White Rock, British Columbia (FSCwire) - Renaissance Gold Inc. (TSX.V: REN) (“RenGold” or the “Company”) reports that Coeur Mining, Inc. (NYSE: CDE) has advised the Company that it is withdrawing from the exploration and earn-in agreement dated February 24, 2016, concerning the Arabia exploration property located in Pershing County, Nevada. Assay results from the recently concluded reverse circulation drilling program failed to meet their minimum investment criteria to continue.
The Arabia property comprises 59 unpatented mining claims, 12 patented mining claims (7 of which are owned by the Company), and 299 acres of leased fee land all totaling in excess of 1,700 acres (688 hectares). Field work completed during the past two years leading to the recent drill program included project wide geologic mapping, rock and soil sampling and gravity and magnetic geophysical surveys. Reverse circulation drilling conducted at Arabia from March 7, 2017 to March 27, 2017 with a total of 7,380 feet (2250 meters) of drilling completed in 8 drill holes. Several exploration targets were tested including those beneath the historic Electric and Montezuma mine workings exploring for extensions of mesothermal quartz veins and stockworks. These and other exploration targets were confirmed but were found to contain lower than expected values. Precious metal values reported from the drilling for 5 foot (1.5 meter) drilled intervals ranged from less than 0.005 grams/ton to 0.574 grams/ton gold and from less than 0.1 grams per ton to 36.7 grams/ton silver. Other anomalous metals in the drilling included copper (4 to 598 ppm), lead (3 to 5319 ppm), zinc (15 to 2563 ppm), and antimony (2 to 1251 ppm). The best multi-sample drill interval contained 15.08 grams/ton silver over 25 feet (7.62 meters) using a 10 grams/ton cut-off grade from 0 to 25 feet (0 to 7.62 m) in drillhole AR-17-07. RenGold is continuing to evaluate the results of the exploration program to determine plans for further activity.
All technical data disclosed in this press release, has been verified by the RenGold’s Qualified Person Daniel W Pace- Registered Member of the Society for Mining, Metallurgy and Exploration (SME). All samples were analyzed at Bureau Veritas of Reno, Nevada. Samples were analyzed by fire assay for gold and 4 acid digestions for multi-element geochemistry. Standards and blanks were submitted into the sample chain to make up approximately 5 % of the overall sample volume.
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 L. Parratt, President and CEO
For further information, contact:
Ronald L. Parratt, 775-337-1545 or [email protected]
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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Source: Renaissance Gold Inc.
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