FSC / Press Release
Renaissance Gold Announces New Exploration Earn-in Agreement with Sumitomo
Corporation at the Fourth of July Silver-Gold Project, Pershing County, Nevada
White Rock, British Columbia CANADA, June 05, 2014 /FSC/ -Renaissance Gold Inc.
(TSX: REN) ("RenGold") is pleased to announce that it has executed a new
exploration earn-in agreement with Summit Mining Exploration II, Inc.,
("Summit") a US subsidiary of Sumitomo Corporation on the Fourth of July
Project, Pershing County, Nevada.
The Fourth of July Project contains numerous historic silver and gold prospects
including the Arizona Mine that was one of the largest silver mines in the State
of Nevada between 1860 and 1880. Based on geological mapping and sampling
conducted by RenGold the mineral system is believed to be "Orogenic" in genesis
similar to the evolving Spring Valley Project (> 4 Moz. gold, owned by Barrick
and Midway) about 6 miles (10 km) on strike to the south and to the Rochester
deposit owned by Coeur about 10 miles (16 km) south.
The Arizona Mine occurs in a structural graben on the eastern flank of the
Humboldt Mountain Range where historic prospecting and mining focused on
underground flat veins or "reefs". Mining of these veins occurred in the
Triassic age Prida limestone which overlies the Koipato sequence of rhyolitic
flows and tuffs intruded by porphyritic units of similar composition. Historic
mining and exploration appear to have focused on the Prida carbonates and
apparently did not test the underlying unconformity with the Triassic age
Koipato volcanics or the volcanics themselves. The underlying Koipato volcanics
appear to be host for mineralization at Spring Valley and Rochester. Although
the Arizona Mine was last worked in the 1940's, modern sampling within the mine
and nearby has returned assays up to 95.72 ppm gold, 6,006 ppm silver, 6,400
ppm copper, 9,500 ppm lead, and 9,100 ppm zinc from rock chips. In addition,
there is only limited prospecting and mining of the graben bounding faults which
have returned over 1,000 ppm silver in assays from recent rock chip samples.
Commencing immediately, surface mapping and sampling will be carried out to
better define drill targets for an initial phase of drilling envisaged before
the end of the year.
The agreement includes an initial payment to RenGold of US$50,000 with
subsequent anniversary payments of US$50,000 up to a total of US$215,000, the
last payment being US$15,000 to recover costs expended by RenGold. Minimum work
commitments are US$500,000 per year through the eighth year. If Summit has not
completed Bankable Feasibility (BFS) at that time they may extend the option up
through the thirteenth anniversary by paying RenGold US$100,000 per year and
maintaining a minimum US$500,000 per year work commitment. Upon completing BFS,
Summit will have vested a 70% undivided interest in the project.
Richard Bedell, President and CEO of RenGold comments: "We are very happy to be
doing another agreement with Summit Mining and exploring with them further for a
world class deposit in Nevada. There are multiple old mines at the Fourth of
July project with extensive workings. Given the development of the Spring Valley
Project along strike to the south and the ongoing mining at Rochester, Fourth of
July looks like a significant exploration opportunity. Most of the world's gold
production comes from Orogenic type mineral systems and exploration in Nevada
for these systems has been limited."
All 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.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large
portfolio of exploration projects in Nevada, and Utah. 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
For further information, contact:
Richard L. Bedell, 775-337-1545 or email@example.com or Eric Struhsacker,
775-337-1545 or firstname.lastname@example.org
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 the press release as a PDF, please click on the following link:
Source: Renaissance Gold Inc. (TSX: REN) http://www.rengold.com
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-0- Jun/05/2014 11:00 GMT
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