Renaissance Gold Inc. (TSX.V:REN / OTCQB:RNSGF) ('RenGold' or the 'Company') announces the recent staking and filing of 66 unpatented mining claims comprising the 'Elba' Project located on Bureau of Land Management (BLM) administered lands in Esmeralda County, Nevada.
The claims cover approximately 4km2 located within a large alteration zone characterized by an alunite-kaolinite-buddingtonite mineral assemblage, consistent with alteration typical of the upper levels of an epithermal gold system. The alteration at Elba is directly analogous to the alteration system at the Company's Silicon Project, being explored under an option to purchase agreement with AngloGold Ashanti NA ('AngloGold').
Elba Property Highlights
Located in the prolific Walker Lane mineral trend
Historic drilling intersected anomalous gold (0.1-0.7 g/t) and mercury up to 10 ppm in opalite horizons and breccia
Only 4 widely spaced historic drill holes on RenGold claim block, deepest to 540 feet (165 metres)
No effective drill test for high-grade gold target associated with deeper feeder zones
Hecla holds a small adjacent claim block, covering some historic surface anomalies which were the primary target of historic drilling.
Silicon Project
RenGold's Silicon Project, Nye County, Nevada is under an option to purchase agreement with AngloGold Ashanti NA. Under the terms of the agreement, AngloGold has the option to acquire a 100% interest in the project by paying RenGold US$3,000,000 by June 21, 2020 of which AngloGold has now paid US$600,000. If AngloGold completes the payments and exercises the purchase option, RenGold would retain a 1% net smelter return royalty on future production from the project. AngloGold is required to give RenGold 30 days advance notice (by May 21, 2020) in the event they elect not to complete the option and return the property.
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 70 exploration agreements over the past 16 years including those of 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
Contact:
Robert Felder
Tel: 775-337-1545
Email: bfelder@rengold.com
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.
RENAISSANCE GOLD INC. 