Renegade Exploration (ASX:RNX) wraps up first round of drilling campaign at Lady Agnes

Highlights

• Renegade Resources drill tested the priority oxide and sulphide target zones at the Lady Agnes prospect.
• The Company drilled five holes in the first round of the drilling campaign.
• RNX is planning two geophysical survey campaigns to delineate targets for future drilling operations.

Renegade Exploration Limited (ASX:RNX) has successfully completed the first round of drilling program at Lady Agnes prospect. The drill rods tested priority oxide and sulphide target zones down to circa 300m on the prospect.

The drill samples have been collected and sent to the lab for assay results. Interpretation of the drill intercepts will be done once the assay result is received by the Company.

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

North Isa Project is considered prolific for copper mineralisation. Renegade carried out field operations to delineate copper targets to undertake follow-up exploration program.

The initial field operations comprised soil sampling, rock chip sampling, mapping and interpretation of historical exploration data. The sampling program led to the delineation of a 100m copper strike on the Lady Agnes prospect. Drill targets were identified during these field programs.

North Isa Project location map (Image source: Company update, 22 June 2022)

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

Drilling Program

Renegade drilled five RC-holes on Lady Agnes prospect for a total depth of 1,234m. The drilling program was designed to test the extent of the copper oxide mineralisation and a historical induced polarisation (IP) anomaly over Lady Agnes.

Renegade drill tested these two targets, including the drilling of the untested upper limits of the IP signature. It took nearly two weeks for the drilling team to wrap up the operation and that too within budget.

Out of the five holes, three drill holes intersected the Eastern Creek Volcanic (ECV) group. One of the holes on ECV, LARC22-02, encountered substantial pyritic and graphitic shales. The copper associated with graphitic shale formation, also known as Breakaway Shale, is of particular interest to the Company and is common in this region.

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

The holes LARC22-03 and LARC22-05 intersected the Breakaway Shale, while LARC022-04 intersected the mafics, interpreted as the ECV group. The drilling program has improved the understanding of the ECV contacts.

The geology team has reported malachite, chalcocite, and sporadic chalcopyrite in the Black Shales near the contact with the ECV.

Plan view of the drill hole location on Lady Agnes (Image source: Company update, 22 June 2022)

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

 What’s next?

Renegade is planning to ramp up its exploration efforts at Lady Agnes. Drill hole LARC22-02 has been cased to enable the downhole electromagnetic (EM) survey, and plans are underway to carry out a gravity survey over Lady Agnes and Tulloch prospects.

The main objective of the future exploration works is to delineate targets for future drilling programs. The preliminary analysis indicates there is a strong correlation between the Breakaway Shales and copper mineralization, with the primary area of interest being contact with the ECV unit.

RNX closed the day’s trading at AU$0.008 with a market cap of AU$7.11 million as of 22 June 2022.