Romarco Minerals (CDN) and the U.S. subsidiary of Uranerz Exploration & Mining have joined forces to earn a 60% interest in the Ren gold property from Corona Gold, a subsidiary of Homestake Mining (NYSE).
The 2,000-acre Ren property is bisected by the Post fault, a structure that either hosts or is proximal to the Meikle and Goldstrike mines of Barrick Gold (TSE).
Previously, about 20,000 oz. were mined from the Ren open pit. Earlier drilling intersected several 5-ft. intervals that ran up to 2.031 oz. gold per ton, and one 60-ft. interval that assayed 0.21 oz. gold. Romarco suggests earlier exploration and mining on the property did not take into account various structural complexities. As a result, the potential for different settings for gold mineralization was not fully examined.
Romarco and Uranerz will jointly spend $5 million over the next five years so that each may earn a 30% interest in the project. Uranerz will be the operator.
After the earn-in period is completed, funding for exploration and development will be carried out on a pro rata basis.
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