From the RNX announcement, “we expect to be entering the primary target zone within the next week…..& we are seeing what we expected”, indicates to me they are beginning to encounter preliminary mineralisation near the supergene zone which would contain early traces of malachite, chalcopyrite and chalcocite. Apart from the “as expected” main gangue minerals such as magnetite, dolerites and pyrites which they are drilling through now. If this is true, then their hypothesis about the Mongoose Deeps anomaly being a magnetite rich breccia pipe like Ernest Henry copper mine has merit.
As part of their exploration journey I like how Glencore have supported their diamond drill program, shared data about Ernest Henry for geophysical comparison purposes, recommended the geophysicist (David Sweeney, I think that was his name) to process the data, recent 100m x 100m gravity survey to improve the resolution of the 3D model, Gravity-Magnetic anomaly cores overlapping to help confirm the similarities to Ernest Henry datasets.
Plus $300k QLD government grant to get the project moving.
A big one is RNX ownership of 80% of the Mongoose Deeps anomaly area - essentially to peg the whole town of Cloncurry to lock-in the potential resource was a good stealthy move.
Strategically they are 950 of the 1600 metres drill hole, do they complete it before the AGM (18th June), most likely. Visuals of the core will be available and portable XRF core logs will be a winning recipe for the meeting. However, what is the accuracy of the Geophysics data, could the ore boundary be +\- 100 metres or more from where it was modelled? This could slow down the results timeline, I suspect they are being conservative and ensuring adequate lengths of core are recovered before announcing a major discovery.
The image of MGDD001 shows they are hoping to hit an upper section. The image orientation looks like a giant “thumbs up”.
RNX Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
