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Renforth Resources Inc (2)
Symbol RFR
Shares Issued 106,310,829
Close 2017-11-29 C$ 0.045
Market Cap C$ 4,783,987
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Renforth starts drill program at Parbec

2017-11-29 07:38 ET - News Release

Ms. Nicole Brewster reports

RENFORTH COMMENCES DRILL PROGRAM AT PARBEC SURFACE GOLD DEPOSIT

A diamond drill program has commenced on Renforth Resources Inc.'s Parbec project gold deposit, located contiguous to the Canadian Malartic mine, outside of Malartic, Que. Renforth has retained Forage Roby Drilling of Val d'Or, Que., to carry out a drill campaign prior to Christmas of between 1,000 and 1,500 metres.

This program has been designed to infill the resource model and to test the western strike of the Camp zone mineralization, following up on results obtained in the successful 2017 trenching program.

Holes planned for the 2017 drill program can be categorized as follows:

  1. No. 2 zone infill: Three proposed holes (12 to 14) fall within the existing resource model, designed to test poorly explored or sampled areas of the porphyry and the tuff horizons. There will also be drilling underneath 2015 trenching results. These proposed holes are logistically the simplest and will be drilled first.
  2. Camp zone expansion and infill: Two holes (7 and 11) have been planned to test the outer margins of the known tuff horizon, as well as drill through the historically unsampled porphyry. Three shallow holes (8 to 10) have been selected in order to twin poorly sampled historic holes.
  3. West Camp zone extension: Six drill holes (1 to 6) are planned to test the largely undrilled western portion of the property, using 1940s drill holes which record the presence of gold mineralization as a guide. These exploration holes, which will be drilled from the east to the west, will extend mineralization along strike almost to the property boundary if successful. These holes will also undercut gold-bearing porphyry mineralization discovered in the recently completed trenching program, which has extended the mineralization 150 m on surface, testing the surface occurrences at depth.

Renforth will commence drilling and drill until Dec. 22, completing as many of these holes as possible in that time, beginning with the No. 2 zone infill holes.

Renforth is raising money at this time by the issuance of both flow-through and common share units. The flow-through units are priced at six cents per unit, comprising one share and one-half of one warrant. A full warrant can be exercised for a period of 18 months into one common share at a price of 12 cents. The common share units at priced at five cents per unit, each unit consists of one common share and one common share purchase warrant, the warrant can be exercised for a period of 24 months to purchase an additional common share at a price of 10 cents. The use of proceeds of this fundraising is general working capital purposes and exploration activities at Parbec. Renforth would like to raise a minimum of $500,000, but no more than $1-million through this offering.

At New Alger Renforth is now in receipt of the complete assay results for the Discovery vein stripping and has commenced mapping those results in order to identify mineralized intervals and aid in interpretation of the results. These results will be communicated to the market as soon as this exercise is complete.

Mark Wellstead, PGeo, OGQ, special authorization No. 388 of Minroc Management, is a qualified person pursuant to 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 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 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 450 metres and returned grades including 11.6 g/t Au over 0.5 m (press release Dec. 9, 2014), this surface discovery is not included in the resource. Renforth has successfully stripped a 230-metre portion of the gold-bearing surface quartz veining and is awaiting assays; these will be press released once compiled and interpreted.

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 (press release Sept. 10, 2014), part of a structurally controlled mineralized system now traced over 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.

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