Renaissance Gold Announces Budget Approval for 3rd Round Drilling at Spruce Mountain, Elko County, Nevada
WHITE ROCK, British Columbia--(BUSINESS WIRE)--Renaissance Gold Inc. (TSX: REN) (“RenGold”) is pleased to announce the approval of a third round drill budget at the Spruce Mountain project, located in eastern Elko County, Nevada. The drilling program at Spruce Mountain is funded by Summit Mining Exploration, Inc., (“Summit”) a US subsidiary of Sumitomo Corporation pursuant to the the third year of an exploration earn-in agreement.
The US$525,000 budget will include 6,900 feet (2,104 meters) of reverse circulation drilling, following up critical targets defined by earlier drilling in 2011 and 2012 that include gold, silver and base metal mineralization. Past drilling by RenGold at Spruce Mountain included intercepts such as:
- RSM-15 intersected 25 feet (7.6 meters) of 20 g/t Ag and 0.23% Cu from 1050 to 1075 feet (320 - 327.7 meters) within a 195 foot (59.4 meter) interval of 0.28% Zn.
- RSM-22 intersected 189.5 feet (57.8 meters) of 0.06% Mo offsets and validates historical drill results in the Sprucemont area.
- RSM-02 intersected 80 feet (24 meters) of 0.23% Zn.
- RSM-03 intersected 50 feet (15 meters) of 0.35% Zn.
- RSM-07, intersected 50 feet averaging 217 ppb gold from a depth of 280 to 330 feet. RSM-07 intersected mineralization spanning the unconformable contact of the calcareous Pilot Shale and the underlying limestone of the Guilmette Formation. This intercept lies about 2,000 feet (600 meters) north of a cluster of gold intercepts obtained in six reverse-circulation drill holes completed in 1985 by Santa Fe Mining Inc. including 70 feet (21 meters) of 0.076 opt Au (2.36 g/t Au). RSM-07, also, intersected 10 feet (3 meters) of 4.4% zinc in Joanna Limestone.
Further north of this area of gold mineralization is a CSAMT conductor identified by RenGold that could represent an alteration halo that is much larger than any of the other known areas of mineralization on the property. A portion of this proposed drilling will include testing this and other larger step out targets for potential mineralization.
Richard Bedell President and CEO of RenGold comments: “The Spruce Mountain Project is a complex multi-phase Eocene intrusive center similar in age to Bingham Canyon to the east and the Mount Hope molybdenum deposit to the south. The molybdenum mineralization is interesting given our drill success in combination with the historic drilling but the driver is to follow up other base metals, particularly Pb-Zn-Cu and of course silver and gold. The gold focus is on the Carlin style mineralization even though there are a number of multi-gram gold samples in skarn mineralization related to the numerous intrusions found in the mining district. The CSAMT target to the north along strike from the growing Carlin-style mineralization is of the size and magnitude that could provide a strong win for us and Summit."
All data disclosed in this press release, including sampling, analytical and test data, have been reviewed by the Company’s qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist as recognized by the American Institute of Professional Geologists.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada, Utah, Argentina and Spain. Many of the projects are 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.
Renaissance Gold Inc.
By: Richard L. Bedell, President and CEO
For further information, contact:
Richard L. Bedell, 775-337-1545 or email@example.com or Eric Struhsacker, 775-337-1545 or firstname.lastname@example.org
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.