Renaissance Gold Inc. (TSX.V: REN) ("RenGold" or the "Company") is pleased to announce the execution of an exploration earn-in option agreement with Coeur Explorations Inc. ("Coeur"), a subsidiary of Coeur Mining, Inc. on the recently generated Cine Mountain Project in Nye County, Nevada. The agreement grants Coeur the option to acquire a 70% interest in the project by spending US$3,000,000 over three years, with a minimum annual work commitment of US$250,000. Upon signing the agreement, Coeur made a one time payment to the Company of US$50,000. This project was generated under the ongoing exploration alliance between RenGold and Coeur (see NR dated May 23, 2017), and represents one of several targets generated by the Company and presented to Coeur under the terms of the alliance.
The Cine Mountain project is comprised of 177 unpatented mining claims located on BLM ground. The project covers a large area of precious metal bearing jasperoids that occur primarily in Devonian and Mississippian carbonate and clastic host rocks. A series of low angle thrust faults are exposed which duplicate and locally overturn the stratigraphic section. 109 surface rock samples taken from the project range in grade from below detection limit up to 10.4 g/t Au, including several samples in excess of 1 g/t Au. Interpretation of the rock chip geochemistry suggests the possibility of two geochemical signatures; one characterized by Au-Ag-As-Sb (Tl), and a second with Ag-Pb-Zn-Sb (Cu) similar to the nearby historic Tybo district.
Renaissance Gold has staked claims on a new project named F2 graben, covering a new gold exploration target in Pershing County, Nevada. The target, which is concealed beneath relatively thin cover, was identified based on coincident gravity and magnetic anomalies in an area south of the Seven Troughs District, a former producer of high-grade volcanic-hosted epithermal gold mineralization. Processing of a recently completed detailed gravity survey revealed the existence of a hidden range-bounding, multi-strand fault zone, and a magnetic low that follows this fault zone suggests the presence of significant hydrothermal alteration. A partially exposed rhyolite dome field lies adjacent to the target. The target model, which includes rhyolite domes, intrusions and hydrothermal activity along a concealed north-south-striking range-front fault, resembles the geologic setting of the high-grade Sleeper gold mine located approximately 75 km to the north in Humboldt County.
Robert Felder, President & CEO states "We are very pleased to have Coeur as a partner in exploration, both through the generative alliance and now as an exploration partner on Cine Mountain. We look forward to continuing this productive relationship. This earn-in agreement with Coeur brings the Company to eleven properties in deals and funded by partners. We are also happy to announce two new projects coming out of our generative program this year and to have already placed one in a deal with Coeur"
Ronald Parratt, Executive Chairman states, "I'm pleased to see Renaissance so effectively executing its prospect generator/joint venture model. The company has meaningfully ramped up its exploration drilling in 2017 and will again in 2018. A strong generative program and effective marketing for new partners will help sustain this effort and improve our chances for a new discovery."
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 60 exploration agreements including those as AuEx. On May 29, 2017, the Company acquired Kinetic Gold Corp. and its subsidiaries which hold various exploration properties located in Nevada. RenGold's objective is to consistently place its projects into exploration agreements, testing as many drill targets as possible and providing maximum exposure to success through discovery.
All technical data disclosed in this press release has been verified by RenGold's Qualified Person, Daniel Pace, M.Sc. who is a Registered member as defined by the Society of Mining, Metallurgy and Exploration.
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.