Renaissance Gold Inc. (TSX.V:REN / OTCQB:RNSGF) (“RenGold” or the “Company”) is pleased to provide an update on its 2019 field season exploration and drilling activities to date.
Robert Felder, President and CEO states “We have been drilling on several partner funded projects since July and the results are coming in and will be reported as they become available. Some of our previously announced planned drill programs have been rescheduled into 2020, but we will finish 2019 having completed drilling on five (5) partner funded projects. We anticipate steady news flow coming out of drilling programs in the coming months and we remain optimistic about our discovery opportunities.”
2019 Drill Programs
The Silicon Project, Nye County Nevada is subject to an option to purchase agreement with AngloGold Ashanti (AngloGold). AngloGold conducted drilling through May, 2019 and to date have completed 28 reverse circulation holes totaling 11,156 meters (36,591 feet) and 19 core holes totaling 7,863 meters (25,791 feet). AngloGold has paid RenGold US$600,000 of the total purchase price of US$3,000,000, with the final payment of US$2,400,000 due in June, 2020. AngloGold is currently working to obtain a Plan of Operations permit to allow further drilling.
The Mars Project, Lincoln County, Nevada is subject to an earn-in agreement with Hochschild Mining plc. Hochschild funded a soil geochemistry survey, additional geologic mapping and an induced polarization (IP) survey. These new data were combined with existing gravity data to design several new, district scale structural and stratigraphic targets on the project. A ten (10) hole, 2320 meter (7610 feet) reverse circulation drill program was completed in early October, 2019. Drill samples have been submitted to the laboratory for analysis and will be reported when they become available.
The Jupiter project, Nye County, Nevada is subject to an earn-in agreement with Ramelius Resources Ltd. The third drill campaign under this agreement began in mid-October, 2019 and is designed to test “Long Canyon-type” targets occurring along the Cambrian-Ordovician unconformity. One earlier hole drilled in 2017 tested this target and encountered jasperoidal alteration at the unconformity. The current program is designed to further test this horizon in the vicinity of mapped mineralized structures containing gold in rock-chip assays up to 0.98 g/t.
The Ferguson Mountain project, Elko County, Nevada is subject to an earn-in agreement with Hochschild Mining plc. A seven (7) hole, 1415 meter (4640 feet) reverse circulation drill program was completed in September, 2019 testing several favorable structural and stratigraphic targets associated with mapped, mineralized high-angle structures. No reportable intercepts were encountered in the drilling, and the results are being reviewed with Hochschild to determine the next step for this project.
The Fat Lizard project, Nye County, Nevada is subject to an earn-in agreement with OceanaGold Corp. A three (3) hole, 1303 meter (4275 foot) oriented core program was completed in September, 2019. The program was designed to test deeper levels of an exposed high-level alteration system. No reportable intercepts were encountered in the drilling, and the results are being reviewed with OceanaGold to determine the next step for this project.
Planned future drilling programs
The Spring Peak project is subject to an earn-in agreement with OceanaGold Corp. During this field season, OceanaGold has completed geologic mapping and sampling and a coincident CSAMT and soil survey. The CSAMT results map several linear areas of high resistivity which are coincident with mapped silicification, structures, interpreted hydrothermal vents and anomalous Sb, As and Au in soils. The coincidence of these features has led to the generation of a number of compelling targets on the project. Permitting with the U.S. Forest Service is near completion and OceanaGold has informed RenGold that they expect to have the permit within a few weeks, however they have decided against beginning a drill program at high elevation this late in the season due to the risk of winter weather and associated logistical concerns. The drilling program has been rescheduled for Q2/Q3, 2020.
The Ecru project is subject to an earn-in agreement with Nevada Star Exploration, a wholly owned subsidiary of S2 Resources Ltd. S2 acquired magnetic data over the project area in 2019 which defined a large circular magnetic feature which may represent a buried intrusion (See S2 news release (ASX:S2R) dated Sept. 25, 2019). S2 is interested in exploring this target for an intrusion related gold deposit similar to the 2.7 million ounce Robertson gold deposit to the south, now being developed by Nevada Gold Mines (see Coral Gold news release dated July 30, 2019) along with continued exploration for a lower plate Carlin-type system on the project located northeast of the intrusive system. S2 is in a position to test several targets spanning both known deposit styles within the project area with drilling planned in 2020.
The Jake Creek project is subject to an earn-in agreement with Ginguro Gold Pty. Ltd. The earn-in agreement requires a minimum expenditure from Ginguro by the next anniversary date of April 17, 2020. Ginguro has informed RenGold that they are working on finalizing a drill program that will satisfy the expenditure commitment prior to the anniversary.
The Company continues to be very active in generative exploration. Three recently generated new projects have been advanced through target generation and are now being actively marketed.
Baby Doe: Located in Esmeralda County, Nevada, the project consists of 84 unpatented mining claims within an area of extensive shallow level, steam heated alteration containing historic mercury mines. Outcropping, drilled gold systems occur to the north and south of the project area and the most intensely altered portion of the system has seen only limited historic drilling and no known deeper tests of the system. The Company is currently seeking a funding partner.
Ted: Located in Mineral County, Nevada, the project consists of 23 unpatented mining claims.
Extensive surface clay alteration, anomalous mercury and gold values and shallow historic drilling support the existence of a gold-bearing epithermal system, which has not been tested to interpreted target depths. The Company is currently seeking a funding partner.
McDO: Located in Malheur County, Oregon, the project consists of 53 unpatented mining claims. The upper levels of the targeted system are represented by anomalous mercury on surface, and the project targets low sulfidation epithermal gold-silver mineralization beneath the mercury occurrence associated with caldera related structures. The Company is currently seeking a funding partner.
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