Renaissance Announces New Gold/Silver Sample Results from El Monte Project, Argentina
Renaissance Gold Inc. (TSX:REN) ('RenGold?) is pleased to
announce that reconnaissance field work conducted by RenGold and its
joint venture partner Agnico-Eagle has led to the discovery of precious
metal mineralization in an area with no previous exploration cateos or
concessions. The area, named the El Monte Project, comprises a
10,000-hectare land package located approximately 50 km south of the
city of Pico Truncado in Santa Cruz Province, Argentina, and lies about
40 km northwest of Mariana Resource′s Las Calandrias silver-gold
project. The area was considered prospective based on the occurrence of
favorable Chon Aike volcanic rocks and its proximity to nearby recent
silver-gold discoveries.
Initial reconnaissance geological mapping and rock chip sampling has
identified volcanic-hosted, low-sulfidation-style gold-silver
mineralization in five separate zones on the property: the Luna Roja,
Llambda, Alpha, Omega, and Cae el Sol prospects. Of these, the Luna Roja
area is the most advanced in terms of exploration work, with the recent
completion of geologic mapping, rock chip sampling, an induced
polarization (IP) survey, trench channel sampling, and a soil survey.
At Luna Roja, gold and silver-bearing stockwork veins, silicified zones,
and breccias occur within and along the margins of a rhyolite dome
complex. The veins and breccias contain coxcomb quartz with iron oxides
and/or pyrite, and adjacent wall rocks have been argillized, silicified,
and k-feldspathized. Surface rock chip samples have yielded assays of up
to 12 g/t Au and 630 g/t Ag along the margin of the rhyolite dome at
Luna Roja, and visible silver chlorides, acanthite, and native gold have
been observed at several locations.
Seven trenches (almost 4 km in total length of all trenching) at Luna
Roja have focused on a NNW-striking fault zone (the Via Lactea fault)
along western margin of the dome complex. The best results were obtained
from southernmost trenches 2 and 1, which are east-west trenches located
150 meters apart along the NNW-striking mineralized zone. These trenches
respectively yielded 55 meters of 0.41 g/t Au and 13 g/t Ag, and 35
meters of 0.09 gpt Au and 7.5 g/t Ag . Samples are all contiguous and 1
to 5 m in length based on geology. At trench 2, the west boundary of
mineralization is marked by a sub-parallel, post-mineral fault that dips
westerly; thus an unknown quantity of mineralized vein material may lie
beneath the surface on the west side (hangingwall) of the fault beneath
strongly argillized tuffaceous rocks.
A 715-sample soil survey recently completed over the Luna Roja prospect
has defined two NNW-striking, subparallel gold and arsenic anomalies
marked by soil gold concentrations >4 ppb and up to 100 ppb. The western
of these two anomalies follows the Via Lactea fault zone along the
western margin of the dome complex for a distance of 2.5 km and is
open-ended to the north and south. The eastern anomaly is over 1 km long
and cuts the dome complex near the eastern limits of the soil survey and
is outside the current limits of the geophysical data.
A 20-line-km IP survey over the western and southern margins of the dome
complex generated extensive IP and resistivity anomalies. The largest IP
anomaly ranges in strength from 15 to >20 mV/V and is coextensive with a
resistivity high over a distance of approximately 1 km by 0.5 km. The
anomalies are subhorizontal and lie at depths of 20-80 meters below
surface. Given the strong correlation between IP anomalies and precious
metal mineralization observed elsewhere in Santa Cruz Province,
including at Las Calandrias, Penguino, and Santa Rita, these anomalies
are considered key exploration targets.
The IP anomaly is nestled between the soil Au and As anomalies described
above. The net result is an exploration model of potential
subhorizontal, shallow bulk-tonnage, disseminated mineralization within
favorable volcanic rocks on the margins of the dome, cut by higher angle
NNW-striking structures along which precious metal mineralization has
leaked upwards to reach the current land surface. Mineralization in this
model is considered open in all directions. It is open to the east, NE,
and SE due to the presence of a thin layer of post-mineral basalt, and
it is open to the west because of the possible action of post-mineral
faulting.
In addition, Renaissance recently completed the final agreement on
Covadonga and Meridiano projects with Atala Resources. Atala is a
private company run by the group behind Minera Andes who were so
successful in Santa Cruz with the discovery of San Jose. They plan to go
public later this year. The agreement is similar to most other RenGold
agreements in that Atala will spend all the money through Bankable
Feasibility to earn a 70% interest in the project.
Richard Bedell, President & CEO, comments: 'Argentina is politically
challenged at the moment but we have excellent projects and partners and
are confident that things will turn around for the better. Atala is an
excellent group who will advance Meridiano and Covadonga projects.
Agnico Eagle are excellent partners and El Monte is an example of a raw
discovery with significant potential.?
QAQC
Approximately 150 field duplicate and bulk reject duplicate samples of
key portions of the silver-gold mineralization at El Monte have been
analyzed at two separate laboratories for gold (fire assay) and silver
(both multi-acid digestion/ICP and fire assay). The reproducibility is
well within expected norms for the epithermal volcanic-hosted style of
mineralization found at El Monte.
Qualified Person
All technical 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.
Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a
large portfolio of exploration projects in Nevada, Utah, Argentina and
Spain. 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.
To view this press release as a webpage, please click on the following
link:
http://www.usetdas.com/pr/rengoldnov132012.htm
Renaissance Gold Inc.
Richard L. Bedell, 775-337-1545
rbedell@rengold.com
or
Eric
Struhsacker, 775-337-1545
estruhsacker@rengold.com