A new company has joined the rush to explore for copper in the North West.
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Last week it was Cooper Metals pinning its hopes on a Mount Isa flagship project, this week it is the turn of Renegade Exploration Limited which has entered into a joint venture transaction with Burke Copper to advance its North West Queensland interests.
Burke's North Isa Project adjoins the Glencore George Fisher zinc complex 40km north of Mount Isa and Renegade has entered into an agreement whereby it can earn up to 75% of the North Isa Project which will control around 20km of the Western Fault, a copper-rich area which hosts the historic Lady Agnes copper mine.
Renegade told the ASX historic exploration has been sporadic and disjointed with the faulted contact only recently coming under the control of Burke Copper.
"This will enable a consistent and rigorous exploration program to assess and test the faulted Mount Isa Group contact and other associated structures of interest," Renegade said.
Renegade said it was planning work programs to begin soon and will include soil sampling, field mapping, reinterpretation of historical data and investigation of targets generated by Burke Copper.
Renegade paid Burke $20,000 to become JV partners and guaranteed expenditure of $100,000 in the 12 months following commencement.
They also issued 10 million shares to Burke.
Renegade said the North Isa Project was an exciting addition to their growing Queensland footprint.
"The Queensland Government recently released its draft Queensland Resources Industry Development Plan which seeks to create a strategy for the next thirty years to ensure continued sustainable growth in the resources sector," the company said.
"The QRIDP, in conjunction with recent State and Federal initiatives, provides added support to the strategy in Queensland being pursued by the Company."
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
