Renforth Resources (RFR-Cse) Commences 7,000 Metre Drill Program on Parbec Gold Property
Sept 8, '20 - NR
Renforth Resources is pleased to inform shareholders that the Fall 2020 drill program on Renforth's wholly owned Parbec Gold Property, with its NI 43-101 open pit constrained gold resource estimate of an indicated 104,500 oz Au at a grade of 1.78 g/t and an inferred 177,300 oz Au at a grade of 1.77 g/t (press release May 6, 2020), has commenced. This program consists of 26 planned holes totaling 7261m, commencing this week with the mobilization of the drill and technical staff to Parbec.
The drill holes have been planned to, if successful, add ounces to the resource estimate at Parbec, through the under cutting, and drilling over of, existing results, as well as infill drilling and downdip extension drilling. Results in the field could result in additional holes being planned. Renforth is deliberately only using one drill rig for this program and has pre-planned the holes in order to maximize the value of each dollar spent, allowing the geological team the ability to focus and incorporate field and assay results as they are generated, which is difficult to do with several rigs generating core at once.
Renforth, funded for this program at this time, with ~1 million in the bank, has commenced the flow through private placement transaction which was previously press released as part of the sale of New Alger. This fully subscribed transaction will have Renforth issue 24 million shares from Treasury on a flow through basis at a price of $0.135 per share, for a total of $3,240,000 in funds raised. Radisson Mining will be the holder of this block and will be subject to the escrow agreement previously disclosed. Completion of this transaction is expected by the end of this month and will position Renforth as fully funded for the forseeable future, with a focus on drilling at Parbec in order to update the resource estimate in early 2021.
Brian H. Newton P.Geo, a "qualified person" under NI 43-101, has reviewed and approved the technical disclosure in this press release.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
T:416-818-1393
E: nicole@renforthresources.com
#269 - 1099 Kingston Road, Pickering ON L1V 1B5
ABOUT RENFORTH
Renforth Resources Inc. is a Toronto-based gold exploration company with six wholly owned surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada.
In Quebec Renforth holds the Parbec Property in the Malartic gold camp, with gold present at surface and to some depth, located on the Cadillac Break, contiguous to the East Amphi portion of the Canadian Malartic Mine property. Parbec carries an open-pit constrained 43-101 resource with additional gold bearing structures, outside of the Cadillac Break on the property, outside of the current resource. 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. Renforth has acquired the Surimeau property, also contiguous to Canadian Malartic and the southern border of the Malartic West property. Surimeau hosts polymetallic mineralization and represents the consolidation of four historic properties into one property for the first time. 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. |
