Discrete magnetic anomaly defined over Renegade’s Mongoose West prospect
This will help with drill hole planning for coming reverse circulation program
Diamond drilling to start this month to test Mongoose Deeps – a potential Ernest Henry lookalike
Special Report: High resolution ground magnetic work has successfully defined a discrete magnetic anomaly over the Mongoose West prospect at Renegade Exploration’s Cloncurry project in Queensland.
The project also hosts the significant Mongoose deposit that is along strike from the neighbouring Great Australia Mine and features high-grade copper-gold drill intercepts.
Notable hits include:
27m at 2.2% copper and 0.35g/t gold from 84m including 10m at 5.4% copper and 0.88g/t gold from 84m (RMG021);
74m at 0.7% copper and 0.19g/t gold from 68m including 5m at 1.9% copper and 1.01g/t gold from 68m (RMG019); and
86m at 0.63% copper and 0.13g/t gold from 32m as well as 20m at 0.74% copper and 0.22g/t gold from 169m (RMG018).
Mongoose is hosted by dolerite-gabbro-porphyritic basalts of the Toole Creek formation with mineralisation that is both primary and supergene in nature.
It is part of the Carpentaria joint venture between Glencore and Renegade Exploration (ASX:RNX), which has a ~29% interest.
In January, the company reached agreement with Glencore to excise Mongoose from the JV and sole fund expenditure.
The Mongoose deposit currently has a resource 3.1Mt grading 0.55% copper and 0.07g/t gold.
Surface magnetic anomalism at Mongoose and Mongoose West along with rock samples and drill holes. Pic: Renegade Exploration
Potential mineralised zone
RNX noted that the successful delineation of a discrete magnetic anomaly over Mongoose West will assist in drill hole planning. It is also progressing 3D inversion modelling.
It has also completed cultural heritage clearance for Mongoose West.
“The recent high-resolution ground magnetics (using 20m line spacing) has resulted in exceptionally clear and detailed magnetics maps of Mongoose and Mongoose West. A comprehensive suite of processed images has been completed for the data,” chairman Robert Kirtlan said.
“The ground magnetics survey has successfully delineated a zone of high magnetism which broadly corresponds with the zone of mapped intrusive dolerites which have been faulted, altered, and display gossans at surface. This area has not been drill tested by any explorers to date.
“The drilling program will consist of up to 2,000m of RC drilling and will be targeting close to surface supergene and primary mineralisation. Mongoose West appears to be a major structural feature which trends into the Mongoose Deposit. As such, the mineralisation is expected to be similar in composition and grade as seen at Mongoose.”
Upcoming activity
RNX will soon start diamond drilling to test the Mongoose Deeps magnetic anomaly beneath the Mongoose deposit.
It is interpreted as being a magnetite rich breccia pipe which is similar in size, shape, and magnitude as the world-class Ernest Henry copper mine.
This will be followed by RC drilling at Mongoose West.
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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