July 14, 2020
Renforth Resources Inc. (CSE – RFR) (OTC Pink – RFHRF) (WKN – A2H9TN) (“Renforth” or the “Company”) would like shareholders to know that July 2020 field work at New Alger has commenced. Plans for our wholly owned open pit constrained gold resource property in July 2020 are blasting a mini-bulk sample in the area of the Discovery Veins and drilling both infill and step out holes in the Discovery Veins. Please see below for more information regarding New Alger, its resource and our plans.
Our geologist is in the field this week preparing the site for blasting in four selected locations within the 275m stripped portion of the Discovery Veins. Management will be on site for the blast with several of our consulting geologists, imagery and video will be posted to social media channels. The purpose of this blast is to create fresh rock for visual evaluation, assaying and if warranted by the assay results processing for the recovery of gold.
Our exploration team and the resource team have planned a drill program designed to begin the infill of the Discovery Vein, which we have drilled with a widely spaced maiden 7 drill hole program, each of these drill holes intersected gold in quartz veining both within and outside of the stripped area (PR Jan 21 2020). This program has been designed to begin to fill in the gaps within our resource model caused by gaps in the drilling, and to also step outside of the stripped area to the west. Results obtained in the field may change the drilling plans. It is anticipated drilling will be underway early next week.
New Alger Pit Constrained Gold Resource 3d Model
The above images, taken from the New Alger video on our website, illustrate the location of the Discovery Veins relative to the main mineralized area of the property, the former Thompson-Cadillac Mine which is on the southern edge of the Cadillac Break. In addition, in the view of the pits looking SW the viewer can see that each little pit is associated with a location of one of three 2 drill hole fences which were drilled in the maiden November 2019 program.
1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4) Historically mined areas were depleted from the Mineral Resource model.
5.) The pit constrained Au cut-off grade of 0.32 g/t Au was derived from US$1,450/oz Au price, 0.75 US$/C$ exchange rate, 95% process recovery, C$17/t process cost and C$2/t G&A cost. The constraining pit optimization parameters were C$2.50/t mineralized mining cost, $2/t waste mining cost, $1.50/t overburden mining cost and 50 degree pit slopes.
6.) The out of pit Au cut-off grade of 1.44 g/t Au was derived from US$1,450/oz Au price, 0.75 US$/C$ exchange rate, 95% process recovery, C$66/t mining cost, C$17/t process cost and C$2/t G&A cost. The out of pit Mineral Resource grade blocks were quantified above the 1.44 g/t Au cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Additionally, only groups of blocks that exhibited continuity and reasonable potential stope geometry were included. All orphaned blocks and narrow strings of blocks were excluded. The longhole stoping with backfill method was assumed for the out of pit Mineral Resource Estimate calculation.
Brian H. Newton P.Geo is a “qualified person” pursuant to the requirements of National Instrument 43-101. He has reviewed and approved the technical information in this press release.
Renforth would like to inform the reader that it is anticipated there will be a second and final closing to our previously announced financing on July 20th 2020. (PR July 6, 2020)
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 five wholly owned surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada.
In Quebec Renforth holds the New Alger and Parbec Properties, in the Cadillac and Malartic gold camps respectively, with gold present at surface and to some depth, located on the Cadillac Break. In both instances’ additional gold bearing structures, other than the Cadillac Break, have been found on each property and require additional exploration. 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. 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.