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Renaissance Gold welcomes AngloGold's payment and decision on Silicon project in Nevada

Last updated: 23:33 11 Jun 2018 AEST, First published: 18:33 11 Jun 2018 AEST

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The project contains extensive exposures characteristic of an epithermal gold system

Prospect generator Renaissance Gold Inc (CVE:REN) has welcomed mining major AngloGold Ashanti's (JSE:ANG) decision to keep its 100% earn-in option on the Silicon project in Nye County, Nevada for a second year.

It follows Anglo completing detailed geologic mapping, a soil geochemistry program and a six-hole drilling program on the project.

Anglo has also made its first anniversary payment of US$200,000 to Renaissance, the company said.

"We are quite pleased that Anglo's work has generated enough encouragement for them to maintain the option for another year and that they plan further work," said Robert Felder, the president and chief executive of Renaissance Gold.

"We look forward to additional drilling during continuing exploration on the property."

The Silicon project lies in the Bare Mountains mining district of Nye County, Nevada.

It consists of 277 unpatented mining claims owned by the company totalling around 5,702 acres (2,308 hectares) and was identified and acquired through the firm's ongoing generative exploration program.

It contains extensive exposures characteristic of an epithermal gold system.

Intense acid leaching has created localized areas of high purity silica, which have been mined in the past.

The property also contains numerous historic mercury prospects.

Limited drilling has taken place and the majority of the property remains untested.

The project is near Corvus Gold Inc's (CVE:KOR) North Bullfrog and Mother Lode projects, and Northern Empire Resources' (CVE:NM) Sterling mine.

Both of these companies are active and reporting good drill results.

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