Renaissance Gold Inc. (TSX.V: REN) ("RenGold" or the "Company") is pleased to report exploration progress on several fronts including reverse circulation ("RC") drilling on the Diamond Point, Spruce East and Buffalo Canyon projects in Nevada, all funded by and subject to earn-in agreements with Kinross Gold U.S.A., Inc. (see May 15, 2017 news release).
Drilling Update -- Kinross funded projects
Drilling on the Diamond Point project is complete and was designed to target Carlin-style mineralization under shallow cover. Widely spaced holes were drilled targeting blind mineralization projected beneath pediment from the north striking West fault zone which has a 1.6 km coincident Au and As in soils surface expression. The program consisted of 6 RC holes, totaling 1,200 meters (3,940 feet). Assay results are pending.
RC drilling at Spruce East is now underway, targeting Carlin-type gold mineralization approximately 30 miles southwest of Newmont's recently opened Long Canyon gold mine. Gold mineralization at Spruce East is associated with north and northeast trending fault zones cutting the east limb of an antiform. This drill program is targeting extensions of the north trending Cicada fault zone where 6 rock chips of decalcified and locally silicified limestones range from 0.16 to 1.3 ppm Au and are associated with Carlin-type geochemistry.
RC drilling at Buffalo Canyon will test for intrusion-related mineralization laterally and below historic drilling which intercepted long runs of low-grade gold mineralization. Many historic holes bottomed in anomalous gold. 3-D modeling has been used in conjunction with a magnetic inversion to target feeder structures which may be associated with an underlying intrusive body where higher grades are targeted.
Generative Exploration Update
A 200m x 400m gravity survey was recently completed at the Company's wholly owned Wood Hills South project. The gravity data maps a distinct, northeast-trending horst block interpreted to be an upthrown block of carbonate rocks coincident with a magnetic low. These features occur on a regional NE magnetic trend believed to be associated with intrusive rocks at the nearby West Pequop and Long Canyon gold deposits.
The Company is currently conducting additional gravity and magnetic surveys on other early-stage exploration targets as part of its ongoing target generation efforts.
Robert Felder, President states "We are pleased to see the start of drilling on our projects and look forward to getting a number of targets drilled during the remainder of 2017 and more in 2018. We are also making good progress on our generative exploration program with the aim to continue generating new high-quality projects while a good portion of our existing portfolio is getting drill tested."
Ronald Parratt, CEO and Executive Chairman states, "Our integration with Kinetic Gold has progressed seamlessly in terms of people and projects and has accelerated our joint venture business model with several new agreements, active project work, and importantly, new project generation. We are looking forward to a highly productive next 12 months and have activities underway to keep up the momentum well into 2018."
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US focused prospect generator utilizing a joint venture business model. The company is the spin-out of AuEx Ventures, Inc. - discoverer of the Long Canyon gold deposit in Nevada now in production by Newmont Mining Company. 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. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 60 exploration agreements including those as AuEx.
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
For further information, contact:
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.