VANCOUVER, BC / ACCESSWIRE / January 6, 2020 / Renaissance Gold Inc. (TSX.V:REN)(OTCQB:RNSGF) ("RenGold" or the "Company") is pleased to report another strong year of exploration for the Company. During 2019, partners completed drilling on 5 of our projects, we successfully generated and acquired 4 new high-quality exploration opportunities, saw significant advancement of our Silicon Project by AngloGold Ashanti ("AngloGold"), and we welcomed Altius Minerals as a significant shareholder of the Company.
The Company enters 2020 in a strong position, with funding partners on 6 of its projects and a healthy treasury (C$3.56M as at 9/30/19). We currently anticipate partner drilling on at least 3 of those projects in 2020. AngloGold has significantly advanced our Silicon project with extensive geophysical surveys, completion of 47 drill holes, and plans for additional drilling under a new Plan of Operations permit. Should AngloGold choose to complete their purchase option, the final payment of US$2.4M (C$3.1M) comes due in June 2020, with the Company's retention of a 1% NSR. The payment would be very meaningful and would fund the Company for nearly 2 additional years and the royalty could potentially be very material for the Company as the Silicon project progresses and the NSR becomes monetized.
Robert Felder, President and CEO states "We are quite pleased with the continuing aggressive pace of exploration by the Company. We see each of our projects as a value creation opportunity, and our ability to generate, partner and drill test several projects every year is an excellent platform from which to maximize the probability of making another significant discovery and bring meaningful value to our shareholders. Our Silicon Project has been explored aggressively by AngloGold, and we very much look forward to continuing developments on this project, which may have important implications for the Company" (See NR dated October 18, 2019).
2019 Drilling Programs
OceanaGold has informed the Company that they received the final drill permit from the U.S. Forest Service on December 13, 2019. Drilling is planned for Q3, 2020.
A ten (10) hole, 2320 meter (7610 feet) reverse circulation drill program was completed in October 2019 on the Mars Project, Lincoln County, Nevada, testing a variety of structural and stratigraphic targets. Drill holes tested multiple alteration cells over approximately 3 km and intercepted silicified carbonates under clay-altered volcanics. Silicification was associated with strong As (up to 2200 ppm), Sb (up to 681 ppm) and Hg (up to 18 ppm) but subeconomic levels of gold. The best intercept in the program was 20 feet (6.1m) @ 0.39 g/t Au in hole RM19-09. Hochschild has informed the Company of their termination of the earn-in agreement on the project, and RenGold is further evaluating the drill data to assess the remaining target potential.
The Jupiter project, Nye County, Nevada is subject to an earn-in agreement with Ramelius Resources Ltd. The third drill campaign under this agreement was completed in November 2019 and was designed to test "Long Canyon-type" targets occurring along the Cambrian-Ordovician unconformity and in the distal halo of a outcropping and magnetically indicated intrusive body. Three (3) holes, totaling 791 meters (2595 feet) of reverse circulation drilling was completed. A zone of iron rich silicification (jasperoid) was encountered beneath the unconformity and contained weakly anomalous As (up to 126 ppm), Hg (up to 1.29 ppm), Sb (up to 19.6 ppm) and Tl (up to 2.48 ppm), but with no reportable gold intercepts. These results are weaker than previously reported drill results (see NR dated Jan. 29, 2018) and the Company is working with Ramelius to decide on the next steps for the project.
Following a review of the 2019 drill results (see NR dated October 18, 2019), Hochschild has informed the Company of their termination of the earn-in agreement on the project. The Company is continuing to evaluate the project to decide on next steps.
Following a review of the 2019 drill results (See NR dated October 18, 2019), OceanaGold has informed the Company of their termination of the earn-in agreement on the project. The Company is continuing to evaluate the project to decide on next steps.