Renaissance Gold Executes Earn-In Agreement with S2 Resources Ltd. to Fund Three Projects in Nevada
31.07.2017 | FSCwire
White Rock, British Columbia - Renaissance Gold Inc. (TSX.V: REN) (“RenGold” or the “Company”) is pleased to announce that its wholly owned subsidiary, Kinetic Gold (US) Inc. has signed a definitive agreement with S2 Resources Ltd. (ASX:S2R) through its subsidiary Nevada Star Resources LLC. The agreement grants S2 the option to acquire a 70% interest in the South Roberts, Pluto and Ecru projects located in Nevada. S2 must spend US$3,000,000 per project over a 5-year period to earn a 70% interest, with a committed expenditure of US$200,000 per project by the 2nd anniversary of the agreement. Upon signing the definitive agreement S2 paid the Company US$75,000.South Roberts Project: The South Roberts Project, Eureka County, Nevada lies on the Battle Mountain-Eureka trend of world class gold deposits. The project lies under shallow pediment along the western margin of the northern Nevada rift in a very similar setting to Barrick’s Goldrush deposit to the north. Targets are defined along a major NW gravity break with coincident Carlin-suite geochemistry over a strike length of more than 3 miles. A first pass, 6-hole drilling program conducted in 2014 confirmed shallow depths to Paleozoic bedrock and widespread anomalous gold and Carlin pathfinders, which have not yet been followed up. The 2014 drill holes were very widely spaced (approximately 1 km apart), and significant targets remain untested.
Pluto Project: The Pluto project, Lander County, Nevada lies along the north-south “Rabbit Trend” of gold deposits. High grade gold up to 13.1 g Au/t occurs in an isolated outcrop of Havallah Sequence rocks exposed in a structural window through Tertiary volcanic rocks. Detailed gravity and soil geochemistry define a multi-element anomaly occurring mostly within a NE trending horst block. The highly prospective Antler sequence rocks, which host world class deposits in the Battle Mountain district 60 miles to the north, are modelled to occur at shallow to moderate depths beneath this high-grade outcrop. The magnitude of the gold grades in the Havallah outcrop is quite unique in Nevada and could represent leakage above a potentially very robust gold system. This target has never been drilled.
Ecru Project: The Ecru project, Lander County, Nevada lies on the Battle Mountain-Eureka Trend in the Cortez district, near the Gold Acres, Pipeline and Cortez Hills gold deposits. The project is centered on a large gravity high, interpreted to represent an upthrown block of favorable lower plate carbonate rocks, which host the nearby world class gold deposits. Historic drilling on adjacent parts of the same gravity high have yielded significant mineralization in both upper and lower plate rocks and have included grades in excess of 1oz. Au/t. Several undrilled target areas exist on and around this gravity feature which have the potential to host a significant discovery.
Robert Felder, President states “We are extremely pleased to have a group of the caliber of S2 as our exploration partner on these three projects in Nevada. They have demonstrated their technical capabilities with past successes and have chosen Renaissance as a partner to work with in Nevada. We look forward to a very productive and successful relationship. This agreement advances our portfolio from having 8 to now 11 of our projects in earn-in or option agreements.”
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US focused prospect generator utilizing a joint venture business model. The company is the spin-out of AuEx Ventures Inc. - discoverer of the Long Canyon gold deposit in Nevada now in production by Newmont Mining Company. 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. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 60 exploration agreements including those as AuEx.
About S2 Resources Ltd.
S2 Resources Ltd. is a well-funded Australian junior exploration company with significant mineral exploration properties in the Eastern Goldfields of Western Australia, the Skellefte VMS base metal district in northern Sweden, and the Central Lapland Greenstone Belt of northern Finland. It listed on the Australian Securities Exchange (ASX:S2R) in late 2015, following its demerger from Sirius Resources when Sirius was taken over for A$1.8 billion. The S2 team comprises the original Sirius team that most recently discovered, permitted, and raised over A$770 million in equity and debt financing to develop the world class Nova-Bollinger nickel-copper mine. This same team was previously the Australian arm of TSX listed LionOre, which was taken over by Norilsk for A$7 billion. It is led by Mark Bennett, who is a two-time recipient of Australia’s Prospector of the Year award for the discovery of Nova-Bollinger, and the Thunderbox gold mine and Waterloo nickel mine in Australia.
Qualified Person
All technical data disclosed in this press release has been verified by RenGold’s Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG).
By: Robert Felder, President
For further information, contact:
Robert Felder
775-337-1545 or
bfelder@rengold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Source: Renaissance Gold Inc. (TSX Venture:REN)
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