Renaissance Gold Inc. TSX.V:REN ("RenGold" or the "Company") is pleased to report on the progress and status of our Nevada, USA projects and our anticipated drilling plans for 2018.
Kinross funded projects
Kinross Gold U.S.A., Inc. a subsidiary of Kinross Gold Corp. (NYSE:KGC; TSX:K) entered into earn-in agreements on the Diamond Point, Buffalo Canyon and Spruce East projects in May, 2017 (See NR dated May 15, 2017), and completed drill programs on all three projects. (See NRs dated October 26, 2017 and December 6, 2017). We are pleased to report that Kinross has notified the Company that they will be returning for another round of drilling on the Spruce East Project which includes a 2nd year minimum expenditure of US$200,000 to maintain the option. Drilling during 2017 at Spruce East encountered significant zones of anomalous geochemistry and meaningful gold intercepts (See NR dated October 26, 2017) further defining a Carlin-like geochemical cell which remains open to expansion.
At Buffalo Canyon, the 2017 drilling program encountered long runs of low-grade gold mineralization (See NR dated December 6, 2017), expanding the footprint of known mineralization on the project, and including the highest single assay received to date of 5.34 g/t Au. Despite this encouragement, Kinross has decided to not continue to earn-in on the project. The property is now being actively marketed to attract a new venture partner.
At Diamond Point, all of the 2017 drill holes bottomed in Chainman Shale and did not reach the target stratigraphy of the Webb formation. Gold values in 5 foot (1.5 m) sample intervals ranged from below detection limits to 0.29 g/t Au, establishing the continuation of the surface gold showings along the West fault under shallow alluvial cover 400 meters to the north. Kinross has decided to not continue to earn-in on this project. The Company is currently assessing the remaining target potential.
AngloGold Ashanti, NA
AngloGold Ashanti, North America, Inc., a subsidiary of Anglo Gold Ashanti ("Anglo") (NYSE:AU; JSE:ANG; ASX:AGG) holds an option to acquire the Silicon project from the Company for a series of payments totaling US$3,000,000 over 3 years. Anglo has informed the Company that they have commenced a diamond drill program during January, 2018 and have plans to drill approximately 3000 meters. Silicon is located in the Bare Mountains, Nye County, Nevada and contains extensive exposures characteristic of the upper portions of a low-sulfidation, epithermal gold system. The project is near Corvus Gold Inc's (TSX.V:KOR) North Bullfrog and Mother Lode Projects, where they are active and reporting good drill results, and Northern Empire Resources' (TSX.V:NM) Sterling Mine.
S2 Resources Ltd. (ASX:S2R), through their subsidiary Nevada Star Resources LLC has an option to earn a 70% interest on three of the Company's projects, Pluto, South Roberts and Ecru (See NR dated July 31, 2017). S2 has recently completed geophysical and geochemical surveys at South Roberts and plans additional geophysical surveys at Ecru, with plans to drill both projects in the spring. South Roberts and Ecru are both Carlin-type targets located along the prolific Battle Mountain-Eureka (Cortez) Trend of gold deposits.
Ramelius Resources Ltd. (ASX:RMS), our joint venture funding partner, has an option to earn a 75% interest in the Company's Jupiter project in Nye County, Nevada (see NR dated June 21, 2017). Ramelius completed a Phase 1 drill program in December, 2017, as a first test of two drill targets. The results of this program were positive and encountered anomalous gold mineralization in several holes drilled in the NE Pediment target including an intercept of 30 feet (9.1 meters) of 1.10 g/t Au (See NR dated January 29, 2018). Ramelius is evaluating the results of this program and planning follow-up drilling in the summer.
Coeur Explorations, Inc. ("Coeur"), a subsidiary of Coeur Mining Inc. (NYSE:CDE) has an option to earn-in to 70% on the Company's Cine Mountain Project in Nye County, Nevada (see NR dated December 4, 2017). The project contains a large area of gold bearing jasperoids. Coeur has a minimum work commitment in the first agreement year of US$250,000 and is developing drill targets to be tested this year.
Radius Gold Inc. (TSX.V:RDU) has an option to acquire the Spring Peak Project, Mineral County, Nevada, from the Company for a series of payments and work commitments (See Radius Gold NR dated June 14, 2016). Radius completed the necessary baseline studies in 2017 to satisfy the U.S. Forest Service permitting requirements and are finalizing steps to getting the required bonding in place. Drilling is planned in the summer. Spring Peak is a well preserved low-sulfidation, epithermal gold system in the Walker Lane structural corridor near the Aurora, Borealis, and Bodie deposits. Spring Peak contains widespread gold on surface, in banded veins with grades up to 35 g/t Au. Radius has conducted rock chip and soil sampling and a CSAMT survey, and has developed drill targets looking for subvertical high-grade veins as feeders to the sinter terraces. Drilling on this project conducted more than 30 year ago consisted of very shallow and mostly vertical holes, which contained anomalous gold in most holes and individual samples up to 1.93 g/t Au, but did not test the system for the deeper, high-grade bonanza vein potential.
Robert Felder, President and CEO states, "It is exciting to begin the year with strong partners actively exploring several of our projects and having firm plans to drill at least 7 of these projects during 2018. We continue to generate and acquire new projects, actively market to attract more funding partners and remain committed to creating shareholder value through 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, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG).
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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.