Renegade Exploration Limited (ASX:RNX) has announced the acquisition of an option over the Fireball Ridge Project, located 80km north-east of Reno, Nevada. Renegade Exploration is an Australian-based minerals exploration and development company with assets in Australia and North America. This strategic move increases Renegade’s Nevada landholding to five projects, all situated within the geologically significant Walker Lane Trend.
The Fireball Ridge Project is an advanced gold-silver project with a history of mining dating back to the 1800s. The company says that it has been acquired on favourable terms and will allow for exploration works to commence quickly. Previous exploration has identified low to moderate-grade gold occurrences along a 6-km-long mineralised fault/vein system. Renegade plans to leverage recent knowledge of structural controls gained from similar Miocene age vein systems in northern Nevada to effectively test for deeper boiling horizons that could host high-grade gold mineralisation.
The acquisition terms involve a series of annual option payments totalling USD250,000, payment of annual claim fees, and a royalty agreement with Nevada Select Royalty Inc, a subsidiary of NYSE-listed Gold Royalty Corp (NYSE:GROY). Renegade Exploration Chairman, Mr Robert Kirtlan, stated that the company was attracted by the available historical information, which presents the asset as a Miocene, low-sulphidation epithermal gold system with similarities to the Midas gold-silver mine.
Renegade has conducted a site visit, collected samples, and is planning future field programs. The claims will undergo modern geological work, including magnetics and electrical resistivity surveys, to assist in identifying structural controls for drill targeting.
