Renegade Exploration (ASX:RNX) has staked 39 lode claims, named the Mustang Project, in the Mountain Pass district in the US.
The company says the new claims cover similar trending structures to the Mountain Pass Mine – which produced 42,400 million tonnes of contained total rare earth oxides in 2021 – and are in an area covered by shallow alluvium which has not been previously explored.
Renegade, which has a market capitalisation of $12.31 million, is starting a field program to test minerals outcropping at surface and is commissioning a ground magnetic survey to test if Mustang is associated with a magnetic high.
Chairman Robert Kirtlan says to gain a foothold next door to one of the world’s largest rare earth operations, while expanding the Walker Trend landholding is a “phenomenal” outcome.
“Mountain Pass is a hot mining neighbourhood,” Kirtlan says.
“The recent Mountain Pass transaction by the US Government has created significant global interest in the area, particularly from Australia-based companies. The nearby Colosseum Mine is a critical strategic asset and described by the US Department of Interior as America’s second rare earth mine.
“The potential upside is these new Mountain Pass permits have fault structures and outcrops which should enable relatively easy assessment of gold, rare earths, and other minerals.
“Fieldwork will commence almost immediately to verify and confirm the geology of the project area and a ground magnetic program is also in train.”
In July 2025, the US Department of War made a US$400 million ($610.4 million) investment in MP Materials (NYSE:MP), provided a US$150 million loan and underwritten pricing for certain rare earth minerals for 10 years to expand the Mountain Pass facility’s heavy rare earth separation capabilities.
The Mustang Project lies 3km east and 10km northeast of the Colosseum and Mountain Pass mines, respectively. Colosseum has a resource of 27.1 million tonnes @ 1.26 grams per tonne gold for 1.1 million ounces.
Renegade Exploration owns five projects across Nevada and California in the US, considered prospective for gold, silver, copper, and base metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Renegade Exploration
