RENO, NV / ACCESSWIRE / April 21, 2015 / Renaissance Gold Inc. (REN.TO) ("RenGold") announces that as a result of a technical disclosure review by the British Columbia Securities Commission ("BCSC"), it wishes to retract certain mineral estimates made in the Company's corporate presentation dated May 12, 2014 viewed by the BCSC on the Company's web site on February 20, 2015 (the "Presentation") and on the Company's website.
In respect of the Trinity Silver project, the Company wishes to retract the estimates of contained metal in the Presentation and cautions investors not to rely upon them. The Trinity oxidized and un-oxidized silver, lead, and zinc resources are listed in Table 1.1 and are supported by a technical report filed on the Company's profile on www.sedar.com on April 18, 2011. All of the Trinity mineral resources are classified as Inferred.
Note: The oxide resources are tabulated using a cutoff of 0.65 oz Ag/t, which was derived using a $17 per ounce silver price (three-year average) and a 75% heap-leach recovery factor. For the sulfide mineralization, a 1.30 oz/ton Ag-equivalent cutoff is used assuming 90% recovery by flotation of the silver, lead, and zinc, and metal prices of $17 per ounce for silver and $0.80 per pound for both lead and zinc. The cutoffs envision potential mining by open-pit methods.
In respect of the Everson Deposit within the Buffalo Canyon project, the Company wishes to retract and clarify the estimates of tonnes, grade and contained metal in the Presentation and on its website under the subheadings, Exploration, Nevada/Utah Properties, Intrusion Related Gold Deposits, Buffalo Canyon, and cautions investors not to rely upon them. As announced by the Company on October 22, 2013, the Company acquired the Everson Gold deposit adjoining the Company's Buffalo Canyon 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 from about 300,000 ounces to 338,000 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 reported 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.
In respect of the Fireball Ridge project, the Company wishes to clarify the estimates on the Company's website of tonnes, grade and contained ounces under the subheading Exploration, Nevada/Utah Properties, Low Sulphidation Epithermal Gold Deposits, Fireball Ridge. The Company was referring to a report prepared in March 1988 by Mike Easdon for Interaction Resources Ltd. ("INR"). INR drilled 22 "percussion" holes in early 1988 following 47 by Cominco American Resources International (CARI) in 1985 and 28 holes by Eagle-Picher Industries (EPI) in 1983. Easdon reported that blocks were drawn around mineralized intervals and the volume of the block calculated by multiplying its panel area by one half the distance to the adjacent panels. Grades were calculated by averaging the metalized interval in each drill hole and then combining the weighted averages for all drill holes in a block. Overall tonnage and grade was calculated using a weighted average for each panel. A density factor of 13 cubic feet per ton was used. A metalized block containing 258,000 tons at a grade of 0.032 oz Au/ton was estimated. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
Qualified Person
All data disclosed in this press release, including sampling, analytical data, have been reviewed by the Company's qualified person Mr. Richard L. Bedell, M.Sc., and Registered Professional Geologist as recognized by the Society for Mining, Metallurgy and Exploration.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects, now focused mainly in Nevada and Utah. RenGold's objective is to place the projects 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 rbedell@rengold.com
Eric Struhsacker
775-337-1545 or estruhsacker@rengold.com
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.