Renaissance Gold Inc (CVE:REN) (OTCQB:RNSGF), the Western-US focused prospect generator, told investors it would finish the year having completed drilling on five partner-funded projects as it updated on the 2019 field season.
"We anticipate steady news flow coming out of drilling programs in the coming months and we remain optimistic about our discovery opportunities," said Robert Felder, the group's chief executive.
At the Mars project in Nevada, where it has an earn-in agreement with Hochschild Mining, and where RenGold is the operator, a ten-hole, 2,320 meter reverse circulation (RC) drill program was completed earlier this month.
At the Silicon project in Nevada, subject to an option to a purchase deal with AngloGold Ashanti, AngloGold carried out drilling through May and so far has completed 28 holes totaling 11,156 meters and 19 core holes totaling 7,863 meters. AngloGold is currently working to obtain a plan of operations permit to allow further drilling.
The Jupiter project, also in Nye County, Nevada is subject to an earn-in agreement with Ramelius Resources Ltd and the third drill campaign under the deal began in mid-October is designed to test "Long Canyon-type" targets occurring along the Cambrian-Ordovician unconformity.
At the Ferguson mountain property, Nevada, where Renaissance is also the operator and which is also an earn-in deal with Hochschild, a seven-hole, 1,415 meter (4,640 feet) reverse circulation (RC) drill program was completed last month, testing several favorable targets but no reportable intercepts were encountered in the drilling. Results are being reviewed with Hochschild to determine the next step.
OceanaGold, at the Fat Lizard project, also in Nevada, a three-hole drill program was completed last month but no reportable intercepts were encountered and the results are being reviewed with OceanaGold to determine the next step for this project.
Renaissance Gold noted that some of its previously announced planned drill programs have been rescheduled into 2020 and that it had been active generating new sites.
Three new projects have been advanced through target generation and are now being actively marketed, it added. These are Baby Doe in Esmeralda County, Nevada, which consists of 84 unpatented mining claims and where the company is currently seeking a funding partner.
At the Ted project (23 claims), it is also looking for a funding partner, as it is too at the McDo project in Oregon, which consists of 53 unpatented mining claims.
Meanwhile, drilling at Spring Peak (earn-in with OceanaGold Corp) has been rescheduled for Q2/Q3, 2020, the firm said, while at Ecru, which is subject to an earn-in agreement with a wholly-owned subsidiary of S2 Resources, the latter is now in a position to test several targets spanning both known deposit styles within the project area with drilling planned in 2020.
The Jake Creek project is subject to an earn-in agreement with Ginguro Gold Pty. Ltd, which requires a minimum expenditure from the latter by the next anniversary of April 17, next year.
Ginguro has informed RenGold that it is finalizing a drill program, which will satisfy the expenditure commitment, before that date.
Shares added 4.62% to stand at C$0.34 each in Toronto.
Contact the author at firstname.lastname@example.org