Renaissance Gold (REN.V) has completed its 2015 reverse circulation drill program at the Fourth of July project in Pershing County, Nevada. The company has completed in excess of 2,000 meters of drilling in a joint venture with Sumitomo Corporation to follow up on earlier leads at the Arizona Graben, Black Warrior and Jackson Vein zones on the property.
The majority of the holes were drilled at Black Warrior where several low-grade (and short) intercepts were encountered. Renaissance Gold has already tested the recoveries at these zones and expects to achieve very high gold recoveries (with an average recovery rate of 91% based on a few samples), making this zone amenable for heap leaching. It looks like Renaissance might continue to focus on the Black Warrior zone as the company’s CEO calls it an ‘impressive large, low grade gold system’ and is now hoping to find a higher grade zone at BW, as that might boost the potential economics of the project.
Renaissance Gold remains an interesting exploration play and with a working capital position of C$1.4M as of at the end of September, there’s no near-term pressure to raise cash.
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The author has no position in Renaissance Gold. Please read the disclaimer
