RENO, NV / ACCESSWIRE / June 23, 2015 / Renaissance Gold Inc. (REN.TO) ("RenGold") is pleased to review the current state of our business and describe plans for the 2015 Summer field season.
At the date of this press release, RenGold has the following five properties in Nevada and one property in Utah under exploration earn-in agreements:
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Project
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Funding partner
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Arabia
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Coeur Mining, Inc.
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Fourth of July
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Summit Mining Exploration, Inc., a US subsidiary of Sumitomo Corporation
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Golden Shears
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Walmer Capital Corp.
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Silicon
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Callinan Royalties Corporation
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Trinity Silver
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Liberty Silver Corp.
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Wildcat
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Troymet USA LLC
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The Arabia project is located in Pershing County just west of the Humboldt Range and the Fourth of July project. Field work, completed as a follow-up to detailed aeromagnetic and gravity surveys, helped to delineate areas of interest within the project. An infill gravity survey is being designed to enhance the areas of focus for a 2016 drill program.
The Fourth of July project is located in the northern Humboldt Range of Pershing County and just north of the evolving Spring Valley gold project, which is a joint venture between Barrick and Midway. Field work is underway to precisely define the next round of drill targets. The drill program will test several targets predominantly using RC drilling, likely in September. This year's budget is US$600,000 and will fund drill tests of this target rich project. The exploration focus is silver and gold although the district has historically produced tungsten and antimony as well.
The Golden Shears project is located on the east side of the Goodsprings district in Clark County. Walmer is near completion of a technical report compliant to NI 43-101 disclosure standards. Drill holes have been defined and the permitting started. Walmer plans to drill the project before the end of the year.
The Silicon project is in the Bare Mountain Mining District in southern Nye County with funding from Callinan Royalties Corporation (now Altius Minerals Corporation). RenGold has just completed another round of field work and has drill targets defined. Permitting will start so that drilling can commence without delay after attracting a partner to earn an interest in the project by funding exploration.
Wildcat lies in the Detroit Mining District, an historic gold producing region in the northern Drum Mountains of central Utah. Ongoing field work by RenGold on behalf of Troymet US Corp. (which has an option on the project), is producing an important structural reinterpretation. When the field work is completed and compiled, permitting will begin, most likely in late July. It is planned that drill roads, pads and test trenching will be carried out in the Fall in preparation for drilling in 2016.
Work has continued on data compilation and target definition at other RenGold projects being prepared for joint venture. In particular, RenGold is advancing permitting for the Everson Deposit on the Buffalo Canyon project in northern Nye County. New drilling at the Everson Deposit will test for extensions to gold mineralization intersected in 25 of 40 historical reverse circulation drill holes. The gold intersections lie within a 400 x 600 m area that is part of a pyrrhotitic halo 1.5 by 1.0 km in size that appears to be related to a complex of reduced intrusions. Most of this prospective halo remains untested. This mineralized area is expected to grow substantially by drilling parts of the halo containing robust surface rock chips and soil anomalies. The drill plan will include holes that will drill below previous holes that reached total depth in mineralization and attempt to test the carapace (margins) of an inferred source intrusion. The maximum depth of drilling to-date is only 525 feet. RenGold is in discussions with a financial group that would supply initial drilling funds for equity in the project.
At March 31st, 2015, the Company had a cash treasury of C$2.1 million (June 30, 2014 - C$2.8 million) that is being conserved by the continual efforts of management cutting costs wherever possible, and supplemented by the recovery of costs and receipt of option payments from exploration funding agreements and the refund of bond deposits. The Company has 31,352,077 common shares outstanding.
Richard Bedell, President and CEO of RenGold, comments: "This year is already looking better than 2014 and we are proceeding quickly to get multiple projects permitted and drilled. While, the markets are still extremely difficult, RenGold is in the privileged position of having a tight share structure, being able to advance multiple projects with our partners backing, and having sufficient funds on hand."
Qualified Person
All technical data, as disclosed in this press release, has been verified by the Company's qualified persons Richard L. Bedell, M.Sc. and Certified Professional Geologist and Eric M. Struhsacker, M.Sc. and Certified Professional Geologist.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects, now focused mainly in Nevada and Utah. RenGold's objective is to place the projects in exploration earn-in 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.
Renaissance Gold Inc.
By: Richard L. Bedell, President and CEO
For further information, contact:
Richard L. Bedell
775-337-1545
rbedell@rengold.com
Eric Struhsacker
775-337-1545
estruhsacker@rengold.com
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.