Ann: Gold Coast Investment Showcase Presentation, page-290

Mongoose Deeps drilling

After reaching an agreement with MIM last year, RNX is now the sole operator of one of the five permits – EMP 8588 – otherwise known as the Cloncurry project, which hosts the Mongoose prospect, as well as several other advanced copper prospects.

“We are working on hitting the golden treasure with this current Mongoose Deeps hole,” Kirtlan says.

“IOCGs are notoriously difficult – they’re a bit like porphyries. Often you drill a hole and can’t replicate it but if you hit a good one like Ernest Henry, just 35km north of Mongoose, they can be big and rich.

“We are in a very big system and all of the work that we have done to date is telling us that have a signature similar to Ernest Henry.”

In April, RNX raised $2.3m in a placement to fund high-impact drilling at Mongoose Deeps as well as continue planned programs across its NW QLD acreage.

“Once drilling finishes up there, we will start an 1-2,000m RC drilling program at Mongoose West and commence planning our follow-up drilling for Mongoose deeps, anticipated to start this coming August.”