2012-10-30 12:37:36 -
White Rock, British Columbia CANADA, October 30, 2012 /FSC/ - Renaissance Gold Inc. (REN - TSX)("RenGold"), is pleased to announce the drilling of two core holes at its Baza project in southern Spain. One of these holes (CG-01) intercepted the Cerro del Gallo vein, yielding 1.25 meters of 4.88 grams gold/tonne, 2.59% copper and 16.7 g/t Ag.
The Baza Project comprises a 12,000-hectar land package in Almeria Province of Southern Spain on the southern slopes of the Sierra de los Filabres. Mineralization is associated with siderite-albite veins and breccias with chalcopyrite, arsenopyrite, pyrite, and their oxidized equivalents. The mineralization is regionally situated in the internal zone of the Betic Orogen in highly deformed schists and phyllites, but the mineralization itself
is post-orogenic and undeformed. Dozens of prospects and old mines explored and mined multiple kilometers of iron-rich veins whose gold and copper contents were largely neglected. No prior modern exploration for gold and copper had been conducted prior to the involvement of RenGold and its predecessor, AuEx Inc. Over two million dollars in recent technical data have now been generated in the district by RenGold and its joint venture partners. This data includes regional stream sediment samples, rock chips, structural and stratigraphic mapping as well as magnetic, electromagnetic and radiometric data and drilling. Previous press releases discuss earlier released results.
At Cerro del Gallo, a system of siderite-albite veins and breccias has a minimum strike length of 1.5 km. The average of all channel samples across veins at surface is 3.5 g/t Au and 0.66% Cu over an average width of 2.6 meters, and individual selective rock chip samples assay up to 19 g/t Au and 10% Cu. Drill hole CG-01 intersected the main Cerro del Gallo vein at a depth of 111.15 to 112.40 meters (a width of 1.25 meters with a true thickness estimated at 0.9 to 1.2 meters), with a grade of 4.88 grams gold/tonne, 2.59% copper and 16.7 g/t Ag. The interval is part of a thicker 3.25-meter sulfide-bearing zone containing pyrite, chalcopyrite and arsenopyrite as veins, veinlets, disseminations, and breccias in the interval of 111.15 to 114.4 meters.
A second hole (VAL-01) drilled at the Valenciano prospect intercepted a 7.35-m-long interval of 0.15% Cu and 0.15 g/t Au at a depth of 123.65 to 131.00 meters. Included within this zone is 1.75 m of 0.318% Cu and 0.387 g/t Au starting at a 123.65 m depth. A second interval at -274.7 to 278.1 meters yielded 0.19% Cu over 3.4 meters, including 1.2 m of 0.32% Cu. Select surface samples of significantly higher grade vein material (up to 6.8% Cu and 39 g/t Au) have been obtained at Valenciano and further drilling is warranted.
A new prospect called Minaleja is yielding high gold and copper grades in recessive vein material in an area with no evident previous exploration. Except for small isolated outcrops, the veins are completely hidden by near-surface unconsolidated materials. Rock chip grab samples range up to 44 g/t Au and 7.9% Cu, and two channel samples taken across vein exposures contained 22.6 g/t Au and 0.18 % Cu over a length of 0.8 meters across strike (approximate true thickness 0.75 meters), and 23.9 g/t Au and 5.23% Cu over a length of 0.9 meters across strike (true thickness unknown). A follow-up detailed mapping and trenching program is planned.
Richard Bedell, President & CEO, comments: "We are very excited by the drilling as it allows us to view and sample unoxidized material from the Cerro del Gallo and Valenciano vein systems for the first time. The results are encouraging because they confirm the significant gold and copper grades documented by extensive surface sampling. The new high grade prospect at Minaleja is a huge opportunity as this mineralization is almost completely hidden. Our extensive stream sediment geochemical survey has identified highly anomalous gold concentrations in other catchment basins whose hard-rock gold sources remain hidden. This is a district scale opportunity with unusually high grades and a unique style of mineralization."
All drill core was transported by our personnel from drill site to a nearby secure storage facility for logging, and sampling by our geologists. The core is halved using a rotary diamond blade core saw, with one half of the core sent for analysis, while the other half is retained in the core boxes for reference.
All half-core samples were sent for preparation to ALS Minerals facility in Seville Spain. The resulting pulps were shipped to their laboratory in Vancouver BC Canada for assay including Au using the Au-ICP21 fire assay and ICP-AES determination method and ME-MS61 method (48 elements by 4 acid digestion and ICP-MS and ICP-AES determinations).
A system of reference samples (blanks, duplicates and certified standards) were routinely inserted in each sample batch in addition to the laboratory's own internal QA/QC standards and duplicates, and are reviewed by our geologists.
All technical data disclosed in this press release, including sampling, analytical and test data, have been reviewed by the Company's qualified person Mr. Richard L. Bedell, M.Sc., and Certified Professional Geologist as recognized by the American Institute of Professional Geologists.
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 email@example.com
Eric Struhsacker, 775-337-1545 or firstname.lastname@example.org
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