Renegade Exploration (ASX:RNX) has achieved its full 75% interest in the North Isa Project in Queensland after meeting a $500,000 expenditure commitment.
The Australian-based minerals exploration and development company states it has met its $500,000 commitment within 12 months of starting work at the North Isa Joint Venture (JV) between Renegade and privately owned Burke Copper.
Following drilling at the Lady Agnes Mine, Renegade states it is currently working on completing follow-up programs and plans to conduct further drilling in the current quarter.
The company also notes work has progressed on other targets and is collating historical and recent data to generate drill targets in the current financial year.
Renegade Exploration Director Robert Kirtlan says he is pleased to have completed the earn in and is looking forward to the future programs.
“Lady Agnes drilling has generated excellent results to date, the next program will test the potential extension of the mineralised zone. We’ve completed comprehensive reviews of historical data and followed-up with soil sampling, augering, geophysics and substantial field work, whilst maintaining tight fiscal management.
“Tulloch remains a major future focus and the data review and compilation is highlighting zinc prospectivity together with copper and gold and we are back in the field this month”
Tulloch remains a major future focus and the data review and compilation is highlighting zinc prospectivity together with copper and gold and we are back in the field this month.”
The North Isa project is located 25km north of the Mt Isa Zinc-Lead-Silver (Zn-Pb-Ag) and Copper (Cu) mines, and 17km north of Glencore’s (ASX:ZGI) George Fisher Zn-Pb-Ag mine. The company states the project controls 20km of the Western Fault, which together with associated faults hosts the Lady Agnes Mine with numerous other historical workings.
Lady Agnes lies within an embayment along the thrust-faulted Eastern Creek Volcanic and Mt Isa Group sediment boundary which hosts several existing copper mineral occurrences.
The JV agreement between Renegade and Burke Copper was launched in December 2021. Now that Renegade has completed its obligations to earn its 75% interest, the company states it will free-carry Burke to a Preliminary Feasibility Study (PFS) which both companies will contribute to.
Renegade has a 23% interest in the Carpentaria Joint Venture project with Glencore (LSE:GLEN) subsidiary Mt Isa Mines, and the North Isa Project in western Queensland.
Images: Renegade Exploration Ltd
