Renforth Resources Inc C.RFR

RFR featured on resourceworld.com

[Yepnewpapy]

https://resourceworld.com/?na=v&nk=12171-a41b7c188d&id=625

Renforth Resources Inc. [RFR-CSE; RFHRF-OTC; A2H9TN-FSE] is a Canadian junior resource company that is aiming to prove once again that the best place to find new mineral discoveries is in the vicinity of existing mines.
The Toronto-based company is testing that theory after assembling a portfolio of properties that are located in historic Canadian mining camps in Ontario and Quebec.
Renforth has $6.7 million in cash and securities on hand and full ownership of several properties, including the flagship Parbec property, a bulk tonnage gold project located in Malartic, Quebec, situated beside the Canadian Malartic open pit gold mine. Held jointly by Agnico Eagle Mines Ltd. [AEM-TSX, NYSE] and Yamana Gold Inc. [YRI-TSX; AUY-NYSE], the Canadian Malartic mine ranks as Canada’s largest gold mine.
Renforth President and CEO, Nicole Brewster, is focused on the development of the Parbec Project which has open pit NI 43-101 compliant resources.
According to a May, 2020 estimate, Parbec contains an Indicated Resource of 104,500 ounces of gold in 1.82 million tonnes at an average grade of 1.78 g/t gold, and an Inferred Resource of 177,300 ounces of gold in 3.12 million tonnes at an average grade of 1.77 g/t gold.
The company launched a 15,000-metre drill program in Fall 2020 with the aim of adding ounces to the May, 2020 estimate. With 9,600 metres of drilling completed in 2020 the program, which includes infill drilling within the modelled mineralized zones, on strike and down dip and step-outs down-dip to test Parbec’s depth potential, will re-commence soon.
The latest drill results at Parbec include hole PAR-20-101 that returned 1.09 g/t gold over 13.2 metres (7.8-21 metres), including 1.65 g/t gold over 8 metres (9-17 metres). PAR-20-104a assayed 1.72 g/t gold over 13 metres, within the sediments south of the Cadillac Break, forming a new area of mineralization deserving future follow-up. Results have only been released for 5 of the Fall 2020 drill holes, each of which returned gold values, 22 holes remain to be received and reported on.
At a time when the prices of gold and copper are expected to rise, any success at the drill bit level would likely have a positive impact on the shares of Renforth, which were trading on January 15, 2021 at $0.05 in a 52-week range of $0.03 and $0.10, leaving the junior with a market cap of $12.7 million based on 255 million shares outstanding.
Aside from Parbec, Renforth also holds the Malartic West, the site of a copper/silver discovery outlined on surface, with future exploration planned, and Surimeau properties, which are both contiguous to the Canadian Malartic Mine. Surimeau hosts polymetallic mineralization and represents the consolidation of four historic properties into one for the first time. A small, exploratory drill program testing a 20-km geological/geophysical anomaly at Surimeau demonstrated the presence of sub-surface VMS mineralization; assay results are pending for what Renforth considers a new VMS discovery.
In addition, Renforth has optioned the wholly-owned Denain-Pershing gold-bearing property, located near Louvicourt, Quebec, to O3 Mining Inc. [OIII-TSXV].
In Ontario, Renforth holds the Nixon-Bartleman property, which straddles the famous Destor-Porcupine Fault and hosts over 500 metres of exposed gold in quartz mineralization. Located west of Timmins, approximately 10km SW of, and on strike with the Timmins West and Bell Creek mines of Pan American Silver [PAAS-TSX, NASDAQ], the project has been the venue for significant historical work, but no previous attempts to calculate a resource.
Renforth Resources has $6.7 million in cash and securities to fund an additional ~6,000 metres of drilling at Parbec, to resume shortly, a Q2 resource estimate update at Parbec, and programs at each of Surimeau, Nixon-Bartleman and Malartic West.