01:45:01 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Renforth Resources Inc (2)
Symbol RFR
Shares Issued 75,171,172
Close 2017-07-25 C$ 0.065
Market Cap C$ 4,886,126
Recent Sedar Documents

Renforth Resources acquires Pershing Au claims

2017-07-26 08:35 ET - News Release

Ms. Nicole Brewster reports

RENFORTH ACQUIRES GOLD BEARING PERSHING CLAIMS

Renforth Resources Inc. has acquired the gold-bearing 2,244-hectare Pershing claim block; this block bridges the distance between Renforth's Denain property and Monarque's Croinor deposit, contiguous to both. Gold mineralization is present in association with a series of iron formation units, shear zones and hydrothermally altered zones. Elevated gold assays are reported in diamond drill holes (DDH) and trenches from exploration programs in the 1980s and 1990s, which targeted the iron formations and shear structures in several locations across the Pershing block. The most recent results are reported in Forest Gate Energy DDH FG11-05: a result of 145 grams per tonne gold in a first screen analysis and 44.6 g/t Au in the second screen analysis of the same sample, taken from 190.35 to 190.65 metres. The variability of the results based upon material size passing through a screen is indicative of coarse gold. In hole FG11-04 assay results reported were 18.3 g/t Au over 0.015 m and 10.5 g/t Au over 0.20 m. These results were reported by a prior operator, Forest Gate Energy, by press release dated Aug. 11, 2011. Renforth encourages the reader to reference that press release for details of sampling and quality control undertaken at that time pursuant National Instrument 43-101.

This acquisition brings the Denain Pershing project size to a total of 10,001.28 hectares.

Renforth has acquired the Pershing block from two vendors, the total consideration paid is $27,000 cash and the issuance of 1.25 million shares. The shares issued are restricted for four months from the date of issue. One vendor retains a 2-per-cent net smelter return royalty on 36 of the purchased claims, with Renforth able to buyback half of the NSR (1-per-cent NSR) for $1-million for a period of 10 years. The other vendor retains a 2-per-cent GMR on three of the claims.

Mark Wellstead, PGeo, OGQ special authorization No. 388, of Minroc Management is a qualified person pursuant ot the guidelines of National Instrument 43-101, and has reviewed and approved the technical disclosure in this press release.

About Renforth's portfolio

Renforth has recently raised just over $600,000 in capital and has commenced deploying this capital in connection with property exploration, acquisition and payments. Recently, in addition to this acquisition of additional gold-bearing ground in the Val d'Or mining camp, Renforth has completed a field program on its gold resource bearing Parbec property, located contiguous to the large, open-pit Canadian Malartic mine, on the Cadillac Break outside the town of Malartic, Que. A discovery of a new gold mineralization type at Parbec this season was press released on July 12, 2017, this mineralization is outside of the area of the maiden gold resource established by Renforth at Parbec in March, 2016. That resource tonnage consists of 262,230 tonnes indicated at a grade of 3.62 grams per tonne gold containing 33,592 ounces and 7,256,872 tonnes inferred at a grade of 2.01 g/t Au representing 514,108 ounces (press release dated March 7, 2016). Renforth is presently awaiting the balance of assay results from this program and will press release those once available. Renforth deems this program successful in that it resulted in a new discovery and will offer drill targets in that and other unexplored areas of that property.

Additionally Renforth has recently optioned its wholly owned brownfield exploration West Malartic property, also contiguous to the Canadian Malartic open-pit mine, to SOQUEM, a Quebec Crown corporation with expertise in the discovery and development of new mineral assets in the province of Quebec. Renforth looks forward to the results of SOQUEM's required $1.3-million in exploration on the property, with an initial, committed and approved by Renforth, $300,000 program consisting of prospecting and geophysics expected to be commenced in the near future.

In addition to these currently active mineral assets Renforth also owns the gold-resource-bearing New Alger project, located on the Cadillac Break approximately equidistant between Rouyn and Val d'Or, Que. This property presently consists of both the historic Thompson-Cadillac mine where Renforth established a maiden inferred resource of 3,505,000 tonnes containing 237,000 ounces of gold at a grade of 2.1 g/t Au (July 17, 2014) at surface. This shares the vein structure of the adjacent historic producer of greater than 500,000 ounces of gold at an average grade of approximately 15 g/t Au, the O'Brien mine. Also on the property is Renforth's discovery of gold-bearing quartz veins on surface in the sediments south of the mine. This vein system has been traced over greater than 450 m and returned grades including 11.6 g/t Au over 0.5 m (see press release Dec. 9, 2014), this surface discovery is not included in the resource. Renforth's next step at this property, anticipated to occur this summer, will be to strip a portion of the gold-bearing surface quartz veining in order to better assess the extent of the mineralization and potential for mini-bulk sampling of the veining.

In Ontario, Renforth holds the Nixon-Bartleman property, located west of Timmins. This property has seen intermittent exploration, with a significant amount of work done, including Renforth's own surface channel which assayed 22.1 g/t Au over 0.3 m (see press release dated Sept. 10, 2014), part of a structurally controlled mineralized system now traced over greater than 450 m on surface. Renforth's next step at this property will be a compilation of all of the exploration data.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.