04:34:53 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



Renaissance Gold Inc
Symbol REN
Shares Issued 49,368,941
Close 2018-04-23 C$ 0.23
Market Cap C$ 11,354,856
Recent Sedar Documents

Renaissance Gold to option 70% of Jake Creek to Ginguro

2018-04-24 07:58 ET - News Release

Mr. Robert Felder reports

RENAISSANCE GOLD SIGNS EARN-IN AGREEMENT ON JAKE CREEK PROJECT AND ACQUIRES EXCITING NEW CARLIN-TYPE GOLD TARGET

Renaissance Gold Inc. has provided the following update on its business and exploration activities.

Jake Creek project

The company is pleased to announce that its wholly owned subsidiary, Kinetic Gold (U.S.) Inc., has signed a definitive agreement with Ginguro Jake Inc., a subsidiary of Ginguro Gold Pty. Ltd. on its Jake Creek project in Humboldt county, Nevada. The agreement grants Ginguro the option to acquire a 70-per-cent interest in the project by spending $3-million (U.S.) over a five-year period and making payments to the company totalling $25,000 (U.S.) before the first anniversary of the agreement. Jake Creek is a low-sulphidation epithermal gold target on the western margin of the Northern Nevada rift, in a very similar geologic environment to the Midas gold deposit. Significant historical gold drill intercepts, which have never been followed up, are summarized in a table on the company's website.

Ginguro is planning to conduct a surface geologic mapping and geochemical sampling program this season, and the new data will be integrated with existing geophysical and drill data to design a follow-up drill program.

Pursuant to an option agreement between Ivy Minerals Inc. (IMI) and Kinetic Gold (U.S.) Inc., effective Aug. 12, 2013 (as amended), the company will immediately exercise its option to purchase 100 per cent of the Jake Creek project from IMI for the agreed upon consideration of 372,541 common shares of the company.

Mars project

The company is pleased to announce the acquisition of the Mars project in Lincoln county, Nevada. The property hosts a Carlin-type target in lower Paleozoic sedimentary rocks, characterized by anomalous gold in soils, extensive jasperoid alteration with rock chip assays up to 3.7 grams per tonne gold and strongly anomalous in the typical Carlin suite pathfinder elements arsenic, antimony and mercury. Historic work on the project was conducted in the 1980s and 1990s and included three shallow drill programs that tested the system to a depth of less than 200 feet, and encountered multiple low-grade gold intercepts. The gold system is exposed over a 4.5-kilometre area and occurs peripheral to a Mesozoic intrusive center. Renaissance's technical team recognized this project as a significant discovery opportunity based on the geologic setting, the existence of an already known, exposed gold system, the very shallow past drilling and the absence of past work to develop structural and stratigraphic targets where the system dips under cover rocks. The company has staked additional claims to cover areas for new target generation and has begun geological, geochemical and geophysical work to develop a comprehensive understanding of the gold system and to develop additional targets for drilling. This project is available for an earn-in agreement.

The Mars project was acquired through a lease/option to purchase agreement with a third party whereby the company paid $10,000 (U.S.) upon signing a definitive agreement and will pay $10,000 (U.S.) on each anniversary of the agreement for up to 10 years to complete the purchase option. The purchase option may be exercised at any time by making all remaining payments. Upon exercising the option, the vendor's interest would revert to a 3-per-cent net smelter return (NSR), with 2 per cent buyable for $1-million (U.S.) per 1 per cent. The company has no work commitments under this agreement.

Pluto project

The company's financing partner, S2 Resources, has informed the company that it will not be continuing with the earn-in on the Pluto project (see news release dated Jan. 3, 2018). After further evaluation of the results of the drilling, the company has decided to not maintain the property.

Wildcat project

Troymet Exploration Corp. has returned the Wildcat project in Juab county, Utah, to the company due to financial stringencies (see Troymet news release dated Feb. 22, 2018). The company will retain the project and continue marketing to find another partner.

Robert Felder, president and chief executive officer, stated: "We are very pleased to get Jake Creek into a deal and continue exploration on this exciting project. Our new partners at Ginguro have significant technical experience exploring epithermal systems and are a good fit for this project. We are also quite pleased with the acquisition of the Mars project. This represents a unique opportunity of the type that we seek in Nevada, where sound geological work around a known, but underexplored system has the potential to yield very meaningful results."

About Renaissance Gold Inc.

Renaissance Gold is a Western United States 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 which provide exploration financing. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 60 exploration agreements including those as AuEx. On May 29, 2017, the company acquired Kinetic Gold Corp. and its subsidiaries, which hold various exploration properties located in Nevada.

Qualified person

All technical data disclosed in this press release have been verified by Renaissance Gold's qualified person, Robert Felder, MSc, certified professional geologist as recognized by the American Institute of Professional Geologists (AIPG).

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