Renaissance Gold Announces Arabia Earn-in Terminated

 

VANCOUVER, BC - Renaissance Gold Inc. reported that Coeur Mining, Inc. has advised the Company that it is withdrawing from the exploration and earn-in agreement dated February 24, 2016, concerning the Arabia exploration property located in Pershing County, Nevada. Assay results from the recently concluded reverse circulation drilling program failed to meet their minimum investment criteria to continue.

The Arabia property comprises 59 unpatented mining claims, 12 patented mining claims (7 of which are owned by the Company), and 299 acres of leased fee land, all totaling in excess of 1,700 acres. Field work completed during the past two years leading to the recent drill program included project wide geologic mapping, rock and soil sampling and gravity and magnetic geophysical surveys. Reverse circulation drilling conducted at Arabia from March 7, 2017 to March 27, 2017 with a total of 7,380 feet of drilling completed in 8 drill holes. Several exploration targets were tested, including those beneath the historic Electric and Montezuma mine workings exploring for extensions of mesothermal quartz veins and stockworks. These and other exploration targets were confirmed but were found to contain lower than expected values. Precious metal values reported from the drilling for 5 foot drilled intervals ranged from less than 0.005 grams/ton to 0.574 grams/ton gold and from less than 0.1 grams per ton to 36.7 grams/ton silver. Other anomalous metals in the drilling included copper (4 to 598 ppm), lead (3 to 5319 ppm), zinc (15 to 2563 ppm), and antimony (2 to 1251 ppm). The best multi-sample drill interval contained 15.08 grams/ton silver over 25 feet using a 10 grams/ton cut-off grade from 0 to 25 feet in drillhole AR-17-07. RenGold is continuing to evaluate the results of the exploration program to determine plans for further activity.