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Renforth Resources Inc. (CSE – RFR) (“Renforth” or the “Company”) is pleased to announce that a diamond drill program has commenced on the Parbec Project gold deposit, located contiguous to the Canadian Malartic Mine, outside of Malartic Quebec.
Renforth Resources Inc. (CSE:RFR) (“Renforth” or the “Company”) is pleased to announce that a diamond drill program has commenced on the Parbec Project gold deposit, located contiguous to the Canadian Malartic Mine, outside of Malartic Quebec. Renforth has retained Forage Roby Drilling of Val d’Or Quebec to carry out a drill campaign prior to Christmas of between 1000 and 1500m.
This program has been designed to in-fill the resource model and to test the western strike of the Camp Zone mineralization, following up on results obtained in the successful 2017 trenching program.
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Holes planned for the 2017 drill program can be categorized as follows;
a) #2 Zone Infill – 3 proposed holes (12-14) fall within the existing resource model, designed to test poorly explored or sampled areas of the porphyry and the tuff horizons. There will also be drilling underneath 2015 trenching results. These proposed holes are logistically the simplest and will be drilled first.
b) Camp Zone Expansion and Infill – 2 holes (7,11) have been planned to test the outer margins of the known tuff horizon, as well as drill through the historially unsampled porphyry. 3 shallow holes (8-10) have been selected in order to twin poorly sampled historic holes.
c) West Camp Zone Extension – 6 drillholes (1-6) are planned to test the largely undrilled western portion of the property, using 1940’s drillholes which record the presence of gold mineralization as a guide. These exploration holes, which will be drilled from the east to the west, will extend mineralization along strike almost to the property boundary if successful. These holes will also undercut gold-bearing porphyry mineralization discovered in the recently completed trenching program, which has extended the mineralization 150m on surface, testing the surface occurences at depth.
Renforth will commence drilling and drill until December 22, completing as many of these holes as possible in that time, beginning with the #2 Zone Infill holes.
Renforth is raising money at this time by the issuance of both flow-through and common share units. The flow-through units at priced a $0.06 per unit, comprised of one share and one half of one warrant. A full warrant can be exercised for a period of 18 months into one common share at a price of $0.12. The common share units at priced at $0.05 per unit, each unit consists of one common share and one common share purchase warrant, the warrant can be exercised for a period of 24 months to purchase an additional common share at a price of $0.10. The use of proceeds of this fundraising is general working capital purposes and exploration activities at Parbec. Renforth would like to raise a minimum of $500,000, but no more than $1,000,000 through this offering.
At New Alger Renforth is now in receipt of the complete assay results for the Discovery Vein stripping and has commenced mapping those results in order to identify mineralized intervals and aid in interpretation of the results. These results will be communicated to the market as soon as this exercise is complete.
Mark Wellstead P.Geo, OGQ Special Authorization #388 of Minroc Management is a “qualified person” pursuant to the guidelines of National Instrument 43-101 and has reviewed and approved the technical disclosure in this press release.
ABOUT RENFORTH’S PORTFOLIO
Renforth has recently raised just over $600,000 and has commenced deploying this capital in connection with property exploration, acquisition and payments. Recently, in addition to this acquisition of additional gold bearing ground in the Val d’Or mining camp, Renforth has completed a field program on its gold resource bearing Parbec Property, located contiguous to the large, open pit Canadian Malartic Mine, on the Cadillac Break outside the Town of Malartic, Quebec. A discovery of a new gold mineralization type at Parbec this season was press released on July 12, 2017, this mineralization is outside of the area of the maiden gold resource established by Renforth at Parbec in March 2016. That resource tonnage consists of 262,230 t Indicated at a grade of 3.62 g/t Au containing 33,592 ounces and 7,256,872 t Inferred at a grade of 2.01 g/t Au representing 514,108 ounces (press release Mar 7, 2016). Renforth is presently awaiting the balance of assay results from this program and will press release those once available. Renforth deems this program successful in that it resulted in a new discovery and will offer drill targets in that and other unexplored areas of that property.
Additionally Renforth has recently optioned its’ wholly owned brownfield exploration West Malartic property, also contiguous to the Canadian Malartic open pit mine, to SOQUEM, a Quebec crown corporation with expertise in the discovery and development of new mineral assets in the Province of Quebec. Renforth looks forward to the results of SOQUEM’s required $1,300,000 in exploration on the property, with an initial, committed and approved by Renforth, $300,000 program consisting of prospecting and geophysics expected to be commenced in the near future.
In addition to these currently active mineral assets Renforth also owns the gold resource bearing New Alger Project, located on the Cadillac Break approximately equidistant between Rouyn and Val-d’Or Quebec. This property presently consists of both the historic Thompson-Cadillac Mine where Renforth established a maiden Inferred resource of 3,505,000 tonnes containing 237,000 ounces of gold at a grade of 2.1 gt/t Au (July 17, 2014) at surface. This shares the vein structure of the adjacent historic producer of >500,000 ounces of gold at an average grade of approximately 15 g/t Au, the O’Brien mine. Also on the property is Renforth’s discovery of gold bearing quartz veins on surface in the sediments south of the mine. This vein system has been traced over >450m and returned grades including 11.6 g/t Au over 0.5m (press release Dec 9, 2014), this surface discovery is not included in the resource. Renforth’s has successfully stripped a 230m portion of the gold bearing surface quartz veining and is awaiting assays, these will be press released once compiled and interpreted.
In Ontario Renforth holds the Nixon-Bartleman property, located west of Timmins. This property has seen intermittent exploration, with a significant amount of work done, including Renforth’s own surface channel which assayed 22.1 g/t Au over 0.3m (press release Sept. 10, 2014) part of a structurally controlled mineralized system now traced over >450m on surface. Renforth’s next step at this property will be a compilation of all of the exploration data.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#200 – 65 Front St. E, Toronto, ON M5E 1B5
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.
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Source: www.fscwire.com