Mongoose Drilling Yields 107m at 0.51% Copper, Boosting Cloncurry Resource

Strong Drilling Results at Greater Mongoose

Renegade Exploration Limited (ASX: RNX) has delivered a compelling update in its December 2024 quarterly report, highlighting the best copper drilling intervals recorded to date at the Greater Mongoose mineralised zone within its flagship Cloncurry Project in north-west Queensland. The reverse circulation drilling program, completed in October, comprised six holes totaling approximately 1,300 metres and targeted multiple shallow prospects including Mongoose Deposit, Tank, Magazine, Mongoose Deeps, and Mongoose West.

The standout assay results include intercepts such as 107 metres at 0.51% copper and 0.09 g/t gold from 55 metres depth, and 89 metres at 0.45% copper and 0.08 g/t gold from 16 metres, with several higher-grade zones embedded within these intervals. These results not only reinforce the copper potential but also confirm strong gold mineralisation, adding valuable polymetallic dimensions to the project.

Advancing the Cloncurry Project

Renegade’s Cloncurry Project, comprising tenements EPM28972 (100% RNX) and EPM8588 (35.8% RNX, 64.2% Glencore plc), has seen the company increase its operational control and funding responsibilities following an agreement with Glencore’s subsidiary Mount Isa Mines in January 2023. This strategic move positions Renegade as the sole operator, enabling more focused and agile exploration efforts.

The Greater Mongoose zone is particularly promising, with the Mongoose Deeps magnetic anomaly, a magnetite-rich breccia pipe, showing similarities to the nearby world-class Ernest Henry copper mine. The recent drilling has intersected multiple magnetite-rich breccia zones with associated copper sulphide mineralisation, suggesting a large hydrothermal system with significant upside potential.

Resource and Funding Outlook

Building on extensive drilling totaling over 6,500 metres, Renegade has established a Maiden Inferred Mineral Resource at Mongoose of 3.1 million tonnes grading 0.55% copper and 0.07 g/t gold, equating to approximately 17,000 tonnes of copper and 7,300 ounces of gold at a 0.25% copper cut-off. The latest drilling results are expected to enhance this resource base further, potentially increasing both tonnage and grade confidence.

Financially, Renegade reported a modest cash balance of $19,000 at quarter-end, supported by a $500,000 standby loan facility. The company is actively negotiating the disposal of non-core assets to bolster its funding position. Exploration expenditure for the quarter was $326,000, primarily focused on the Cloncurry Project, with limited activity elsewhere due to the wet season.

Broader Portfolio and Strategic Focus

While the Cloncurry Project remains the immediate priority, Renegade also holds interests in the Carpentaria Joint Venture (23% RNX interest) and the North Isa Project (75% RNX interest), both located in Queensland’s prolific mining districts. No fieldwork was conducted on these projects during the quarter, reflecting a strategic concentration on advancing the Mongoose asset.

Additionally, Renegade is progressing permit applications in the Barcaldine region for its Aramac Project, targeting vanadium and rare earth elements within the Toolebuc formation. This diversification underscores the company’s ambition to build a multi-commodity exploration portfolio.