|October 31, 2016|
Renaissance Reports Encouraging Channel Sample Results At Buffalo Canyon, Nevada
|Renaissance Gold Inc. (TSX.V: REN) ("Rengold" or the "Company") is pleased to announce results from a recent rock chip, channel sampling program completed by company staff at its 100% controlled Buffalo Canyon project in Nye County, Nevada. Highlights of the program include rock chip channel samples of new bedrock exposures that returned values over 139 meters averaging 0.620 g/t Au and an additional bedrock exposure that returned values over 34 meters averaging 1.076 g/t Au. These sampling results, in combination with historic drilling, provide strong support and confidence that the gold mineralization is near continuous both in plan as well as to depth.|
Recent heavy rainfall and local flash floods in the project area resulted in scouring of alluvial material from multiple drainages in and around the drill indicated Everson gold mineralization resulting in new, nearly continuous bedrock exposures for sampling. Chip channel samples of the new bedrock exposures in South Everson Canyon include 139 meters of 0.620 g/t Au, 34 meters of 1.076 g/t Au, and 33 meters of 0.586 g/t Au (see attached map). Select samples of vein material in the bedrock within the drainages ranged from 0.013 to 16.85 g/t Au and identify possible higher grade controls on mineralization. These new assays demonstrate the near continuous and robust nature of the Everson gold mineralization in surface rock exposures.
In addition, chip channel sampling of newly exposed bedrock in Diorite Canyon located to the north and east of the drilled gold mineralization resulted in multiple zones of newly identified gold mineralization including 27 meters of 0.397 g/t Au and 24 meters of 0.451 g/t Au northeast of the area of historic drilling. Also, 10 individual, 3 meter channel samples from this drainage reported assays of greater than 0.5 g/t Au reaching a maximum of 2.81 g/t Au. These results support the potential for expanding the mineralized footprint to the north and east.
Data for the intervals reported above resulted from the collection of 232 near continuous, individual chip channel rock samples that varied from 1.55 to 4meters in length. All samples were assayed by ALS Minerals using 30 gram fire assay. Standard cyanide shaker tests were performed on 70 representative pulps from the mineralized intervals to determine preliminary cyanide amenability. These tests recovered an average of 91% of the initial fire assay values. In addition, bottle roll tests were performed on four composite samples using composited coarse rejects from several 10 foot samples. These 4 bottle roll tests returned an average gold recovery of 65% of the calculated head grade of the composites. This initial testwork is encouraging, however again is preliminary in nature.
Commenting on these results, Ronald Parratt, President & CEO states "These long surface assay intervals appear to provide validation and support for the numerous lengthy historic drill intercepts-several of which contained 150+ meters of near continuous gold mineralization. We view these results as very encouraging and will continue and expand our evaluation efforts at Buffalo Canyon".
RenGold is in the process of completing additional bedrock chip channel sampling on two additional drainages that are in close proximity to the drilled Everson mineralization. Please see the attached map showing the location of the completed and planned channel sampling and historic drilling. Drill hole grade and thickness calculations shown on the map rely on historic data and Renaissance is unable to verify the quality or reliability of this historic data. In addition, Renaissance has recently been advised by the US Forest Service that the new exploration permit to enable drilling in the area of the Everson deposit is expected to be granted in early 2017.
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.
By: Ronald Parratt, President and CEO
For further information, contact:
Ronald Parratt, 775-337-1545 or firstname.lastname@example.org
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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.
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