Renaissance Gold Signs Agreement with Newmont Mining to Expand Its Ecru Project, Lander County, Nevada
TSX VENTURE: REN
White Rock, British Columbia (FSCwire) - Renaissance Gold Inc. TSX.V:REN (“RenGold” or the “Company”) is pleased to announce it has entered into a mining sublease agreement with Newmont USA Ltd. (“Newmont Lease”) covering approximately 1120 acres of mineral rights adjacent to Company’s controlled claims on its Ecru Project, Lander County, Nevada. The Ecru Project is located in the Cortez area on the prolific Battle Mountain-Eureka trend of gold deposits.
Robert Felder, President and CEO states, “We are very pleased to have completed the Newmont Lease and bring this prospective ground into our project. We are now in a position to most effectively test the targets on the project, exploring for Carlin-type gold mineralization in this world class district.”
The Newmont Lease is for a period of 10 years, with an option to extend the lease for an additional 5 years, and then indefinitely so long as mining, development or processing operations are being conducted on the property on a continuous basis. RenGold is required to make annual payments to Newmont which will be deemed advance royalty payments to be offset against any future royalty obligations in the event of a mine being developed. Newmont holds a 0.875% net smelter return (NSR) on the leased ground.
The Newmont Lease area lies within the area of interest of an investment agreement with S2 Resources Ltd. (the “Investment Agreement”) (see NR dated July 31, 2017), and will be included in the existing earn-in terms of that agreement. S2 will be responsible for maintaining the Newmont Lease during the term of the Investment Agreement.
The existing geophysical coverage (gravity and audiomagnetotellurics (AMT)) will be extended over the Newmont Lease ground in the coming weeks to provide maximum data for the siting of the planned initial deep stratigraphic/reconnaissance drilling, which is planned for Q4, 2018 over the now expanded Ecru property.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a western US focused prospect generator utilizing a joint venture business model. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire high quality precious metal exploration projects that are then offered for joint venture to industry partners who provide exploration funding. RenGold maintains a large portfolio of gold and silver exploration properties and has entered into over 60 exploration agreements including those as its predecessor, AuEx Ventures Inc., and those from Kinetic Gold. RenGold’s objective is to place its projects into exploration agreements, testing as many drill targets as possible and providing maximum exposure to success through discovery.
By: Robert Felder, President & CEO
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