July 24, 2018
Follow-up Drilling Program Begins on Renaissance Gold’s Spruce East Project
Renaissance Gold Inc. TSX.V:REN (“RenGold” or the “Company”) is pleased to announce the commencement of follow-up drilling on its Spruce East Project, Elko County, Nevada. The project is subject to an earn-in agreement with Kinross Gold U.S.A., Inc. (”Kinross”) (see NR dated May 15, 2017).
Robert Felder, President and CEO states, “We are very pleased to have Kinross returning for a second round of drilling following last year’s encouraging results on the Cicada target, and also to be testing additional targets at Spruce East for the first time. This is the first of three partner funded, follow-up drill programs planned on the Company’s projects this year and each of these are following up encouraging Phase 1 drill results. All are high quality targets that represent significant discovery opportunities for the Company and its shareholders.”
In 2017, Kinross funded a 5-hole, 1215m (3985 ft) reverse circulation drilling program designed to test the Cicada and Scorpion target areas (Figure 1). The drilling on the Cicada Target encountered anomalous gold mineralization and Carlin-suite geochemistry and extended the strike length of this gold bearing structure to 960 m (3150 ft) (see NR dated October 26, 2017). The system remains open and will be further tested as part of the current follow-up drilling program, which will consist of approximately 2134m (7000 ft) of RC drilling in up to ten holes, and will also include the first tests of two other target areas, shown in Figures
1 and 2 and described below.
The Cicada target contains gold in a fault zone cutting the Pequop limestone and Rib Hill sandstones. Surface sampling and drilling has defined a mineralized strike length of 960 m which remains open in both directions under post-mineral cover. All drill holes in this target area completed to date have anomalous Au and Carlin-type pathfinder elements including 9 meters of 0.31 g/t Au in hole SE17-04. That hole bottomed in 0.52 g/t Au in decalcified calcareous sandstone with increasing Au values with depth. The current follow-up drilling program will complete a fence across the Cicada fault zone targeting a potential upthrown block to the northwest as well as testing for a higher grade stratigraphic control on mineralization.
The Beetle target contains up to 1.5 g/t Au in rocks near a series of northwest trending rhyolite dikes coincident with the axis of a regional north trending antiform. Carbonate matrix conglomerates within the Riepe Spring limestone, similar to those that host Gold Standard Ventures’ (TSX:GSV) Dark Star deposit on the Carlin Trend, crop out on the south end of the project where they are pervasively silicified and elevated in Au and Carlin-type pathfinder elements. A sequence of northeast trending normal faults
progressively drop this prospective stratigraphy down to the northwest throughout the project area. Alteration, including decalcification and silicification, occurs along these structures as well as along sandy/silty beds in the overlying Rib Hill and Pequop formations. Drilling on the Beetle target will test multiple zones of the antiform axis adjacent to structural intersections for Carlin-type mineralization with anomalous Au-As-Sb in rocks and soils. Drillholes will target the lower conglomerate stratigraphy on the south and carbonate matrix sandstones on the north.
The Tick target contains anomalous Au in soils (up to 0.046 g/t Au) and rocks (up to 1 g/t Au) adjacent to a collapsed adit in decalcified limestone breccia in a recessive weathering zone with no outcrop. Abundant jasperoid ribs occur in the vicinity with elevated Au and Carlin-suite pathfinder elements in limestone interpreted to be the lowermost Pequop formation. Beds dip gently west into a large magnitude offset normal fault (the Banner Hill fault) which may serve as a fluid conduit for mineralization. Drilling will target sandy carbonates in the Rib Hill sandstone and potentially conglomeratic units in the upper Riepe Spring limestone below the surface gold occurrence.
Figure 1: Geologic map of the Spruce East project area, showing location of targets
Figure 2: Schematic diagram of targets in cross-sectional view,
All technical data disclosed in this press release has been verified by RenGold’s Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist (CPG #11012) as recognized by the American Institute of Professional Geologists (AIPG).
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US 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 who provide exploration funding. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 65 exploration agreements including those as its predecessor, AuEx Ventures Inc. and those from Kinetic Gold. RenGold’s objective is to place its projects into exploration agreements, testing as many drill targets as possible and providing maximum exposure to success through discovery.
By: Robert Felder, President & CEO
For further information, contact:
Robert Felder 775-337-1545 or moc.dlogner@redlefb
Ronald Parratt 775-337-1545 or moc.dlogner@ttarrapr
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.