WHITE ROCK, British Columbia--(BUSINESS WIRE)--
Renaissance Gold Inc. (REN.TO) (“RenGold”) is pleased to announce the execution of an earn-in agreement with the US subsidiary of TroyMet Exploration Corp. (TYE.V) on the Wildcat gold project located in Juab County, Utah.
The agreement includes a payment of US$50,000 on execution and reimbursement of last year's claim fees. A minimum work commitment in the first agreement year of US$50,000 escalating to US$250,000 year 2, US$350,000 year 3, and US$500,000 per year through year 7, at which point Bankable Feasibility must be achieved to vest 70%. In addition, RenGold will do the initial work on the property. This will include surface trenching and work to define the drill targets and should well exceed the minimum work commitment to prepare for drilling in 2016.
Wildcat lies in the Detroit Mining District, an historic gold producing region in the northern Drum Mountains of central Utah.
Surface samples of over 4 ounces per ton gold have been obtained from jasperoid outcrops. The best drill hole at Wildcat to-date, completed by Gold Fields Mining Corp. in the 1980's, reported an intercept of 75 feet of 0.037 opt gold (true thickness unknown).
The mineralization has some Carlin-like features with high grade gold in jasperoids hosted by Cambrian sediments similar to Long Canyon in Nevada. However, the broader geochemistry points to a strong intrusive source and mineralization within caldera related faults suggests intrusion related structural targets.