Renegade Exploration is hailing the discovery of a large iron-oxide-copper-gold system with ‘striking’ similarities to the Ernest Henry deposit after its maiden Mongoose Deeps drill hole reached a target depth of 1612m.

Renegade chairman Robert Kirtlan said the drill result was terrific reward for six months of geophysics, processing, modelling, mapping, and planning.

“It has been an exciting process confirming the large magnetic anomaly at Mongoose Deeps, which lies beneath copper-gold mines, deposits, and historical workings,” he said.

“Particularly encouraging is the hole terminated in IOCG-altered rock, proving this system is large and continues at depth.

“Our geologist has selected about 400m of core for multi-element analyses, including copper, gold, and cobalt. Core cutting is set to commence next week. “

The Mongoose Deeps magnetic anomaly is located beneath the Mongoose copper deposit within Renegade’s Cloncurry Copper Project.

Mr Kitlan said Renegade had confirmed the body causing the magnetic anomaly was an IOCG-style breccia pipe and was looking forward to more drilling at the ‘outstanding’ target.

He said a drone magnetic survey would serve to delineate the shallower sections of the Mongoose Deeps anomaly while advanced CSIRO magnetic remanence analysis would significantly sharpen the overall model.

The company describes the similarities of Mongoose Deeps and the system support the nearby world-class Ernest Henry mine as striking and wide ranging.

These include the gravity anomaly size and shape, the rock alteration minerals and their formation timing, the structural textures, magnetite rich breccia pipe, and sulphide array of almost exclusively pyrite with generally minor chalcopyrite.