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.
Latin Exercises Option to Acquire High-Grade Lithium Tenement in Bananal Valley
- 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: