Renegade Exploration (ASX:RNX) is expanding its mining reach in Nevada with the acquisition of the Fireball Ridge Gold-Silver Project via an option agreement with a subsidiary of Gold Royalty Corp (NYSE:GROY).
The company will pay Gold Royalty’s wholly owned royalty business Nevada Select Royalty US$250,000 ($384,111) in five tranches on the execution of the definitive agreement and the anniversary dates to follow.
The vendor will retain a 3% royalty interest on the completion of all payments.
Chairman Robert Kirtlan says Renegade underwent a thorough review process of multiple gold-silver projects in the area before adding the Fireball Project to the company’s portfolio.
“We have been attracted by the available historical information which presents the asset as a Miocene, low-sulphidation epithermal gold system with similarities to the Midas gold-silver mine,” Kirtlan says.
“We have recently conducted a site visit to do a first pass review, which included collection of samples, and plan our forward field programs.”
The tenement comprises 10 mining claims, where prior drilling has tested shallow depths, which Renegade will follow up with modern geological work including magnetics and electrical resistivity surveys to uncover broader structural controls for drill targeting.
The Fireball Ridge Project joins Renegade’s extensive Nevada portfolio, already hosting five projects in the Walker Lane Trend.
Meanwhile, over in California, the company is investigating competing mining claims on the same ground as its Mustang prospect, as reported by Mining.com.au.
Renegade Exploration is a gold, silver, copper, and base metals explorer with claims in Nevada and California in the US.
Write to Maddison Elliott at Mining.com.au
Images: Unsplash
