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Renaissance Gold hails encouraging results from Spruce East drilling

In February, Renaissance inked a letter of intent (LOI) with Kinross Gold USA Inc..
Renaissance Gold hails encouraging results from Spruce East drilling
Renaissance Gold Inc is a western US focused explorer

Prospect generator firm Renaissance Gold Inc (CVE:REN) updated on drilling at its Kinross earn-in projects in Nevada, where notably it said results from Spruce East were encouraging.

The group has now completed drilling on the Spruce East, Diamond Point and Buffalo Canyon projects.

In February, 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 these three exploration projects within 10 years.

At Spruce East, in one hole 10 feet (three metres) of 0.61 g/t (grams per ton) of gold was hit from 535 feet to 545 feet.

This gold is associated with a 30 meter (m) thick zone of anomalous geochemistry from 500 feet to 600 feet (152 m to 183 m), which averages 0.19 parts per million (ppm) gold and 0.9 ppm silver, 668 ppm arsenic, 0.4 ppm mercury, 56 ppm antimony, and 3.6 ppm titanium.

All this defines a Carlin-like geochemical cell on the project which remains open and minimally tested, Renaissance said.

At Diamond Point, six reverse circulation (RC) drill holes have been completed but no significant multi-sample gold intervals were intersected.

At Buffalo Canyon, five RC holes were sunk, three of which hit thick zones of altered biotite hornfels containing abundant quartz tourmaline veining, which is characteristic of known gold mineralization on the project.

"We are pleased to be progressing in our planned, partner funded drill programs, beginning with the Kinross projects," said Robert Felder, Renaissance's president.

"The results from Spruce East are encouraging in that they have identified a significant Carlin-type alteration system and encountered several intercepts of anomalous gold mineralization that remains open.

"We are also very excited to begin drilling on both Pluto and Jupiter, two new high quality projects containing multiple targets which have never been drill tested.

"This level of activity and the drill testing of several projects per year is exactly what a prospect generator needs to do to achieve the ultimate goal of making a significant discovery for shareholders."

The Pluto project lies in Lander county, Nevada, and is one of three properties under earn-in agreements with S2 Resources Ltd.

Drilling has started and the initial program is designed to test for Antler Sequence hosted gold-silver mineralization beneath the Golconda Thrust.

The Jupiter project is in in Nye county, Nevada, and is under an earn-in agreement with Ramelius Resources Ltd.

Renaissance has already defined several new and untested drill targets, many of which are in same geologic environment as Newmont's Long Canyon gold mine. Drilling is expected to begin in the fourth quarter of 2017.

Renaissance  Gold shares in Toronto eased 3.03% to C$0.32 each.

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