PERTH: Renegade Exploration Ltd (ASX:RNX) said on Thursday it has secured an option over the Fireball Ridge gold-silver project in Nevada, marking its fifth acquisition in the state’s prolific Walker Lane Trend.
The Fireball Ridge project, located about 80 km northeast of Reno, is an advanced-stage asset with a history of mining activity dating back to the 1800s. The site has seen limited modern exploration, with the last shallow drilling conducted prior to 2000.
Renegade said the project hosts a Miocene-aged, low-sulphidation epithermal gold system within a rift zone of bimodal volcanism. The company believes the geology is analogous to the Midas deposit, which has produced 2.2 million ounces of gold and 27.5 million ounces of silver.
Chairman Robert Kirtlan said the company selected Fireball Ridge after reviewing multiple Nevada-based projects. “We have been 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,” he said.
Renegade plans to initiate fieldwork following a recent site visit and sampling campaign. The company aims to apply modern geophysical techniques, including magnetics and resistivity surveys, to refine drill targets and test for deeper high-grade zones.
The option agreement was signed with Nevada Select Royalty Inc., a subsidiary of NYSE-listed Gold Royalty Corp (NYSE:GROY). Renegade will make staged payments totaling USD 250,000 over four years, with the vendor retaining a 3% royalty upon full exercise.
The acquisition adds to Renegade’s U.S. portfolio, which includes the Top Gun, Broken Hills, Spitfire, and Caisson projects. The company also holds exploration assets in Australia and Canada, including the Cloncurry Copper Project and the Andrew Group zinc-lead deposit in Yukon.