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Renaissance Gold nudges higher as it expects drill testing at six projects this year

The Jupiter project in Nye county, Nevada, is subject to an earn-in agreement with Ramelius Resources.
Renaissance Gold nudges higher as it expects drill testing at six projects this year
Renaissance Gold describes itself as a prospect generator company

Shares in prospect generator firm Renaissance Gold Inc (CVE:REN) nudged over 4% in early deals as it outlined a very productive 2017 and said it hopes to see at least six projects drilled by partners again in 2018.

That was the number of projects drill tested in 2017 after the group completed ten key deals and completed two private placings, which bought C$2.2mln into the firm.

READ - Renaissance Gold says Buffalo Canyon drill results underline potential

The company also completed the acquisition of Kinetic Gold Corp, which marked a "significant evolution" in the project portfolio and management, it said.

The Pluto project in Nevada, operated by a subsidiary of S2 Resources Ltd, is subject to an earn-in deal - the first of three with S2.

It contained an exciting target concept with strong support from gold assays on the surface, explained Robert Felder, Renaissance's president and chief executive.

"....however, the drilling and downhole gold assays did not substantiate the geologic and target model as we had hoped," he added.

"We very much look forward to continuing to work with them (S2) as we go forward into 2018. Our outlook for the coming year is very optimistic.

"We have ramped up our joint venture business activities significantly and now have 11 of our projects in deals with partners.

Felder added: "We continue our project generation work and are always marketing to bring in new partners to fund exploration on our properties. Based on current deals in place, the company expects to see at least six projects drilled by partners again this year."

READ - Renaissance Gold advances as Couer Mining options into Cine Mountain project

Meanwhile, the group's Jupiter project in Nye county, Nevada, is subject to an earn-in agreement with Ramelius Resources.

Ramelius completed a phase 1, seven-hole reverse circulation (RC) drilling program in December, representing a preliminary test of two target areas.

Samples were submitted late last month, and results will be released when available, the firm said.

Shares in Toronto rose 4.08% to C$0.26.

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