Renaissance Gold Inc. executed an earn-in agreement with Coeur Mining Inc. subsidiary Coeur Explorations Inc., granting Coeur an option to acquire a 70% interest in the Cine Mountain project in Nevada.
The Cine Mountain project comprises 177 unpatented mining claims covering a large area of precious metal-bearing jasperoids.
Under the terms, Coeur is required to spend US$3 million over three years on the property, with a minimum annual work commitment of US$250,000. Coeur already paid US$50,000 upon signing.
The project was recently generated under an ongoing exploration alliance between Renaissance Gold and Coeur.
Additionally, Renaissance said Dec. 4 that it staked claims on a new project named F2 graben, covering a new gold exploration target in Nevada's Pershing County.
The target was identified based on coincident gravity and magnetic anomalies in an area south of the Seven Troughs District, a former producer of high-grade volcanic-hosted epithermal gold mineralization.