Toronto, Ontario (FSCwire) - Renforth Resources Inc. (CSE: RFR) (“Renforth” or the “Company”) is pleased to announce the acquisition of the gold bearing 2244 Ha 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 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 g/t Au 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 m. 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 .015m and 10.5 g/t Au over 0.20m. These results were reported by a prior operator, Forest Gate Energy, by press release August 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 10001.28 Ha.
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Renforth has acquired the Pershing block from two vendors, the total consideration paid is $27,000 cash and the issuance of 1,250,000 shares. The shares issued are restricted for four months from the date of issue. One vendors retains a 2% NSR on 36 of the purchased claims, with Renforth able to buyback half of the NSR (1% NSR) for $1,000,000 for a period of 10 years. The other vendor retains a 2% GMR on 3 of the claims.
Mark Wellstead P.Geo, OGQ Special Authorization #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, Quebec. 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 t Indicated at a grade of 3.62 g/t Au containing 33,592 ounces and 7,256,872 t Inferred at a grade of 2.01 g/t Au representing 514,108 ounces (press release Mar 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 $1,300,000 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 Quebec. 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 gt/t Au (July 17, 2014) at surface. This shares the vein structure of the adjacent historic producer of >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 >450m and returned grades including 11.6 g/t Au over 0.5m (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 0.3m (press release Sept. 10, 2014) part of a structurally controlled mineralized system now traced over >450m on surface. Renforth’s next step at this property will be a compilation of all of the exploration data.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#200 – 65 Front St. E, Toronto, ON M5E 1B5
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/renforth07262017.pdfSource: Renforth Resources Inc. (CSE:RFR)
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