Renforth Completes First Closing and Updates Shareholders on Current Exploration
Wednesday, September 18, 2019 12:18 PM
PICKERING, ON / ACCESSWIRE / September 18, 2019 / Renforth Resources Inc. (CSE:RFR)(OTC Pink:RFHRF) ("Renforth" or the "Company") is pleased to announce the a first closing in the current fundraising consisting of a total of $381,000.oo raised with the issuance of 4,444,000 common share units and 2,650,000 flow through share units. A total of $6,240 was paid in finder's fees and 104,000 finder's warrants exercisable at $0.10 were issued.
The use of proceeds for these funds are the drafting of new 43-101 Resource Estimates for Renforth's two wholly owned resource properties on the Cadillac Break, New Alger in the Cadillac Mining Camp and Parbec in the Malartic Mining Camp, both in the Abitibi region of Quebec, Canada (press released Sept. 13, 2019). In addition to this resource work Renforth has commenced carrying out initial exploration on its' wholly owned Malartic West Property, contiguous to the Canadian Malartic Mine, the site of a recent copper discovery, with a discovery grab sample of 8.08% Cu (press released Sept. 4, 2019). A summary of recent work on each property is as follows;
- Drill hole collars and Discovery Vein channels detail surveyed for inclusion in new 3d model for the current 43-101 Resource Estimate. This new model will include 4 holes drilled subsequent to the 2014 resource statement, 3 of them containing visible gold. In addition, 53 channel samples taken across the 270m stripped of the ~500m known extent of the Discovery Vein will be included in the new 3d model.
- Core inspected in secure core yard by P&E Mining Consultants Inc. (P&E), check samples cut and submitted for assay, property visit completed
- Previously announced 20.8 g/t Au over 0.5m in Discovery Vein channel was found to be unconstrained, this interval was extended and certain other samples were taken from New Alger in locations prospected and where weathering has revealed interesting structures, results will be released when available.
- Drill hole collars surveyed, including the 12 holes drilled since the current 43-101 Resource Estimate, each hole encountered gold and extended mineralization across the entire 1.8 km of the Cadillac Break at Parbec and proved the "Diorite Splay" discovery. The 12 holes will be included in the new model.
- Core inspected by P&E, check samples cut and submitted for assay, property visit completed.
- Field review of core against results of recently completed first round thin-section petrographical study of selected samples of Parbec core
- The Copper Discovery in the north part of the property was revisited, additional grab samples taken. A stripping plan has been developed, at the same time hunting season has commenced. Out of consideration for active local hunters, and safety, Renforth will not strip during hunting season.
- Renforth is prospecting additional areas of interest on the property, including the historic Surimau gold bearing granodiorite occurrence in the west central portion part of the property, large intervals of low grade gold were drilled historically. On surface Renforth has found creamy-white Quartz-Albite veins with fine to medium grained pyrite stringers. Samples have been taken.
- Renforth is continuing to follow up on certain results obtained by SOQUEM.
Technical information in this press release was reviewed and approved by Brian H. Newton P.Geo, a "qualified person" pursuant to NI 43-101.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
E: [email protected]
#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.
SOURCE: Renforth Resources Inc.