White Rock, British Columbia CANADA, March 26, 2012 /FSC/ - Renaissance Gold Inc. (REN - TSX), ("RenGold") is pleased to announce the completion of drilling at its Buffalo Canyon gold exploration project, northwestern Nye County, Nevada. The drilling program funded by Eldorado Gold Corp. (ELD:TSX) included 14 reverse circulation drill holes totaling 9,909 feet and 4 diamond core holes totaling 2,324.2 feet.
A number of intervals are noteworthy on this target rich project area including gold intervals of 50 feet of 0.012 opt, 35 feet of 0.018 opt, 25 feet of 0.015 opt, 15 feet of 0.055 opt, and others as reported in the table below. These are considered significant intercepts for a first round of drilling. Multiple targets with up to half ounce gold at surface remain to be drilled.
This project adjoins the historic mining camps of Berlin and Ione in the Union Mining District where high-grade mesothermal quartz veins and quartz-adularia veins were mined for gold and silver in the 19th and 20th centuries. Exploration work at Buffalo Canyon since 2003 has defined five distinct gold target types as listed below:
1) Jasperoid replacing Triassic limestone
2) Tourmaline stockwork and related skarn within and marginal to felsic and intermediate intrusions
3) Mesothermal quartz veins distal from intrusions
4) Epithermal quartz-adularia stockwork
5) Magnetite skarn within and adjacent to granodiorite intrusions.
Rock chip surface samples of quartz-tourmaline veins have yielded multi-ounce gold assays and samples of jasperoid have yielded multi-grams gold assays.
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Hole From To Interval Au Interval Au Target
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Name (feet) (feet) (feet) opt (meters) g/t Type
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BCR-01-11 950.0 960.0 10.0 0.004 3.0 0.136 Mesothermal
quartz vein
BCR-02-11 235.0 265.0 30.0 0.008 9.1 0.279 Mag high
anomaly
BCR-03-11 285.0 295.0 10.0 0.006 3.0 0.195 Skarn/mag
high anomalies
BCR-04-11 110.0 160.0 50.0 0.012 15.2 0.400 Epithermal
quartz-pyrite
stockwork
BCR-05-11 620.0 635.0 15.0 0.055 4.6 1.896 Mesothermal
quartz vein
BCR-06-11 580.0 590.0 10.0 0.021 3.0 0.706 Mineralized
jasperoid
595.0 605.0 10.0 0.021 3.0 0.731
BCR-07-11 710.0 720.0 10.0 0.005 3.0 0.178 Mineralized
jasperoid
BCR-11-11 150.0 185.0 35.0 0.018 10.7 0.628 Mineralized
jasperoid
310.0 320.0 10.0 0.010 3.0 0.331
BCD-101-11 395.0 420.0 25.0 0.015 7.6 0.530 Epithermal
quartz-pyrite
stockwork
Ag Ag
opt g/t
BCR-02-11 240.0 255.0 15.0 1.06 4.6 36.3 Mag high
anomaly
Cu Cu
% ppm
BCR-02-11 240.0 255.0 15.0 0.145 4.6 1450.0 Mag high
anomaly
BCR-03-11 545.0 555.0 10.0 0.165 3.0 1647.5 Skarn/mag
high anomalies
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Note: There were no significant assays with a minimum length of 10 feet or greater in 6 out of 14 RC holes and in 3 of 4 core drill holes. Drill intercept lengths only are reported in the tabulations; data are being modeled in 3D and this will help determine true widths. Drilling was widely spaced covering an area approximately 1 x 3 km.
Eldorado Gold Corp. has terminated the September 15, 2008, earn-in agreement and RenGold will seek a new partner to continue with funding exploration of the project. Extensive drill roads allow access to permitted new targets and follow-up on remaining targets.
Richard Bedell President and CEO comments "We are sorry to see Eldorado terminate the agreement as they have been a good partner, however we are very excited by the abundance of mineralization found at Buffalo Canyon to date. This is a big area with many targets and we think the likelihood of finding significantly higher grades is strong. We will be continuing to work on what we believe are multiple systems of gold on the same property."
ALS Chemex of Reno, Nevada performed gold analyses by fire assay and ICP analysis for 51 additional elements. All drill samples were collected following standard industry practice and assayed by ALS Chemex of Reno, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. QA/QC included the insertion of numerous standards and blanks into the sample stream.
All data disclosed in this press release, including sampling, analytical and test data, have been reviewed by the Company's qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist as recognized by the American Institute of Professional Geologists.
About Renaissance Gold Inc.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada, Utah, Argentina and Spain. Many of the projects are in exploration earn-in agreements with industry partners who provide exploration funding. RenGold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire new precious metal exploration projects that are then offered for joint venture.
Renaissance Gold Inc.
By: Richard L. Bedell, President and CEO
For further information, contact:
Richard L. Bedell, 775-337-1545 or rbedell@rengold.com
Eric Struhsacker, 775-337-1545 or estruhsacker@rengold.com
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Renaissance Gold Inc. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Renaissance Gold Inc's management on the date the statements are made. Except as required by law, Renaissance Gold Inc. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
NR12-10
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Source: Renaissance Gold Inc. (TSX-V: REN.TO - News) http://www.rengold.com
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