Renaissance Gold Exploration Update: Positioned for Success
Thursday, June 20, 2019 7:00 AM
VANCOUVER, BC / ACCESSWIRE / June 20, 2019 / Renaissance Gold Inc. (TSX.V:REN / OTCQB:RNSGF) ("RenGold" or the "Company") is pleased to provide an update on exploration and drilling plans on partner funded projects for the current field season. The Company has yet another season of aggressive exploration underway with eight projects in exploration earn-in or option agreements.
Robert Felder, President and CEO states "The Company is currently in a strong financial position and anticipates another year of significant partner funded exploration and drilling. Following our recently closed private placement with Altius Minerals (see NR dated May 1, 2019), and the recent payment received from AngloGold Ashanti to maintain their option on the Silicon Project (see NR dated May 29, 2019), we are well positioned to be able to carry out exploration programs for the next two to three years without the need for additional financing. RenGold occupies a unique niche in this jurisdiction in terms of levels of activity, partner funding and history of successes, and we are proud to be the premier prospect generator in Nevada."
Partner Funded Projects
A project location map is shown in Figure 1 below.
Mars Project, Lincoln Co., Nevada (in earn-in agreement with Hochschild Mining plc)
RenGold is the operator of the Mars Project and has recently completed a 746-sample soil geochemical survey covering several target areas. The samples have been submitted to ALS Geochemistry for gold plus trace element analysis and results are expected in late June. Additional geologic mapping is ongoing and an IP geophysical survey is planned for later this month. The geologic mapping will be used in conjunction with the new geochemical and geophysical data to further refine drill targets. A 2400-meter reverse circulation drilling program is scheduled to commence in late Q3.
Ferguson Mountain Project, Elko Co., Nevada (in earn-in agreement with Hochschild Mining plc)
RenGold is the operator of the Ferguson Mountain Project and has recently completed a CSAMT geophysical survey on the project. The CSAMT has been integrated into the geologic model and has defined some new structural targets which will be tested with a 1500-meter reverse circulation drill program to begin in early Q3.
Spring Peak Project, Mineral Co., NV (in earn-in agreement with OceanaGold Corp.)
OceanaGold is the operator of the Spring Peak Project and is planning a 4-hole, 2000-meter oriented core drilling program for Q3. Oceana has planned a 465 soil sample program paired with a CSAMT survey. These new data will be interpreted with additional geologic mapping and rock chip sampling to refine the current drill targets. A permit application (Plan of Operations) has been submitted to the U.S. Forest Service.
Fat Lizard Project, Nye Co., Nevada (in earn-in agreement with OceanaGold Corp.)
OceanaGold is planning a 3-hole, 1240-meter oriented core drilling program to begin in late June, which will be the first drill program ever on the Fat Lizard Project. Geologic mapping, additional rock-chip sampling and a gravity geophysical survey have been recently completed, and drill permitting is underway.
Jake Creek Project, Humboldt Co., Nevada (in earn-in agreement with Ginguro Gold Pty. Ltd.)
Ginguro is the operator of the Jake Creek Project and has recently completed a 1000-sample ionic leach soil geochemistry survey, defining significant NE trends which, interpreted with the existing geophysical data, provide compelling drill targets. Ginguro is planning a program of drilling, scheduled to begin in the Fall.
Ecru Project, Lander Co., Nevada (in earn-in agreement with S2 Resources Ltd.)
S2 is the operator of the project, and following drilling in 2018 (see NR dated February 19, 2018), has submitted a suite of samples for biostratigraphic (fossil) dating, which will be used along with drill data to refine understanding of the structural and stratigraphic framework on the project. This work will be further integrated with a planned airborne magnetic geophysical survey to determine the possible presence of buried intrusive bodies which could support targets analogous to Barrick's adjacent Robertson project (See Coral Gold NRs dated February 20 and May 22, 2019). Subject to the satisfactory completion and outcomes of the magnetic survey and receipt of all pending data, a second drill program is tentatively planned for Q3.
Jupiter Project, Nye Co., Nevada (in earn-in agreement with Ramelius Resources Ltd.)
Ramelius has the right to earn a 75% interest in the Jupiter Project by spending US$3,000,000 over a 5-year period, currently ending in June 2022. Ramelius is the operator of the project and is currently designing a third round of drilling to possibly begin in Q3. Details as to the timing and implementation of the program will be available once any final decision to proceed is made. The rationale is to test targets on the west side of the property, where mineralized jasperoids and fault breccias contain anomalous gold up to 0.98 g/t Au and where the depth to target is perceived shallower than continuing to drill test the eastern flank under plus 100m of Tertiary volcanics. The drilling will target for mineralization hosted at or near the Cambrian-Ordovician unconformity, a well known host of mineralization at several Nevada gold deposits.
Silicon Project, Nye Co., Nevada (in option agreement with AngloGold Ashanti NA)
AngloGold Ashanti has completed a combined RC and Core drilling program and as of early June 2019 is continuing an extensive IP survey as well as a gravity survey on the project. AngloGold Ashanti completed their US$300,000 payment in May to maintain an option on the project and can elect to pay an additional US$2,400,000 by June 21, 2020 to acquire a 100% interest in the project. Following completion of the purchase option, RenGold would retain a 1% net smelter return royalty on future production from the project. (see NRs dated June 30, 2017, May 1, 2018 and March 27, 2019 and May 29, 2019).
The Company continues to take an aggressive approach to its generative exploration efforts in anticipation of increasing demand in an improving market. In the past year we have generated three new projects and it is our goal to keep actively pursuing new, quality discovery opportunities to benefit both our investors and our industry partners.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US focused prospect generator utilizing a joint venture business model. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire high quality precious metal exploration projects that are then offered for joint venture to industry partners who provide exploration funding. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 70 exploration agreements including those as its predecessor, AuEx Ventures Inc., and those from Kinetic Gold. RenGold's objective is to place its projects into exploration agreements, testing as many drill targets as possible and providing maximum exposure to success through discovery.
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).
By: Robert Felder, President & CEO
For further information, contact:
Robert Felder 775-337-1545 or [email protected]
Ronald Parratt 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.