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Renaissance Gold agrees amendment to Magna Terra property sale

Renaissance has now agreed to accept $25,000 in cash and 250,000 shares of Magna Terra (approximately $15,000 in value) ..
Renaissance Gold  agrees amendment to Magna Terra property sale
In early 2014, the firm struck a deal to sell AuEx to Magna Terra Minerals Inc for immediate and deferred consideration

Western-US focused prospect generator Renaissance Gold Inc (CVE:REN) announced an amendment to an earlier agreement on the sale of its subsidiary AuEx.

In early 2014, the firm struck a deal to sell AuEx to Magna Terra Minerals Inc for immediate and deferred consideration.

Renaissance has now  agreed to accept $25,000 in cash and 250,000 shares of Magna Terra (approximately $15,000 in value) for a total consideration of $40,000 for the termination of certain rights the company had for future cash payments totalling $80,000.

The group does retain, however, a NSR (net smelter return) on certain properties.

Last month, the firm  outlined the range of progress made in 2017, including drilling at its Nevada projects, which has been financed by mining 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.

Drilling on the Diamond Point project is now complete and was designed to target Carlin-style mineralization under shallow cover, 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.

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