Renaissance Gold Executes Earn-in Agreement with OceanaGold on Its Spring Peak Project
TSX VENTURE: REN
VANCOUVER, BC / ACCESSWIRE / January 25, 2019 / Renaissance Gold Inc. (TSX-V: REN) (OTCQB: RNSGF) ("RenGold" or the "Company") is pleased to announce that it has signed a definitive earn-in agreement with OceanaGold U.S. Holdings Inc. ("OceanaGold"), a subsidiary of OceanaGold Corporation (TSX:OGC;ASX:OGC) on its Spring Peak Project. Upon signing the definitive agreements, OceanaGold paid the Company US$15,000.
Robert Felder, President and CEO, states, "We are very pleased to have a company of the caliber of OceanaGold as our partner on Spring Peak in Nevada, and look forward to a successful working relationship. RenGold continues to maintain a very active exploration program throughout Nevada, and with the addition of this agreement, the Company currently has seven active exploration agreements in Nevada funded by six different partners."
Spring Peak: OceanaGold has the option to earn up to a 51% interest in the Spring Peak Project by spending US$4,000,000 over a five-year period, and making payments to the Company totaling US$215,000. In addition, OceanaGold must spend US$150,000 (committed expenditure) within 12 months of signing the definitive agreement. Upon earning the initial 51% interest, OceanaGold has a one-time option to elect to earn an additional 24% interest on the Spring Peak Project by spending an additional US$6,000,000 over a four-year period from the date of exercise of the Phase II earn-in option.
The Spring Peak Project, Mineral County, Nevada hosts a low-sulfidation epithermal gold system with significant gold (many multi-gram samples, up to 35 g/t) associated with an anomalous pathfinder geochemical signature on surface. The system is fully preserved from surface sinters to basement, contains classic banded veins and quartz after calcite boiling textures. Historic drilling from the 1980s and 1990s consisted of shallow, mostly vertical drill holes, but consistently encountered anomalous gold mineralization, with assays from drill chips up to 1.9 g/t Au. Several targets exist on the property to test for high-grade bonanza veins associated with boiling horizons.
About OceanaGold Corporation
OceanaGold Corporation is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines, New Zealand and the United States. The Company's assets include: the Didipio Gold-Copper Mine on Luzon Island in the Philippines; the Macraes Goldfield Mine on the South Island of New Zealand; the Waihi Gold Mine on the North Island of New Zealand; and the Haile Gold Mine located in South Carolina, United States of America. OceanaGold also has a significant pipeline of organic growth and exploration opportunities in the Americas and Asia-Pacific regions.
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 70 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.
All technical data disclosed in this press release has been verified by RenGold's Qualified Person, Robert Felder, M.Sc. and Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG).
By: Robert Felder, President & CEO
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