Renegade Exploration : Lady Agnes Rocks

LADY AGNES ROCKS

•  High-grade rock chip samples at Lady Agnes up to 5.99% Cu and 1.28g/t Au have delineated a 100m strike for drill-testing

  ASX ANNOUNCEMENT

  21 April 2022

  ABN 92 114 187 978 ASX Code: RNX

  ISSUED CAPITAL Shares: 879.6 million Options: 70.0 million

  CORPORATE DIRECTORY Chairman:

  Robert Kirtlan

  Director: Mark WallaceDirector: Mark Connelly

  Company Secretary: Graeme Smith

  CONTACT DETAILS

  Level 1, 982 Wellington Street, West Perth WA 6005 Australia

  PO Box 1485

  Subiaco WA 6904

  E:info@renegadeexploration.com T: +61 409 842 354www.renegadeexploration.com

•  Focus is on testing near-surface copper oxide mineralisation and underlying interpreted sulphide IP anomaly

•  Meanwhile, field programs continue at Lady Agnes and Tulloch prospects, with more base metal assays still pending

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Renegade's chairman Rob Kirtlan commented: "The rock-chip sampling program has successfully enabled our geology team to identify a 100m copper strike at Lady Agnes. The objective now is to drill test the oxide zone and interpreted sulphide anomaly to gain clearer insights on the copper mineralisation potential."

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Renegade, (ASX:RNX), is delighted to advise results received for rock chip sampling at Lady Agnes which has added further value and information to assist with planned drilling programs.

The geology team have sampled along the accessible strike at the Lady Agnes structure which is now approaching 100m of mineralisation. Drilling is planned to test the near-surface copper oxide mineralisation and upper portion of the interpreted sulphide IP anomaly (Figure 1).

Figure 1: Lady Agnes Plan View - structures, soil results, rock chips, IP and LAG1

Significantly, Renegade's geologists have noticed a distinct correlation between high-grade copper results and coincident higher-grade gold values from recent rock chip assays.

Together, with the North Isa Project location just 35km from Mt Isa, gold credits in any future potential mining operation could create significant incremental value for shareholders.

Meanwhile, Renegade continues with field programs at the North Isa Project including soil sampling, mapping and interpreting historical data at the Pipeline, Tulloch and Lady Agnes Prospects.

Drilling Program Focus

Historical diamond drill hole LAG1 mineralisation commences from 273m and intersected a broad zone of copper within a breccia style structure - one of the more common mineralisation hosts in this area.

Renegade's drilling program will be testing for sulphide mineralisation from circa 100-150m depth, which is highlighted in the cross section in Figure 2 (See ASX Release dated 23 March 2022 for more information), and comprises approximately 10 RC holes.

Figure 2: Lady Agnes Cross Section - interpreted IP and LAG1 and drilling target zones

Lady Agnes is located at a flexure in the Paroo thrust which separates the Basement Eastern Creek

Volcanics (ECV) and the Mt Isa Group sediments. At surface, it is represented by extensive brecciation, silicification and visible malachite mineralisation present within the brecciated zones, and in cleavages which is sub-vertical, dipping 82 degrees to the north.

Historical mining focused on higher-grade oxide resources while more recent work (1960's - 2000's) involved drilling and geophysics. Mt Isa Mining, in particular, drilled several deeper holes to test for larger ore bodies along the Western Fault and one of the drillholes, LAG1, was drilled adjacent to the Lady Agnes Mine.

Renegade is proposing, from its geological and geophysical interpretation, there is potential for copper sulphide mineralisation within the main alteration zone which has a corresponding IP anomaly.

Pipeline and Tulloch have been subject to a number of historical programs with little drilling. Renegade's rock sampling program generated further information which is being incorporated into the historical data and includes reprocessing old geophysical data to determine prospective drill targets.

The North Isa Project is located directly north of the George Fisher Mine and circa 35km north of Mt Isa township and controls approximately 20km of the Western Fault. The Western Fault and associated faults host the historic Lady Agnes Mine together with numerous other historic workings. The project straddles the thrust faulted ECV and Mt Isa Group sediment boundary with several existing copper mineral occurrences including the Lady Agnes Mine which is located within an embayment along the faulted ECV/Mt Isa Group contact.

Table1: Rock Chip Sampling Results - Lady Agnes

This announcement has been approved by the Board of Renegade Exploration Limited.

For more information please contact:

Robert Kirtlan

Director

info@renegade.com.au Ends.

About Renegade Exploration Limited

Renegade Exploration Limited (ASX:RNX) is an Australian based minerals exploration and development company.

The Company has an interest in the Carpentaria Joint Venture which has a package of permits in the prolific Cloncurry district of Queensland. The project has several identified advanced copper and gold projects. The Company has recently expanded its Northwest Queensland interests by entering a joint venture on the North Isa Project, located just north of Glencore's George Fisher mining operations.

Renegade also owns 90% of the Yukon Base Metal Project located within the highly prospective Selwyn Basin, Yukon Territory, Canada. The Project is currently the subject of an Option Agreement to sell.

The Company's primary objective is to deliver long-term shareholder value by achieving a production profile and becoming a mid-tier resource company. Renegade strives to achieve this through the discovery, acquisition and development of economic mineral deposits.

Competent Person Statement and Geological Information Sources

Information on the North Isa Project, the subject of this ASX Release, is sourced from the Queensland Department of Resources and data supplied by Mt Isa Mining Limited.

The information in this announcement that relates to geological information for the North Isa Project is based on information compiled by Mr Peter Smith, who is a consultant to the Company. Mr Smith is a Member of the Australian Institute of Geoscientists. Mr Smith has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results (JORC Code). Mr Smith consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

This ASX Release also relates to information released to ASX on 23 March, 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcement noted above.

JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

(Historical diamond drilling data was released to ASX on 23 March 2022)

(Criteria in this section apply to all succeeding sections.)

Drilling techniquesDrill sample recoveryLogging

• • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• • Aspects of the determination of mineralisation that are Material to the Public Report.

• • In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

• • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

• • Method of recording and assessing core and chip sample recoveries and results assessed.

• • Measures taken to maximise sample recovery and ensure representative nature of the samples.

• • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• • Whether logging is qualitative or quantitative in nature. Core (or costean,

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Rockchip samples (Table 1) were taken in areas of local workings and consisted of outcropping material and were chosen where possible as being representative of the mineralized units.

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Soil samples were collected on a regular grid space sampling in-situ at 25cm depth and dry sieved on site using a minus #80 mesh soil sampling sieve.

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• • The company has not undertaken any drilling

• • MIM has previously conducted drilling on the Lady Agnes ML 5566, using Diamond drilling NQ/BQ, in 1982.

  DDH: LAG1 Depth: 646m

  Core has been oriented (spear)

• • The company has not undertaken any drilling

• • MIM has previously drilled at Lady Agnes and drilling recovery was over 90%

• • No sampling bias was reported by MIM

• • Rock chips were individually photographed on site, and gross alteration features identified.

• • Soil samples were logged by overall type (ie residual, transported etc), and by colour.

• • Core (100%) has been geologically logged by MIM.

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