Coming into the chase, opener Jack Donaldson (12) was able to hold up one end but wickets fell at the other – Renegades unable to get going at 35-4.
However, Martin (43 not out) combined with the in-form Ben Heap (29 from 24) to put on a 58-run partnership, setting up a pulsating finish with 20 runs required from the last two overs.
Martin worked Heap on to strike and he launched a six off Mabin to bring the momentum back Renegades' way with 13 required from nine.
However, having bowled outstandingly before that, finishing 1-11 with two maidens, Mabin responded with a couple of lifting deliveries that Heap could not connect with, then a classic slower delivery for three dot balls. A single ended the over with 12 runs still needed.
Collegiate kept faith with young spinner Angus Pearce (2-30) to bowl his fourth over and he did not disappoint, as Heap swung for the fences but found the safe hands of Timothy O'Leary for a good outfield catch.
Pearce hit the stumps with his next ball, sitting on a hat-trick, as Renegades needed 12 from four balls with Martin watching at the non-striker's end.
Martin got on strike with three balls left but, needing to put Pearce over the boundary, he slogged it virtually straight up and took a single.
New batsman Ryan Donaldson did his best with the last two deliveries, but Renegades closed out just one scoring shot short of the tie at 98-6.
All five Collegiate bowlers – Pearce, Mabin, Ormsby, Luke Bullock and Jimmy Lithgow – picked up wickets, with Lithgow conservative with 1-13 from his four overs.
The clash between rivals Property Brokers United and Wanganui Vet Services Marist did not eventuate.
Moved from Tasman Tanning (Victoria) Park, heavy wet conditions at the Whanganui High School alternate venue were also deemed unplayable.
Some of the P240 matches could be played at full length at Springvale and the Collegiate grounds.
In Pool 1, Matt Burke Engineering Marton Saracens picked up a comprehensive 128-run win over the Kaitoke Knight Riders.
Property Brokers United 2nd XI played their first game of the tournament after the first-round bye and secured a comfortable eight-wicket win over Whanganui Collegiate 2nd XI.
The derby game between the Property Brokers United 3rds and United Colts was postponed.
Results
Premier 1
Whanganui Collegiate School 1st XI 104-5 (O Mabin 41, C Rees 21, B Anderson 12no, G Ormsby 12; M Hodges 1-8) bt Wanganui Renegades 98-6 (W Martin 43no, B Heap 29, J Donaldson 12; A Pearce 2-30, O Mabin 1-11) by six runs in Twenty20 game.
Property Brokers United vs Wanganui Vet Services Marist abandoned (wet outfield).
Premier 2
Pool 1
Whanganui Collegiate 2nd XI 89 (M Pennefather 6-11) lost to Property Brokers United 2nd XI 90-2 (Campbell Mckerras 42; H Cranstone 1-14) by eight wickets.
Matt Burke Engineering Marton Saracens 216 (T Westwood 92, A Spence 39, L McAleese 29no; N Clarke 3-20, F Edwards 3-35, M Slade 3-35) bt Kaitoke Knight Riders 88 (D Campbell 26; T Sutton 4-26, T Westwood 3-18, W Turner 2-18) by 128 runs.
Pool 2
Property Brokers United 3rds vs United Colts postponed.
