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Hierzu:ELKO — Renaissance Gold announced finalization of three earn-in agreements with Lynx Resources (US) Inc. on Renaissance’s Leonid, Pasco Canyon and Gold Star projects in Nevada.
All the agreements are similar with variable rates of spending to a cumulative $1 million by year four on each project to earn a 70 percent interest, according to the company.
To retain its 70 percent interest in each project, Lynx must spend a minimum of $500,000 a year and complete a bankable feasibility study by agreement year seven, Renaissance reported.
“We are very pleased that the three projects will be explored and funded by a quality partner,” said Richard Bedell, president and chief executive officer of Renaissance.
“The projects are excellent exploration targets representing different deposit types that should be drilled this year,” he said in the announcement.
The Leonid Project is in western Elko and northern Eureka counties. The Pasco Canyon Project is in northern Nye County between Round Mountain Mine and Northumberland, and Gold Star is in mid-Pershing County, according to Renaissance, which has an office in Reno.
Renaissance Gold also reported this week the completion of five additional reverse circulation drill holes in late 2011 on the company’s Reef gold exploration property in the Pancake Range in White Pine County.
Golden Dory Resources Corp. funded the drilling program as part of an exploration earn-in agreement with Renaissance, which provided on-site supervision and logistical support.
The drill holes tested five widely spaced structural and stratigraphic targets inferred to contain possible southward extensions of gold mineralization presently under development by Midway Gold Corp. on its adjacent Pan property, according to Renaissance.
The five holes ranged from 735 to 915 feet in depth for a total of 4,210 feet of drilling.
Under the terms of an August 2010 earn-in agreement, Golden Dory is required to spend a minimum of $2.85 million within a seven-year period and complete a bankable feasibility study to earn an undivided 70 percent interest in the Reef.
Renaissance stated that Golden Dory is the operator but Renaissance is conducting most of the work under a work agreement with Golden Dory.
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