RENO, NV / ACCESSWIRE / August 25, 2015 / Renaissance Gold Inc. (REN.TO) ("RenGold") has an earn in agreement with Walmer Capital Corp. (WAL-H.V) ("Walmer"), a capital pool company, whereby Walmer will acquire a right to earn a direct 70% interest in the 109-claim Golden Shears property in Southern Nevada (the "Property") by providing a feasibility study. Walmer has received notice from RenEx regarding being in default of covenants in the earn-in agreement to pay certain expenses relating to land claims and fees. Walmer is working with RenGold to rectify these issues and anticipates being able to remedy this default within the 30-day cure period provided in the earn-in agreement.
In addition, Renaissance is pleased to announce that it will be filing the National Instrument 43-101 report (the "NI 43-101 Report") prepared by Mr. R. A. Lunceford, an independent Qualified Person. In addition to the extensive work carried out by RenGold, Mr. Lunceford collected 8 audit rock samples from targets on the Property. Mr. Lunceford's sample locations, abbreviated descriptions, and analytical result are summarized below.
Abbreviations "RC"- rock chip
The 8 samples were collected from areas and exposures Mr. Lunceford, deemed to be important to validate the reported mineralized material as described in the NI 43-101 Report. Mr. Lunceford collected and transported the samples in his sole custody directly to the preparation facility of ALS in Reno, Nevada.
The metallogeny, structural setting and geochemistry of the Property are broadly similar to gold and silver-bearing polymetallic replacement and skarn deposits which are highly productive from Peru to Colorado and are well-known high-value targets. The Property has supported small scale (undocumented) production but the largest and most important targets are covered by shallow alluvium. The surveys and permitting required to advance this program will commence on closing of the first phase of Walmer's previously announced financing.
Exploration work on the Property has advanced to the stage where further evaluation can best be conducted by a staged drill program. The targets of these holes are porphyry - associated skarn, replacement and stockwork mineralized zones supported by a heritage of rock and soil geochemical data and modeling of ground magnetic and gravity data. The Phase I recommended budget includes five RC (Reverse Circulation) drill holes averaging approximately 600 feet in depth as well as a rigorous and comprehensive program of QA/QC sampling to validate drill results.
Richard Bedell, President and CEO of RenGold, comments: "We hope to see these targets tested soon. These occurrences are atypical of the Goodsprings Mining District and we think this signals the potential to find significant mineralization."
Qualified Person
Richard L. Bedell, President and CEO of RenGold is the Qualified Person responsible for the content of this press release and has reviewed and verified the scientific and technical information in the release and confirmed that it is consistent with that provided by the independent Qualified Person responsible for the NI 43-101 Report, Robert A. Lunceford, an independent Qualified Person pursuant to NI 43-101.
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.