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Renaissance Gold in strong financial position for further exploration in Western USA

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Renaissance Gold Inc (CVE:REN) (OTCQB:RNSGF), the Western-US focused prospect generator, said it expects to carry out exploration programs for the next two to three years without needing further financing as it updated on partner-funded projects for this season.

At the Mars project in Nevada, where it has an earn-in agreement with Hochschild Mining, the firm is the operator and recently completed a 746-sample soil geochemical survey covering several targets. A 2,400-meter reverse circulation (RC) program is scheduled to begin in late third quarter.

READ: AngloGold Ashanti sticks with Renaissance’s Silicon project with second payment on option agreement

At the Ferguson mountain property, Nevada, where it is also the operator and which is also an earn-in deal with Hochschild, it has defined some new structural targets which will be tested with a 1,500-meter reverse circulation drill program to begin early in the third quarter.

As reported last month, Renaissance received a US$300,000 payment from mining titan AngloGold Ashanti (NYSE:AU) to maintain its option on its Silicon project in Nevada for the third year.

The latter can now choose to pay an additional US$2.4 million by June 21, 2020 to acquire a 100% interest in the project. Following completion of the purchase option, RenGold would retain a 1% net smelter return (NSR) royalty on future production.

“The company is currently in a strong financial position and anticipates another year of significant partner funded exploration and drilling,” said Robert Felder, CEO at Renaissance Gold on Thursday.

“Following our recently closed private placement with Altius Minerals and the recent payment received from AngloGold Ashanti to maintain their option on the Silicon project, we are well positioned to be able to carry out exploration programs for the next two to three years without the need for additional financing. RenGold occupies a unique niche in this jurisdiction in terms of levels of activity, partner funding and history of successes, and we are proud to be the premier prospect generator in Nevada.”

At the Spring Peak project, Nevada, which is an earn-in agreement with OceanaGold Corp, the latter is the operator and planned is a four-hole, 2,000-meter oriented core drilling program for the third quarter. A permit application (Plan of Operations) has been submitted to the US Forest service.
OceanaGold, at the Fat Lizard project, also in Nevada, is planning a three-hole, 1,240m core drilling program to begin later this month (June), which will be the first drill program ever on the Fat Lizard project.

Fall program planned

At the Jake Creek project in Nevada (earn-in with Ginguro Gold), Ginguro has recently completed a soil survey and is planning a program of drilling, scheduled to begin in the Fall.

At the Ecru project in Nevada,  the operator is S2 Resources. Subject to a satisfactory magnetic survey and receipt of all pending data, a second drill program is tentatively planned for the third quarter, revealed RenGold.

At the Jupiter project in Nevada, where the earn-in partner and operator is Ramelius Resources, the latter can earn 75% by spending US$3 million over five years, currently ending in June 2022. Ramelius is designing a third round of drilling to possibly begin in the third quarter.

In addition, Renaissance noted that in the past year, it has generated three new projects and aims to keep actively pursuing new, quality discovery opportunities to benefit both investors and industry partners.

Contact Giles at [email protected]

Follow him on Twitter @Gile74

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/222512/renaissance-gold-in-strong-financial-position-for-further-exploration-in-western-usa-222512.html
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