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

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

 Renegade Resources (ASX:RNX) Board approves RC drilling post promising exploration results at Lady Agnes
Image source: SeventyFour, Shutterstock.com

Highlights

  • Renegade Resources receives positive results from the soil sampling and mapping program undertaken on North Isa Project.
  • Incorporation of interpreted historical data with the latest exploration data instills confidence for the Company to plan a drilling campaign on Lady Agnes prospect.
  • Renegade has commenced pre-drilling formalities for the Lady Agnes, and negotiations are on with drilling contractors.
  • RNX is incorporating historical data with the latest survey results from the Pipeline prospect with an aim to generate drilling targets.

Setting its growth plan in motion, Renegade Exploration Limited (ASX:RNX) is moving forward with a 2,000m RC drilling program over the North Isa Project, located in northwest Queensland. The Board authorised the RC drilling program on back of positive results from recent soil sampling campaign and review of historical drill and geophysical survey at Lady Agnes Prospect.

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The Company was undertaking an interpretation of the historical data for the Pipeline and Lady Agnes prospects on the project. The historical data consisted of past drilling and geophysical surveys that had been carried out by previous explorers.

The drilling campaign will be undertaken to test the shallow oxide mineralisation and an IP target at ~100-150m of true depth.

Plan view of Lady Agnes (Image source: Company update, 23 March 2022)

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

The historic drill hole LAG1, in particular, is generating a lot of interest. The review of the data from the hole generated a broad mineralised zone of 181m @ 0.22% Cu from 273m. LAG1 lies in the geophysical IP target that Renegade is planning to target in the upcoming drilling campaign. The interpretation results indicate at the presence of a broad copper generating system associated with a brecciated structure.

The interpretation work is still ongoing and subject to finalisation. Renegade has already commenced the pre-drilling works, including securing approvals, clearance work and negotiations with the drilling contractors.

Interpreted IP and LAG1 on a cross-section of lady Agnes (Image source: Company update, 23 March 2022)

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Lady Agnes prospect lies at the flexure in the Western Fault. Historical mining focused on higher grade oxide resources and more recent work (1960’s – 2000’s) involved drilling and geophysics. The previous explorer Mt Isa Mining had drilled several holes on the prospect to test the deep larger ore bodies along the fault. LAG1 was drilled adjacent to the Lady Agnes Mines. Renegade believes that the prospect has the potential for copper sulphide resources within the main alteration zone. The interpreted IP anomaly further solidifies the belief of the Company.

The Pipeline prospect has seen several exploration expeditions in the past with little drilling. Renegade has generated valuable data from the soil sampling and mapping program, which is being incorporated with the historical data and reprocessing the historical geophysical data to generate prospective drilling targets. 

Renegade Resources entered into the earn-in agreement to acquire up to 75% interest in the project with Burke Copper in December 2021. Since then, Renegade has been swiftly moving the exploration project to delineate drilling targets to unlock the potential of the project.

Related read: Renegade Resources (ASX:RNX) receives final payment for the Yandal Project

The RNX stock is trading at AU$0.008 with a market cap of AU$7.03 million as on 23 March 2022.

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