Carlin-type sediment hosted gold deposit representing the shallow expression of a Long Canyon-like gold deposit.
Under an earn-in agreement with Kinross Gold U.S.A.
RC drilling is planned for the summer of 2018. The 2017 exploration program included a gravity survey, soil sampling, rock sampling, geologic mapping, and 1215 m (3985 feet) of reverse-circulation drilling in 5 holes. The drilling focused on two targets, the Cicada and the Scorpion target zones. All drill holes in the Cicada target intercepted anomalous Carlin-like geochemistry with up to 3 meters (10 feet) of 0.76 g/t Au. The Beetle and Tick target zones, with gold in rocks and soils, remain untested and are being evaluated for the 2018 program.
The Spruce East project is located approximately 9 kilometers (30 miles) southwest of Long Canyon in the Spruce Mountain mining district in Elko County, Nevada.
The property consists of 174 unpatented lode mining claims administered by the BLM and controlled by Renaissance.
Very few prospects occur on the Spruce East project. A shallow drilling campaign was completed by Premier Mining Limited on the outcropping gold-bearing jasperoids in 1989 which included 23 holes totaling 1623 meters (5,325 feet). Many of those holes hit anomalous gold including 12 meters (40 feet) of 0.85 g/t Au. Echo Bay leased the property in 1990 and drilled 16 RC holes totaling 2011 meters (6600 feet). Most of the Echo Bay drill holes intercepted anomalous gold and define a 700 meter (2297 feet) long zone of intercepts greater than 0.15 g/t Au with up to 26 meters (85 feet) of 0.20 g/t Au intercepted. All of the drill holes to date were terminated above the target Rib Hill Sandstone stratigraphy which hosts distal disseminated gold in the Robinson mining district. Historic drilling on the project is historic in nature and has not been verified by a qualified person.
The Spruce East property is highly prospective for Carlin-like sediment hosted gold mineralization in the newly evolving Long Canyon trend. The target is a north-northeast striking antiform dissected by northeast and east-northeast striking normal faults, the same geometry that controls mineralization at Long Canyon. The project is located on a major northeast striking structural break which is intruded by both Jurassic and Eocene intrusive rocks; the same ages as have been identified at Long Canyon. Previous work has identified a zone of anomalous gold associated with Carlin-like chemistry that extends for greater than 700 meters (2297 feet) of strike length in the Permian Pequop Formation at the Eastern Jasperoid Target. Argillized carbonates at the base of the jasperoid zones run greater than 1 ppm Au in rock chips and drill holes. Favorable host rocks in the Rib Hill Sandstone are present at depth. An antiform axis 650 meters (2133 feet) to the west of the drilled gold zone puts favorable stratigraphy over a mineralized structural intersection with up to 410 ppb Au in historic soils. This target area has never been drilled. The nearest exposure of the favorable stratigraphy in the west flank of the antiform has up to 3.9 g/t Au in decalcified sandy carbonates dipping into a major mineralized fault which has never been drill tested. Renaissance is targeting multiple structural/stratigraphic intersections over the 1500 meter (4920 feet) long central target area for drill testing. Renaissance has taken 41 rock samples on the property which range from <0.001 g/t to 3.9 g/t Au, and 15 soil samples which range from < 0.001 g/t to 0.166 g/t Au.
Samples for this project have been analyzed by a combination of ALS Global of Reno, Nevada and Bureau Veritas of Reno, Nevada.
Dan Pace, MS, is registered member # 4202658 of the Society for Mining, Metallurgy, and Exploration (SME), serves as Exploration Manager for Renaissance Gold, and is the company's Qualified Person as required by NI 43-101 regulations for the technical information in this report. All drilling reported in this press release is historic in nature and has not been verified by a qualified person.