Western-US focused prospect generator Renaissance Gold Inc (CVE:REN) has outlined the broad range of progress made, including drilling at its Nevada projects, which has been financed by major Kinross Gold USA Inc.
As reported in February this year, Renaissance inked a letter of intent (LOI) with Kinross Gold USA Inc (NYSE:KGC), which could grant Kinross the option to acquire a 70% interest in the Spruce East, Diamond Point, and Buffalo Canyon exploration projects in Nevada within 10 years.
Assays pending at Diamond Point...
Drilling on the Diamond Point project is now complete and was designed to target Carlin-style mineralization under shallow cover, Renaissance said today, with assays pending, while RC (reverse circulation) drilling at Spruce East is now underway.
Meanwhile, RC drilling at Buffalo Canyon will test for intrusion-related mineralization laterally and below historic drilling which intercepted long runs of low-grade gold mineralization, the mining group added.
Elsewhere, a 200m x 400m gravity survey was recently completed at its 100% owner Wood Hills South project in Nevada, which mapped a distinct, northeast-trending horst block.
The firm is currently conducting additional gravity and magnetic surveys on other early-stage exploration targets as part of its ongoing target generation efforts.
Renaissance's president Robert Felder said: "We are pleased to see the start of drilling on our projects and look forward to getting a number of targets drilled during the remainder of 2017 and more in 2018.
"We are also making good progress on our generative exploration program with the aim to continue generating new high-quality projects while a good portion of our existing portfolio is getting drill tested."
In May this year, the group bought Kinetic Gold Corp via a share purchase deal and today Renaissance Gold chairman and chief executive Ronald Parratt said: "Our integration with Kinetic Gold has progressed seamlessly in terms of people and projects and has accelerated our joint venture business model with several new agreements, active project work, and importantly, new project generation.
"We are looking forward to a highly productive next 12 months and have activities underway to keep up the momentum well into 2018."
Renaissance Gold shares added 2.38% to stand at C$0.43 each.