|October 17, 2018|
Renaissance Gold Exploration Update
|Renaissance Gold Inc. (TSX.V:REN / OTCQB:RNSGF) ("RenGold" or the "Company") is pleased to report on the progress and status of its Nevada, USA projects and our anticipated drilling plans for the remainder of 2018. The location of RenGold's properties is shown in Figure 1.|
Robert Felder, President and CEO states, "Our activity levels remain quite high and we're pleased to be drilling this many partner funded projects, keeping us on the path to our next discovery. We very much look forward to the follow-up program at Silicon and this first drill program at Ecru. We have also been quite busy with generative exploration and continue to identify high quality targets, which we look forward to placing in new deals with strong partners."
Figure 1: Project location map
The Company had a productive season of generative exploration, bringing two new high-quality projects into the portfolio, including the Mars Project (see NR dated April 24, 2018), and the recently acquired Ghost Ranch Project. Ghost Ranch, located in Elko County, Nevada was acquired through staking on open ground. The project is a shallow pediment target located SE of Newmont's Long Canyon Mine and along a proposed northwest trend of gold occurrences. The target is indicated through gravity data, enzyme leach soil geochemistry and a pH survey. The Mars project lies within the Coeur Exploration Alliance area for 2018 (see NR dated May 23, 2017), and the Ghost Ranch Project lies within the Kinross ROFR area (see NR dated May 15, 2017).
The Ecru Project, located in Lander County, Nevada is subject to an earn-in agreement with S2 Resources Ltd. (See NR dated July 31, 2017 and August 2, 2018). S2 has completed additional gravity and audio magnetotellurics (AMT) surveys over the project and is planning to begin drilling in the coming weeks. The Ecru project is a Carlin-type target in the heart of the Cortez Trend, located to the north of Barrick's Pipeline Complex and Robertson property, which was recently acquired from Coral Gold for US$15,750,000 and a sliding scale royalty. Barrick is currently conducting development work including pre-feasibility, metallurgy, engineering and drilling (Source: Coral Gold website www.coralgold.com).
The Silicon Project, located in Nye County Nevada is under option to AngloGold Ashanti NA (see NR dated September 17, 2018). AngloGold Ashanti has reported plans to drill a 17,000 meter follow-up program beginning in Q4 2018.
Jake Creek Project
The Jake Creek Project, located in Humboldt County, Nevada is subject to an earn-in agreement with Ginguro Gold Pty. Ltd. (See NR dated April 24, 2018). Ginguro is planning a 1000-sample soil geochemistry program, utilizing ALS Minerals' Ionic Leach(tm) method. The results of this survey will be integrated with geophysical and drill data to plan the next phase of drilling on the project in 2019.
Spruce East Project
The Spruce East Project, located in Elko County, Nevada, is subject to an earn-in agreement with Kinross Gold U.S.A., Inc ("Kinross") (see NR dated May 15, 2017). A Phase 2 follow-up drilling program was designed to offset mineralization in the Cicada target, as well as test additional targets throughout the project (See NR dated July 24, 2018). The program consisted of 9 reverse circulation drill holes, totaling 2316 meters (7600 feet) and was completed in August (Figure 2). Drilling intercepted multiple zones of anomalism in the Cicada and Beetle target areas, shown in Table 1.
Table 1: Anomalous gold intercepts (> 0.15 g/t Au) from Phase 2 program.
The other drill holes had no reportable results
Hole SE18-04, drilled to deepen hole SE17-04, which bottomed in mineralization, intercepted anomalous mineralization, but did not significantly increase the grade. SE18-12 and SE18-13 intercepted lower grade anomalism to the north and west. Drilling on the Beetle target intercepted low grade gold anomalism associated with the Beetle antiform in holes SE18-09 and SE18-10. RenGold and Kinross will evaluate the results to decide on future exploration on the project.
Figure 2: Geologic map showing location of drill holes
The Jupiter Project, located in Nye County, Nevada is subject to an earn-in agreement with Ramelius Resources Ltd. (See NR dated June 21, 2017). A Phase 2 follow-up drilling program was completed in August and was designed to follow-up gold intercepts encountered in the 2017 program (See NR dated January 29, 2018). The program consisted of 7 reverse circulation drill holes, totaling 1547 meters (5075 feet) and the results are shown in Table 2 and Figure 3.
Table 2: Anomalous gold intercepts (> 0.15 g/t Au) from Phase 2 program.
The other drill holes had no reportable results.
Figure 3: Drill hole locations shown on first vertical derivative of Bouguer gravity
This drill program was designed to follow up several anomalous intercepts drilled in 2017 in holes JURC0001, JURC0002, JURC0003 and JURC0006, including 9.14m @ 1.1 g/t Au in hole JURC0001. The program encountered several anomalous intercepts associated with jasperoidal alteration developed along the Tertiary-Paleozoic contact and in proximity to the graben bounding basement faults, however no increase in grade was observed. The basement structures intercepted in hole JURC0010 were visually encouraging, but unmineralized. RenGold and Ramelius are evaluating the results to decide on additional exploration on the project.
Other Project Updates
Spring Peak: The Company has been notified by Radius Gold Inc. that it has decided to terminate its option to earn a 70% interest in the project. Radius Gold did not complete any drilling and the targets remain untested.
Cine Mountain: Coeur Explorations, Inc. has informed the Company that they have decided to terminate their option to earn a 70% interest in the project. Coeur did not complete any drilling on the project and the targets remain untested.
Both projects remain untested and the Company is actively marketing these projects to find new partners to continue exploration.
Quality Assurance and Quality Control
All samples at Spruce East were analyzed for gold at American Assay Laboratories in Reno Nevada, an ISO 17025 Accredited lab. Gold was analyzed for with 30 g fire assays on 5 foot (1.52 m) samples. Multielement geochemistry was analyzed for on 20 foot composited pulps using an Aqua Regia digestion and ICP-AES analyses. Blind standards, blanks, and duplicates were inserted into the sample chain to account for 6% of sample. Intercepts were calculated using a 0.15 g/t cutoff, allowing up to 5 feet (1.52 meters) of internal dilution. Drilling is insufficient to define a true thickness of mineralized intervals.
All samples at Jupiter were analyzed for gold at ALS Geochemistry in Reno Nevada, an ISO 17025 Accredited lab. Gold was analyzed by 30g fire assays on 5 foot (1.52 m) samples. Multi-element geochemistry was analyzed for on selected 5 foot (1.52m) intervals using a Four Acid digestion and ICP-AES/ICP-MS analyses. Blind standards, blanks, and duplicates were inserted into the sample chain to account for 6% of samples. Intercepts were calculated using a 0.15 g/t cutoff allowing up to 5 feet (1.52 meters) of internal dilution. Drilling is insufficient to define a true thickness of mineralized intervals.
The technical data from the Jupiter Project in this press release has been verified by Robert Felder, M.Sc., RenGold's Qualified Person and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG). The technical data from the Spruce East Project in this press release has been verified by Daniel Pace, M.Sc. RenGold's Qualified Person and Registered Member as defined by the Society of Mining, Metallurgy and Exploration.
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 65 exploration agreements including those as its predecessor, AuEx Ventures Inc., and those from Kinetic Gold. RenGold's objective is to place its projects into exploration agreements, testing as many drill targets as possible and providing maximum exposure to success through discovery.
By: Robert Felder, President & CEO
For further information, contact:
Robert Felder 775-337-1545 or email@example.com
Ronald 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 RenGold 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 RenGold Gold Inc's management on the date the statements are made. Except as required by law, RenGold 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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