Renaissance Gold Inc. (TSX.V: REN) ("RenGold" or the "Company") is pleased to announce that drilling is scheduled to commence the second week of March on the Arabia project in Pershing County, Nevada. The drilling will be funded by Coeur Mining, Inc. (NYSE: CDE) ("Coeur") under the terms of an earn-in agreement which allows Coeur to earn a 70 percent interest in the project by completing a bankable feasibility study. The project is located 14 miles west of Coeur's Rochester deposit which has reportedly produced greater than 135 million ounces of silver and 1.5 million ounces of gold.
The Arabia project is a consolidation of the polymetallic Arabia district which was first organized in 1863. The project is centered on a series of mesothermal quartz veins cutting a Cretaceous granodiorite sill. A 1913 report by Robert Wallace on the underground workings of one of the veins in the district, the Electric vein, cites the average vein assay on the 150-foot level as 5.1 g/t Au (0.15 opt), 641 g/t Ag (18.7 opt), and 14.2% Pb. These workings are not accessible and RenGold cannot verify the assays. Four hundred and three surface samples have been collected by RenGold, which include outcrop and select dump samples on the project, and range from <0.003 to 18.9 g/t Au, <1 to 1800 g/t Ag, <0.01 to 30.1% Pb, and <0.01 to 0.48% Zn. Veins at Arabia have a similar mesothermal texture, quartz-sericite pyrite alteration assemblage, and structural geometry to the historic workings at Nenzel Hill above the Rochester deposit.
The 2017 drill program is planned for 2150 m (7050 feet) of reverse circulation ("RC") drilling in 8 holes to be completed by Boart Longyear. Drilling will focus on structural intersections and dilatational jogs in veins to target Ag-rich polymetallic mineralization. Drilling will also test for additional favorable mineralization hosts below the historically mined veins where stockwork vein zones are targeted. This program builds on previous work completed on the project which includes detailed aeromagnetics and gravity surveys, geologic mapping and 3-D modeling.
Commenting on these results, Ronald Parratt, President & CEO states "We're pleased to have Coeur as a partner to support exploration efforts at Arabia. Working with Coeur's team, we've developed an excellent set of drill targets and are excited to see drilling begin. This project coupled with the new generative agreement announced February 9th with Coeur is a great start to the New Year!"
Historic underground data references Robert Wallace 1913 "Report on Mines of Electric Mining and Reduction Company in Arabia Mining District, Humboldt County, Nevada". Underground workings are no longer accessible on the project. Surface rock samples for this project have been analyzed by a combination of ALS Global of Reno, Nevada, Bureau Veritas of Reno, Nevada, and American Assay laboratories of Reno, Nevada.
All technical data, as disclosed in this press release, has been verified by the Company's qualified person Daniel Pace, M.Sc. who is a Registered Member as defined by the Society for Mining, Metallurgy and Exploration.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada and Utah. RenGold's objective is to place the projects in exploration earn-in agreements with industry partners who provide exploration funding. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire new precious metal exploration projects that are then offered for joint venture.
About Coeur Mining, Inc.
Coeur Mining, Inc. reports that it is a well-diversified, growing precious metals producer with five precious metals mines in the Americas employing approximately 2,000 people. Coeur produces from its wholly owned operations: the Palmarejo silver-gold complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the San Bartolomé silver mine in Bolivia. Coeur also has a non-operating interest in the Endeavor mine in Australia. In addition, Coeur owns the La Preciosa project in Mexico, a silver-gold exploration stage project. Coeur conducts ongoing exploration activities in Alaska, Nevada, South Dakota and Mexico.
By: Ronald Parratt, President and CEO
For further information, contact:
Ronald Parratt, 775-337-1545 or email@example.com
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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.