Renforth Resources Inc. (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR) (“Renforth” or the “Company”) is pleased to share the consistent results of channel sampling across the ~275m stripped surface area of the ~5km Victoria West nickel/copper mineralized system within Renforth’s wholly owned ~30,000 hectare Surimeau District Property in NW Quebec. The channel samples demonstrate consistent elevated nickel and cobalt values, along with elevated copper and zinc values. In several locations the two mineralization types “mix”, the highlight of this “mixing” is a 12.9m section of Channel 49 which overall assays 0.121% Ni and 0.013% Co, including 0.224% Ni over 1m, which also includes 5.5m of 0.43% Cu and 1.63% Zn, within which 0.8m assays 2.05% Cu.
Mineralized Channel Sample Highlights
In addition to the channels cut there were several grab samples taken at the beginning of the program as stripping started but before channels could be cut. Grab samples are selected by the geologists and not representative of the whole of the mineralized system, highlights are presented below.
Grab Sample Assay Highlights
Victoria West Channel Map
The channel sampling, carried out after stripping overburden which varied between 0 and 3m in depth, has revealed consistent nickel/cobalt mineralization, similar to what has been seen in the near surface drilling to date, however, it has also resulted in a greater proportion of copper/zinc intersections than seen in drilling. Exploration continues on this >5km polymetallic system, located within a 20km magnetic anomaly, where Renforth has only drilled 5,626m.
“I am happy to deliver results to shareholders which demonstrate that our discovery of a polymetallic, nickel/cobalt and copper/zinc, mineralized system at Victoria West, stretching over >5km and hiding in plain sight, is a surface system. This gives Victoria West another advantage, in addition to numerous road access options and hydro-electric power, we are dealing with easily, and cost effectively, accessed mineralization. For Renforth the multiple metals present, the location and the jurisdiction of this discovery mean we can consider grades which, while they may appear low when compared to other projects around the world and under deeper cover, are in fact very interesting to us. In addition, Surimeau is located approximately 70km from Glencore’s Horne Smelter in Rouyn-Noranda, Canada’s only copper smelter which also engages in recycling of strategic and precious metals, shipping anode to their Montreal refinery, also Canada’s own copper/nickel refinery. If Renforth is fortunate to have an asset in Victoria West which is proven, in the future, to warrant being mined the solution is sitting within an hour from our doorstep. To be clear, Victoria West is not a mine yet, and we do not know if it will be. But we look forward to aggressively pursuing the answer to that question” states Nicole Brewster, President and CEO of Renforth.
Renforth’s Annual General meeting was held, the voting recommendations were passed.
At year end Renforth closed an additional $200,000 in flow through funding, a second close to the previously announced financing. Each Flow-Through Unit was priced at $0.10 and consists of one common share in the capital of the Company issued on a ‘flow-through’ basis, and one-half of one common share purchase warrant. Each whole warrant issued with the Flow Through Unit, entitles the holder to purchase one common share in the capital of the Company at a price of $0.13 for a period of 12 months following closing. All securities issued under the Offering are subject to a four-month statutory hold period in Canada.
Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a “qualified person” pursuant to NI 43-101.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#Unit 1B – 955 Brock Road, Pickering ON L1W 2X9
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About Renforth
Renforth wholly owns the ~260 km2 Surimeau District Property, which hosts numerous areas of polymetallic and gold mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground. Victoria West has been drilled over a strike length of 2.2km, within a 5km long mineralized structure, proving nickel, copper, zinc and cobalt mineralization, in the western end of a 20km magnetic anomaly. The Huston target, during initial reconnaissance, resulted in a grab sample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag. In addition to this the Lalonde, Surimeau and Colonie Targets are all polymetallic mineralized occurrences which, along with various gold showings, comprise the areas of potential of this NSR free property.
In addition to the Surimeau District battery metals property Renforth wholly owns the Parbec Gold deposit, a surface gold deposit contiguous to the Canadian Malartic Mine property in Malartic, Quebec. In 2020/21 Renforth completed 15,569m of drilling which successfully twinned certain historic holes, filled in gaps in the resource model with newly discovered gold mineralization and extended mineralization deeper. Based upon the success of this significant drill program the Company considers the spring 2020 MRE, with a resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au to be out of date. With the new data gained Renforth will undertake to complete the first ever structural study of the mineralization at Parbec, as well as additional total metallic assay work in order to better contextualize the nugget effect on the gold mineralization.
Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
Renforth Resources
Overview:
With the global community heavily focused on clean energy initiatives and achieving net zero emissions, it’s safe to say demand for the battery minerals and rare earth metals required to enable this trend will increase. The International Energy Agency (IEA) reported that demand for critical minerals could potentially increase 600 percent by 2040 for the energy sector alone and up to 1,100 percent in electric vehicle and energy grid storage solution production.
Minerals essential for clean energy and electric vehicles, including but not limited to lithium and cobalt, are highly concentrated in a short list of countries. The top three producing nations for these minerals account for more than 75 percent of the supply, paving the way for potential supply chain issues, price swings, and shortages.
Canada’s Quebec produces one fifth of Canada’s mining output and is one of the nation’s most diverse regions when it comes to minerals. Quebec has and is producing lithium, cobalt and some of the rare earth metals needed for clean energy and electric vehicles. Additionally, Quebec has one of the lowest tax rates for mining companies in North America and has several competitive tax incentives. This region has attracted notable mining, including Endeavor Mining (TSX: EDV), Yamana Gold’s (TSX: YRI, NYSE: AUY) subsidiary Canadian Malartic GP, and Aya Gold & Silver (TSX: AYA).
Renforth Resources (CSE:RFR, OTCQB:RFHRF, FSE:9RR) has a portfolio of mineral properties with the Surimeau District Property - a new battery metals discovery, and its Parbec Gold Deposit, both located near Malartic Quebec and in the heart of the Abitibi Greenstone Belt. With a strong management team and projects with promising results to date, Renforth Resources is in a position to capitalize on the rising demand for the battery minerals required to build electric vehicles and other technologies in support of the clean energy transition.
“The ongoing stream of exploration results from the Surimeau and Parbec properties is contributing a powerful one-two punch combination for Renforth,” according to a report from Smallcaps Investment Research, adding, “Surimeau has already evolved from the concept stage to where it is now positioned as a confirmed battery metals discovery. The structural targets further along strike may yet reveal a very large deposit area. Victoria West presents a high magnitude discovery that will attract a lot of interest as work continues.”
Renforth Resources is strategically positioned to benefit from both rising prices in gold and battery metals. The company is striving to become one of Canada’s largest EV battery metal producers through its Surimeau District property.
Company Highlights
- Fully funded and asset-rich
- Renforth Resources offers a powerful “one-two” punch combination when it comes to gold and battery metals.
- Surimeau is strategically located near Canada’s only copper nickel smelter, and initial results confirm the property contains nickel, copper, zinc, cobalt, PGEs, gold, silver, and lithium.
- Renforth Resources’ Surimeau District project has already evolved past the initial concept phase and now contains a confirmed battery metal discovery.
- The company’s Surimeau and Parbec projects are well located, with road access in close proximity to a major geological structure hosting numerous operating mines, developed infrastructure, work to date has established mineralization and indicates significant growth potential.
Key Projects
Surimeau District
The Surimeau District battery minerals prospect is located south of the Cadillac Break and is near the Canadian Malartic Mine. The Surimeau District property has several target areas and locations of interest, such as the Victoria West Prospect and the Huston target, which contain battery minerals, including nickel and copper. The Surimeau property is highly accessible via roads and rail-lines and is in close proximity to Canada’s only copper nickel smelter.
The Surimeau project was first investigated by a team of six experienced geologists in the summer of 2020. Their findings revealed that Surimeau had the potential to be “an exceptional exploration asset.” It shares a border with Canada’s largest open pit gold mine, is within an hour of Canada’s only copper nickel smelter, and hosts nickel, copper, zinc, cobalt, PGEs, gold, and silver on surface and in drill core in multiple locations, as well as lithium.
Project Highlights
- Trenching Program: Renforth Resources has completed a trenching program that exposed nickel, copper, cobalt and zinc on surface over a 275 meter length between two drill holes at Victoria West in Fall 2021.
- Drilling Program: The company has completed just over 5000m of drilling, in a 2.2 km strike length with the 6km long mineralized area at Victoria West to further advance its exploration efforts at this property. This target is a promising discovery area and has significant potential to become a nickel rich polymetallic deposit.
- Summer 2020 Exploration: A team of six industry-leading geologists investigated the property. These investigations revealed that two magnetic anomalies, ~20 and ~30km long in the centre and northern part of the property, coincident with several areas of mineralization on the property, with significant lengths of the anomalies unexplored.
- Additional Drilling Programs: Three drilling programs were completed in nine months. One drillhole in the second program revealed a 111.05m mineralized interval starting at 57m down the hole, averaging 0.17% Ni and 139.58ppm Co (cobalt) over the entire interval, within which the highest grading sub-interval of 40m assayed 0.22% Ni and 168.98ppm Co, the results for the third program are not yet received.
Parbec
The 100 percent owned Parbec open pit constrained gold deposit is located on the Cadillac Break, a region known for having produced millions of ounces of gold in northwestern Quebec, bordered by the Canadian Malartic Mine, which is Canada’s largest open pit gold mine on the east and south. The Parbec Gold Deposit is fully funded to date, has developed infrastructure, and is accessible by road.
In addition to an existing historic 43-101 Resoruce Estimate this property has extensive exploration potential and was initially acquired from Globex Mining. The company sees this property as a strategic development candidate going forward.
Project Highlights
- Funded Exploration: Renforth Resources announced that it had raised nearly $1.4 million to fund further exploration of the Parbec gold deposit and at the Victoria West Prospect, which is part of the Surimeau District Battery Minerals Prospect.
- Mineral Resource Estimate: A 2020 MRE combined included drill results from Savant, Globex and Renforth’s own drilling over a four year period, including 37 drill holes that all revealed gold, with 80% of the deposit being above a depth of 300m. The deepest pierce point on the property is at 738m, infill drilling is required to bring the deeper gold occurrences into a resource, the deeper mineralization illustrates the potential of the property.
- Potential Yields: The indicated category of the 2020 MRE contains 104,500 ounces of gold within 1,822,000 tonnes of mineralization, averaging 1.78g/t of gold. Subsequent to this MRE ~15,000m of drilling has been carried out, successfully validating ~13,000m of historical drilling not included in the 2020 MRE.
- PAR-200-112 Assay Results:Drilled within the recent ~15,000m program, not included in the historic 2020 MRE, was PAR-20-112 which delivered 21.45m of continuous gold mineralization which assayed 5.57 g/t Au.
Management Team
Nicole Brewster - President and CEO
Nicole Brewster ‘s experiences includes as a partner in a successful exploration contracting business which has been active in several countries and on several projects. Those included, amongst many others, supporting and executing the Ring of Fire chromite discovery programs and participating in the re-opening of a mine and associated brownfield exploration in the pyrite belt of southern Spain. Subsequent to becoming President Nicole fixed corporate issues financially and with the Board, consolidated all shareholders (including Nicole), brought the New Alger Property ownership to the 100% level, established the maiden gold resource and sold the property, acquired Nixon-Bartleman, Malartic West and Denain-Pershing (which was subsequently sold), entered into and completed the 100% ownership option on the Parbec Gold Deposit.The Surimeau District Property was acquired via staking and consolidated with the former Malartic West Property. Since assuming the role of President consulting fees associated with Nicole’s management services have been paid after accruing for a length of time with shares rather than cash.
Kyle Appleby - CFO
Renforth benefits from Kyle Appleby’s accounting expertise, supporting the Company’s bear market strategy of minimal fundraising and 100% deployment of funds raised to advance our projects with his detailed financial management skills. Appleby has worked both the audit and the issuer side of the business, concentrating on providing contract CFO services to a number of reporting issuers and private companies and active in the resource, agritech, technology and cannabis spaces with experience in take-overs and amalgamations.
John S. Webster - Independent Director
John Webster (Camborne School of Mines) has an extensive background in mining and ore processing, having built and operated 15 world class mine developments in Australia, USA, Russia and FSU with emphasis on strategies, resourcing, consulting and operational management with BHP, Vostok Mining, Trafigura and Alexander Mining Plc. An Independent Technical Director for Renforth, Webster contributes his highly innovative expertise in mining, construction, processing and environmental management techniques to our exploration strategies.
Latin Exercises Option to Acquire High-Grade Lithium Tenement in Bananal Valley
Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce it has exercised its option, through its 100% wholly owned subsidiary Belo Lithium Mineracao Ltda. (“Belo”), to acquire the highly prospective tenement 830.691/2017 at the Company’s Salinas Lithium Project in Bananal Valley, Brazil (“Salinas” or the “Project”).
- Latin Resources exercises its option to acquire tenement 830.691/2017, in the highly prospective Bananal Valley district of the Salinas Lithium Project in eastern Brazil.
- The option exercise is part of the Company expansion plan, with Latin’s lithium ground position now expanded to over 5,350 hectares, with multiple drill targets defined within the prospective ‘lithium corridor’.
- The immediate consideration for the acquisition is USD $15,000 in cash and USD $15,000 in LRS ordinary shares, with an additional cash payment of USD $75,000 to take place 12 months after the option exercise.
- Recent drilling on the acquired project area has confirmed the high-tenor lithium grades of the spodumene pegmatites in this region, with a peak grade of 3.22% Li2O.
- Having recently completed a transformative placement of $35 million, Latin will continue with its aggressive resource definition drilling program comprising of 25,000m on the Salinas Lithium Project to fast track its next major milestone of a maiden JORC Resource.
This acquisition is part of the Company’s plan to expand its holding of highly prospective tenements in the region, with Latin’s strategic land package now expanded to over 5,350 hectares in the newly defined Salinas lithium corridor.
Latin Resources’ Managing Director, Chris Gale, commented
“We are very pleased to have exercised our option to acquire the Bananal 830.691/2017 tenement, securing 100% ownership of the area where we will be undertaking an extensive diamond drilling program. Based on what we have seen so far from the results of the current maiden diamond drilling, we are very confident that this tenement contains significant potential for high-grade lithium pegmatites. The next phase of drilling is aimed at providing sufficient data to enable the Company to undertake a JORC Mineral Resource Estimate should results continue to be favourable.”
Results from the Company’s maiden diamond drilling campaign on the acquired project area1 , has confirmed that the spodumene bearing pegmatites in the region contain high-tenor lithium, with the Company recently reporting a number of very high-grade results, including: