Recent drill results from Renegade Gold (TSXV: RAGE; US-OTC: TGLDF) increases mineralization at its Newman Todd deposit in northwestern Ontario, building on previous high-grade results this month showing mineralization goes down by more than 700 metres.
Highlight hole NT-24-019 cut 7.3 metres grading 14 grams gold per tonne from 343.4 metres depth, including 3.5 metres at 28.3 grams gold, the company reported Wednesday.
That hole confirmed high-grade mineralization at the junction of Newman Todd and the Hinge fault, the main focus for Renegade’s stage two drill program. It was also adjacent to hole NT-24-016 that cut 2.5 metres at 4.9 grams gold from 700 metres depth, Renegade reported on Sept. 12.
Company shares gained 2.2% to 23¢ apiece on Wednesday morning in Toronto, valuing Renegade at $10.3 million. Its shares traded in a 52-week range of 17¢ to 72¢.
“These new results are further confirmation that the mineralized system at Newman Todd is far larger, and much higher grade, than was previously understood,” Nav Dhaliwal, president and CEO of Renegade, said in a release. “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.”
