Brisbane-based Renergade Exploration on Tuesday announced the discovery of a large iron-oxide copper gold (IOCG) breccia system at its Mongoose Deeps prospect, near Cloncurry, similar in characteristics to the nearby Ernest Henry mine, after its maiden drill hole reached a target depth of 1 612 m.
Renergade chairperson Robert Kirtlan described the drill. Result as a “terrific reward” for six months of geophysics, processing, modelling, mapping and planning.
“It has been an exciting process confirming the large magnetic anomaly at Mongoose Deeps, which lies beneath copper/gold mines, deposits, and historical workings. Particularly encouraging is the hole terminated in IOCG altered rock proving this system is large and continues at depth,” he commented.
Renegade geologists selected 400 m of core for multi-element analyses, including copper, gold and cobalt. Core cutting would start next week.
“We’ve confirmed the body causing the magnetic anomaly is an IOCG-style breccia pipe and we’re looking forward to more drilling of this outstanding target following our review of upcoming assays and further magnetic surveys and analysis,” said Kirtlan.
A drone magnetic survey would serve to delineate the shallower sections of the Mongoose Deeps anomaly while advanced CSIRO magnetic remanence analysis would significantly sharpen the overall model, he added.