Renaissance Gold Generates New Royalty on Its South Roberts Project in Nevada
VANCOUVER, July 30, 2020 - Renaissance Gold Inc. (TSXV:REN)(OTCQB:RNSGF) ("RenGold" or the "Company") is pleased to announce that it has entered into a Purchase Agreement ("Agreement") with a private US Company on its South Roberts Project in Eureka County, Nevada. RenGold will transfer 100% interest in the South Roberts property in exchange for a 1% net smelter return royalty (NSR) interest on any future production from the "SR" claims and a 0.5% NSR interest on any future production from the "RW" claims (Figure 1).
South Roberts Property
The South Roberts Project, Eureka County, Nevada lies on the Battle Mountain-Eureka trend of world class gold deposits, approximately 10 km. to the southeast of McEwen Mining's Gold Bar Mine (Figure 1). The project targets concealed Carlin-type gold mineralization occurring along major crustal structures and hosted in favorable lower-plate carbonate stratigraphy. The project has been explored in two prior earn-in agreements with McEwen Mining (NYSE;TSX.V:MUX) and S2 Resources Ltd. (ASX:S2R). Both former partners explored the property with geophysics and drilling, and collectively completed 4 reverse circulation and 5 core holes. Drilling encountered collapse breccia textures, decalcification and minor silicification with anomalous arsenic, antimony, mercury and gold in upper plate siliciclastic rocks and at the unconformity between the Mississippian Webb Fm. and the Devonian Devils Gate Limestone, a favorable host horizon at the Rain deposit on the Carlin Trend and the nearby Afgan deposit. These results may represent a distal signature of Carlin-type mineralization on this contact. The most favorable Devonian host stratigraphy has not been adequately drill tested, and provides an opportunity for a world class discovery.
All technical data disclosed in this press release has been verified by RenGold's Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist (#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. On June 10, 2020, the Company announced a merger-of-equals combination with Evrim Resources Inc. to form a new exploration and royalty business named Orogen Royalties Inc. ("Orogen"). Orogen will focus on project generation as has been the history of both Renaissance and Evrim but with a renewed focus on organic royalty creation and royalty acquisition. Underpinning Orogen's royalty portfolio is the Ermitaño West gold deposit in Sonora, Mexico (2% NSR) being developed by First Majestic Silver Corp. and planned to be in production in 2021, and the Silicon gold project (1% NSR) in Nevada, USA, being advanced by AngloGold Ashanti NA. The transaction is expected to close around August 18, 2020, subject to shareholder and regulatory approval. Shareholders are reminded to vote their securities in advance of the Company's upcoming special meeting on August 12, 2020.
By: Robert Felder
President & CEO
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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.