Renforth Completes First 1000m Drilling at Parbec
Renforth Resources Inc. (CSE – RFR) (OTC US– RFHRF) (WKN - A2H9TN) (“Renforth” or the “Company”) is pleased to inform shareholders that the 1000m drilled mark has been crossed for the Fall 2020 drill program at Parbec, expected to consist of ~7200m, with the three drill holes completed to date as follows;
PAR-20-100 (proposed DDH #8) – this hole was drilled due north, through the Cadillac Break, for 405m, encountering the expected Parbec lithologies, including the “magnetic diorite”, associated with the presence of gold. Samples have been selected, split, and have been delivered for assay, required to determine if gold is present.
PAR-20-101 (proposed DDH #9) – this hole was drilled due north, through the Cadillac Break, for 291m, again intersecting the expected lithologies associated with gold at Parbec, including felsites, diorite, sheared diorites and “tuff” zones. Samples have been selected, split and will shortly be delivered for assay required to determine if gold is present.
PAR-20-102 (proposed DDH #10) – this hole was drilled perpendicular to the Break, as is typical at Parbec, and drilled for 505m before terminating in the volcanics on the north side of the Cadillac Break earlier today. This hole also intersected the targeted lithologies, including the “magnetic diorite”. This hole is being logged and samples selected and split to be sent for assay.
The next hole in the program, DDH #13, will be commenced today and is drilling due north.
Each of the drill holes in this program have been planned to, if successful, add ounces to the Parbec Open Pit Constrained Resource Estimate (May 2020) which demonstrates an Indicated 104,500 ounces of gold at a grade of 1.78 g/t and an Inferred 177,300 ounces of gold at a grade of 1.77 g/t Au, as presented below.
This program is fully funded, with cash and securities in Renforth’s accounts currently in excess of CAD $4,800,000, with an additional CAD $3,240,000 in proceeds from a fully subscribed issuance of 24 million shares of Renforth at a price of $0.135 cents per share (there are no warrants associated with this placement), to be received upon closing on or about the end of this month. The current program is expected to cost approximately 1.25 million, leaving Renforth well funded into the New Year. Renforth does not anticipate any further private placement financing in the foreseeable future, the funds on hand will be used to advance Parbec through a resource expansion phase, to be continued with additional drilling in the New Year followed by a resource re-calculation, and some prudent expenditure at Surimeau and Malartic West. Results for both Surimeau and Malartic West have now been received from the lab and will be press released upon the completion of interpretation, anticipated in the next two weeks.
In the ongoing program Renforth has commenced drilling due north with several drill holes, these are unlike all the previous drilling which was perpendicular to the Cadillac Break (generally drilled to the NE or the SW), whereas the current holes, as can be seen on the map, cross the Break at an angle. The reason for this is that Renforth’s geological team believes there are likely cross-cutting structures (across the Break), which would have been missed in previous drill programs targeting mineralization running “with” the Cadillac Break, in a NW/SE direction, across the property. Structures cross-cutting the Break would be running in a NE or SW direction, beside (and parallel to) the prior drilling, and therefore potentially not intersected by that drilling. With Renforth as well funded as it now is there is budget room available to drill holes due north and test this hypothesis within the ongoing robust drill program.
PARBEC MAY 2020 OPEN PIT CONSTRAINED RESOURCE ESTIMATE
Brian H. Newton P.Geo, a “qualified person” under NI 43-101, has reviewed and approved the technical disclosure in this press release.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#269 – 1099 Kingston Road, Pickering ON L1V 1B5
Renforth Resources Inc. is a Toronto-based gold exploration company with six wholly owned surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada.
In Quebec Renforth holds the Parbec Property in the Malartic gold camp, with gold present at surface and to some depth, located on the Cadillac Break, contiguous to the East Amphi portion of the Canadian Malartic Mine property. Parbec carries an open-pit constrained 43-101 resource with additional gold bearing structures, outside of the Cadillac Break on the property, outside of the current resource. Renforth also holds Malartic West, contiguous to the western boundary of the Canadian Malartic Mine Property, located in the Pontiac Sediments, this property is gold bearing and was the recent site of a copper discovery. Renforth has acquired the Surimeau property, also contiguous to Canadian Malartic and the southern border of the Malartic West property. Surimeau hosts polymetallic mineralization and represents the consolidation of four historic properties into one property for the first time. In addition to this Renforth has optioned the wholly owned Denain-Pershing gold bearing property, located near Louvicourt, Quebec, to O3 Mining Inc.
In Ontario, Renforth holds the Nixon-Bartleman surface gold occurrence west of Timmins, Ontario, drilled, channeled and sampled over 500m – this historic property also requires additional exploration to define the extent of the mineralization.
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.