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Renforth Resources (CSE:RFR) is a resource company with four properties with resources and ongoing exploration on the Cadillac break in Quebec, Canada and one other property situated near Timmins, Ontario. Renforth Resources’ two primary properties, New Alger and Parbec, both boast approximately 1.5 kilometers on the break and are determined to be gold-bearing.
The Cadillac break, where the majority of Renforth Resources properties are located, is a region that has hosted major initiatives in the Canadian mining scene including the Agnico Eagle (TSX:AEM,NYSE:AEM) LaRonde mine, the old O’Brien mine now owned by Radisson Mining (TSXV:RDS) and the Canadian Malartic mine, a joint venture between Agnico Eagle and Yamana Gold (TSX:YRI,NYSE:AUY). The structure hosts an estimated 45 million ounces of gold and, due to its history as a mining jurisdiction, the area is supported by infrastructure including roads, power and existing processing facilities.
Initial exploration on the two primary properties has shown promising results. The New Alger project has a NI 43-101 inferred resource of 237,000 ounces at a grade of 2.1 g/t gold in one of its zones and the company is optimistic about growing that resource. The Parbec project includes an inferred resource of 514,108 ounces at a 2.01 g/t gold grade and a total indicated resource of 33,592 ounces at a grade of 3.62 g/t gold.
Renforth also announced in July 2017 that there have been exciting new discoveries on the Parbec property, increasing its potential gold resource. The company will be funding further exploration in the new areas to determine the viability of the resource.
Renforth has a tightly-held share structure, with management holding seven million shares and significant shareholders owning another 10 million to 15 million shares. The company boasts a sophisticated group of shareholders with deep insight into the junior mining space.
The company’s management team is supported by a Board of Directors with vast experience in both the mining and finance industries, bringing a wealth of knowledge to the company.
- Four properties on the Cadillac break in Quebec, with limited jurisdictional risk due to existing mining infrastructure
- New Alger property with inferred resource of 237,000 ounces at 2.1 g/t gold
- Parbec inferred resource of 514,108 ounces at 2.01 g/t gold and indicated resource of 33,592 ounces at 3.62 g/t gold
- New discovery on Parbec property with potential to enhance resource
- Strong relationship with Quebec government as West Malartic property optioned to SOQUEM
- Tightly held share structure with management holding seven million shares collectively
- Strategic shareholders with notable insight into junior mining space
Flagship Project: New Alger Property
Renforth’s New Alger resource project is the company’s wholly-owned flagship property, located on 1.4 kilometers of the Cadillac break, next to Agnico Eagle’s LaRonde mine and the former O’Brien mine in Quebec. As it exists within a heavily mined region, the property is supported by access roads, power lines, available workforce as well as available services and supplies. On top of that, there is also excess processing capacity in many of the nearby mills, lowering operational costs.
The New Alger project has two primary areas of exploration including the former Thompson-Cadillac mine, which sits within the property, as well as the Pontiac vein system.
Thompson-Cadillac Mine Area
The Thompson-Cadillac mine area is on the same vein as the old O’Brien mine and was the subject of a 2014 NI 43-101-compliant resource estimate which used drill results from 1937, 2007, 2008, 2010 and 2014 to calculate an inferred resource of 237,000 ounces at a grade of 2.1 g/t gold. Additional drill holes might add to the resource following further analysis.
Renforth has determined a new exploration target within the Thompson-Cadillac mine area, immediately below the inferred resources, from surface 200 meters in depth. The conceptual tonnage for this target area is 1,700,000 tonnes to 2,200,000 tonnes at a grade range of 2.0 g/t gold to 2.35 g/t gold.
Pontiac Vein System Area
In the Pontiac vein system, which runs approximately 450 meters on strike, Renforth has re-discovered gold bearing quartz veins including the Discovery vein horizon. In this area, a small-scale stripping/sampling program was conducted in 2014, showing results of 12.3 g/t gold over 0.7 meters and 11.6 g/t gold on a 0.5 meters.
These results inspired a larger surface stripping program that was announced in September 2017. The stripping campaign covers 230 meters of bedrock that has presented quartz veining and gold in the system.
The resource-bearing Parbec project is a property in which Renforth has an option agreement, with $2 million left to spend over the next two years. The property boasts 1.6 kilometers of the Cadillac break that has never been mined and sits on the border of the Canadian Malartic super pit mine and adjacent to the East Amphi mine. As it is in close proximity to the New Alger project, it is supported by much of the same infrastructure as well as nearby processing facilities from other mines.
In March 2016, a NI 43-101 resource estimate was released for the Parbec project. Results of this statement were based on a 0.5 g/t gold cut-off value and included an inferred resource of 514,108 ounces at a 2.01 g/t gold grade and a total indicated resource of 33,592 ounces at a grade of 3.62 g/t gold, most of which is located within 200 meters of the surface. Analysis of the property also outlined three mineralization zones with varying grades.
“We could not be more pleased with our release of an initial resource at Parbec,” said Renforth President and CEO Nicole Brewster. “We look forward to future exploration and drilling, funding permitting, adding more value to Parbec.”
In July 2017, Renforth announced a new discovery that was made earlier in the year on the Parbec property. This discovery was of a 70-meter by 170-meter area which was found to host a number of previously undocumented trenches and a small pit. These have been named the ‘Island Trenches’. The company conducted grab samples and these returned results of 9.60 g/t gold and 3.69 g/t gold. As a result of these findings, Renforth will be conducting further exploration activities on the area to help ascertain the extent of the resource. There is also another visually similar piece of the property that is currently being analyzed for potential gold presence.
“Renforth is thrilled with this new discovery at Parbec,” said Brewster. “To date we have delivered a maiden resource over only a portion of our un-mined 1.6 km of the Cadillac Break at Parbec, this resource determined that gold is hosted in more rock types than previously thought.”
Renforth has identified several target activities for further exploration on the property including drilling, dewatering the ramp and further structural exploration. The company expects to commence a short drilling program before the end of 2017.
Additional Projects under Exploration
Alongside its two major projects, Renforth has three additional properties. The West Malartic and Denain Pershing projects are both in Quebec, in close proximity to the New Alger and Parbec properties. The Nixon-Bartleman project, on the other hand, is situated in Ontario, 45 kilometers away from Timmins.
West Malartic Project
The West Malartic project is a 5,000-hectare property containing Pontiac sediments and located on strike, next to the Canadian Malartic mine in Quebec. A largely unexplored property, West Malartic has been optioned to SOQUEM, a crown corporation subsidiary of Investissement Quebec for $1.3 million. SOQUEM will earn a 50 percent interest over the course of the agreement and they are committed to spending at least $300,000 in the first year. The Quebec entity began exploration in August 2017, conducting field prospecting and a 140-kilometer IP survey that they expect to complete by the end of the year.
Denain Pershing Project
The Denain Pershing project is a 100 percent owned gold-bearing property located in an active mining camp, nearby the Chimo and Croinor mines in Quebec. Having purchased the first portion of the land in March 2017, Renforth acquired the 2,244-hectare Pershing claim block in July 2017, bringing the total size of the property to 10,001 hectares. Sitting where the Cadillac break encounters the Grenville front, the most recent reported results were in the Forest Gate Energy DDH FG11-05: 145 g/t gold in a first screen analysis and 44.6 g/t gold in the second screen analysis of the same sample, taken from 190.35 meters to 190.65 meters.
The Nixon-Bartleman project is a wholly owned 313-hectare property situated in the West Timmins Camp in Ontario. It sits 45 kilometers southwest of Timmins and 10 kilometers southwest of Lakeshore’s West Timmins Mine. The property has seen historical exploration resulting in 47 holes with assay results of up to 40 g/t gold and intersected gold-bearing porphyry. The historical exploration also included significant mapping, sampling and a sizable amount of resulting data. Renforth’s first focus is to compile and analyze this data to better understand the property.
Nicole Brewster—President and CEO, Director
Nicole Brewster has been the Chief Executive Officer and President at Renforth Resources Inc, since April 2012. She has over 15 years of experience in administration, logistics, operation and financing of mines from Northern Ontario to Spain to Peru. She has a successful private corporation background in the mineral exploration industry, both as a property owner, an exploration contractor and a management consultant. She is a hands-on business person, comfortable operating and managing private companies within regulatory framework and requirements within the exploration industry, both private and public, including environmental and labor legislation, QA/QC and best practices for exploration, in conjunction with affected local communities. She has also served on boards for other resource companies.
Kyle Appleby, CA—CFO
Kyle Appleby is a Chartered Accountant, and a graduate of York University with a degree in economics. He has over 18 years experience in Canadian public accounting. Since 2007, he has served as CFO and Director for multiple companies, during which time he was consistently CFO for Renforth Resources. He has experience in finance, accounting, tax, administrative experience in diverse industries including Junior Mining, Investment Funds, Manufacturing and Distribution. Appleby is a member in good standing of the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants of Ontario.
Wally Rudensky CA, CPA—Independent Director, Audit Chair
Wally Rudensky has served on the Board of Directors since April 2012. He has over 25 years experience in public accounting, having served with Arthur Anderson (now Deloitte). He has extensive experience in taxation and finance with particular attention to corporate reorganizations in the domestic and international markets, including expertise in Colombia. By utilizing his skills in finance, tax and administration, he has taken on the role of CFO for various private and publicly traded companies.
David Wahl, PEng, PGeo, ICD.D—Technical Director
David Wahl has served on the Renforth board since June 2012. He is the President and CEO of Southampton Associates Inc. He has 35 years of national and international mineral industry experience from his background as a Partner in several well recognized Canadian consulting firms and as technical advisor to National Financial Institutions, Provincial and Federal Government Agencies, exploration and mining companies and national legal and accounting firms.
Judi Wood—Independent Director
Judi Wood has over 35 years of banking experience in the United Kingdom and Canada involving merchant banking and corporate finance for multinational corporations and various financial institutions. Her responsibilities have involved corporate lending, international trade and global markets, including foreign exchange, derivatives and money markets. Prior to her retirement in 2006, she served as Managing Director of Corporate and Institutional Banking at The Hongkong Bank of Canada. She has been a Director of Renforth Resources since July 2006.
John S. Webster—Independent Technical Director
John S. Webster has been a Director of Renforth Resources since November 2011. He oversees the development of Renforth’s New Alger Project, specifically the historic Thompson-Cadillac Mine. He is a results oriented mining executive with 34 years in global corporate management, project development, mining operations, with senior roles in international private and listed companies. Highly innovative in mining, construction, processing and environmental techniques, he is focused on corporate growth by utilizing highly efficient technologies for cost reduction, performance and safety improvements. He is a graduate from the Camborne School of Mines.