TSX-V-listed Renaissance Gold, which has based is business model on joint ventures, has received a $200 0000 payment from gold major AngloGold Ashanti to maintain an option to earn into the Silicon gold project in the Bare Mountains of Nevada, US.
In its first year of exploration, AngloGold has completed detailed geologic mapping, a gridded soil chemistry programme and a six-hole core drilling programme on the project.
A follow-up drilling programme is planned for later this year.
Renaissance and AngloGold Ashanti North America entered into the option agreement in June last year. In terms of the agreement, AngloGold has to pay a total of $3-million for a 100% interest in the property, subject to Renaissance retaining a 1% net smelter return royalty on future production.
Located in the Bare Mountains mining district of the Nye county, the Silicon property comprises 277 unpatented mining claims, totalling about 2 308 ha. The project is located near TSX-V-listed junior Corvus Gold’s North Bullfrog and Mother Lode projects and also near TSX-V-listed Northern Empire Resources’ Sterling mine.