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Renaissance Gold to carry out grass roots exploration for Coeur in Nevada

Coeur will pay Renaissance US$250,000 per year for two years to carry out grass roots exploration.

picture of mine drill
Deal covers a number of prospects in Nevada

Renaissance Gold Inc (CVE:REN) has extended its relationship with Coeur Mining Inc (NYSE:CDE) by given the US group first refusal rights over a number of prospects in Nevada.

Coeur will pay Renaissance US$250,000 per year for two years to carry out grass roots exploration.

After that, any project Coeur wants to go forward with will require exploration spending of up to US$3mln over three years for a 70% stake.

Ronald Parratt, Renaissance’s chief executive, said: “We are very excited to have a growing relationship with such a strong company as Coeur.

“Not only are they funding exploration of our Arabia project but are now willing to also finance grassroots exploration.”

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