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Renegade Exploration leverages high-grade gold results to develop Yandal project

Snapshot

The company’s focus is the Yandal East Gold Project and it also has base metal exposure through a prospective Canadian asset.

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Quick facts: Renegade Exploration Ltd

Price: 0.0025 AUD

ASX:RNX
Market: ASX
Market Cap: $1.78 m
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Renegade Exploration Ltd (ASX:RNX) is a Perth-based mineral exploration company focused on developing its flagship Yandal East Gold Project in Western Australia.

The company aims to become a mid-tier resource company through the discovery, acquisition and development of economic mineral deposits.

 

Renegade also owns 90% of the Yukon Base Metal project in the highly-prospective Selwyn Basin in Canada’s Yukon Territory.

The Yukon project hosts a JORC-compliant resource of 12.6 million tonnes at 6% zinc equivalent.

Strategies to achieve the best outcome at Yukon are currently being assessed and the company has engaged interested parties in that regard.

READ: Renegade Exploration drill results reveals high-grade thick gold intersections

Renegade received the final results from its completed aircore drilling program at the Yandal project last week, having drilled 62 holes for 7,189 metres.

The program identified both high-grade and thick mineralisation at multiple targets across the project.

Highlights include 23 metres at 1.38 g/t gold from 84 metres and 20 metres at 1.02 g/t from 88 metres.

The prospects that were tested include Ward, Mizini South, Millrose Extension and Strip Well.

READ: Renegade Exploration begins follow-up drilling at three high-priority targets

Yandal’s drilling followed up on the August inaugural aircore program which drilled 23,789 metres, testing five of the original nine high-priority targets.

The latest results show high-grade mineralisation at Mizina South with grades up to 5.74 g/t and thick mineralisation at Ward including 23 and 20-metre intervals.

Renegate noted it was excited about the developing potential of the Mizina South and greater Mizina area and looks forward to completing further work in 2019.

 

READ: Renegade Exploration encouraged by aircore drilling success at Yandal East Gold Project

Yandal East is within the well-endowed gold region known as the Yandal Greenstone Belt, 70 kilometres northeast of Wiluna.

The region has historically produced in excess of 10 million ounces of gold and Renegade’s permits are adjacent to and along strike in both directions from the Millrose deposit containing 309,000 ounces at 2.4 g/t.

Base metal exposure

The Yukon Base Metal Project in Canada was discovered by a prospector in 1996 and Renegade secured an option in January 2007 to earn a 90% interest in the project which it exercised in Juky 2007.

Thick high-grade mineralisation was intersected by Noranda Inc in a drilling program conducted in 2001, followed by a second program the next year.

The original project comprised 493 mineral claims covering 95 square kilometres over and around the Andrew zinc deposit.

Renegade has since expanded its land position and Yukon now comprises 1,554 mineral claims covering about 305 square kilometres.

Since 2007 the company has completed 350 diamond holes for more than 40,000 metres, discovered three separate zinc deposits and defined a JORC-compliant resource of 12.6 million tonnes at 5.3% zinc and 0.9% lead.

READ: Renegade Exploration reveals positive maiden gold drilling results from Coralie Jean

Chairman Robert Kirtlan and non-executive director Mark Wallace are major shareholders in the company, holding 7 million and 48.1 million ordinary shares each, respectively.

This amounts to a 6.7% interest for Kirtland and 0.98% interest for Wallace.

They each also hold 15 million options over ordinary shares.

Renegade has 712,626,638 shares on issue, capitalising it around $2.14 million.

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