Renaissance Gold Inc. (TSX.V:REN / OTCQB:RNSGF) ("RenGold" or the "Company") is pleased to announce that it has signed a definitive earn-in agreement with OceanaGold U.S. Holdings Inc. ("OceanaGold"), a subsidiary of OceanaGold Corporation (TSX:OGC;ASX:OGC) on its Fat Lizard Project. Upon signing the definitive agreement, OceanaGold paid the Company US$25,000.
Robert Felder, President and CEO states "We are very pleased to have completed a second earn-in agreement with OceanaGold. They have a proven track record and are very active in Nevada and are a welcome addition to our list of partners. RenGold continues to maintain a very active exploration program throughout Nevada, and with the addition of this agreement, the Company currently has eight active exploration agreements in Nevada funded by six different partners."
Fat Lizard: OceanaGold has the option to earn up to a 51% interest in the Fat Lizard Project by spending US$3,000,000 over a five-year period, and making payments to the Company totaling US$225,000. In addition, OceanaGold must spend US$250,000 (committed expenditure) within 12 months of signing the definitive agreement. Upon vesting, OceanaGold has a one-time option to elect to earn an additional 24% interest on the Fat Lizard Project by spending an additional US$5,000,000 over a four-year period from the date of exercise of the Phase II earn-in option.
The Fat Lizard Project, Nye County, Nevada comprises a gold and silver bearing volcanic-hosted, low-sulfidation epithermal system. The presence of steam-heated alteration suggests a shallow level of exposure above a boiling zone. Mineralization occurs along a 1.2 km long mineralized fault zone and is open to the west. A half-graben setting controls mineralization and suggests structural intersections and horsetailing are present at moderate depths. Spectral measurements have been used to map high-level alteration including kaolinite, dickite, and alunite-bearing zones. Limited illite-smectite alteration is present in a narrow upthrown structural block and is associated with anomalous gold (up to 0.49 g/t) and silver (up to 10.8 g/t). Potential Au-Ag-rich mineralization may occur at relatively shallow depths within a boiling horizon. This prospect has never been drilled.
About OceanaGold Corporation
OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company's assets include: the Didipio Gold-Copper Mine on Luzon Island in the Philippines; the Macraes Goldfield Mine on the South Island of New Zealand; the Waihi Gold Mine on the North Island of New Zealand; and the Haile Gold Mine located in South Carolina, United States of America. OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions.
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 70 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.
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.