Business
Renaissance Gold Adds Three New Projects to Nevada Portfolio
Mar. 24, 2011 (Filing Services Canada) -- Renaissance Gold Inc. (REN - TSX Venture), ("RenGold"...
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nRenaissance Gold Adds Three New Projects to Nevada Portfolio\n\n Mar. 24, 2011 (Filing Services Canada) -- Renaissance Gold Inc. (REN - TSX Venture), (\"RenGold\" or the \"Company\") is pleased to announce that it has acquired three new exploration projects in Nevada with excellent gold and silver potential. These properties represent the continued growth of proprietary exploration concepts at Renaissance and add materially to the Company's portfolio of new projects.The Broken Hills Project is a silver dominant property located about 40 miles east of Fallon in Mineral and Nye Counties within the Walker Lane mineral belt and contains multi-ounce silver and some gold. During due diligence by Renaissance a surface sample of a half meter wide breccia vein assayed 250.3 parts per million (\"ppm\") silver, 141 parts per billion (\"ppb\") gold and 1.24% lead. This is in an area of old workings following a well mineralized broad structural zone covered in part by post mineral volcanics. There has been no modern exploration conducted on the property. The Company made a $20,000 payment on signing and has continuing annual payments which are creditable against a $1.5 million buyout prior to production. In addition, there is a 3% NSR royalty which can be purchased for $1.5 million.The Fourth of July and Black Canyon Projects are located northeast of Lovelock in the Humboldt Range of Pershing County. The Fourth of July property has extensive workings and development but no modern drilling. Numerous surface samples at the Fourth of July property assayed over 10 ppm gold with one sample assaying over 16 ppm gold. The property is located just north of Midway Gold's Spring Valley project which is under an earn-in option to Barrick Gold Exploration, Inc. The Black Canyon Project is just east of the Florida Canyon gold mine and is well know as a specimen gold locality. Visible gold has been identified in multiple samples and one surface sample from a vein, assayed 239 ppm gold.The Company made a $10,000 payment on signing for each of the Fourth of July and Black Canyon leases and reimbursed a portion of the prior year claim fees. RenGold will make annual advance royalty payments that are creditable against a 3% NSR royalty. RenGold has the option to purchase 1% of the NSR royalty at any time up to the end of the fifth agreement year for a minimu...