WHITE ROCK, British Columbia--(BUSINESS WIRE)--Renaissance Gold Inc. (TSX: REN) (“RenGold”) is pleased to summarize its exploration plans for the upcoming months of 2014.
On February 18th, 2014, RenGold announced an agreement with Newmont USA Limited to explore the Wood Hills South Project, an extension of the Pequop gold district in Elko County, Nevada. Data compilation and modeling of existing drilling has been completed. Currently two crews are at work: one for CSAMT geophysics and another for infill soils. The objective will be to process the additional data and be drill ready by late summer or early fall.
On April 8th, 2014, RenGold announced an agreement with First Liberty Power Corp. ("FLPC") on the Arabia Project in Pershing County, Nevada. FLPC is advancing plans towards building a mill to treat antimony ores but also plan to recover the precious and base metals from the Arabia Project and others. They have announced that they expect the plant to be in production before year end. In addition, FLPC is required to spend a minimum of US$50,000 on geologic work through RenGold in the first year.
On June 5th, 2014, RenGold announced an agreement with Summit Mining Exploration II, Inc. (“Summit II”), a US subsidiary of Sumitomo Corporation, on the Fourth of July Project Pershing County, Nevada. Summit II has a minimum work commitment of US$500,000 but US$750,000 have been allocated to continue geologic work and do a phase one of drilling before the end of the year. The work is being conducted by RenGold.
RenGold is advancing the Golden Shears Property in south west Clark County, Nevada with Callinan Royalties Corporation ("Callinan") funding for a 1.5% royalty. RenGold has been doing significant geologic work within a 2.5 km long shear zone with high grade precious and base metals. Metal zoning and porphyritic dikes suggest a productive shallow porphyry environment. The property is available for joint venture.
RenGold has also been conducting further grass roots exploration in southern Nevada funded by another agreement with Callinan. A new epithermal project called Silicon has been generated and will be available for joint venture in the near future.
RenGold is pleased to announce drill results from its 2013 drill program at the Spruce Mountain exploration project, eastern Elko County, Nevada. The drilling program at Spruce Mountain was funded by Summit Mining Exploration, Inc. (“Summit”), a US subsidiary of Sumitomo Corporation, in the third year of an earn-in agreement. Drilling tested three areas in 2013: the periphery of the Sprucemont porphyry molybdenum system (2 holes), a zone of anomalous gold in soils and drilling approximately 1 km northwest of Sprucemont (5 holes) known internally as the Santa Fe target zone, and a geophysical anomaly in shallow pediment 3-5 km north along the range front (2 holes). Although the recent drilling intersected anomalous mineralization in the Sprucemont and Santa Fe target areas, Summit has determined that the drilling results are not sufficiently robust enough to continue funding the exploration efforts at Spruce Mountain and on June 9th, 2014 formally informed RenGold that it will withdraw from the venture agreement. RenGold will curtail exploration activity in 2014 and consider appropriate options for the property.
RenGold also has ongoing discussion with potential future partners on various projects within the Great Basin.
Richard Bedell, President and CEO of RenGold comments: “We are very happy to have done so many new agreements in the last 6 months. This will keep us focused on the Great Basin USA and keep our team funded. This will keep the burn rate low, cash in the bank, and the potential to have meaningful drill results on a variety of projects. Clearly we have the projects to attract major companies, even in a weak market. We have working capital for two more years with no debt and a tight 33.5 million fully diluted share structure. These are enviable business metrics but we cannot grow share holder value without quality drill holes. We are well poised to do so."
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 and Utah. 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
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.