Renaissance Gold Inc. (TSX.V:REN) ("RenGold" or the "Company") provides the following exploration and drilling update:
The Pluto Project, Lander County Nevada, subject to an earn-in agreement and operated by Nevada Star Resources LLC, a wholly owned subsidiary of S2 Resources Ltd. (ASX:S2R). The Pluto project is the first of three RenGold properties in earn-in agreements with S2 to be drill tested. Planning is underway for drilling at the South Roberts and Ecru projects, once accessible in the Spring.
The Pluto Project lies within the "Rabbit Trend" of gold deposits and is targeting gold mineralization in the favorable Antler Sequence stratigraphy beneath the Golconda Thrust (See NR dated July 31, 2017). Outcropping Havallah Sequence Rocks in the upper plate of the Golconda Thrust contain gold in rock-chips up to 13.1 g Au/t with anomalous Carlin-suite geochemistry. Modelling of detailed gravity data collected over the project suggest an uplifted block which was interpreted to be carbonate-bearing stratigraphy of the Antler Sequence. Drilling was conducted by our partner, S2 Resources Ltd. and consisted of 4 reverse circulation holes, totaling 4600 feet as described in the table below:
|Hole ID||Depth (m)||Depth (ft)||Angle||Azimuth|
All of the drill holes intersected a thick sequence of Havallah Sequence mudstones; no obvious Antler Sequence lithologies were encountered and there were no significant gold intercepts. Both S2 and Renaissance plan to further review the results from this program, including a detailed evaluation of the geochemical data, prior to any further work.
The Jupiter Project in Nye County, Nevada is subject to an earn-in agreement with Ramelius Resources Ltd. (ASX:RMS) (See NR dated June 21, 2017). Ramelius completed a Phase 1, seven-hole reverse circulation drilling program in December, representing a preliminary test of two target areas. Samples were submitted to the lab in late December and results will be released when available.
The past year was a very productive one for the Company, and marked a significant increase in our activity levels over the past several years. During 2017 the Company completed the acquisition of Kinetic Gold Corp., which marked a significant evolution of the project portfolio, management, and technical team. We also completed ten important deals for the Company, including eight exploration earn-in agreements, one generative alliance and one option agreement. These deals and two private placements brought more than C$2,200,000 into the Company. Through these and other existing deals, six projects were drill tested during the year and this level of activity is hoped to continue through 2018.
Robert Felder, President and CEO states, "The Pluto project contained an exciting target concept with strong support from gold assays on the surface, however the drilling and downhole gold assays did not substantiate the geologic and target model as we had hoped. Our partners at S2 Resources did an excellent job testing this target and we are quite pleased with the quality of their work and their systematic and diligent approach to exploration. We very much look forward to continuing to work with them as we go forward into 2018."
"Our outlook for the coming year is very optimistic. We have ramped up our joint venture business activities significantly and now have eleven of our projects in deals with partners. This is precisely what we need to be doing as a prospect generator to create as much exposure to success through discovery as is possible. We continue our project generation work and are always marketing to bring in new partners to fund exploration on our properties. Based on current deals in place, the Company expects to see at least six projects drilled by partners again this year."
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, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG).
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.