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Renaissance Gold advances as Couer Mining options into Cine Mountain project

Upon signing, Coeur made a one time payment to the firm of US$50,000, Renaissance said.
Renaissance Gold advances as Couer Mining options into Cine Mountain project
Cine Mountain and F2 graben are in Nevada - currently a mining hotspot

Prospect generator firm Renaissance Gold Inc (CVE:REN) saw shares add over 4% in Toronto as it outlined recent progress and said it had struck an option deal on the Cine Mountain project in Nevada.

The agreement grants Coeur Mining ( a subsidiary of Couer Explorations Inc) the option to acquire a 70%  stake in the project by spending US$3mln over three years, with a minimum annual work commitment of US$250,000.

Upon signing, Coeur made a one time payment to the firm of US$50,000, Renaissance said.

The project consists of 177 unpatented claims and covers a large area of precious metal bearing jasperoids, mainly in Devonian and Mississippian carbonate and clastic host rocks.

The group said that 109 surface samples taken from the project range in grade from below detection limit up to 10.4 g/t (grams per ton) of gold, including several samples in excess of 1 g/t of the yellow metal.

Interpretation of the rock chip geochemistry suggests the possibility of two geochemical signatures - one characterized by gold, silver, aresenic, antimony -  with a second being silver, lead, zinc and antimony and copper, similar to the nearby historic Tybo district.

Also in today's update, Renaissance said it had staked claims on a new project called the F2 graben, covering a new gold exploration target in Pershing County, Nevada.

The target model resembles the geologic setting of the high-grade Sleeper gold mine, which lies around 75 km to the north in Humboldt County.

"We are very pleased to have Coeur as a partner in exploration, both through the generative alliance and now as an exploration partner on Cine Mountain," said Robert Felder,  Renaissance's president and chief executive.

"We look forward to continuing this productive relationship. This earn-in agreement with Coeur brings the company to eleven properties in deals and funded by partners.

"We are also happy to announce two new projects coming out of our generative program this year and to have already placed one in a deal with Coeur."

Ronald Parratt, the executive chairman, added: "I'm pleased to see Renaissance so effectively executing its prospect generator/joint venture model.

"The company has meaningfully ramped up its exploration drilling in 2017 and will again in 2018. A strong generative program and effective marketing for new partners will help sustain this effort and improve our chances for a new discovery."

Shares in Toronto added 4.17% to stand at C$0.25.

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