Sponsored

Renegade Exploration (ASX:RNX) Rallies 300% Over Past One Year

Source: 1968, Shutterstock

Summary

  • Renegade Exploration Limited has delivered impressive returns to its shareholders in the past one year.
  • RNX has strategised the acquisition, sale, and development of mineral assets that have helped generate value for shareholders.
  • The Company had identified various drill targets through recent programs and looks forward to drilling these in the future.

Minerals explorer and developer Renegade Exploration Limited (ASX:RNX) aims to generate value for its shareholders by way of emerging into a mid-tier resource company through engaging in acquisition as well as the advancement of mineral deposits.

In line with its strategy to deliver shareholder value, RNX stock has delivered 300% returns to its shareholders in the last one year till 25 February 2021. On the same date, RNX stock was noted 6.666% higher at $0.008 with a market capitalisation of A$6.48 million.

Interesting Read: Back to Back Acquisition Agreements Fuelling ASX:RNX’s Evolution Into Mid-Tier Resource Company  

Latest Results Identify Drill Targets

RNX has developed a proactive approach towards exploration across its tenement package. With this, the Company has undergone some key developments, including the sale of the Yukon Base Metal Project as well as acquiring the interest in Carpentaria JV (CJV).

Lately, RNX secured results from a ground sampling program over the Baxter-Andrews Prospect that helped in the discovery of nickel in the cuttings from historical drilling in this area. Historical aircore spoils inside and surrounding this prospect were identified through the follow-up reconnaissance fieldwork that was undertaken subsequent to the Drone Magnetic Survey.

Location of historic holes (Source: ASX Announcement 16 February 2021)

Important discussion at: ASX:RNX Executes Share Purchase Agreement For Sale of Yukon Project

The ground geophysical program has commenced at the area, and the Company aims to define additional targets for future drilling. The historical data, along with the recent sampling program, has helped identify targets for drilling at Baxter/Andrews and Riches Prospects.

Current Engagements of RNX

Currently, RNX is engaged in the refinement of the gold targets generated by interpreting the recent gravity program from various parties. Moreover, the Company plans to drill these gold targets as part of the upcoming drilling.

Furthermore, the Company is advancing discussions with drilling contractors to finalise a date for drilling the new targets. These include the targets identified at the Baxter/Andrews and Riches prospect as well as gold prospects produced by the latest gravity program.

Recent EM Survey at Riches Prospect (Source: ASX Announcement 16 February 2021)

December Quarter Update: Renegade Exploration (ASX:RNX) Wraps Up Busy December Quarter

Unloading the Yukon Project

Also, RNX had inked an agreement with Scarfe Holdings Inc to unload the Yukon Project for a total consideration of A$1,650,000 in cash payments. Furthermore, the consideration also includes exploration expenditure worth A$500,000 on the Project by the end of 2021 and a remaining 1% NSR interest which Scharfe can procure for A$1 million once commercial production has been attained.

Did you read: ASX:RNX Unlocking Potential in Major Gold Province While Seeking Fresh Opportunities

Acquisition of Interest in CJV

At the end of the December quarter, RNX’s acquisition of the interest in the CJV is dependent on the receipt of all regulatory approvals required under the agreement. However, RNX remains optimistic about the potential to assess opportunities that were discovered through historical work across the tenements.

Location of the Carpentaria JV Permits (Source: ASX Announcement 16 February 2021)

Detailed discussion at: ASX:RNX To Acquire ASX:SMV’s Share in Attractive Carpentaria JVA

Overall, RNX looks forward to further drilling at the targets identified through recent programs at Baxter/Andrews as well as Riches prospects. At the end of the December quarter, RNX remained suitably funded with $983,000 at the bank.

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK