A new magnetic breccia zone has been identified at Renegade’s Mongoose Deeps
Various similarities to Evolution Mining’s Ernest Henry deposit have been highlighted
Magnetic surveys are planned to pinpoint the next phase of deep drilling
Special Report: Renegade Exploration has discovered a large IOCG breccia system at its Mongoose Deeps prospect near the legendary mining town of Cloncurry during deep diamond drilling.
Renegade Exploration (ASX:RNX) has been busy exploring for Ernest-Henry style iron oxide copper gold deposits at its Carpentaria joint venture in northwest QLD since acquiring its 23% interest (now 29%) back in 2020.
In early May, high resolution ground magnetic work successfully defined a discrete magnetic anomaly over the Mongoose West prospect, which sits along strike from the neighbouring Great Australia mine.
Already host to a 3.1Mt resource grading 0.55% copper and 0.07g/t gold, RNX decided to carry out a 2,000m reverse circulation drill program to target supergene and primary mineralisation trending into the Mongoose deposit.
A 1,600m hole was also conducted at the large Mongoose Deeps magnetic gravity anomaly, after the culmination of over six months of geophysics, processing, modelling, mapping and planning.
The anomaly is interpreted as being a magnetite rich breccia pipe which is similar in size, shape, and magnitude to the world-class Ernest Henry copper mine, only 35km north of Mongoose.
Ernest Henry, owned by mega miner Evolution Mining (ASX:EVN), boasts one of the largest copper reserves in Australia and holds the potential to contain additional deposits.
RNX strikes it rich
RNX has hit the mother lode with its discovery of an Ernest Henry style IOCG breccia zone at Mongoose Deeps.
The diamond hole reached a final depth of 1,612m with similarities to Ernest Henry, including very-high magnetite shear zones, followed by crackle breccia with massive pyrite zones, and polymictic brecciation with magnetite and sulphides (pyrite-chalcopyrite).
RMD001 pyrite, calcite, chalcopyrite vein at 1,342m down hole
RNX says the magnetic breccia zone encountered was significantly higher than the modelling suggested, which will enhance future exploration.
Around 400m of core will be cut and assayed for copper, gold and cobalt.
‘System is large and continues at depth’
“It has been an exciting process confirming the large magnetic anomaly at Mongoose Deeps, which lies beneath copper-gold mines, deposits, and historical workings,” RNX chairman Robert Kirtlan says.
“Particularly encouraging is the hole terminated in IOCG altered rock, proving this system is large and continues at depth.
“We’ve confirmed the body causing the magnetic anomaly is an IOCG style breccia pipe and we’re looking forward to more drilling of this outstanding target following our review of upcoming assays and further magnetic surveys and analysis.”
Drone magnetic surveys are being planned to pinpoint the next phase of shallow and deep diamond drilling by delineating the shallower sections of the Mongoose Deeps anomaly.
This article was developed in collaboration with Renegade Exploration, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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