|August 09, 2016|
Wildcat Project Exploration Results
|Renaissance Gold Inc. (TSX.V: REN) ("RenGold" or the "Company") is pleased to announce the results of a drill program conducted at the Wildcat Project located within the Detroit Mining District in the northern Drum Mountains, Juab County, Utah. The project is being funded by TroyMet Exploration Corp. (TSX.V:TYE) ("TroyMet"). Under the terms of the option agreement Troymet is the operator and has retained RenGold's US subsidiary as its contractor to take advantage of its expertise and established infrastructure. The program was conducted from May 15th to May 31st, 2016.|
The Wildcat drilling program consisted of 10 reverse circulation drill holes varying from 120 feet to 680 feet (36.6 to 207.3 meters) in depth for total program footage of 4,360 feet (1,328.9 meters). The drilling program tested three distinct exploration targets. The first target, named "High Grade Hill", has outcrops of unusually high grade jasperoids running from 10.2 to 301.1 ppm gold. The second target, named the "Core Area", is defined by vectors of multivariate surface geochemistry and gold discovered in surface samples in the footwall of the Joy Fault. The third target, named the "Southeast Area", returned analyses ranging from below detection limit to 4 ppm gold in rock chip samples taken along the footwall of the Joy Fault and is associated with a coherent tellurium soil anomaly.
Three short holes totaling 490 feet (149.4 meters) and 300 feet (91.4 meters) of new drill road completed on High-Grade Hill encountered geologic features and mineralization styles that are not evident at the surface. The drill road and drill holes encountered a potentially interconnected system of mineralized cave fills, breccias and possible associated intrusive rock. Jasperoid exposed in a road cut yielded anomalous gold grading 0.128 ppm gold over 8.2 feet (2.5 meters, true thickness unknown), and a second structure exposed in a road cut consists largely of non-silicified cave fill returning 3.6 feet (1.1 meters, true thickness unknown) grading 0.290 ppm gold. None of the drill holes (WCR16-5,6,7) contained reportable intercepts; however two of the three holes were plagued by poor to no sample recovery in cave fill zones. All of these features are peripheral to a larger recessive zone that could be the surface expression of a much larger mineralized cave-collapse system. A 328 foot (100-meter)-long Au-Te-Ag-Sb-Pb soil anomaly is approximately centered on this recessive zone. The presence of high-grade gold jasperoid peripheral to the recessive zone suggests that the inferred cave fill and breccia zone might have focused significant hydrothermal fluid flow and could potentially host gold mineralization. This recessive zone and cave/breccia target is easily accessible and drillable from short road segments extended from an existing road network.
The Southeast Area contains several targets that include: 1) favorable silty limestones concealed at shallow depths over an approximately 1 km2 area, and 2) a structurally favorable zone of potentially altered volcanic rocks in the hangingwall of the Joy Fault. Two holes totaling 1,200 feet (365.9 meters) were drilled in this area and confirm the presence of gold mineralization with 160 feet (48.7 meters) of mineralization being encountered in hole WCR16-08 in four separate intervals (145-160 feet grading 0.075 ppm gold, 215-290 feet grading 0.062 ppm gold, 310-320 feet grading 0.045 ppm gold, and 340-400 feet grading 0.051 ppm gold) in the Big Horse member carbonate and 23 feet (7 meters) of mineralization grading 0.040 ppm gold being encountered in hole WCR16-09 in the footwall of the Joy Fault. The other target areas were not tested.
The Core Area target is centered on an area of historic drilling in carbonate footwall rocks of the Joy fault and was evaluated with five holes totaling 2,670 feet (813.8 meters). Hole WCR16-01 encountered 75 feet (22.9 meters) of mineralization grading 0.228 ppm gold within which was 60 feet (18.3 meters) grading 0.274 ppm gold. Hole WCR16-02 contained two 20 foot (6.1 meter) thick intervals with one grading 0.038 ppm gold and the other 0.078 ppm gold. Hole WCR16-10 contained three intervals of gold mineralization: the first contained 25 feet (7.6 meters) grading 0.083 ppm gold, a second containing 15 feet (4.6 meters) grading 0.146 ppm gold and the third containing 5 feet (1.5 meters) grading 0.130 ppm gold.
Ronald Parratt, President and CEO of RenGold, comments: "This program has tested three of the targets developed by our exploration team and has confirmed both the geologic concepts we developed and the fact that the rocks are mineralized with gold and other Carlin-type pathfinder elements. It has also reinforced our ideas about the strong structural controls- both pre and post mineral- and provides encouragement for further testing in particular to test the hangingwall side of the Joy Fault. We and our partner are now considering an additional series of exploration holes to test this and other targets further."
On February 23, 2015, the Company entered into an exploration earn-in agreement with TroyMet. The agreement requires a down payment of US$50,000 (received), plus cost of claim fees paid in 2014 of US$8,219 (received) and annual exploration commitments of US$50,000 first year, US$250,000 second year, US$350,000 third year and US$500,000 fourth through seventh years, to earn a 70% interest in the property. A bankable feasibility study is also required and, if not completed at the end of seven years, TroyMet can extend the option period for another five years by spending US$1,000,000 per year on the property and by paying the Company US$100,000 per year in each of the years in this subsequent option period. If TroyMet terminates the option after expending more than US$3 million then TroyMet will be entitled to a 3% NSR royalty capped at twice the amount of TroyMet's investment prior to termination.
All technical data, as disclosed in this press release, has been verified by the Company's qualified person Richard L. Bedell, M.Sc. and a Registered Member as denoted 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.
Renaissance Gold Inc.
By: Ronald L. Parratt, President and CEO
For further information, contact:
Ronald L. Parratt, 775-337-1545 or firstname.lastname@example.org
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.
You can view the Next News Releases item: Thu Aug 18, 2016, Renaissance Gold Announces Stock Options Granted
You can view the Previous News Releases item: Mon Jul 25, 2016, Renaissance Gold Announces Management Changes
You can return to the main News Releases page, or press the Back button on your browser.