Renforth Resources (CSE: RFR) (OTC Pink: RFHRF) (FSE: 9RR) reported additional results from its 2020 drill program at its Parbec gold deposit in Quebec, including 10.75 metres grading 1.54 gt gold, which included 2.85 gt gold over 3.61 metres. Renforth holds an open pit gold deposit in Parbec, a district scale battery metals discovery in Surimeau, and the Malartic West property, the site of a coppersilver discovery, all located near Malartic, Quebec, contiguous to the Canadian Malartic mine, along with several other mineralized properties.
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The company released assays for drill holes PAR-20-114, 118 and a portion of 121, which were completed in the Fall 2020 program, which totaled 9,644 metres. These results continue Renforth's success in drilling at Parbec with, again, each hole drilled returning gold values of interest. These results are accretive to the overall gold endowment of the Parbec deposit and are expected to positively impact a resource estimate calculation.
The drill program finished at 15,569 metres with assay results from a total of 35 drill still outstanding from both the phase one Fall 2020 and phase two Winter 2021 programs, ensuring a significant flow of news for investors as the assays are released. The drill program was designed to fill in gaps within the existing deposit model, to test for the downdip extension of mineralized zones with undercut drillholes and to twin holes drilled between 1986 and 1993.
The assay results from the total of 62 holes will be used for a new 2021 resource estimate for Parbec, anticipated to be completed in June or July 2021, depending on the timing of the receipt of assays. The current resource estimate shows 104,000 indicated ounces of gold at a grade of 1.78 g/t gold and 177,000 inferred ounces of gold at a grade of 1.78 g/t gold.
In late March Renforth commenced a 3,500 metre drill program at the 215 square kilometre Surimeau District Property, which hosts gold, nickel, copper, zinc and other metals in various settings at several locations on the large property. This drill program is on the Victoria West Target Area, a nickel rich VMS target which has been explored both historically and more recently by Renforth over a strike length of 5 kilometres within a 20 kilometre long magnetic anomaly associated with intrusives.
This program has successfully drilled off 2.2 kilometres of this strike length with significant chalcopyrite, sphalerite and pyrrhotite mineralization identified in each hole drilled. The mineralized anomaly is now proven to be up to 250 metres in width.
There remains 4 km of strike length along the anomaly to the west within the property boundary and 12 km to the east which has never been prospected or drilled, except in the very eastern end where the Colonie showing has been identified historically and verified by Renforth. Renforth has completed 13 holes, with drilling ongoing in the 14th hole, SUR-21-17. The final hole planned in the program is SUR-21-18, an undercut of two earlier holes, SUR-21-06 and SUR-21-07, which gave visual mineralization in multiple lithologies between the two holes. Samples have been selected, split and delivered to the lab for this program, results are awaited.
With its shares trading at $0.095, Renforth is well funded, with approximately $6.3 million in cash and securities on hand as at March 15, 2021.
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