RENO, NV / ACCESSWIRE / September 14, 2015 / Renaissance Gold Inc. (REN.TO) ("RenGold") is pleased to announce that they have acquired an advanced stage project in the core of the famous Carlin Trend in Nevada. The Maggie Creek property was acquired from Wolfpack Gold (Nevada) Corporation in exchange for a one percent royalty that can be bought down at any time for US$1.5 million. The Maggie Creek property is also subject to an underlying two percent royalty to Golden Predator US Holding Corp.
The Maggie Creek Project lies adjacent to Newmont's Gold Quarry operations which, between 1981 and 2011, produced 469 tonnes of gold and is still in operation. The Maggie Creek Project lies on the probable NE projection of the Chukar-Alunite Fault mineralized zone exploited in the Gold Quarry Mine and the SE projection of the Castle Reef Fault zone from the Leeville Mine. The property consists of about 1775 acres in 102 BLM claims. Historical drilling has intersected gold mineralization in the upper plate of the Roberts Mountain Allocthon that ranges in-grade from below detection limit to more than one gram in numerous drill holes. RenGold has very specific mapping objectives that will be used to model the drilling in 3D and hopefully define highly productive targets in the lower plate of the allocthon, or structural zones in the upper plate, within the Carlin Trend.
Richard Bedell, President and CEO of RenGold, comments: "If one can muster optimism in this market, this is it. This last down turn in the market has provided a number of high growth opportunities and RenGold is acting on this opportunity. RenGold's conservative approach to fiscal discipline has allowed us to conserve our cash treasury and to survive in this market with a tight share structure, low burn rate and zero debt in order to be in a position to act on these opportunities."
Qualified Person
All technical data, as disclosed in this press release, has been verified by the Company's qualified persons Richard L. Bedell, M.Sc. and Certified Professional Geologist and Eric M. Struhsacker, M.Sc. and Certified Professional Geologist.
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.