Renegade Exploration finds a unicorn

Renegade Exploration reported to the ASX this morning that it has identified a 'very large magnetic anomaly' just north of the Mongoose prospect at its flagship Cloncurry copper project, which it now plans to drill in May. The anomaly is in some of the most historical and intensely explored areas in the country. Mongoose Deeps is directly south-west of Cloncurry and displayed a similar magnetic signature to the world-class Ernest Henry copper-gold mine, located 35km to the north-east, Renegade chairman Robert Kirtlan said. Main pic: Plan view showing the very high magnetic anomaly and surrounding copper deposits and mines. Cloncurry township is top centre of the graphic. “A tremendous amount of effort has gone into reprocessing historic geophysical data to uncover this stunning tier 1 magnetic anomaly, which is possibly the primary mineralised zone sitting beneath the Mongoose Cu-Au Deposit and Great Australia Cu-Au Mines,” Mr Kirtlan said. “The interpreted blind breccia pipe is consistent with surface geological observations and copper-gold mineralisation. Related: Renegade identifies ‘exciting’ graphite prospect “In a major vote of confidence, Renegade has received a $300,000 state grant to assist with funding the drilling of Mongoose Deeps, which is the maximum amount available in round 8 of the Queensland Government’s Collaborative Exploration Initiative (CEI). “All credit is due to the Queensland Government for running programs like the CEI which clearly demonstrates their commitment to critical mineral exploration within the state. “We are commencing a close-spaced gravity survey (100m x 100m) to complement the historic previous regional (1km x 1km) program at Mongoose within the next two weeks. “This will aid in assisting to pinpoint the drill hole’s siting and orientation. Meanwhile, the drilling program has already been put out for tender with the successful applicant selected.” Renegade said its in-depth review of Mongoose’s historical data revealed that no inversion 3D modelling had been documented for the prospect. ‘Geophysicist, Mr David McInnes, who has done significant work on several large deposits in the district, including Ernest Henry, was engaged to reprocess and run 3D modelling of Mongoose’s historical data,’ the company told the ASX. 'The resulting 3D model revealed a pipe-like magnetic feature which commences about 300m below surface. The magnetic body is similar in dimension and intensity as the world-class Ernest Henry Cu-Au Mine, which is the fourth largest copper mine in Australia. ‘Upon interpretation of the magnetic body, Renegade identified a clear relationship between the real-world 3D viewing of the magnetic anomaly and surrounding copper-gold mines and deposits. ‘This provides evidence for the potential of copper mineralisation occurring within the magnetic body. This program has been a significant process with work commencing in FY24 Q1 and results becoming available in FY24 Q2-Q3.’

Renegade Exploration finds a unicorn

Industry Queensland

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