Renaissance Gold - October 2017 Exploration Update
White Rock - Renaissance Gold Inc. (TSX.V: REN) (“RenGold” or the “Company”) is pleased to announce the completion of drilling on the Spruce East, Diamond Point and Buffalo Canyon projects, all of which are in earn-in agreements funded by Kinross Gold U.S.A., Inc. (See NR dated May 15, 2017). These are the first three of several projects in Nevada that we anticipate completing drilling programs on by Q1-2018.Kinross funded projects
Spruce East
Five reverse circulation drill holes have been completed, totaling 3985 feet (1215 m) testing two target zones. Holes SE17-02 and SE17-03 were designed to test the Scorpion fault and intersected quartz and calcite vein swarms but no significant gold mineralization. Holes SE17-01, SE17-04, and SE17-05 tested the Cicada fault zone and, together with historic drilling, define a 3150 foot (960 m) long gold-bearing fault zone. Hole SE17-04 intercepted 30 feet (9 m) of 0.31 g/t Au from 875 to 905 feet (267 to 276 m) where the hole ended in 0.52 g/t Au. Hole SE17-05 intercepted 10 feet (3 m) of 0.61 g/t Au from 535 to 545 feet (163 to 166 m) and 10 feet (3 m) of 0.76 g/t Au from 570-580 feet (174 to 177 m). Gold in SE17-05 is associated with a 100 foot (30 m) thick zone of anomalous geochemistry from 500 to 600 feet (152-183 m), which averages 0.19 ppm Au and 0.9 ppm Ag, 668 ppm As, 0.4 ppm Hg, 56 ppm Sb, and 3.6 ppm Tl. This geochemical signature together with the low base metal values in all holes, defines a Carlin-like geochemical cell on the project which remains open and minimally tested.
Diamond Point
Six reverse circulation drill holes have been completed, totaling 3940 feet (1200 meters), ranging from 435 to 875 feet (133 to 267 m) in depth. Holes DP17-01 through DP17-04 are widely spaced (~1 km spacing) and test geophysical targets in shallow pediment. Holes DP-17-05 and DP-17-06 are an angle and vertical hole respectively testing the West fault 1300 feet (400 m) north of the northernmost gold in soils anomaly where the system projects under shallow alluvial cover. Depth to Paleozoic bedrock on the project ranges from 5 to 70 feet (1.5 – 21m). All holes bottomed in Chainman Shale and no holes reached the target stratigraphy of the Webb formation. Gold values in 5 foot (1.5 m) sample intervals ranged from below detection limits to 0.29 g/t Au. No significant multi-sample gold intervals were intersected.
Buffalo Canyon
Five reverse circulation drill holes have been completed, totaling 5600 feet (1707 m) which range from 945 to 1240 feet (288 to 378 m) in depth. BC17-01, 02, and 03 intercepted thick zones of altered biotite hornfels containing abundant quartz tourmaline veining, characteristic of known gold mineralization on the project encountered in prior drilling and in surface sampling . Holes BC17-04 and BC17-05 intercepted a hydrothermally altered multi-phase intrusive complex. Assays are pending.
Upcoming Drill Programs
Pluto
The Pluto project is located in Lander County, Nevada and is one of three properties under earn-in agreements with S2 Resources Ltd. (ASX:S2R) (See NR dated July 31, 2017). Drilling has begun on this project and the initial program is designed to test for Antler Sequence hosted gold-silver mineralization beneath the Golconda Thrust. This geologic setting is host to tens of millions of ounces of gold and silver in the Battle Mountain District, located 60 miles to the north. At Pluto, surface geochemical and geophysical surveys define a compelling target comprised of multi-element Carlin-suite soil anomalies occurring coincident with a NE trending horst block defined by detailed gravity data, and robust gold in rock-chip results up to 13.1 g/t Au. This target has never been drill tested.
Jupiter
The Jupiter project is located in Nye County, Nevada, and is under an earn-in agreement with Ramelius Resources Ltd. (ASX:RMS) (See NR dated June 21, 2017). The project covers a large (5 km, 3 mi.) outcropping gold system with abundant jasperoid alteration of Cambrian carbonate units, multiple intrusive phases, and historical mercury workings. Significant gold anomalism is evident across the length of the system, with surface, rock-chip samples up to 3.1 g/t Au. Geologic and biostratigraphic work done by the Renaissance team has facilitated a well constrained, geologic and structural reinterpretation that has defined several new and untested drill targets, many of which are in same geologic environment as Newmont’s Long Canyon gold mine. Drilling is expected to commence in Q4-2017.
See attached project location map.
Robert Felder, President states “We are pleased to be progressing in our planned, partner funded drill programs, beginning with the Kinross projects. The results from Spruce East are encouraging in that they have identified a significant Carlin-type alteration system and encountered several intercepts of anomalous gold mineralization that remains open. We are also very excited to begin drilling on both Pluto and Jupiter, two new high quality projects containing multiple targets which have never been drill tested. This level of activity and the drill testing of several projects per year is exactly what a prospect generator needs to do to achieve the ultimate goal of making a significant discovery for shareholders.”
Ronald Parratt, CEO and Executive Chairman states, “Discoveries found in greenfield exploration result from drilling and Renaissance has a portfolio of such projects that are being drill tested now or that will be tested in the coming months. In addition, our generative activity continues and will keep our project pipeline full for further drilling into 2018 and beyond. Our exploration team is very busy these days and excited about our chances for success.”
Quality Assurance and Quality Control
All samples were analyzed for gold at American Assay Laboratories in Reno Nevada, an ISO 17025 Accredited lab. Gold was analyzed for with 30 g fire assays on 5 foot (1.5 m) samples. Multielement geochemistry was analyzed for on 20 foot composited pulps using an Aqua Regia digestion and ICP-AES analyses. Blind standards, blanks, and duplicates were inserted into the sample chain to account for 9.5 % of samples and Diamond Point and 6 % of samples at Spruce East. Intercepts were calculated using a 0.15 g/t cutoff allowing up to 5 feet of internal dilution. Drilling is insufficient to define a true thickness of mineralized intervals.
About Renaissance Gold Inc.
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.
Qualified Person
All technical data disclosed in this press release has been verified by RenGold’s Qualified Person, Daniel Pace, M.Sc. who is a Registered member as defined by the Society of Mining, Metallurgy and Exploration.
By: Robert Felder, President
For further information, contact:
Robert Felder 775-337-1545 or bfelder@rengold.com
Ronald Parratt 775-337-1545 or rparratt@rengold.com
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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)