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Renegade Exploration revs up for major drilling program in premier gold country

An aircore program of up to 25,000 metres will begin in early June at the Yandal East project.

Drill rig at Yandal East
Yandal East is near the 10 million ounce Jundee Gold Project

Renegade Exploration Ltd (ASX:RNX) will get the drill bit spinning in early June targeting gold at its Yandal East project in the gold-rich Yandal Greenstone Belt of Western Australia.

An aircore program of 20,000 to 25,000 metres will begin in the first week of June at the project near the 10 million ounce Jundee project of Northern Star Resources Ltd (ASX:NSR).

The program will focus on select targets of the 300 square kilometre Yandal East project.

READ: Renegade Exploration to drill for gold near 10 million ounce Jundee project

Renegade recently identified nine high-priority targets within the project covering about 32 kilometres of strike length.

Shares are up 9% today to 1.2 cents.

The world-class Yandal Greenstone Belt has seen past production exceeding 15 million ounces of gold and a number of companies are active in the area.

READ: Renegade Exploration leveraged to gold news flow from world-class Yandal Greenstone Belt

As Renegade seeks another major gold project in this elephant country, it is also leveraged to the results of other explorers, including Alloy Resources (ASX:AYR) and Draig Resources Ltd (ASX:DRG).

Other gold projects in the region include Blackham Resources Ltd’s (ASX-BLK) Matilda-Wiluna, Echo Resources Limited’s (ASX:EAR) Bronzewing and Saracen Mineral Holdings Limited’s (ASX:SAR) Thunderbox.

All are seeking to emulate the successful Jundee project which has been producing since 1995.

Extra exploration licence

Renagade also recently executed an agreement to acquire an exploration licence covering the western edge of the greenstone belt.

This consolidates and complements the company’s extensive existing holdings, and creates a continuous tenement running south from the Cowza prospect.

Sale date extended

Renegade has agreed to an extension of the date for completion of the sale of its McCleery Copper-Cobalt Project in Yukon, Canada, to Rafaella Resources Ltd.

The latest date for the sale completion is July 17, 2018, and the company has received an extension fee of $50,000 cash.

Rafaella intends to list on the ASX under the code RFR with a primary focus on cobalt.

Consideration for the sale was 500,000 Rafaella shares with a total value of $100,000.

Quick facts: Renegade Exploration Ltd

Price: 0.005 AUD

ASX:RNX
Market: ASX
Market Cap: $3.56 m
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Renegade Exploration has drilled only 5/9 high priority targets, already...

Mark Wallace, non-executive director of Renegade Exploration Ltd (ASX:RNX), stops by Proactive Investors to discuss the completion of a 285-hole, 23,789-metre first pass aircore drilling program at the camp scale Yandal East Gold Project in Western Australia. Follow up drilling is already...

on 18/9/18

2 min read