Stock of the Week: Renegade ExplorationFigure 8: RNX 2-year...

Stock of the Week: Renegade Exploration

Figure 8: RNX 2-year share price chart hydrogen formation (Source: CMC Markets, 14 May 2024).Figure 9: RNX’s Queensland exploration portfolio (Source: www.renegadeexploration.com, 14 May 2024).

Renegade Exploration (ASX: RNX)(figure 8) is another copper hopeful chasing glory in the prolific Cloncurry district of Queensland.

The company is chaired by Rob Kirtlan who relocated to Brisbane a couple of years ago on the belief that there was broader selection of white shoes, gold chains and Hawaiian shirts to choose from which suited his new corporate image.

Anyway, he cut a fine figure at Cigar Social the other week and was warmly welcomed by the Cigar Social Climate Change Sceptic Committee after a download of the One Nation manifesto.

The main interest centres around the Mongoose Deeps (RNX 29%: Glencore 71%) magnetic anomaly (figure 10) which is the focus of the current round of drilling.

The anomaly is interpreted to outline a magnetite rich breccia pipe, and, according to the company, has a similar configuration to the Ernest Henry copper mine (100% owned byEvolution Mining Ltd: ASX: EVN)) with annualised production of 80,000 ounces of gold and 50,000 tonnes of copper.

Previous drilling at the Mongoose Prospect has also outlined a JORC Resource of 3.1Mt @ 0.55% Cu and 0.07g/t Au for 17.0Kt Cu and 7.3koz Au (0.25% Cu cut-off).

igure 10: Plan view showing the close to surface magnetic anomalism at Mongoose and Mongoose
West, rock samples 1,2 and drill holes 3,4. Background is Magnetics RTP utilizing a high pass filter (Source: RNX, ASX Announcement, 9 May 2024).

This blind target is interpreted as a crackle breccia zone situated above the primary pipe body. I can’t reproduce all the figures here but would recommend viewing their latest presentation on the website.

There are plenty of signs of encouragement with high grade copper-gold drill intercepts from over 3600m of RC drilling producing numerous encouraging intersections including:

• RMG021:
• 10m @ 5.4% Cu, 0.88g/t Au, from 84m, within a broader zone of:
• 27m @ 2.2% Cu, 0.35g/t Au from 84m

• RMG019:
• 74m @ 0.70% Cu, 0.19g/t Au from 68m; including,
• 5m @ 1.9% Cu, 1.01g/t Au from 68m; and
• 27m @ 1.1% Cu, 0.26g/t Au from 115m; including,
• 7m @ 2.3% Cu, 0.54g/t Au from 130m

At a market capitalisation of just over $21 million this is certainly one to keep an eye on as it tests the deeper targets in the hunt for an Ernest Henry lookalike in a prolific copper district.

Keep your Hawaiian shirt, gold chain and white shoes on standby just in case we have a red -letter day…