Vancouver, British Columbia--(Newsfile Corp. - September 25, 2024) - Renegade Gold Inc. (TSXV: RAGE) (OTCQX: TGLDF) (FSE: 0702) ("Renegade" or the "Company") is pleased to report further results from the second phase of drilling at its advanced Newman Todd Deposit, which continues to support the Company's new geological model and exploration strategy (Table 1). Hole NT-24-019 intersected 14.0 g/t Au over 7.3 m including 28.3 g/t Au over 3.5 m at 200 m below surface. Drilling has successfully increased mineralization at depth by an additional 500 m, confirming the deposit extends down from surface to just over 800 m to date.
Highlights
High-Grade Gold Intersections at Key Location: Drilling has confirmed high-grade gold mineralization at the intersection of the Hinge Fault and the Newman Todd deposit. Hole NT-24-019 intersected 14.0 g/t Au over 7.3 m including 28.3 g/t Au over 3.5 m at 200 m below surface (Figures 1 and 2). Hinge is one of multiple faults that intersects the Newman Todd deposit and was the primary focus for phase two drilling.
Further Confirmation of the New High-Grade Geological Model: The strength of mineralization in hole NT-24-019, together with other recently announced high-grade holes (see Renegade news release dated September 12, 2024) provides strong confirmation of Renegade's updated geological model. The model indicates major potential for new, high-grade zones within the Newman Todd deposit, located where faults intersect the 2.2 km long Newman Todd strike.
Ongoing Drilling Strategy: Future drilling efforts will focus on areas down plunge from the intersection of the Hinge Fault and Newman Todd Zone. Targets will also include previously undrilled areas, as well as new zones of mineralization within the hanging wall and foot wall of the Newman Todd structure.
Nav Dhaliwal, President and CEO for Renegade, commented, "These new results are further confirmation that the mineralized system Newman Todd is far larger, and much higher grade, than was previously understood. 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."
Figure 1. Plan map of the Newman Todd Project showing latest drill results with modelled gold mineralization projected to surface.
Figure 2. Cross section A-A' at the Newman Todd Project looking east, showing recent step out drilling extending width of mineralization and at depth (NT-24-019).
Hole NT-24-020 encountered a fault and experienced significant core loss at the target depth, resulting in unrepresentative gold mineralization results for this hole.
About Newman Todd
The 100% owned Newman Todd deposit can be located approximately 26 km west of Evolution's mining operations, just 1 km south of West Red Lake's Mount Jamie advanced deposit. The Newman Todd Zone (NTZ) is the dominant host for gold mineralization on the property and is interpreted to span across the property boundary, over 2 km. The NTZ structure varies in width from 60 to 160 m and is open to depth throughout and is host to multiple styles of mineralization, including multiple breccia vein systems and late high-grade quartz veining, often associated with visible gold.
Recent drilling has given strong confidence that the Newman Todd structure and associated HG gold structures continue beyond a depth of 700 m, beyond double of the previous drill horizon. Increased intercepts of gold mineralization in the HW of the NTZ support that gold mineralization is more widespread than historically thought.
QA/QC
Drill core is logged and sampled at a secure core processing facility in Red Lake, Ontario. Core samples from the drill program are cut in half using a diamond cutting saw with half sent for assay at SGS Laboratories Ltd. in Red Lake, Ontario. The other half is secured and retained at a secure storage facility. All samples are analyzed for gold using standard Fire Assay-AA techniques. Samples returning greater than 10.0 g/t gold are analyzed utilizing standard Fire Assay-Gravimetric methods. In addition to SGS internal QAQC procedures, certified reference materials, blanks and duplicates are routinely inserted into the sample stream as part of Renegades quality control/quality assurance program. Results are monitored regularly for contamination and accuracy.
The technical content of this news release has been reviewed and approved by Dale Ginn, P.Geo., the Executive Chair and director of the Company and a Qualified Person pursuant to National Instrument 43-101.
About Renegade Gold Inc.
Renegade Gold Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of Northern Ontario. As part of its regional-scale consolidation strategy, the Company has assembled one of the largest prospective land packages in and around the Red Lake mining district in proximity to major mines and deposits, as well as along the Confederation Lake and Birch-Uchi greenstone belts. The recent completion of the acquisition of Pacton Gold Inc. extends the Company's ownership in Red Lake to over 89,600 hectares of prospective and diversified exploration properties with significant potential for gold and critical minerals on trend with the major structures hosting known gold occurrences in the Red Lake mining district today.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this press release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. The words "anticipate," "significant," "expect," "may," "will" and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. In preparing the Forward-Looking Information in this press release, the Company has applied several material assumptions, including, but not limited to, assumptions that general business and economic conditions will not change in a materially adverse manner; that all requisite approvals will be received, and all requisite information will be available in a timely manner. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, risks related to unforeseen delays; general economic, market or business conditions, regulatory changes, timeliness of regulatory approvals, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this Forward-Looking Information. The Company does not assume the obligation to revise or update this Forward-Looking Information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
