The project is expected to expand Renegade’s growing Queensland footprint
Renegade Exploration has signed an option agreement with Burke Copper to purchase up to 75% stake in the North Isa Project in Queensland, Australia.
The North Isa project, situated directly north of the George Fisher mine, is adjacent to the Mt Isa – George Fisher complex in North West Queensland.
With various existing copper mineral occurrences, the project straddles the thrust faulted Eastern Creek Volcanics (ECV) and Mt Isa Group sediment boundary.
The copper mineral occurrences include the Lady Agnes copper mine that is situated within an embayment along the faulted ECV/Mt Isa Group contact.
Renegade stated: “Historic exploration has been sporadic and disjointed with the faulted contact only recently coming under the control of one party, Burke Copper.
“This will enable a consistent and rigorous exploration program to assess and test the faulted ECV/Mt Isa Group contact and other associated structures of interest.”
Renegade is planning work programmes, including soil sampling, field mapping, reinterpretation of historical data and assessment of targets generated by Burke Copper.
Upon the execution of the option agreement, Renegade will pay A$20,000 ($13992). Following commencement of the deal, Renegade has to spend A$100,000 ($8395) in the first 12 months.
With Renegade planning to begin work immediately, the two companies are advancing to complete the formal joint venture (JV) agreement.
The North Isa project is expected to expand Renegade’s growing Queensland footprint.
Recently, the Australian based minerals exploration has acquired a stake in the Carpentaria joint venture, which includes a package of permits in the prolific Cloncurry district of Queensland.
The company also owns a 90% stake in the Yukon Base Metal project located within the highly prospective Selwyn Basin, Yukon Territory, Canada.