RFR:CSE

Presentation & Newsletter
News Releases
Initial Inferred Open Pit Victoria Polymetallic Resource

Renforth’s initial inferred Victoria Nickel Polymetallic resource of 125 million tonnes of polymetallic (nickel, cobalt, platinum and palladium, interlayered with zinc, copper, silver and gold) mineralization is contained within a 2.5km long, 200m deep open pit with a strip ratio of less than 1:1. This is within the ~20km long Victoria mineralized structure running along the southern end of the Malartic Metals Package.property.

Victoria Deposit Summary Presentation March 2026
Présentation du résumé du dépôt de Victoria en mars 2026
Renforth’s Malartic Properties

It is important to note the location and scale of our Malartic Metals Package property, which hosts several areas of mineralization. The MMP property is located almost int he middle between Rouyn-Noranda and Val d’Or Quebec, both very well established and active mining camps with a long history, and all the services required for exploration through to operating mines. We have regional, local and internal roads to and within each of our properties in the Malartic area which, combined with local capability, allows Renforth the lowest possible operating costs and access to local professionals possible through the exploration and development work we are doing on our properties.

Malartic Metals Package Mineralized Zones

The Victoria structure runs west to east along the lower part of the property, and is bisected by the regional road between the Town of Cadillac, Qc and the Rapide-Sept hydroelectirc generating station to the south. The powerline for the generating station runs beside the road, south to north in the centre of the property. In addition the road and powerline for the Rapide-Deux hydroelectrirc generating station cross the NW corner of the property and the Lalonde mineralized structure. The resource is calculated from the road to the west, indicated with the block above, with ~10,000m of drilling over the 2.5km.

Victoria Resource Model
Victoria Sustainability

Renforth is investigating several sustainability measures for implementation int he development of the Victoria Deposit.

  • TOMRA ore sorting has been proven to work with the Victoria mineralized material on a primary and secondary sorting basis. Further testing is required to design a custom sorting system. The real impact of the technology when implemented is to reduce the waste that would enter the processing system, this reduces the amount of material which would be processed, the amount of chemistry and water used, and ultimately the amount of waste generated post processing. The reduction of material being processed also results in raising the grade of that material (as grade is a calculation of weight percentage), which would have positive impact on the process itself.
  • Initial metallurgical testing has determined that material from Victoria can be processed using conventional processing technology, subject to further testing and flow sheet development. This may results in existing processing infrastructure being a solution for Victoria, eliminating the need to build new infrastructure.
  • Renforth has undertaken, in partnership with CTRI in Rouyn-Noranda, several initiatives. The ongoing work is to test the ultramafic material from Victoria for carbon sequestration, to test for heap leach viability using local natural chemistry and to determine fauna indicative of the presence of nickel for use in exploration elsewhere on the property.
Victoria Geological Model

Our current geological model for Victoria is as follows: The Pontiac sediments host a pre-existing sulphidic, graphitic horizon which bears zinc and lesser copper and perhaps cobalt. Texturally, this sequence resembles an exhalite with laminated cherts and chert-sulphide layers sometimes present. Stratigraphic way-up is inferred to be northward based on scouring textures seen in SUR-21-28 and a gradual ramp-up of Pb values in country units in SUR-22-39, interpreted as the VMS hanging wall. This sequence has interacted with a series of ultramafic units (sills and/or flows) which have assimilated both sulphur and carbon from the Pontiac horizon, allowing pentlandite to be precipitated in proximity to sphalerite-pyrrhotite in places. The assimilated carbon produces a distinctive ferrodolomite contact alteration zone which is close to, or hosts, much of the mineralization.

Alternatively, pentlandite may have been generated in small amounts through the liberation of Ni during serpentinization, combining with Sulphur liberated by conversion of pyrite to pyrrhotite at amphibolite grade.

Geochemical Observations

 Zinc mineralization ties very strongly to sulphidic, graphitic sedimentary units. This can be seen geochemically with a very strong zinc-copper-cobalt-sulphur correlation. Higher zinc values correlate with drops in magnesium and modest elevation in incompatible elements such as yttrium. The reduced magnesium may correlate with a possible reduction in biotite and increase in muscovite that is observed in drill core close to the mineralized zones. It is possible that the sulphidic, graphitic units are a volcanogenic exhalite and, if so, it should be possible to recognise alteration halos.

Geochemically, it can be seen that the ultramafic system has two clear end-members; a mafic component that is Ni+Cr-enriched, and a komatiitic component which is both weakly Ni-enriched and partially Cr-depleted. Variolitic and spinifex textures are occasionally observed in core in the respective units. Spatially these are intricately interlayered within the Victoria belt, and some drillholes can pass through numerous stretches of each. This might suggest repeated eruptions or intrusions from a single, fractionating magma source. Each of the end-members might interact differently with the exhalite horizon and this may be an important control on nickel values. The evidence for Ni/Cr fractionation might also suggest that there is potential for true magmatic or komatiitic nickel mineralization within the Victoria system, which has not yet been discovered.

Nickel correlates with sulphur within the sedimentary/exhalite units, and these samples all have extreme Ni/Cr ratios. Nickel and sulphur also weakly correlate in the mafic component of the ultramafic system, but far less so in the komatiitic component. This speaks to the deposition of nickel close to preexisting sulphur sources and the presence of some amount of sulphidic nickel within the mafic-ultramafic system. Drill logs often mention clots of graphite within the ferrodolomite-altered, nickel-mineralized portions of the mafics-ultramafics, which again supports the assimilation idea, and bolsters the case for a geophysics-based exploration strategy.

Limited PGE assaying in early 2024 revealed that elevated Pt/Pd values tended to correlate with Bi and Te far more strongly than with Ni, Co or Cu, suggesting a minor telluride component within the ultramafics.

Modelling the Mineralized Zones

Three main mineralized zones can be seen in the existing drill data. A North Contact Zone (zinc-dominated) follows the northern edge of the ultramafic belt. The South Contact Zone is mostly zinc with some nickel overprint. The Ultramafic Zone runs through the centre of the belt and is exposed in the main stripped area. This carries both nickel and zinc and may have some amount of structural control. There are additional zinc-dominated parallel zones, particularly at the western end of current drilling, and there are some outlying high-nickel samples which might correspond to shear structures.

There may be a shallow westward plunge in the North Contact Zone. The data is less clear but there may be a similar trend in the South Contact Zone.

Geophysically, it is worth noting that the mineralized zones are within the magnetic trend. This can be seen both from airborne geophysics and magnetic susceptibility and is probably the result of pyrrhotite.

There might be patterns in the existing geophysics data that point to these hypothetical cross-cutting structures. There are low-angle embayment’s in the magnetic signal at Victoria which might correspond to the Ultramafic Zone and some outlying nickel-rich locations. This pattern could be applied elsewhere.

Assessment Reports for Drill Programs on the Malartic Metals Package

Selected Victoria Specific Press Releases (all press releases are on SEDAR+)