Renaissance Gold Enters into Earn-in Agreement with Troymet Exploration at Its Wildcat Gold Project, Utah
Renaissance Gold Inc. (TSX: REN) (“RenGold”) is pleased to announce the execution of an earn-in agreement with the US subsidiary of TroyMet Exploration Corp. (TSXV:TYE) on the Wildcat gold project located in Juab County, Utah.
The agreement includes a payment of US$50,000 on execution and reimbursement of last year's claim fees. A minimum work commitment in the first agreement year of US$50,000 escalating to US$250,000 year 2, US$350,000 year 3, and US$500,000 per year through year 7, at which point Bankable Feasibility must be achieved to vest 70%. In addition, RenGold will do the initial work on the property. This will include surface trenching and work to define the drill targets and should well exceed the minimum work commitment to prepare for drilling in 2016.
Wildcat lies in the Detroit Mining District, an historic gold producing region in the northern Drum Mountains of central Utah.
Surface samples of over 4 ounces per ton gold have been obtained from jasperoid outcrops. The best drill hole at Wildcat to-date, completed by Gold Fields Mining Corp. in the 1980's, reported an intercept of 75 feet of 0.037 opt gold (true thickness unknown).
The mineralization has some Carlin-like features with high grade gold in jasperoids hosted by Cambrian sediments similar to Long Canyon in Nevada. However, the broader geochemistry points to a strong intrusive source and mineralization within caldera related faults suggests intrusion related structural targets.
Richard Bedell President and CEO of RenGold comments: “Wildcat is an important project with grade and the potential to host a significant deposit. Extensive geoscience work by our team has generated some very promising targets that should be easily tested with shallow reverse circulation drilling."
Qualified Person
All data disclosed in this press release, including sampling, analytical data, have been reviewed by the Company’s qualified person Mr. Richard L. Bedell, M.Sc., and Registered Professional Geologist as recognized by the Society for Mining, Metallurgy and Exploration.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects, now focused mainly 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.
Renaissance Gold Inc.
By: Richard L. Bedell, President and CEO
For further information, contact:
Richard L. Bedell, 775-337-1545 or rbedell@rengold.com or Eric Struhsacker, 775-337-1545 or estruhsacker@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.
Contact
Renaissance Gold Inc.
Richard L. Bedell, 775-337-1545
rbedell@rengold.com
or
Eric Struhsacker, 775-337-1545
estruhsacker@rengold.com