Renforth Resources Inc C.RFR

O3 Mining

[Yepnewpapy]

ORIGINAL: Retransmission: Renforth Divests Residual Interest in Denain-Pershing Property to O3 Mining Inc.
2021-07-29 07:00 ET - News Release 

TheNewswire - July 29, 2021 - Renforth Resources Inc. (CSE:RFR) (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR ) (“Renforth” or the “Company”) is pleased to announce that O3 Mining Inc. (“O3”) has fulfilled the conditions of the option agreement held by O3 on the Denain-Pershing Property (the “Property”) to earn-in an 80% ownership interest in the Property and has purchased the remaining 20% interest in the Property from Renforth.

Total consideration received by Renforth from O3 pursuant to the fulfillment of the option agreement and the purchase of the residual interest in the property consists of C$125,000 and 21,603 common shares of O3. The shares are subject to a statutory hold from the issue date of 4 months and one day and will be held for investment purposes.
“Renforth is pleased to have concluded the divestiture of the Denain-Pershing Property to O3. This allows our team to maintain our focus at our flagship Parbec gold asset, as well as our Surimeau District Project where we have recently completed our latest drill program on our battery metals property without spending or dilution considerations at Denain-Pershing ” states Nicole Brewster, President and CEO of Renforth. 

*Previously released after market July 28, 2021
 For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393  
E: [e-mail]
#269 – 1099 Kingston Road, Pickering ON L1V 1B5
 
 
About Renforth
Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au. This resource estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program which has been recently completed. This program was planned to twin, infill and undercut existing drill holes at Parbec, to support a rebuild of the geological model and a resource estimate restatement
.
In addition to this Renforth has discovered a nickel bearing ultramafic, coincident with a copper/zinc VMS, over ~5km of strike in the western end of the 20km central anomaly at Renforth’s wholly owned 260 km 2 Surimeau property. This prospect was discovered on surface and the subject of a very short, shallow drill program, a more robust drill program is planned for Spring 2021.

Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.  
Renforth is well funded, with ~$5 million in cash and securities on hand (*as at 05/14/21), in addition to the gold contained in our gold deposit.
 

O3 MINING INC - https://o3mining.com/

08:39:46 EDT

 

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