April 13, 2021
- Parbec Update – includes assay results for Fall 2020 drill program, including 10.75m of 1.54 g/t gold drilled in PAR-20-121
- Surimeau Update – includes visual identification of nickel, copper and zinc in each hole drilled over 2.2km strike length at Victoria West
Renforth Resources Inc. (CSE – RFR) (OTCQB– RFHRF) (FSE-9RR) (“Renforth” or the “Company”) is pleased to update shareholders on assay results received for Renforth’s 2020 drill program on the wholly owned Parbec open pit constrained gold deposit on the Cadillac Break and visual drill results obtained in the current drill program on the wholly owned Surimeau District nickel rich VMS target at Victoria West, both properties are adjacent to the Canadian Malartic Mine in NW Quebec.
This press release gives highlights of assays received for PAR-20-114, PAR-20-118, and a portion of PAR-20-121, all drilled in the Fall 2020 program at Parbec where 9,644m were drilled in phase one of a drill program designed to support a new 2021 resource estimate for Parbec. The drill program finished at 15,569m of drilling completed with the assay results for a total of 35 drill holes in both phase one (Fall 2020) and phase two (Winter 2021) of the program still outstanding.
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 in order to allow the assay results from those 62 holes to be used in the 2021 resource estimate for Parbec, anticipated to be completed in June/July 2021, however, the timeline is dependent on the receipt of assays. The two complete drill holes and one partial drill hole reported on in this press release continue Renforth’s success in drilling at Parbec with, again, each hole drilled returning gold values of interest. Each of the results given below are accretive to the overall gold endowment of the Parbec deposit and are expected to positively impact a resource estimate calculation.
Parbec Fall 2020 Assay Highlight Table
|Drillhole||From (m)||To (m)||Length (m)||Gold g/t|
*assay intervals are as measured in the core box, not true width.
Surimeau District Property Update
In late March Renforth commenced a 3500m drill program at the 215km2 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 historically and by Renforth over a strike length of 5kms within a 20km long magnetic anomaly associated with intrusives. This program has successfully drilled off 2.2km of this strike length. Significant chalcopyrite, sphalerite and pyrrhotite mineralization was identified in each hole drilled. The mineralized anomaly is now proven to be up to 250m 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, in 2892m. 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.
Parbec samples reported on in this press release were selected, split, bagged and tagged in the field and delivered to the facilities of AGAT Laboratories in Val d’Or Quebec where they were assayed for gold using “202-051 – Au by Fire Assay, AAS Finish” and “202-064 – Au by Fire Assay, Gravimetric Finish” for overlimit (>10 g/t Au) values.
Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a “qualified person” pursuant to NI 43-101
On April 6, 2021, the Board granted 2,550,000 stock options to officers, directors and consultants of the Company. The options were granted pursuant to the Company’s option plan, have an exercise price of $0.08 and are exercisable for five years from the date of grant.
The Company also announces that it reached an agreement on April 6 2021 with two related party creditors to settle debt in the total amount of $165,000 by the issuance of 2,062,500 common shares of the Company at a deemed price of $0.08 per share.
CFO Advantage Inc., a company owned by Kyle Appleby, the Chief Financial Officer of the Company, participated in the debt settlement by settling debt in the amount of $55,000 in respect of which it will receive 687,500 common shares of the Company.
Minroc Management Limited., a company that Nicole Brewster (the Company’s Chief Executive Officer) is associated with, participated in the debt settlement by settling debt in the amount of $110,000 in respect of which it will receive 1,375,000 common shares of the Company.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#269 – 1099 Kingston Road, Pickering ON L1V 1B5
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Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au. This resource estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program which has been recently completed. This program was planned to twin, infill and undercut existing drill holes at Parbec, to support a rebuild of the geological model and a resource estimate restatement. In addition to this Renforth has discovered a nickel bearing ultramafic, coincident with a copper/zinc VMS, over ~5km of strike in the western end of the 20km central anomaly at Renforth’s wholly owned 215 km2 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 Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m. Renforth is well funded, with ~$6 million in cash and securities on hand (*as at 03/15/21), in addition to the gold contained in our gold deposit.
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.