Renforth Resources (CSE:RFR, OTC:RFHRF, WKN:A2H9TN) continues to make good progress on its Parbec gold project in Quebec, releasing a cache of drill results to the market on Tuesday, March 9.
The highlight from was 21.45 meters grading 5.57 grams per tonne (g/t) gold, between 254.8m and 276.2m meters in hole PAR-20-112. Two higher-grade sub intervals returned 6.27 g/t Au over 16.7m and 37.3 g/t Au over 1m. (locate this intercept in the table below, along with other highlighted assay results, bolded, from 2020 drilling)
This new mineralization occurs within the pit wall of the 2020 pit-constrained resource of 1.82 million tonnes of indicated resources at 1.78 g/t Au for 104,500 contained ounces of gold. The Parbec deposit also hosts 3.12 million tonnes of inferred resources at 1.77 g/t Au for 177,300 contained ounces.
Last year, the company completed almost 10,000 meters of drilling at the brownfield property, located on the Cadillac Break, a regional fault zone thought to host a whopping 45 million gold ounces.
The holes drilled in 2020 were designed to fill in data gaps in the resource model or test the extension of mineralization to greater depths.
The ongoing drill program is meant to add ounces to the deposit, as the current resource estimate only uses assay data from 2007 to May 2020. The drill holes are infilling the NI 43-101 open pit resource model at Parbec, as well as twinning some of the historical drill holes from the 1980s and ‘90s.
As of March 8, 2021, the company had completed 4,095m in 15 holes, with 20 holes from the 2020 drill program still to be reported on.
Tuesday’s news release includes results from four of those holes — PAR-20-110, PAR-20-111, PAR-20-112 and PAR-20-113 — about which Renforth makes the following observations:
Renforth expects that the high-grade interval from drill hole PAR-20-112, other above-noted highlights, and the previously released assays from holes PAR-20-100 to 104 (the highlight from results delivered on Jan. 11 was1.72 g/t Au over 13m, drilled into sediments), will have a positive impact on a future re-calculation of the resource estimate for Parbec.
“I am pleased, again, with the results we are reporting to shareholders from our 2020 drilling at Parbec. We continue to generate positive, accretive data, at times with notable intervals, and in the instance of PAR-20-112 in today’s press release, with notable grade, from our shallow, open pit gold deposit on the Cadillac Break, beside Canada’s largest gold mine, road accessible in an excellent jurisdiction,” said Renforth’s President and CEO, Nicole Brewster, in the March 9 news release.
“We are currently drilling at Parbec and look forward to reporting on assays for the next while from this program which, when complete, will total approximately 15,000m of new drilling and data, exceeding our previous drill total at Parbec of just under 8,500m, made possible by our excellent financial position. We look forward to a resource recalculation at Parbec in the near future and getting a much clearer picture of the potential and value of this asset.”
Investors reacted well to Renforth’s news, with RFR adding 1.5 cents on Tuesday, for a 27% gain.
Along with Parbec, Renforth is also advancing its Surimeau project in Quebec, adjacent to the Canadian Malartic Mine, currently the largest gold mine in Canada, and about 20 km south of Agnico Eagle’s LaRonde Mine.
The 215 square km property is host to a known copper and zinc mineralized system, with additional geophysical anomalies. There is also an ultramafic sulfide nickel system nearby.
Two hundred meters of a planned 1,000m was completed at Surimeau to get a more complete picture of the nickel-zinc-copper mineralized trend. The first drill test, completed on the historical Victoria nickel-zinc-copper showing, successfully identified polymetallic mineralization in core.
According to Renforth, information gleaned from drilling and trenching the Victoria West target, along with surface sampling, create an area of interest that includes about 5 kilometers of strike on the western end of about a 20-km central anomaly at Surimeau.
The company interprets this anomaly to be a nickel-bearing ultramafic body, which occurs alongside, and is intermingled with, sediment- and volcanic-hosted copper-zinc VMS-style mineralization.
Grab samples showed an average 68% sulfide nickel content, supporting its exploration thesis that “with 5 kms of mineralization observed at Victoria West alone, is a large scale battery-grade nickel discovery on surface.”
Renforth plans to complete drilling at Parbec, after which its crew will head back to Surimeau to carry out the next phase of drilling. Up to 3,600m are planned for late April or May.
CSE:RFR, OTC:RFHRF, WKN:A2H9TN
Shares Outstanding 251m
Market cap Cdn$15.9m
Richard (Rick) Mills
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