RENO, NV / ACCESSWIRE / July 27, 2015 / Renaissance Gold Inc. (REN.TO) ("RenGold") is pleased to present an exploration update on the Wildcat Gold Project located in Central Utah, Juab County. Wildcat is fully funded by TroyMet Exploration Corp. (TSXV:TYE) ("TroyMet").
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, is producing important results that are redefining the model of the mineralization and generating new targets.
The Joy fault is a major feature on the margin of the Thomas Mountain Caldera. Robust mineralization, running from 3.9 gpt gold to below detection limit (rock chip samples), accompanied by strong Te-Sb-Bi-As anomalies, form zoning patterns that vector towards offsets to the fault. These fault offsets, or breaks are defined by surface geology, geomorphology, and magnetic data. Importantly, a strong magnetic low measuring approximately 1800m x 500m in horizontal dimensions is developed in good host rocks of Cambrian carbonates along the Joy Fault.
Recent mapping in the Southeast Target area has identified 7 faults which are projected to intersect the Joy Fault in covered areas without outcrop. Some of these intersection zones have robust soil anomalies. These are primary targets for gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits and all are easily accessible from established roads. None of these structural targets have been drilled. In addition, the preferred host rock of the upper Big Horse Member of the Cambrian Orr Formation, which contains thin-bedded, silty sandy calcareous units, is found along these breaks at shallow depth.
Property wide, this brings the number of structural intersections with the Joy Fault to 13, all of which project to intersect the favorable stratigraphy at shallow depths. 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). Importantly, it is the only drill hole that intersected the Joy Fault proximal to one of these cross structures.
TroyMet is in the process of permitting trenches, drill roads and drill pads in the Core Main Target and Southeast Target areas.
Richard Bedell, President and CEO of RenGold, comments: "The geologic model and targeting progress on Wildcat is considerable. This is a whole new model that fully embraces all the historic data and vectors into some very attractive mineralized zones. We are anxious to drill these new targets."
The Agreement
On February 23, 2015, the Company entered into an exploration earn-in agreement with TroyMet. The agreement requires a down payment of US$50,000 (received), plus cost of claim fees paid in 2014 of US$8,219 (received) and annual exploration commitments of US$50,000 first year, US$250,000 second year, US$350,000 third year and US$500,000 fourth through seventh years, to earn a 70% interest in the property. A bankable feasibility study is also required and if not completed at the end of seven years TroyMet can extend the option period for another five years by spending US$1,000,000 per year on the property and by paying the Company US$100,000 per year in each of the years in this subsequent option period. If TroyMet terminates the option after expending more than US$3 million then TroyMet will be entitled to a 3% NSR royalty capped at twice the amount of TroyMet's investment prior to termination.
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.