|April 24, 2018|
Renaissance Gold Signs Earn-In Agreement on Jake Creek Project and Acquires Exciting New Carlin-type Gold Target
|Renaissance Gold Inc. TSX.V:REN ("RenGold" or the "Company") is pleased to provide the following update on its business and exploration activities. |
Jake Creek Project
The Company is pleased to announce that its wholly-owned subsidiary, Kinetic Gold (US) Inc. has signed a definitive agreement with Ginguro Jake Inc., a subsidiary of Ginguro Gold Pty. Ltd. on its Jake Creek Project in Humboldt County, Nevada. The agreement grants Ginguro the option to acquire a 70% interest in the project by spending US$3,000,000 over a 5-year period and making payments to the Company totaling US$25,000 before the first anniversary of the agreement. Jake Creek is a low-sulfidation epithermal gold target on the western margin of the Northern Nevada Rift, in a very similar geologic environment to the Midas gold deposit. Significant historical gold drill intercepts, which have never been followed up, are summarized in Table 1.
Ginguro is planning to conduct a surface geologic mapping and geochemical sampling program this season, and the new data will be integrated with existing geophysical and drill data to design a follow-up drill program.
Pursuant to an option agreement between Ivy Minerals Inc. ("IMI") and Kinetic Gold (US) Inc., effective August 12, 2013 (as amended), the Company will immediately exercise its option to purchase 100% of the Jake Creek project from IMI for the agreed upon consideration of 372,541 common shares of the Company.
The Company is pleased to announce the acquisition of the Mars Project in Lincoln County, Nevada. The property hosts a Carlin-type target in lower Paleozoic sedimentary rocks, characterized by anomalous gold in soils, extensive jasperoid alteration with rock chip assays up to 3.7 g/t Au and strongly anomalous in the typical Carlin suite pathfinder elements As, Sb and Hg. Historic work on the project was conducted in the 1980s and 1990s and included three shallow drill programs that tested the system to a depth of less than 200 feet, and encountered multiple low-grade gold intercepts. The gold system is exposed over a 4.5 km area and occurs peripheral to a Mesozoic intrusive center. RenGold's technical team recognized this project as a significant discovery opportunity based on the geologic setting, the existence of an already known, exposed gold system, the very shallow past drilling and the absence of past work to develop structural and stratigraphic targets where the system dips under cover rocks. The Company has staked additional claims to cover areas for new target generation and has begun geological, geochemical and geophysical work to develop a comprehensive understanding of the gold system and to develop additional targets for drilling. This project is available for an earn-in agreement.
The Mars project was acquired through a lease/option to purchase agreement with a third party whereby the Company paid US$10,000 upon signing a definitive agreement and will pay US$10,000 on each anniversary of the agreement for up to ten years to complete the purchase option. The purchase option may be exercised at any time by making all remaining payments. Upon exercising the option, the vendor's interest would revert to a 3% NSR, with 2% buyable for US$1,000,000 per 1%. The Company has no work commitments under this agreement.
Our funding partner, S2 Resources has informed the Company that it will not be continuing with the earn-in on the Pluto Project (see NR dated January 3, 2018). After further evaluation of the results of the drilling, the Company has decided to not maintain the property.
Troymet Exploration Corp. has returned the Wildcat Project in Juab County, Utah to the Company due to "financial stringencies" (See Troymet NR dated February 22, 2018). The Company will retain the project and continue marketing to find another partner.
Robert Felder, President and CEO states, "We are very pleased to get Jake Creek into a deal and continue exploration on this exciting project. Our new partners at Ginguro have significant technical experience exploring epithermal systems and are a good fit for this project. We are also quite pleased with the acquisition of the Mars Project. This represents a unique opportunity of the type that we seek in Nevada, where sound geological work around a known, but underexplored system has the potential to yield very meaningful results."
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 60 exploration agreements including those as AuEx. On May 29, 2017, the Company acquired Kinetic Gold Corp. and its subsidiaries which hold various exploration properties located in Nevada. RenGold's objective is to consistently 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.
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