Renegade Gold Reports Significant New Mineral Resource Estimate at Red Lake Project, Ontario
Renegade Validates Red Lake Strategy with 809k Ounce Resource; Aggressive $3,000 Gold Anchor Suggests Valuation Sensitivity
The most recent news (February 18, 2026) announces the maiden Mineral Resource Estimate (MRE) for the Rebel Gold Deposit (formerly Newman Todd) in Red Lake, Ontario. The estimate includes an Indicated resource of 370,000 ounces gold at 2.07 g/t (open pit) and a total Inferred resource of 439,000 ounces gold (split between open pit and 4.91 g/t underground). This brings the total defined resource to approximately 809,000 ounces. Notably, the resource uses a gold price of $3,000/oz for pit optimization, which is significantly above current spot prices. The company also announced plans for a 2026 drilling program aimed at reaching the one-million-ounce benchmark.
The impact is Material - Positive for several reasons: - Resource Validation: The transition from "exploration potential" to a defined 809k ounce resource provides a fundamental floor for the company's valuation. - Underground Grade: The Inferred underground grade of 4.91 g/t is significant for the Red Lake district, where high-grade underground mines are the standard. - Strategic Execution: This news confirms that the technical team, led by CEO Devin Pickell (appointed Sept 2025), has successfully re-modeled the deposit to show depth continuity (now confirmed to 700m). - Operational Scale: Combined with the recent land expansion to 100,000 hectares, Renegade has established itself as one of the largest and most active juniors in the district. - Financial Caveat: The use of $3,000/oz gold for the pit shell is an aggressive accounting choice. While it maximizes the reported ounces, a more conservative $2,000/oz or $2,300/oz shell would likely result in fewer reportable ounces, suggesting the deposit’s "economic viability" is highly sensitive to gold price fluctuations.
Renegade Gold is a junior explorer focused on the Red Lake Mining District of Ontario. Its flagship is the 100%-owned Rebel Gold Deposit (formerly Newman Todd). The project is characterized by a 2.2km mineralized strike length that has historically been viewed as a bulk-tonnage, low-grade target but is being re-evaluated for high-grade underground potential.