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What version of ArcMap your are using? Across versions the NoData handling has changed with ESRI and I suspect it might have something to do with that. Before doing Geo-referencing confirm the pixel depth and then after doing it. Try with a high no data value and see if it resolves the problem
What version of ArcMap your are using? Across versions the NoData handling has changed with ESRI and I suspect it might have something to do with that. Before doing Geo-referencing confirm the pixel depth and then after doing it. Try with a high no data value and see if it resolves the problem