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Renaissance options 70% stake in Cine Mountain gold project to Coeur unit

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Renaissance options 70% stake in Cine Mountain gold project to Coeur unit

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.