Just thought that I would share some observations.
Quarterly Report on 30 April 2024
“The resulting large 3D model revealed a pipe like magnetic feature which commences ~300m below surface. The magnetic body is similar in dimension andintensity as the world-class Ernest Henry Cu-Au Mine, which is the fourth largest copper mine in Australia.
“Upon interpretation of the magnetic body, Renegade identified a clear relationship between the real-world 3D viewing of the magnetic anomaly and surrounding copper-gold mines and deposits. This provides evidence for the potential of copper mineralisation occurring within the magnetic body.”
2. Investor Presentation 6th February 2023
Carpentaria Joint Venture
(RNX 23% interest - Glencore 77%)
Mongoose Project (EPM. 8588)
RNX can progress to ownership of 51%+ of EPM 8588
“Earn Back Terms:
a. RNX spends $200k for each 1% to dilute Glencore
b. Targeting 51% +
c.Glencore retain matching marketing rights and a claw back clause in the event of a major discovery.”
Therefore it is evident that a good drill result from this deep DD hole will leave RNX with 100% of EPM 28972 and at least 40% of EPM 8588, depending on how many % Glencore is allowed to claw back.
This will make RNX the owner of the majority of that target they are drilling. This makes the results of this DD hole very iimportant for RNX in many ways. Good results will be positive for RNX in that they will be easily raise the $4,400,000 to progress towards 51% ownership and majority control and ownership of EPM 8588.
Cheers
Inky
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