WHITE ROCK, British Columbia--(BUSINESS WIRE)--
Renaissance Gold Inc. (REN.TO) (“RenGold”) is pleased to announce the execution of an earn-in agreement (the “Agreement”) with Walmer Capital Corp. (“Walmer”) on the Golden Shears Project in Clark County, Nevada. The project is located 45 km (28 miles) southwest of Las Vegas, Nevada in the Goodsprings Mining District.
Upon execution of the Agreement, Walmer will pay RenGold US$50,000, reimburse claim fees for the past year and fund an exploration and development program to be conducted initially by RenGold. Minimum work commitments on an annual basis are US$200K for year 1, US$300K for year 2, US$400K for year 3, and US$500K annually thereafter to year 7. Walmer and RenGold plan to work together to complete a Bankable Feasibility Study on or before the seventh anniversary of the execution of the Agreement, in which case Walmer will have the option to acquire a 70% interest in the project.
The Golden Shears Project is a series of precious and base metal rich occurrences on the east side of the Goodsprings District, partially hosted in a shear zone and related to a string of shallow intrusions mostly interpreted through recent ground geophysics and mapping completed by RenGold. This zone is > 2.5 km (1.5 miles) in strike length. Sampling by RenGold on the property has yielded assays from below detection up to 5.1 % Zn, 2.62 % Pb, 4.3 % Cu, 937 ppm Ag, and 14.3 ppm Au.
The Goodsprings Mining District is unusual for Nevada in that it includes Zn and Pb Mississippi Valley-type deposits, Cu sometimes associated with precious metals and platinum group elements, and gold ± silver deposits associated with late (Triassic) porphyritic dikes.
Richard Bedell, President and CEO of RenGold, comments: “This is a great target as it contains high grades of precious and base metal mineralization in a zone with significant strike length. In addition, the targets are shallow and should allow extensive testing at relatively low cost.”