VANCOUVER, BC / ACCESSWIRE / June 21, 2017 / Renaissance Gold Inc. (TSX-V: REN) ("RenGold" or the "Company") is pleased to announce that its wholly owned subsidiary, Kinetic Gold (US) Inc. has signed a Binding Terms Sheet with Ramelius Resources Limited (RMS) ("Ramelius") for an exploration earn-in agreement on its 100% owned Jupiter Project, a Carlin-type target located in Nye County, Nevada.
The Agreement
The Binding Terms Sheet stipulates the terms of a definitive agreement to be prepared within 90 days. The agreed terms grant Ramelius the right to earn a 75% interest in the property by spending US$3,000,000 over a 5-year period. Ramelius paid the Company a one-time payment of US$25,000 upon signing the Binding Terms Sheet, must spend US$250,000 in the first year (firm commitment) before it may withdraw from the agreement, and must spend a minimum of US$100,000 in subsequent years to maintain the agreement.
Following completion of the earn-in, Ramelius will carry the Company's share of joint venture expenditures up to Ramelius making a Decision to Mine. Upon making a Decision to Mine, the Company must either contribute to ongoing joint venture expenditures in proportion to its ownership interest, dilute to a royalty interest, or allow Ramelius to provide project financing for the Company, whereby Ramelius increases its project interest to 80%.
Jupiter Project
The Jupiter Project is located approximately 60 miles southeast of Tonopah, Nevada and 110 miles north of Las Vegas, Nevada. The project lies in the historic Queen City (Blackhawk) mining district at the southern end of the Quinn Canyon Range. Historic mercury and base metals workings occur in several locations within and adjacent to the property. Widespread hydrothermal alteration occurs over a 4 x 3 mile area and is characterized by abundant anomalous gold mineralization, with silicification ± jarosite alteration. Surface rock chip sampling has yielded abundant and widespread anomalous results, ranging from detection limit up to 3.10 g Au/t, with strongly associated Carlin-suite volatile trace elements arsenic, antimony and mercury. At least one and possibly two phases of intrusive have been identified on the property, which may act as potential "heat engines" driving the hydrothermal activity. The large alteration system and associated mineralization affects both the Paleozoic sedimentary rocks and the overlying Tertiary volcanic rocks, and the Company's exploration focus has been on developing Carlin-type targets in the Paleozoic carbonates.
Exploration and target development activities by the Company have included geologic mapping, rock chip sampling and biostratigraphic dating, and have been successful in identifying three new target areas that are prospective for significant gold mineralization in a very similar geologic setting to Newmont's Long Canyon gold mine. Most importantly, the newly developed targets have never been drill tested. This work has redefined the stratigraphic and structural relationships in this area and have identified a previously unrecognized thrust fault, placing upper Cambrian over Ordovician rocks. This relationship indicates that prior drilling in this carbonate package occurred below the potentially highly productive Cambrian-Ordovician unconformity, which is a major host at Long Canyon. The targets consist of drilling to test the Cambrian-Ordovician unconformity in several areas; on strike with known mineralization under interpreted shallow alluvial or volcanic cover, and beneath significant "surface leakage" gold mineralization in overlying Ordovician rocks.
The Jupiter property comprises 120 claims held directly by Kinetic Gold (US) Inc. and is subject to a 1% net smelter returns royalty to Altius Royalty Corporation.
Ronald Parratt, CEO and Executive Chairman states, "This new agreement for a Kinetic Gold property with a company such as Ramelius validates the earlier belief held by RenGold that the Kinetic portfolio would be of great value in the improving gold market. We're optimistic that the portfolio will continue to attract other partners."
Robert Felder, President states, "We are very pleased to bring in such a strong partner as Ramelius to explore our Jupiter project and look forward to collaborating with the Ramelius team going forward."
Qualified Person
All technical data disclosed in this press release has been verified by RenGold's Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG)
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada and Utah. On May 29, 2017, the Company acquired Kinetic Gold Corp. and its subsidiaries which hold various exploration properties all located in Nevada. RenGold's objective is to place all of its projects into exploration agreements with industry partners who provide exploration funding. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire new precious metal exploration projects that are then offered for joint venture.
About Ramelius Resources Ltd.
Ramelius Resources Limited is an ASX listed (RMS), successful Australian gold mining and exploration company. Ramelius owns 100% of the Mt. Magnet gold mine, located 600 km north of Perth, Western Australia and the associated 1.7 Mtpa Checker Processing Plant. Ramelius is mining from both open pit and underground deposits at Mt. Magnet as well as mining underground at the high-grade Vivien gold mine near Leinster, located 300 km east of Mt Magnet. The Vivien ore is also trucked to Mt. Magnet for processing. Visit www.rameliusresources.com.au for details.
By: Robert Felder, President and Director
For further information, contact:
Robert Felder, 775-337-1545 or [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," and similar expressions, or that events or conditions "will," "would," "may," "could," or "should" occur. Although Renaissance Gold Inc. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Renaissance Gold Inc's management on the date the statements are made. Except as required by law, Renaissance Gold Inc. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, or opinions, or other factors, should change.
SOURCE: Renaissance Gold Inc.