Renaissance Gold Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended September 30, 2013
Nov 13 13
Renaissance Gold Inc. announced unaudited consolidated earnings results for the first quarter ended September 30, 2013. For the quarter, net loss was $868,521 against $1,444,628 a year ago.
Callinan Royalties Corporation Signs Exploration Alliance Agreement with Renaissance Gold Inc
Oct 24 13
Callinan Royalties Corporation announced that it has signed an Exploration Alliance Agreement with Renaissance Gold Inc. The purpose of the Agreement is to fund prospect generation activities in order for RenGold to attract joint venture partners to projects, while allowing Callinan to generate and acquire royalties. The initial geographic focus will be southern Nevada but may expand to other jurisdictions. The Agreement will be for an initial three year term and calls for Callinan to fund $150,000 of generative exploration during the first year of the Agreement with the option to fund up to $100,000 in each of the two subsequent years. In return for such funding, RenGold will grant Callinan the option to receive a 0.5% Net Smelter Returns royalty on any new projects acquired as a result of the generative exploration work. Alternatively, Callinan has the option of funding an additional $150,000 on any of the new projects in exchange for a 1.5% NSR royalty. If RenGold proposes that additional value can be generated after spending $150,000, Callinan may elect to contribute subsequent funding with RenGold on an equally shared basis with no change to Callinan’s royalty interest. RenGold may also propose exploration on RenGold’s existing mineral properties. Callinan will have the option to fund $150,000 in exploration on those projects in return for a 1.5% NSR royalty.
Renaissance Gold Inc. Announces Results of Recent Mapping and Rock Chip Sampling at Everson Gold Deposit at the Buffalo Canyon Project, Nye County, Nevada
Oct 22 13
Renaissance Gold Inc. announced the results of recent mapping and rock chip sampling support new targets with the potential to significantly expand the Everson Gold Deposit at the Buffalo Canyon Project, Nye County, Nevada. RenGold acquired the property when it became open to staking in late 2012. Based on 40 reverse circulation drill holes in an area 500 meters by 600 meters (about 1,640 by 1,970 feet), the potential quantity of gold in the Everson target area is about 350,000 ounces. This estimate is based on a range from 25,000,000 to 26,000,000 tons at a grade from 0.012 to 0.013 ounces per ton (0.373 to 0.404 grams per ton). The potential quantity and grade is conceptual in nature, and as there has been insufficient exploration to define a mineral resource it is uncertain if future exploration will result in the target being delineated as a mineral resource. The Everson Deposit is adjacent to the RenGold Buffalo Canyon Project, which reported gold intersections in 8 of 18 drill holes, including 4.6 m of 1.896 g/t Au (15 feet of 0.055 opt, RenGold press release dated March 26, 2012). The gold mineralization of the Everson Deposit was discovered by Goldfields Corporation ("Goldfields") in the course of a regional stream sediment survey in 1992. Further surface mapping, rock chip and soil sampling, and drilling by Goldfields, Santa Fe Pacific Mining Inc., and Nevada Pacific Gold Ltd. confirmed the presence of an intrusion-related gold system hosted by Triassic meta-sedimentary and meta-volcanic rocks and a suite of dioritic to felsic intrusions of unknown age. The trace element suite zoned in and around the mineralized system includes elevated bismuth, tellurium, copper, and molybdenum, a suite often found in intrusive-related gold systems. Low primary magnetite and low magnetic susceptibilities suggest that the intrusions are reduced in oxidation state, and thus belong to a class of intrusion known to be associated with productive gold systems located elsewhere in Nevada and along the North American Cordilleran from Mexico to Alaska. A detailed ground magnetic survey spanning the entirety of the Buffalo Canyon area shows that a magnetic high forms a 1.8 km-diameter annulus around the intrusive complex at the Everson Deposit. Surface and drilling data indicate that the magnetic high is generated by a broad zone of pyrrhotite that formed within and outward from the gold-enriched zone. The pyrrhotite zone extends northward about 600 meters (2000 feet) beyond the exposed intrusions, indicating that the majority of the intrusive complex remains unexposed and unexplored at shallow to moderate depths. Recent rock chip sampling by RenGold has provided multigram gold assays over the remainder of the magnetic anomaly untested by drilling. A map showing new rock chip sample locations relative to the magnetic anomaly and historical drilling has been posted with the project summary on the website. Each of the previous exploration companies drilled holes yielding lengthy intercepts of low grade gold mineralization. Notably, Nevada Pacific Gold reported in a news release dated August 31, 2005, that 8 of 23 drill holes yielded intercepts exceeding 150 meters at grades of about 0.3 grams per tonne (>500 feet of 0.01 opt) and that 7 of these holes were in mineralized rock at their bottom. Drill holes as reported are not necessarily true widths. The historical drill holes are concentrated at the southern end of a soil gold anomaly exceeding 16 ppb that extends northeastward for about 1000 meters (3200 feet) along the range front. The area of concentrated drilling lies with a large coherent zone of soil samples exceeding 64 ppb that appears to be derived from a broad zone of intense stockworks of amphibole+albite veinlets cut by quartz+tourmaline veinlets. Numerous drill holes collared in mineralization and lengthy mineralized road cuts demonstrate that erosion of the mineralized zone at the surface has produced the broad soil anomaly. Recent confirmation mapping and sampling by RenGold indicates that several steeply-dipping, northwest-striking normal faults cut across the northeast trend of the soil and rock chip anomalies and appear to have faulted the gold system down toward the northeast. This structural setting presents the possibility that the gold-bearing stockwork system exposed in the southern part of the prospect is preserved at depth in a northeastward extension. In addition, the large magnetic anomaly indicates that the causative intrusion for the gold system is not exposed at surface in this area, and that significant zones of gold mineralization, perhaps of higher grade, could lie along the intrusive contact at depth, a setting seen at other productive intrusive-related gold systems in Nevada.