Gravity results have Renegade’s Mongoose Deeps prospect frothing at the copper opportunity
Comparisons to Tier 1 Ernest Henry iron oxide copper-gold mine in Mt Isa
Renegade poised to drill Mongoose Deeps next week
Special Report: Renegade Exploration just locked onto a dense gravity anomaly at Mongoose Deeps, smack bang on top of the current magnetic one.
A gravity survey is designed to pick up density variations below the surface, with metals tending to be denser than surrounding rocks. Magnetic surveys, meanwhile, measure variations in magnetism of subsurface rock.
Both are important tools in finding mineral deposits.
The fact this dense gravity anomaly overlaps the core of the magnetic anomaly at Mongoose Deeps strengthens comparisons to the tier 1 Ernest Henry iron oxide copper-gold mine in Mt Isa, according to Renegade Exploration (ASX:RNX).
RNX will start drilling Mongoose Deeps next week, now armed with greater confidence after the high-resolution gravity geophysical survey of the prospect returned the “dense anomaly with a similar magnitude as the Ernest Henry gravity anomaly.”
That’s rather large.
“This is the last piece of the technical work,” Renegade Exploration chairman Rob Kirtlan said.
“The 100m x 100m gravity survey strengthens our comparisons of Mongoose Deeps to Ernest Henry and has provided additional target zones for exploration.”
A plan view showing the gravity anomaly. Pic via Renegade Exploration
Mongoose Deeps
The Mongoose Deeps magnetic anomaly is considered highly attractive, interpreted as a magnetite rich breccia pipe which is similar in size, shape, and magnitude to the world-class Ernest Henry copper mine.
The inferred pipe’s a blind target and lies beneath the 3.1Mt Mongoose copper deposit and while it’s not exposed at surface, Renegade heads into next week’s landmark drill program with the confidence cutting edge science can offer.
“Diamond drilling will start next week with planned mobilisation to site on or about May 20,” Kirtlan said.
“Our geological team has completed extensive preparations for this hole and eagerly await the commencement of the drilling to test the anomaly for copper and gold mineralisation.”
Drilling is expected to take approximately 6-8 weeks and will test to a depth of 1,600m. All permitting has been completed and clearances received.
The Mongoose project, showing nearby open pit mines, historical mines and resources with magnetics RTP including Cloncurry Queen to the south. Pic via Renegade Exploration
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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