Renegade (ASX:RNX) has reported its latest raft of finds on-site its copper acreage, reporting high-grade hits in rock chips.
Targeting its newly reported area of interest called Magazine, the company reported the following:
- One sample at 40% copper and 2g/t gold
- One sample at 27.5% copper
- One sample at 23.2% copper
- One sample at 17g/t gold
- One sample at 11% copper and 4g/t gold
Those samples were collected from historical workings overlying a known underground magnetic anomaly geotechs are hopeful points to a mineral system. Rock chips at surface do not guarantee such an outcome.
However, recent drilling at Magazine found chalcopyrite, a very common host mineral or coincident mineral uncovered in copper mining, as well as pyrite often coinciding with gold.
That target will be drilled further next month, all cards in order.
Backing up total understanding of Magazine geology will be a fresh drone-based magnetic survey in the coming weeks.
“We have been progressing our exploration since completing the part CEI-funded Mongoose Deeps diamond drill hole which discovered the presence of an IOCG style magnetic breccia pipe,” RNX chair Robert Kirtlan said.
“We have already interpreted two potential shallow targets, Magazine and Tank, from our previous magnetics and gravity data.
“The planned drone based magnetic survey will help refine the magnetic model and seek to add more new shallow targets to pursue in the upcoming drill program.”
RNX last traded at 1.1cps.