- Renegade Exploration Limited owns highly prospective landholdings with potential for high-priority drill targets for resource expansion.
- RNX had acquired the Yukon Base Metal Project in 2007 and has drilled 350 diamond drill holes for over 40,000 metres since then.
- In February 2020, RNX obtained all necessary consents for the rollover of permits comprising the Yukon Project.
- Recently, RNX has inked a Letter of Intent for the potential sale of the project for a total consideration of A$1,650,000 in cash payments.
Renegade Exploration Limited (ASX:RNX), minerals exploration and development company, aims to emerge as a mid-tier resource company by discovering, acquiring and developing economic mineral deposits.
The Company owns some prolific land areas in the globally renowned and richly endowed large base metal deposits. RNX has been seeking to advance its exploration activities throughout the project portfolio that includes, the Yandal East Gold Project (Flagship Project) and the Yukon Base Metal Project (90% Interest).
Yukon Base Metal Project location map (Source: ASX Announcement 10 February 2020)
Here, we shall discuss RNX’s Yukon Base Metal Project that has several very high-priority drill targets for resource expansion.
Acquisition of the Project in 2007
In 2007, RNX acquired a 90% interest in the Yukon Base Metal Project that comprises more than 1,500 Mineral Claims covering approximately 350km2 within the highly prospective Selwyn Basin, Yukon Territory, Canada.
Along with several other highly prospective target areas, numerous high-grade deposits included in this land package are the Andrew Zinc Deposit, Darcy Zinc Deposit and Darin Zinc Deposits.
Activities Undertaken at the Project
Since its acquisition, the project has witnessed 350 diamond drill holes for over 40,000 metres, and RNX discovered three separate zinc deposits at the area. This further indicated the potential to broaden the resource base at the Yukon Base Metal Project.
Interestingly, the mineralisation at the Andrew, Darcy and Darin Deposits remains open at depth and along strike.
The project contains JORC Measured, Indicated and Inferred Mineral Resource of 12.6Mt at 6.0% Zn equivalent.
Mineral resource estimate for the Yukon Project (Source: ASX Announcement 10 February 2020)
RNX Obtains Permit Rollover for Yukon Project
In February 2020, RNX had obtained all necessary approvals for the rollover of permits comprising the Yukon Base Metal Project. These were obtained after the permits expired in September 2019 and the approval was received following the submissions made to the Yukon Department of Energy, Mines and Resources.
The approval allowed RNX to conduct exploration activity for a period of ten years with expiry being 6 February 2030 as per the permit guidelines.
Further, RNX was heavily occupied with its engagements in search of funding, partners or divestment of the project due to the length of time securing the rollover of the Project.
RNX Inks Letter Of Intent to Sell Yukon Project
Subsequent to the completion of the rollover at the project, RNX recommenced its engagements with the interested parties.
Off late, the Company shared its intentions to sell the Yukon Project and has inked a Letter of Intent with Scharfe Holdings Inc., a Vancouver based boutique investment advisory group, in connection with the potential sale of the project.
Scharfe has a track record of several successful transactions in the resource and technology sectors over the last ten years.
As per the letter of intent, a period of exclusivity until 30 October 2020 has been granted to Scharfe to conduct due diligence and reach a Share Purchase Agreement to acquire RNX’s Canadian subsidiary, Overland Resources Yukon Limited.
The sale shall comprise of purchase consideration of A$1,650,000 in cash payments along with a committed exploration and development expenditure worth C$500,000 on the Yukon Project before the end of CY 2021.
RNX’s Key Area of Focus
The current focus of the Company now remains on continuing programs at its Yandal East Gold Project as well as pursuing fresh opportunities. Moreover, RNX has commenced work in connection with a gravity program at the Yandal Project to generate new targets for drilling and high definition interpretation of structures.
On 26 October 2020, RNX share price quoted at $0.007.