Renaissance Gold inks earn-in deal with OceanaGold for Fat Lizard project, Nevada

Renaissance Gold Inc (CVE:REN) (OTCQB:RNSGF) has struck an earn-in agreement with mid-tier miner OceanaGold for the former’s Fat Lizard project in Nevada.

OceanaGold has the option to earn up to a 51% interest in the project by spending US$3 million over five years and making payments to Renaissance of US$225,000.

In addition, OceanaGold must spend US$250,000 within 12 months of signing the definitive agreement.

Upon vesting, OceanaGold has a one-time option to earn a further 24% of Fat Lizard by spending a further US$5 million over four years from the date of exercise of the Phase II earn-in option.

In January this year, the firm announced an earn-in deal with OceanaGold for its Spring Peak gold project, also in Nevada.

“We are very pleased to have completed a second earn-in agreement with OceanaGold,” said Robert Felder, president and CEO of Reno-based Renaissance. “They have a proven track record and are very active in Nevada and are a welcome addition to our list of partners. RenGold continues to maintain a very active exploration program throughout Nevada, and with the addition of this agreement, the company currently has eight active exploration agreements in Nevada funded by six different partners.”

Fat Lizard in Nye county consists of a gold and silver bearing volcanic-hosted, low-sulfidation epithermal system.

Mineralization occurs along a 1.2 km long mineralized fault zone and is open to the west. The firm says potential Au-Ag-rich (gold-silver) mineralization may occur at relatively shallow depths within a boiling horizon. This prospect has never been drilled.

Story by ProactiveInvestors