PICKERING, ON / ACCESSWIRE / July 6, 2020 / Renforth Resources Inc. (CSE:RFR)(OTC PINK:RFHRF)(WKN:A2H9TN) ("Renforth" or the "Company") has completed our June field work successfully and is particularly impressed with the results of our initial prospecting work at Malartic West, results will be released as available.
- Malartic West - visual confirmation of the presence of mineralization, noted historically, was obtained. This included sphalerite and minor chalcopyrite set within multiple felsic units, interlayered with narrow bands of graphitic shale. Also encountered were multiple bands of ultramafic rocks, including serpentinite and pyroxenites, these were historically investigated for their nickel content. Renforth's investigation, and assay protocols, extends to testing for gold, nickel, copper, zinc and PGEs. With the exception of PGEs each of these metals was historically documented in various programs and locations within the system. The relationship between the felsic and ultramafic mineralization has not yet been determined.
The southern claims, the focus of the work, hosted 3 areas of historic mineralization, in two bands approximately 4 kms apart (north-south) with a strike length of approximately 19 kms (east-west) between them, previously referred to as Lalonde, Victoria and Colonie. Renforth is the first company to consolidate all of these historic mineralized areas and approach them as a system. Renforth will, going forward, refer to this system as the Surimeau Project, separating the claims out of the Malartic West block.
- Parbec - obtained with prospecting was an extension of the Diorite Splay veining on surface, with additional veining uncovered and sampled, assay results pending. The structural interpretation of the mineralization in the sediments is continuing, sampling ended due to overburden beyond hand tool abilities in one direction and with the vein entering a fault in the other.
- Beep Mat - data was successfully acquired at both New Alger, in the area of the Discovery Veins, and at Parbec, in the area of the Diorite Splay. Some initial prospecting was carried out with this data, interpretation of the data is pending.
Renforth has completed a private placement with the issuance of 100,000 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 4,236,372 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 $238,000. A commission totaling $14,000 in cash and a total of 254,545 broker warrants was paid pursuant to this closing. The use of these funds is a drilling program on the Discovery Vein gold mineralization at New Alger. Currently the resource geologist and the exploration geologist team are working together to develop a program which will include infill drilling within the stripped area and step out drilling to the west, within the surface sampled but undrilled strike of the Discovery Vein system. Drilling is expected to commence in late July, once scheduled blasting of certain areas of the Discovery Veins surface mineralization is complete.
Brian H. Newton P.Geo is a "qualified person" pursuant to the guidelines within NI 43-101 and has reviewed and approved the technical disclosure within this press release.
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, 2 of those with open pit, and outside of pit, constrained gold resources in place, located in the Provinces of Quebec and Ontario, Canada.
In Quebec Renforth holds the New Alger and Parbec Gold Resource Properties, in the Cadillac and Malartic gold camps respectively, with gold present at surface and to some depth, located on the Cadillac Break. Both properties have NI 43-101 open pit constrained, and out of pit, gold resources calculated. 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.