (Source: RNX Announcement 30/05/2022)

RNX anticipates the drilling campaign to last for around 10 days, and assay results are expected to be returned in the third quarter of 2022.

Source: RNX Announcement 30/05/2022

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

Test for sulphide mineralisation

For LAG1, a historical diamond drill-hole, mineralisation commences from 273m and intersects a broad zone of copper within a breccia style structure – one of the more common mineralisation hosts in this area.

RNX plans to test for sulphide mineralisation through its drilling campaign from approximately 100-150m depth.

Source: RNX Announcement 30/05/2022

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

Potential for copper sulphide mineralisation

The Lady Agnes Prospect is located at a flexure in the Paroo thrust, which separates the Basement Eastern Creek Volcanics (ECV) and the Mt Isa Group sediments.

Historical mining focused on higher-grade oxide resources, while more recent work during the 1960s – 2000s involved drilling and geophysics. Mt Isa Mining drilled multiple deeper holes to test for larger ore bodies along the Western Fault, including LAG1, which adjoins the Lady Agnes Mine.

Source: RNX Announcement 30/05/2022

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Based on the geological and geophysical interpretation of the team, RNX believes that the potential for copper sulphide mineralisation exists within the main alteration zone, which has a corresponding IP anomaly.