Renforth Resources begins Parbec drilling
2018-11-27 11:44 ET – News Release
Ms. Nicole Brewster reports
Renforth Resources Inc. has commenced a drill program on the Parbec resource property focused on near-surface gold mineralization discovered in the northwestern portion of the property this year. This zone, referred to as the Partridge zone, has been tested with 11 holes and one surface trench. This program will test the continuity of the mineralization, designed to confirm and extend grades and thicknesses intersected to date. If results from this program warrant, Renforth will commence a complete evaluation for recovery of the shallower portion of the mineralization by open pit. Renforth has planned slightly more than 2,000 metres in this program phase; prior to stopping work for the holidays, it is likely only half of the drilling will be completed.
Partridge zone highlights:
- Holes drilled during 2017/2018 programs returned a series of intervals with grades ranging from one gram per tonne to four grams per tonne forming intervals going from two metres to up to 30 metres of core length.
- Examples: PAR-18-70: 14.1 metres of 1.26 grams per tonne gold; PAR-18-73: 32.6 metres of 1.435 grams per tonne gold; PAR-18-74: 10.5 metres of 2.46 grams per tonne gold; PAR-18-85: 10.8 metres of 1.69 grams per tonne gold; and the high-grade PAR-18-74 zone: 9.45 metres of 4.66 grams per tonne gold.
- Mineralized trench channel sampled in 2017 returned 1.55 grams per tonne gold over nine metres.
- Partridge zone drill intercepts are from surface to a depth of 150 metres.
- Several holes drilled host multiple mineralized zones within the hole.
« We are happy to continue to drill Parbec, the only gold deposit located within five kilometres of the Canadian Malartic mine not controlled by the mine or Agnico. This program is designed to help us prove our hypothesis that the near-surface mineralization at Parbec in the Partridge zone will be able to be accessed via a small open pit. If successful, this would be a repeat of what McWatters Mining did at East Amphi in the early 1990s, a bit more than one kilometre to the east, on strike and contiguous to Parbec. East Amphi and its remaining underground resource are now part of the Canadian Malartic mine, » stated Nicole Brewster, president and chief executive officer of Renforth.
General corporate affairs of late have included the following:
- Renforth raised $89,000 by way of private placement of common share units at five cents, with each unit consisting of one share and one warrant, with each warrant exercisable for 24 months at 10 cents.
- Renforth purchased a 1-per-cent net smelter return royalty on New Alger held by a third party for consideration of $50,000 and two million shares of Renforth.
- Renforth obtained a 12-month extension to the Parbec work commitment in exchange for a 1-per-cent net smelter return royalty at New Alger and a total of five million shares of Renforth (2.5 million now and 2.5 million at the end of the extension).
Technical information in this press release has been reviewed and approved by Brian H. Newton, PGeo, a qualified person pursuant to the guidelines of National Instrument 43-10