Renaissance Gold Inc. TSX.V:REN ("RenGold" or the "Company") is pleased to announce the successful completion and planned follow-up of the initial drill program carried out by AngloGold Ashanti NA ("AngloGold") on its Silicon Project in Nye County, Nevada. AngloGold has an option to acquire 100% of the project by paying RenGold US$3,000,000 over three years (US$300,000 paid to date). Upon exercise of the option, RenGold will retain a 1% net smelter return royalty (See NR dated June 30, 2017).
AngloGold has reported to RenGold that it has completed an initial drilling test comprised of 2,346 meters in six core holes at one of several target areas on the project. The program goal was to test the deeper levels of a large, exposed alteration zone, initially identified by RenGold geologists as characteristic of the barren, upper levels of a potential epithermal system. The work completed by AngloGold to date has demonstrated that the alteration system is representative of a low sulfidation epithermal system centered around the Silicon Fault target. The alteration system observed supports a follow up combined core and reverse circulation drilling program of approximately 17,000 meters that is now being planned.
The Silicon project is near Corvus Gold Inc's (TSX.V:KOR) North Bullfrog and Mother Lode projects, and the Sterling mine, which was recently acquired by Coeur Mining, Inc. (NYSE:CDE) from Northern Empire Resources (TSX.V:NM) for C$117M. Both properties have been active and reporting good drill results.
Robert Felder, President and CEO states, "We are very encouraged to receive this update from AngloGold. This work validates the conceptual geologic model originally developed by the RenGold team. AngloGold recognized this opportunity and we are hopeful that their follow-up drilling program, expected to commence in the Fall, delivers positive results"
All technical data in this press release has been reported to RenGold by AngloGold, and Robert Felder, M.Sc., RenGold's Qualified Person and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG), has verified it has been reported accurately in this press release.
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 65 exploration agreements including those as 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
For further information, contact:
Robert Felder 775-337-1545 or firstname.lastname@example.org
Ronald Parratt 775-337-1545 or email@example.com
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