Renaissance Gold Inc. (TSX.V:REN / OTCQB:RNSGF) ("RenGold" or the "Company") announces the recent staking and filing of 66 unpatented mining claims comprising the "Elba" Project located on Bureau of Land Management (BLM) administered lands in Esmeralda County, Nevada (Figure 1). The claims cover approximately 4km2 located within a large alteration zone characterized by an alunite-kaolinite-buddingtonite mineral assemblage, consistent with alteration typical of the upper levels of an epithermal gold system. The alteration at Elba is directly analogous to the alteration system at the Company's Silicon Project, being explored under an option to purchase agreement with AngloGold Ashanti NA ("AngloGold").
Figure 1: RenGold Property map highlighting location of Elba Project
Elba Property Highlights
Robert Felder, President & CEO states, "Our generative team has continued to effectively employ our proprietary exploration model to develop high-quality targets. Elba shares significant favorable characteristics with our Silicon project, and we believe it represents a meaningful discovery opportunity. We are happy to see AngloGold's interest in this target area, which is not surprising considering the striking similarities to Silicon."
Figure 2: Geology and alteration map showing relative positions of Hecla and AngloGold claims around the Elba Project
The project area is located approximately 45 km west-northwest of Tonopah, Nevada and sits within a large (8km2) alteration zone which is hosted by an arcuate rhyolite dome field (Figure 2). The domes are altered to alunite+kaolinite, and much of the alteration is covered by a thin veneer of alluvium. Alunite altered hydrothermal breccias and leached silica have been observed on the margins of the alluvial cover, indicating the system is likely to extend under cover. This represents a significant target with minimal historic drilling in a very favorable jurisdiction which closely resembles RenGold's Silicon project.
RenGold's Silicon Project, Nye County, Nevada is under an option to purchase agreement with AngloGold Ashanti NA. Under the terms of the agreement, AngloGold has the option to acquire a 100% interest in the project by paying RenGold US$3,000,000 by June 21, 2020 of which AngloGold has now paid US$600,000. If AngloGold completes the payments and exercises the purchase option, RenGold would retain a 1% net smelter return royalty on future production from the project. (see RenGold news releases dated June 30, 2017, May 1, 2018, March 27, 2019 and May 29, 2019). AngloGold is required to give RenGold 30 days advance notice (by May 21, 2020) in the event they elect not to complete the option and return the property.
All technical data disclosed in this press release has been verified by RenGold's Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG).
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US focused prospect generator utilizing a joint venture business model. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire high quality precious metal exploration projects that are then offered for joint venture to industry partners who provide exploration funding. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 70 exploration agreements over the past 16 years including those of its predecessor, AuEx Ventures Inc., and those from Kinetic Gold. RenGold's objective is to place its projects into exploration agreements, testing as many drill targets as possible and providing maximum exposure to success through discovery.
By: Robert Felder, President & CEO
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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.