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Recent drill results from Renegade Gold (TSXV: RAGE) increases mineralization at its Newman Todd deposit in northwestern Ontario, building on previous high-grade results this month showing mineralization goes down by more than 700 metres.
Highlight hole NT-24-019 cut 7.3 metres grading 14 grams gold per tonne from 343.4 metres depth, including 3.5 metres at 28.3 grams gold, the company reported Wednesday.
That hole confirmed high-grade mineralization at the junction of Newman Todd and the Hinge fault, the main focus for Renegade’s stage two drill program. It was also adjacent to hole NT-24-016 that cut 2.5 metres at 4.9 grams gold from 700 metres depth, Renegade reported on Sept. 12.
Company shares gained 2.2% to C$0.23 apiece on Wednesday morning in Toronto, valuing Renegade at C$10.3 million. Its shares traded in a 52-week range of C$0.17 to C$0.72.
“These new results are further confirmation that the mineralized system at Newman Todd is far larger, and much higher grade, than was previously understood,” Nav Dhaliwal, president and CEO of Renegade, said in a release. “The new model of mineralization developed by our team earlier this year has resulted in superb drill targeting – extending the deposit in width and depth, and now returning some of the strongest grades drilled on the property to date.”
The latest results at Newman Todd, located 1 km south of West Red Lake Gold Mines’ (TSXV: WRLG) Mount Jamie deposit at its Rowan project, and northwest of Kinross Gold’s (TSX: K; NYSE: KGC) Great Bear project, come as the gold price continues to reach record highs. It touched $2,662.50 per oz. on Wednesday morning.
The strength of mineralization in hole NT-24-019, in addition to other high-grade results reported this month, confirm the company’s updated geological model, Renegade said. That model points to potential for new, high-grade zones inside Newman Todd, located where faults cut across its 2.2-km long strike.
Future drilling in a 25,000-metre program is to focus on areas down plunge from the Hinge-Newman Todd intersection, with targets including areas not yet drilled and new mineralization zones in the hanging and foot walls of Newman Todd.
The deposit hosts 350,000 indicated tonnes grading 2.76 grams gold per tonne for 31,000 oz. and 574,000 inferred tonnes grading 2.78 grams gold for 51,000 oz. according to a historical resource from 2015.
Formerly known as Trillium Gold, in June last year, the company acquired Pacton Gold and increased its land holdings in Red Lake by 360 sq. km. It became Renegade Gold a month later.
Renegade also holds a 47% stake in the 86-sq.-km Sidace joint venture project with Evolution Mining (ASX: EVN). Sidace is an advanced gold project with more than 80,000 metres of drilling, including 17 of 18 drillholes completed in 2020 and 2021. Newman Todd is located about 26 km west of Evolution’s Red Lake mine, which is southwest of Sidace.
