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Renaissance Gold says Buffalo Canyon drill results underline potential

Five holes were sunk aimed at testing several targets, both for the lateral and vertical expansion of known mineralization..
Renaissance Gold says Buffalo Canyon drill results underline potential
The Buffalo Canyon project is in Nevada

Shares in prospect generator firm Renaissance Gold Inc (CVE:REN) nudged higher as it unveiled encouraging drill assays from the Buffalo Canyon project in Nevada.

The site is the subject of an earn-in deal with mining major Kinross Gold, which can  earn a 70% interest in the Spruce East, Diamond Point, and Buffalo projects in the US state within 10 years.

Five holes were sunk aimed at testing several targets, both for the lateral and vertical expansion of known mineralization found around the so-called Everson deposit and to explore for higher-grades.

Renaissance noted that long runs of mineralisation were hit, for example 79.2 metres (m) at 0.35 g/t (grams per ton) gold, and 47.2m at 0.28 g/t.

One hole hit gold north of the known system which increases the mineralized footprint, the group also noted.

That hole yielded 1.5 m of 5.34 g/t  of the yellow metal, which is the highest-grade intercept in the Everson deposit to date.

"We are encouraged by the results of this program, indicating significant expansion potential of the known mineralization as well as encountering higher gold grades within thick intervals of the lower-grade mineralization," said Robert Felder, president and chief executive.

"The potential to expand this deposit under cover and potentially drill into the uneroded part of the intrusive could represent a significant breakthrough for the project."

Shares in Renaissance nudged 2.22% higher at C$0.23 each.

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