Renaissance Gold Inc. (TSXV: REN) ('
RenGold') is pleased to summarize current exploration and financial status moving into 2016. Currently RenGold has 14 projects, 6 of which are in agreements for funding.
On December 28, 2015, RenGold staked new claims at the Silicon epithermal gold project NE of Beatty, Nevada and east of the evolving North Bull Frog gold project. Surface work is well advanced and drill permits were received December 7, 2015. This project is available for an earn-in agreement and generative work to date has been funded through an agreement with Callinan Royalties (now Altius Minerals Corporation (TSX:ALS)) in exchange for a 1.5% Net Smelter Royalty (NSR) on the project.
On November 18, 2015, RenGold announced results from 2,075 meters (6805 feet) of drilling at the Fourth of July Project located in the Humboldt Range of western Nevada. FOJR-19 intercepted 1.52 meters (5 feet) of 321 g/t Ag and 6.28 g/t Au in a mesothermal quartz vein within a larger intercept of 22.86 meters (75 feet) of 47.6 g/t Ag from 10 to 85 feet (3.05 to 25.91 meters) in depth. Other drill holes also encountered mineralization. The drilling program was funded by Summit Mining Exploration II, Inc., a US subsidiary of Sumitomo Corporation pursuant to the second year of an earn-in agreement. Summit is currently evaluating its options for the third year of the agreement.
The Wildcat Project in Juab County Utah is funded by Troymet Exploration Corp. (TSXV:TYE), who reported on January 6, 2016, that they plan to drill this project in 2016, and that a Notice of Intent (NOI) has been submitted to the State of Utah and the BLM. Troymet optioned the Wildcat project in February 2015 and provided funds to quickly advanced it to drill ready status with new exploration and targeting concepts focused on large-target, high-grade gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits.
Other funded projects include Golden Shears (Walmer Capital a CPC), Arabia (Coeur Mining Inc., NYSE:CDE), and Trinity Silver (Liberty Silver Corp.).
On November 10, 2015, RenGold reported progress made at the recently acquired Gilbert South and Maggie Creek projects, which were acquired in exchange for a retained NSR. Since then, RenGold has completed a field campaign at Gilbert South, an epithermal project located in the Monte Cristo Range NW of Tonopah Nevada. Field samples were collected and a ground spectral survey was completed to map alteration. Large areas of mineralized rock that have not been drilled include a central silicified ridge detected using proprietary satellite data. This ridge has yielded channel samples exceeding 4 g/t Au. Since then 68 new surface samples have been collected with only one sample below detection limit to a high of 16.95 g/t Au. Historic drilling by Atlas Mining in the 1980s was focused in the NW corner of the property to test a shallow, open pit target. Other areas with multi-gram gold surface mineralization remain untested and are being developed into drill-ready targets. This project is available for an earn-in agreement.
The Maggie Creek property, acquired in August 2015, is located east of Gold Quarry on the Carlin Trend in Eureka County, Nevada. A comprehensive 3D model is being developed that currently includes 241 historic drill holes, with additional data from past operators also being included. Obvious mineralized penetrative structures have not been sufficiently tested and will form the basis of a detailed field campaign in the spring. This project is available for an earn-in agreement.
RenGold is advancing permitting for the Everson Deposit on the Buffalo Canyon project in northern Nye County. A second draft of a drill permit has been submitted and it is hoped that the project is drill ready this summer. This project is available for an earn-in agreement.
Cash at September 30, 2015, was C$1,557,036, which includes C$194,833 of cash advances received from funding partners. The majority of annual claim fees have already been paid, which leaves the Company in a well funded position.
Richard Bedell, President and CEO of Renaissance Gold comments: 'These are the most interesting of times and those who are in a position to continue to advance projects and obtain projects of value will be the winners. We have high hopes for Wildcat to be drilled in the spring and have strong interest from potential funding partners to drill Buffalo Canyon when the drill permits are received.'
Qualified Person
All data disclosed in this press release, including sampling and analytical data, have been reviewed by the Company's qualified persons Richard L. Bedell, M.Sc. and Registered Member SME 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 or [email protected]
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.