PICKERING, ON / ACCESSWIRE / October 31, 2019 / Renforth Resources Inc. (CSE:RFR)(OTC:RFHRF) ("Renforth" or the "Company") offers shareholders the following update:
- Malartic West exploration has resumed on the Beaupre copper discovery, paused in consideration of local hunters, with prospecting and trenching to trace and potentially expand the surface copper/silver discovery, also possible work at the low grade gold anomaly in the south as further detailed below.
- New Alger in November will be drilled again! Last drilled in 2015, work planned includes below the 270m of gold exposed in the Discovery Vein surface stripping, further details are offered below.
- Resource Estimate Updates significant progress made with New Alger and Parbec Mineral Resource Estimates, open pit optimization underway at New Alger, wireframing nearly complete at Parbec.
- Financing completed as summarized below, Renforth is funded for the planned exploration
Brief work at the property in August, which included some sampling at the Beaupre copper showing, yielded an additional grab sample high value of 3.59% Cu and 6.62 g/t Ag, in addition to other sample results previously announced obtained over the 60m exposure at Beaupre. This copper showing is a discovery program, with no prior work and little geophysical coverage. Renforth is currently in the field prospecting and trenching, searching for extensions to this occurrence. In addition to field work Renforth is pursuing data acquisition, this includes a LWIR (longwave infrared) study obtained from Japanese ASTER satellite imagery interpreted by DIRT Exploration of South Africa. While this data is coarse (90m resolution) a chalcopyrite anomaly co-incident with the Beaupre showing registers, this ~1km long anomaly is the initial prospecting target.
Also at Malartic West, and depicted above and below, is the Surimau low grade gold occurrence, which based upon initial discovery sampling and historic drill holes, is gold occurring in the sediments and the Lac Surimau granodiorite, in an area of structural complexity and numerous targets. Renforth hopes to carry out additional prospecting at this location this fall, however, snow is possible as early as the end of this week, weather will affect how much field work gets completed at Malartic West, ahead of drilling at New Alger. Snow and the onset of winter does not affect drilling at New Alger
Drilling at New Alger will commence next week, with drill mobilization scheduled for Monday. Targets for this drill program are being finalized, a process which is aided by the recently completed 3d modelling of New Alger, including the Discovery Veins, completed by P&E Mining Consultants Inc. a part of the new Mineral Resource Estimate for New Alger. In general terms it is expected that the drill program will include the following targets (1) the Discovery Veins including the western end, the eastern end and under the main historic blast pit (2) the vicinity of Shaft #2 in the Thompson-Cadillac Mine, sunk into the #2 Vein at New Alger and (3) the +100 feet of Albite mapped underground in the north crosscut at the 300 level of the Thompson-Cadillac Mine. Albite is a lithology that is present in the Cadillac Mining Camp which is very brittle and very prospective as a gold host, in part as it is considered genetically related to the gold bearing solutions which formed the Camp. These are only a few of the target areas which Renforth's geological model presents, all are being considered and prioritized.
Mineral Resource Estimate Updates
At New Alger the drill and surface exploration data has been used to create a 3d model, with wireframe solids created which define the veins drilled at New Alger to date. Based upon the grades contained within the solids the software program calculated and constructed a block model, with each block having a metal value. This block model is being run though a pit optimization software package by P&E Mining Consultants Inc., the end result of which will be a Mineral Resource Estimate expressed as "pit constrained" and "outside of pit" mineralization. Renforth looks forward to receipt of all of this information and will publish it in due course.
At Parbec the Mineral Resource Estimate update is also proceeding, the 3d model has been built with the drill and surface exploration data, the process of wireframing to create solids has begun. While not as far along in the process as New Alger, Parbec is also proceeding smoothly and will also be released once available.
New Alger 3d Model (Looking NW)
Renforth has completed a closing of a private placement with the issuance of 1,500,000 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 $0.075 for a period of 24 months, and 5,488,000 flow through share units, each flow through unit priced at $0.06 and consisting of one share issued on a "flow-through" basis and one warrant to acquire an additional common share at a price of $0.10 for a period of 24 months, for a total raised in this closing of $404,280. Commission and fees totaling $25,862 in cash were paid, 436,373 broker's warrants entitling the holder to acquire an additional common share at $0.10 were issued pursuant to this closing.
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.