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 21.45 metres grading 5.57 gt gold, which included 6.27 gt gold over 16.7 metres. Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with 104,000 indicated ounces of gold at a grade of 1.78 gt gold and 177,000 inferred ounces of gold at a grade of 1.77 gt gold.
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A 15,000 metre drill program is ongoing to twin, infill and undercut existing drill holes to rebuild the geological model and increase the resource estimate upon restatement. The company has completed 4,095 metres of drilling in 15 holes, samples have been selected and submitted for assay, results for these drill holes are also awaited. Investors can expect a significant flow of news as there are still 20 drill holes from the 2020 program awaiting assays.
As shown in the video, in blue is the Whittle open pit outline for the May 2020 Resource Estimate. Drill hole PAR-20-112 intersected the 21.45 metre mineralized interval grading 5.57 g/t gold within and below the conceptual pit wall. This interval is interpreted to be the down dip extension of the mineralized interval in PAR89-50, as well as being an overcut of the end of the 9.6 metre mineralized interval in PAR-20-100, which was drilled to the north, which gave an average assay of 0.59 g/t gold over that length.
Both PAR-20-110 and 111 demonstrate vertical continuity both outside and within the May 2020 open pit. The interval of 9.5m of 0.72 g/t gold in PAR-20-110 undercuts, and lines up with, the interval of 7.3m of 1.51 g/t gold in PAR-20-111. The deeper intervals within each hole occur near the contact with the volcanics to the north, which mark the end of the mineralized envelope within the Cadillac Break. Additional mineralization is present higher in the hole in both PAR-20-110 and 111.
PAR-20-113 shows duplication of mineralization as compared to PAR-93-55 in close proximity. Again, the assay values in PAR-20-113 will have a positive impact during the future resource estimate recalculation, as the assay values from the 1993 drill hole were not used in the current May 2020 resource estimate calculation. PAR-20-113 also offers vertical continuity as compared to the deeper drill hole, PAR-17-67, which gave a mineralized interval of 26.5 metres assaying 0.65 grams per tonne gold near the end of that hole.
Nicole Brewster, President and CEO, stated: "I am pleased, again, with the results we are reporting to shareholders from our 2020 drilling at Parbec. We continue to generate positive, accretive data, at times with notable intervals, and in the instance of PAR-20-112 in today's press release, with notable grade, from our shallow, open pit gold deposit on the Cadillac Break, beside Canada's largest gold mine, road accessible in an excellent jurisdiction. We are currently drilling at Parbec and look forward to reporting on assays for the next while from this program which, when complete, will total approximately 15,000m of new drilling and data, exceeding our previous drill total at Parbec of just under 8500m, made possible by our excellent financial position. We look forward to a resource recalculation at Parbec in the near future and getting a much clearer picture of the potential and value of this asset."
Renforth has also discovered a nickel bearing ultramafic, coincident with a copper/zinc VMS, over approximately 5 kilometres of strike in the western end of the 20 kilometre central anomaly at Renforth's wholly owned 215 square kilometre Surimeau property. This prospect was discovered on surface and the subject of a very short, shallow drill program, a more robust drill program is planned for Spring 2021.
Renforth also holds the nearby Malartic West property, the site of a copper/silver discovery. In addition, the company intends to continue prospecting at its Nixon-Bartleman gold property in Ontario, last visited in 2014 when Renforth channel sampled 22.1 grams per tonne gold over 0.3 meters, extending the on-strike length of surface gold mineralization to over 500 meters.
With its shares trading at $0.07, Renforth is well funded, with approximately $6.3 million in cash and securities on hand.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76902