Jan 14 2011
Renaissance Gold Inc. (TSX VENTURE:REN) has reported that reverse circulation drilling has intersected Carlin-type gold mineralization on the Company's Reef gold exploration property located in the Pancake Range, White Pine County, Nevada.
Golden Dory Resources Corp. designed and funded the drilling program as part of an exploration earn-in agreement with RenGold, which provided on-site supervision and logistical support. The sixth of six reverse circulation drill holes in a 4723 foot (1440 meter) program intersected anomalous gold mineralization ranging from 47 to 155 ppb at 540 to 570 feet of depth in variably silicified and brecciated limestone of the Devonian Devils Gate Formation. Broad intervals of strong bleaching, silicification, and iron oxides in the other five holes provide evidence of an extensive hydrothermal system. The anomalous interval with associated alteration, comprised of six samples five feet (1.52 meters) in length, suggests the presence of a blind zone of Carlin-type gold mineralization located near the top of the Devils Gate.
The drill program tested two target objectives: Carlin-type mineralization at the contact of the Mississippian-Devonian Pilot Shale and the Devonian Devils Gate and polymetallic lead-zinc-silver-gold mineralization along the east-west striking Black Horse fault zone. Shallow angle drill holes across the Black Horse fault failed to intersect extensions to depth of robust mineralization obtained in surface sampling of silicified Mississippian Joanna Limestone. However, ample room remains on the property to conduct follow-up drilling for Carlin-type mineralization. The drill holes completed to-date test a part of the western limb of an anticline that plunges southward from the adjoining Pan property where Midway Gold Corp. is delineating and developing the Pan gold deposit hosted by Devils Gate Formation. Fractures in the axial zone and eastern limb of the anticline are prospective areas for drilling at Reef as is the remainder of the west limb.
Under the terms of the August 12, 2010 earn-in agreement, Golden Dory is required to expend a minimum of US$2,850,000 within a 7 year period and complete a bankable feasibility study to earn an undivided 70% interest in the Reef property. If Golden Dory elects to terminate its interest without vesting, but has expended US$5,000,000, it shall be entitled to a 3% NSR capped at twice its expenditure. Golden Dory is the operator but RenGold will conduct the bulk of the work under a work agreement funded by Golden Dory.
ALS Chemex of Reno, Nevada performed gold analyses by fire assay and ICP analysis for 51 additional elements. All drill samples were collected following standard industry practice and assayed by ALS Chemex of Reno, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. QA/QC included the insertion of numerous standards and blanks into the sample stream.
All data disclosed in this press release, including sampling, analytical and test data, have been reviewed by the Company's qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist as recognized by the American Institute of Professional Geologists.
Source: Renaissance Gold Inc.