January 4, 2024
Renforth Resources Inc. (CSE – RFR) (OTCQB– RFHRF) (FSE-9RR) (“Renforth” or the “Company”) would like to update shareholders on positive assay results obtained in the 5 grab samples obtained from stripping of the Beaupré copper discovery in the north-eastern part of the Surimeau property, the closing of the previously announced financing and the departure of Mr. Kurt Breede from the Board of Directors as a requirement of his new role as Technical Director within the mining group at Scotiabank.
The Beaupré copper mineralization was discovered at Surimeau in 2018 by SOQUEM conducting exploration under an option agreement. Upon the termination of that option, during data review, Renforth became aware of the copper discovery, and has conducted prospecting work on several occasions in the area to confirm the discovery, tracing copper and silver mineralization on surface over ~165m in strike length. In November 2023 Renforth stripped overburden to expose bedrock along strike for approximately 110m and perpendicular to strike for a length of approximately 150m in order to better evaluate and map the mineralization in the main zone and search for additional mineralization to either side of the main zone. Unfortunately, temperatures dropped significantly early in the winter, making removal of overburden difficult due to freezing of exposed dirt and rock, eventually covering the stripped bedrock in a layer of snow. As a result, only 5 grab samples were taken. The work at Beaupré will continue later this year with channel sampling and mapping, in warmer conditions.
The five grab samples taken in the program were taken from the “main vein” and the vein walls to either side, results again confirm the presence of previously unknown copper and silver mineralization on surface. Grab samples are selective in nature and not reflective of the entirety of the exposed mineralized system.
“Assay results in this press release confirm the visual mineralization on surface seen in the field at Beaupré, unfortunately this was only possible in a couple of locations due to weather challenges, however, we will return to this area of our Surimeau property in the future. While the priority at Surimeau is definitely the 20km long mineralized Victoria structure, a copper discovery striking towards, and on surface within 500m of, the Cadillac Break cannot be ignored. We do not yet know if this is significant, however this work, once completed, may help answer that question. Drill results from our November 2023 drilling at Victoria, are still awaited” states Nicole Brewster, President and CEO of Renforth.
Previous work at Beaupré demonstrates a northeast striking deformation zone surface sampled along a ridge line over ~165m within the Pontiac sediments which underlie most of Surimeau. At its narrowest (~20cm pre-stripping), it has the appearance of a weakly chloritized shear zone but widens in places to ~1m thick areas of silicification, brecciation and quartz flooding. Mineralization occurs as very coarse, irregular, clots of chalcopyrite, occasional bornite and tight disseminations of fine pyrite are found within the vein and the along its margins. Future mapping and sampling of the stripped areas will further inform the characterization of Beaupré.
Renforth completed a non-brokered private placement (the “Offering”) for gross proceeds of C$396,600 from the sale of 300,000 non-flow-through units of the Company (each, a “Unit”) at a price of C$0.026 per Unit and 12,959,999 flow-through units of the Company (each, a “FT Unit”, and collectively with the Units, the “Offered Securities”) at a price of C$0.03 per FT Unit.
Each Unit consisted of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.05 for a period of 24 months following the distribution date. Each FT Unit consisted of one Common Share to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share”) and one half of one FT Warrant. Each FT Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.05 for a period of 18 months following the distribution date.
In connection to the financing, the company paid a cash commission of $17,500
Renforth would like to thank Mr. Kurt Breede for his contributions as a Director of the Company and congratulate him on his appointment as Technical Director within the mining group at Scotiabank. Unfortunately this role required Mr. Breede to step down from his directorship at Renforth in early December, however, the Board offers Mr. Breede best wishes for success in this new role.
Renforth is a battery metals area play with the dominant brownfield land position south of the world class Cadillac-Larder Lake Fault (“CLLF”) in the prolific Cadillac and Malartic mining camps of Quebec’s Abitibi. Offering exposure to gold, zinc, nickel, copper, cobalt and more, including lithium, Renforth’s land position encompasses several areas of interest.
Renforth’s position is unique in that the both the battery metals mineralization at Surimeau and our gold deposit at Parbec are road accessible, with hydro power crossing the properties, in an established and secure mining jurisdiction which regularly ranks as Top 10 (as determined by the Fraser Institute) in the world.
Renforth is engaged in the active exploration of the proven Surimeau battery metals mineralization, working towards a maiden resource statement, and the remodeling of our Parbec gold deposit to incorporate the ~15,000m drilled subsequent to the 2019 effective date of the last MRE.
Technical disclosure in this press release has been reviewed and approved by Francis R. Newton PGeo, OGQ a “qualified person” pursuant to NI 43-101.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#Unit 1B – 955 Brock Road, Pickering ON L1W 2X9
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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.