Daisy - a reasonable analogue to Renegade's Mongoose Deeps punt...

Daisy - a reasonable analogue to Renegade's Mongoose Deeps punt could be Western Mines Group (ASX:WMG) which has been getting financial help from the WA government to sink diamond holes around 1,600m looking for nickel at the totally greenfield Mulga Tank project in WA. They've found lots of very low grade material by way of relatively shallow reverse circulation drilling and seem convinced they are about to hit the motherlode over a kilometre underground but have not done so yet. They seem to have scraped enough dough together to push on even though what they are looking for, nickel, is currently totally out of favour with the market.

Renegade has some advantage over WMG in that they are in the hunt for copper which is in great demand going forward and they are attempting to replicate a nearby already developed discovery in Ernest Henry.

If Renegade's Mongoose Deeps diamond hole was considered to be a single binary event - which I did - then you'd have to mark it down as a fail. Let's see what the assays say about the 400 metres of samples they've sent to the lab to see if there might be a chance of an encore there - mid August I think they indicated would be when the results become available. Apart from that, Renegade's look at Mongoose West might be of some attraction even though they only have dibs on 29% of anything they find there.

You say in hindsight that you had unreasonable expectations. Maybe. But remember that this was not the first rodeo for the three blokes on the Renegade board, and the Qld government bureaucrats thought enough of it to chip in $300k, and the directors and the bureaucrats all decided it was worth the punt. I remember reading that there is an order of magnitude better odds at drilling a successful oil hole (a 1 in 10 chance) than at drilling a successful hard rock hole (a 1 in 100 chance) so chances always were that the first Mongoose Deeps hole would not win the lottery. I think someone commented that it took eight holes to find Olympic Dam (which is a massive chunk of rock).