Vancouver, British Columbia--(Newsfile Corp. - September 12, 2024) - Renegade Gold Inc. (TSXV: RAGE) (OTCQX: TGLDF) (FSE: 070) ("Renegade" or the "Company") is pleased to report initial results from the second phase of drilling at its advanced Newman Todd Deposit (Table 1). Drilling to date has successfully increased mineralization at depth by an additional 500 m, confirming the deposit extends down from surface to just over 800 m. Of particular importance, the results have also increased the overall width of the structure by up to 100 m near surface and confirmed new high-grade corridors within the hanging wall of the Newman Todd Structure.
Highlights
Width of Newman Todd mineralization increased by up to 100 m near surface. Holes NT-24-017 and NT-24-018 specifically targeted an underexplored area in the footwall of the Newman Todd. The strong mineralization intersected by both holes from the east side of the Newman Todd Structure confirms a significant increase in the near-surface mineralization.
Hole NT-23-017 intersected 9.2 g/t Au over 2.7 m, 4.5 g/t Au over 2.5 m and 2.4 g/t Au over 18.0 m. These results add approximately 75 m width to the Newman Todd Structure in the shadow of previous drilling (Figures 1 and 2).
Hole NT-23-018 intersected 9.8 g/t Au over 1.5 m and 2.8 g/t Au over 8.5 m, including 8.1 g/t Au over 1.0 m and 3.4 g/t Au over 4.4 m (Figures 1 and 3). These results add approximately 100 m width to the Newman Todd Structure below previous drilling.
Results confirm significant down dip potential of the Newman Todd Structure. Hole NT-23-016 intersected 4.9 g/t Au over 2.5 m at approximately 650 m below surface. Previous drilling was limited to a single hole at 835 m depth (Figures 1 and 2).
Hole NT-24-016 encountered strong mineralization in the 400 m gap between historical drilling and hole NT-129, further increasing continuity of the current geological model.
Through ongoing analysis of the 2024 results, Renegade has identified significant geological parallels to other gold zones within the regional deformation fold corridor, which includes West Red Lake Gold's Rowan Deposit and Mount Jamie Zone. These insights will guide ongoing exploration at the Newman Todd Deposit and other prospective areas.
Nav Dhaliwal, President and CEO for Renegade, commented, "Renegade Gold's 2024 drilling at the high-grade Newman Todd deposit has been a huge success and it speaks to the quality of our technical team, as well as the incredible potential of the project. In just one program, we have extended mineralization by an additional 500 m in depth and 100 m in width and have identified a number of new mineralized areas. The rapid growth we're seeing at Newman Todd suggests we've only just begun to unlock the value of this project, and the team is now hard at work planning our next steps."
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-24-016 and NT-24-017).
Figure 3. Cross section B-B' at the Newman Todd Project looking east, showing recent step out drilling extending width of mineralization and at depth (NT-24-018).
The 100% owned Newman Todd deposit is 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.
The Company also announces that further to its news release of August 8, 2024, it has closed its debt settlement transaction whereby the Company settled $576,348.29 worth of debt to an arm's length party by the issuance of 1,921,161 common shares of the Company at a deemed price of $0.30 per share. All common shares issued under the debt settlement are subject to a hold period expiring January 12, 2025.
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 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.