- Renegade Exploration Limited has reported a significant set of activities undertaken during the quarter across its portfolio of assets.
- RNX completed a gravity survey across its tenement package at Yandal East and is presently finalising interpretation with preliminary data review.
- RNX also progressed to conclude negotiations in relation to the acquisition of the Yukon Project and inked a Letter of Intent with Scarfe Holdings Inc of Vancouver (Scharfe), Canada.
- RNX is actively reviewing and assessing fresh opportunities within the gold segment and is keen to generate value through acquisition or organic development.
ASX-listed minerals exploration and development company, Renegade Exploration Limited (ASX:RNX) has had a quarter (ended 30 September 2020) full of material progress across its project portfolio. Moreover, these activities continue at a more aggressive manner into the fourth quarter of CY2020 for RNX.
The significant set of activities undertaken by RNX during the quarter include the following:
- Recommenced exploration at its WA Yandal East Gold Project with RC drilling,
- Commenced an infill gravity survey,
- Continued its comprehensive geological data review on Yandal East Gold Project
- Worked on agreeing to sell the Company’s Yukon Project
Cracking Crust at the Yandal East Project
At its Yandal East Project, RNX received results from its initial RC drilling program at the Ward prospect, where only six holes for 1,087m were completed out of a proposed 1,500m program due to rig and personnel constraints.
RNX concluded all holes at the Ward Prospect, where broad mineralised zones intersected across all holes and several ended in mineralisation.
Some of the notable intersections, as reported by RNX, include the following:
In order to further define existing target structures and generate new exploration targets, RNX involved a contractor in carrying out a spaced gravity survey (400 x 100m) across its Yandal East’s tenement package.
RNX has recently concluded this program and is currently inching towards finalising interpretation with preliminary data review. This shall offer encouragement as new structures are expected to be highlighted along with the identification of drill targets.
Presently, RNX is progressing to conclude a key geological review of all recent and historical data in search of and not just limited to gold potential. RNX shall also investigate into nickel and base metal prospectivity which have been explored for historically by numerous key mining companies.
RNX strongly believes that the review of this data related to drilling, geophysical and groundwork coupled with modern exploration techniques, shall enhance the understanding of the geological setting and targets for drilling.
Location Of Recent And Historical Drilling At Ward Prospect (Source: ASX Announcement 30 October 2020)
Located within a well-endowed gold region, Yandal East Project is RNX’s flagship project that presents significant opportunity to deliver on the Company’s objective of delivering long-term shareholder value.
Acquisition of Yukon Base Metal Project
For quite some time, RNX had been in discussions with several parties regarding the acquisition of Yukon Project. Lately, during the September 2020 quarter, RNX progressed to conclude negotiations with an investor group seeking to acquire the Yukon Project.
As per RNX’s announcement on 5 October 2020, a Letter of Intent (LOI) has been inked between RNX and Scarfe Holdings Inc of Vancouver (Scharfe), Canada in relation to the acquisition. The terms of the LOI include the following:
- Total consideration in cash payments of A$1,650,000 over three years
- A non-refundable A$20,000 deposit included in the LOI
- Extended the completion date for the preparation of the Share Purchase Agreement and due diligence to 30 November 2020 to facilitate finalisation.
Cash Position and Funding Through Capital Raising
During this busy quarter, RNX’s exploration activities compelled an expenditure of approximately $179,000, while no expenditure on mining production or development activities was incurred during the same time frame.
Moreover, payments made to related parties (director and consulting fees payable to non-executive directors) of the Company totalled around $45,000.
Subsequent to the quarter-end, RNX concluded a capital raising worth $750,000 and had 712,626,638 ordinary shares on issue and funds of $176,000 at the bank as of 30 September 2020.
Moving ahead, RNX remains on track with review and assessment of new opportunities for its business, predominantly centred around the gold sector, and the Company’s Board is committed to generating value by acquisition or organic development.
On 03 November 2020, RNX share price quoted at $0.007 with a market capitalisation of $6.03 million.