Gold Exploration in the Cadillac Break
This Renforth Resources profile is part of a paid investor education campaign.*
Renforth Resources (CSE:RFR) is a resource exploration company that owns a collection of five properties located in Canada, including four properties situated on the Cadillac break in Quebec. Renforth also owns the Nixon-Bartleman gold project located 45 kilometers outside of Timmins, Ontario. Renforth Resources’ two primary properties, New Alger and Parbec, are both gold-bearing and cover approximately three kilometers of the Cadillac break.
The Cadillac break, where the majority of Renforth’s 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 of 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 656,875 ounces of gold grading 2.33 g/t gold and an indicated resource of 37,224 ounces of gold grading 3.47 g/t gold. Renforth will be continuing its exploration efforts with the aim of extending the strike length and increasing the resource further.
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.
Renforth Resources Company Highlights
- Four properties on the Cadillac break in Quebec, with limited jurisdictional risk due to existing mining infrastructure
- New Alger property includes an inferred resource of 237,000 ounces at 2.1 g/t gold
- New discovery of the gold-bearing Sericite Zone in the Cadillac Break assayed up to 11.2 g/t gold over 0.5 m
- Parbec inferred resource of 656,875 ounces of gold grading 2.33 g/t gold and an indicated resource of 37,224 ounces of gold grading 3.47 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
- Optioned Denain-Pershing project to Chalice Gold Mines
- Tightly held share structure with management holding seven million shares collectively
- Strategic shareholders with notable insight into junior mining space
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. There is also excess processing capacity in many of the nearby mills, offering the potential to lower 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 1.7 million tonnes to 2.2 million tonnes at a grade range of 2.0 g/t gold to 2.35 g/t gold.
The company’s 2019 exploration program intersected all three Thompson-Cadillac Mine Veins delivering widths of greater than three meters in some areas, including 4.8m of 5.38 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 and sampling program was conducted in 2014, showing results of 12.3 g/t gold over 0.7 meters and 11.6 g/t gold over 0.5 meters.
These results inspired a larger surface stripping program in September 2017. The stripping campaign covers 230 meters of bedrock that has presented quartz veining and gold in the system. The campaign identified a 565-square-meter bulk sample target area with an average grade of 0.76 g/t gold in two veins.
In 2018, Renforth completed thin-section petrographical work on the Discovery veins. The study identified the presence of free gold in the veins and that the geology is similar to what is found at the Canadian Malartic mine and the Thompson-Cadillac mine area veins.
“The petrographic study is an important step which gives us a deposit model and a project comparison in that New Alger, with the characteristics and setting of the Discovery veins in the Pontiac, similar to gold zones of the Canadian Malartic mine according to literature. Having a deposit model will inform our future exploration as we continue to develop this property,” said Renforth President and CEO Nicole Brewster.
The first drill program conducted on the Discovery Veins in 2019 included the new discovery of a gold-bearing Sericite Zone in the Cadillac Break, which assayed 11.2 g/t gold over 0.5 meters. The Sericite Zone was intersected over 160 meters in three holes and is open on strike. Renforth Resources continues to explore New Alger. The company conducted a drill program in the winter of 2020 on the property including four holes totaling 2052 meters of drilling.
In March 2019, Renforth acquired a 100 percent interest in the resource-bearing Parbec project which boasts 1.8 kilometers of the Cadillac break that has never been mined and sits on the border of the Canadian Malartic super pit mine, 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 September 2018, Renforth released an updated resource for the Parbec property. The resource consisted of an inferred resource of 656,875 ounces of gold grading 2.33 g/t gold and an indicated resource of 37,224 ounces of gold grading 3.47 g/t gold. The updated resource increased the deposit by 27.77 percent in the inferred category.
Most of the mineralization is at surface, but remains open at depth, offering Renforth the option to add to the resource with deeper drilling. Renforth intends to continue to drill on the property to further extend the strike length of the deposit and increase the resource.
In July 2017, Renforth announced a new discovery on the Parbec property. This discovery is a 70-meter by 170-meter area which hosts a number of previously undocumented trenches and a small pit. These have been named the ‘Island Trenches’. The company collected grab samples which returned results of 9.60 g/t gold and 3.69 g/t gold.
“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 1.8 km of the Cadillac Break at Parbec, this resource determined that gold is hosted in more rock types than previously thought.”
Renforth has also identified several targets that need further exploration including drilling, dewatering the ramp and further structural exploration.
Renforth Resources’ Additional Projects
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 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 is expected to earn a 50 percent interest over the course of the agreement and the company has committed to spend 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.
In the fall of 2019 Renforth Resources resumed exploration of its Beaupre copper discovery, increasing the strike length in the process. Grab samples obtained from the property ranged from up to 0.895 percent and 0.889 percent copper, along with silver values as high as 8.31 g/t silver. The company anticipates that a geophysical survey could be the next step on the property following the spring thaw.
Denain Pershing Project
The Denain Pershing project is a wholly-owned gold-bearing property located in an active mining camp, near 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.
In May 2018, Renforth signed an earn-in option with Chalice Gold Mines (TSX:CXN) who can earn an 80 percent interest in the property over a three-year period by spending $1.25 million in exploration. Once Chalice has earned its interest in the property, the two companies will form a joint venture partnership.
Sitting where the Cadillac break encounters the Grenville front, Forest Gate Energy reported results of 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. In late 2017, Renforth conducted a geophysical survey at Denain Pershing project. The survey concluded that the Cadillac Break continues onto the project for approximately three kilometers. It also identified several other structures that the company will be conducting follow-up exploration on.
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.
Renforth Resources’ Management Team
Nicole Brewster—President, CEO and 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 of 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 and Audit Chair
Wally Rudensky has served on the Board of Directors since April 2012. He has over 25 years of 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.
Kurt Breede, P.Eng. – Independent Director
Kurt Breede is a senior geological engineer and marketing executive with over 20 years of experience in the mineral resource industry. He is the former VP of Geological and Mining Consultancy for Watts, Griffis and McOuat. He was also a senior business analyst for Gemcom Software. He currently works as an independent mineral resource and corporate development consultant, serving as Vice-Chair of the CIM Torono Branch Executive and as a member of the CSA’s Mining Technical Advisory and Monitoring Committee.
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.
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