Renegade Gold Intersects High-Grade Gold Mineralization in Initial Drillholes at Newman Todd in Red Lake, Ontario

Rhea-AI Summary

Renegade Gold Inc. (TGLDF) reports positive initial results from the Newman Todd Deposit with high-grade mineralization intercepted in three drillholes. The drilling confirms deep-rooted high-grade structures, extending known mineralization to significant depths.

Vancouver, British Columbia--(Newsfile Corp. - February 26, 2024) - Renegade Gold Inc. (TSXV: RAGE) (OTCQX: TGLDF) (FSE: 070) ("Renegade" or the "Company") is pleased to report initial results from the first three drillholes at its advanced Newman Todd Deposit. All three drillholes successfully intercepted high-grade mineralization and have provided further evidence for deep-rooted high-grade structures, which remain open along strike and at depth.

News Highlights

• Hole NT-23-001 intersected 1.63 g/t Au over 34.1 m, including 8.35 g/t Au over 3.5 m. This confirms high-grade in the Hinge Fault corridor to a depth of 400 m below surface (Figures 1 and 2).

• Hole NT-23-002 intersected 2.02 g/t Au over 41.5 m, including 5.00 g/t Au over 9.5 m and 3.62 g/t Au over 3.5 m, extending known mineralization more than 200 m below previous intercepts, to a depth of over 550 m below surface (Figures 1 and 2).

• Hole NT-23-003 intersected 2.33 g/t Au over 41.9 m, including 9.63 g/t Au over 7.4 m. This confirms high-grade mineralization along strike of the Hinge Fault corridor (Figure 1).

The drilling completed to date supports previous bulk low-grade horizons as well as deep-rooted high-grade gold domains not previously modeled. The first three holes were successful in intercepting the Hinge Fault corridor (Figure 1) in the vicinity of the Hanging Wall (HW) contact of the Newman Todd zone, an area thought to contain the highest potential for continuous concentrations of high-grade gold mineralization at depth.

New drilling supports an increased gold endowment for the project and provides confidence in high-grade targeting. Ongoing drill testing at Newman Todd will extend the Hinge Fault area at depth, as well as test other high priority areas on the property where previous drilling has been limited.

About Newman Todd

The 100%-owned Newman Todd deposit is located approximately 26 km west of Evolution Mining's Red Lake operations and 1 km south of West Red Lake Mining's Rowan Project. 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, is open at depth and is host to multiple styles of mineralization, including multiple breccia vein systems and late high-grade quartz veining, typically associated with visible gold.

Recent work by Renegade has outlined the importance of east-west structural corridors which are controlling high-grade gold mineralization within the NTZ. The current drill program has been designed to test these structures, specifically in hanging wall and foot wall areas of the NTZ, where the gold mineralization has exhibited some of the highest grades.

Table 1. Significant drill results from the initial three drill holes at the Newman Todd Deposit.

Hole ID	Length (m)	Az (deg.)	Dip (deg.)		From (m)	To (m)	Length (m)	Gold (g/t)
NT-23-001	600	332	-68		402.0	404.5	2.5	3.73
					443.5	477.6	34.1	1.63
				Inc.	443.5	447.0	3.5	8.35
				and	444.0	445.0	1.0	21.48
NT-23-002	696	332	-73		121.0	121.5	0.5	4.69
					580.0	582.5	2.5	2.62
				Inc.	581.5	582.0	0.5	10.52
				and	594.5	636.0	41.5	2.02
				Inc.	594.5	604.0	9.5	5.00
				and	603.0	604.0	1.0	15.35
				Inc.	621.5	625.0	3.5	3.62
				and	621.5	622.0	0.5	9.57
				and	624.0	625.0	1.0	7.81
				and	630.5	636.0	5.5	2.49
				Inc.	631.5	632.0	0.5	15.23
NT-23-003	435	28	-51		318.0	359.9	41.9	2.33
				Inc.	324.5	331.85	7.35	9.63
				and	324.5	325.0	0.5	31.57
				and	331.0	331.85	0.85	26.06
				Inc.	358.5	359.9	1.4	6.59

 

 
Figure 1. Plan view map with simplified geology, previously released drilling and new drill results at the Newman Todd Project.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9850/199142_3fcc02098477fac5_0001full.jpg
 

 
Figure 2. Cross sections looking northeast for holes NT-23-001 and NT-23-002 (see Figure 1 for section line orientation).
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9850/199142_3fcc02098477fac5_0002full.jpg

The Company also announces that Russell Starr has resigned as a director of the Company.

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.

For further information, please contact:

Renegade Gold Inc.

Nav Dhaliwal
President, CEO and Director

info@renegadegold.com
Tel: 604-678-5308

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.

Cautionary Note regarding Forward-Looking Statements

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; the risks of obtaining necessary licenses and permits, and changes in general economic conditions or conditions in the financial markets. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199142

FAQ

What are the highlights of Renegade Gold Inc.'s recent report?

Renegade Gold Inc. reported positive initial results from the first three drillholes at the Newman Todd Deposit, with high-grade mineralization intercepted in all three holes.

What were the significant findings in the drilling results?

The drilling results included Hole NT-23-001 intersecting 1.63 g/t Au over 34.1 m, Hole NT-23-002 intersecting 2.02 g/t Au over 41.5 m, and Hole NT-23-003 intersecting 2.33 g/t Au over 41.9 m, all confirming high-grade mineralization.

What depths were the known mineralization extended to in the drilling results?

The drilling extended known mineralization to depths of 400 m below surface in Hole NT-23-001, over 550 m below surface in Hole NT-23-002, and along strike of the Hinge Fault corridor in Hole NT-23-003.

What areas did the drilling successfully intercept at Newman Todd?

The drilling successfully intercepted the Hinge Fault corridor in the vicinity of the Hanging Wall contact of the Newman Todd zone, an area with high potential for high-grade gold mineralization at depth.

What is the significance of the drilling results for Renegade Gold Inc.?

The drilling results support an increased gold endowment for the project, provide confidence in high-grade targeting, and indicate the presence of deep-rooted high-grade gold domains not previously modeled.