28 Jul Renforth Extends Diorite Splay Discovery at Parbec with Surface Gold Results
Renforth Resources Inc. (CSE – RFR) (OTC US– RFHRF) (WKN – A2H9TN) (“Renforth” or the “Company”) is pleased to share with shareholders our success at Parbec with the beep mat survey, which extends our initial diorite splay Discovery Sampling (see press release June 26, 2019) to a strike length of approximately 100m, supported by gold in surface channels, including 2.35 g/t Au over 0.55m, detailed below, and other anomalies highlighted by our initial, very limited, beep mat survey at Parbec.
“The fact that we found gold on surface, extending our initial Diorite Splay discovery to approximately 100m in strike, with the small scale beep mat survey we carried out is great! To extend the vein system on surface, which also ties in to drill intervals at depth, using very cost effective technology gives us another tool in our efforts to define the extent of mineralization at Parbec. The next step will be to carry out a larger scale survey over the Pontiac sediments south of the Break.” states. Nicole Brewster, President and CEO of Renforth.
Highlight Beep Mat Survey Channel Sample Results
1.68g/t Au over 0.35m
2.35g/t Au over 0.55m
0.80g/t Au over 0.3m
A total of 19 channel samples were taken at various locations within the surveyed area. In the instance of the results given above the samples were taken from a quartz vein with chloritic and pyritic walls, which eventually plunged into a fault. These results line up with anomalies found in the survey, interpreted to extend this system to approximately 100m. In 2019 the southern “diorite” splay area, approximately 100 metres south of the Cadillac Break, was discovered to host narrow quartz veining on a ridge of sediments which assayed 1.03 g/t Au over 0.2m, this sample is interpreted to be the surface occurrence of mineralization seen in prior drillholes, with intersections at approximately 75m vertical depth of 2.82g/t Au over 1.0m in PAR-18-86, 2.35g/t Au over 3.3m in PAR-08-03 and at approximately 200m vertical depth 2.75g/t Au over 3.0m in PAR-08-02. This area, accessed via a trench corridor, was unable to be stripped due to access issues, and was not washed. As stated in 2019 we feel that this location is a key location in beginning to understand the true potential of mineralization in the sediments, it still has not been washed and is difficult to access from the north, future work will include attempting access from the south. Our recent beep mat work has given us proof of concept results at Parbec, this technology will also be used again in the future
Renforth has completed a second closing of the previously announced financing with the issuance of 1,400,000 common share units, each unit priced at $0.05 and consisting of one common share and one warrant to acquire an additional common share at a price of $0.07 for a period of 24 months, and 2,500,000 flow through share units, each unit priced at $0.055 and consisting of one share issued on a “flow-through” basis and one warrant to acquire an additional common share at a price of $0.075 for a period of 24 months, for a total raised in this closing of $207,500. It is anticipated there will be a third and final closing shortly. Funds previously closed are being deployed in the field with our ongoing drill program on the Discovery Veins gold system at New Alger, with both infill and step out drill holes.
Renforth’s wholly owned Parbec Gold Project, in Malartic Quebec, covers approximately 1.8kms of strike of the Cadillac Break, adjacent to the Canadian Malartic open pit gold mine, and hosts an open pit constrained gold resource consisting of both indicated and inferred gold ounces as presented below. Parbec is immediately adjacent to the former East Amphi Mine, which forms the northwestern corner of the Canadian Malartic Mine Propert, also on the Cadillac Break and joined to Parbec. At Parbec Renforth has, in addition to presenting the maiden open pit constrained gold resource associated largely with the Cadillac Break, discovered gold on surface, which ties in with drilled results, in the volcanics to the north of the Cadillac Break and in the “Diorite Splay” in the Pontiac sediments to the south of the Cadillac Break, expanding the mineralization on the property to 3 systems, with the bulk of the work on the property being fairly shallow.
|Parbec Mineral Resource Estimate (1-6)|
|Total||Indicated||0.32 + 1.44||1,822||1.78||104.5|
|Inferred||0.32 + 1.44||3,122||1.77||177.3|
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.
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 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. Each of these properties carries an open-pit constrained 43-101 resource. 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. 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 consolication of four historic properties into one 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.