Renforth reports additional assay results from Parbec drilling

2020.12.23

Renforth Resources Inc. (CSE: RFR) (OTC US: RFHRF) (WKN: A2H9TN) has received additional assay results from ongoing exploration at its wholly owned Parbec gold project, where the company has completed the fall 2020 drill program with a total of 9,644.65 m drilled in 27 holes, well exceeding the initial 7,000 m target.

The current program is designed to add ounces to the deposit, as the current resource estimate only uses assay data from 2007 to the present. The drill holes are infilling the NI 43-101 open pit resource model at Parbec, as well as twinning some of the historic drill holes from the 1980s.

Parbec Drill Results

Thus far, assays have been received for 1,327 m of the Phase 1 drilling at Parbec. The latest assays include remaining results for PAR-20-102, the third hole of the 2020 drill program, as well as partial results for the fourth hole PAR-20-103. More results are still pending.

Highlighted assay results to date are shown below:

1. PAR-20-100: an interval of 22.5 m assaying 1.21 g/t Au between 88.5 m and 111 m as measured in drill core, including sub-intervals of 12 g/t Au over 1 m, 4.08 g/t Au over 0.95 m and 4.03 g/t Au over 1 m;
2. PAR-20-101: top of the hole delivered 13.2 m of 1.09 g/t Au, including 2.6 m of 3 g/t Au, starting at only 7 m down hole; remaining assays included an interval of 1.48 g/t Au over 6.55 m
3. PAR-20-102: an interval of 0.95 g/t Au over 1.5 m covering the top of the hole;
4. PAR-20-103: an interval of 1.23 g/t Au in 5.8 m commencing at 7.2 m down the hole.

According to Renforth, these three-and-half holes have returned expected — as well as unexpected — intervals and occurrences of gold, which will have a positive impact when the company recalculates the Parbec resource in the coming year.

“We are getting widths which can, in several instances, extend to multiple meters as well as grades that are coming in higher than our open pit constrained 43-101 resource estimate grades,” Renforth president and CEO Nicole Brewster explained.

Completed fall 2020 Parbec drill program

Drill holes up to and including PAR-20-118 have been split and delivered to the lab, and the balance of the splitting will be completed in January 2021, with drilling scheduled to resume in later that month.

Renforth aims to complete at least 15,000 m of drilling at Parbec (including the fall 2020 drilling) by next spring prior to updating the project’s resource estimate.

Parbec Deposit

Parbec is an open pit constrained gold deposit located in Malartic, Quebec. It is situated on the Cadillac Break, a regional fault zone in the heart of the Abitibi Greenstone Belt, where much of Quebec’s mining activity has taken place.

The Cadillac Break is thought to host as much as 45 million ounces of gold and is home to several world-class deposits. As for Parbec, the gold deposit is located right next to Canada’s largest gold mine: Canadian Malartic.

Map of Parbec and adjacent properties

Drilling by Renforth last year showed that the mineralization at Parbec is continuous for 1.8 km along the Cadillac Break, right up to the border with East Amphi, a portion of the Canadian Malartic where resources were left underground following the cessation of mining in 2007.

Among the highlights were three areas of mineralization on the property:

1. The discovery zone within the Cadillac Break, where the gold resource is largely above 200 m, with the zone open to depth;
2. The Island Trench zone, sampled on surface and pierced to 738 m, where 0.96 g/t Au was drilled over 0.5 m; and
3. The Diorite Splay zone, where gold is present on surface within cross-cutting faults and at contacts between sediments and diorite intrusives; this zone represents a similar setting to the Canadian Malartic.

New discovery at Parbec – Diorite Splay within sediments associated with gold

Based on the May 2020 resource estimate, the Parbec deposit hosts about 1.82 million tonnes of indicated resources at 1.78 g/t Au for 104,500 contained ounces of gold. It also hosts 3.12 million tonnes of inferred resources at 1.77 g/t Au for 177,300 contained ounces.

Renforth’s geological team believes there are likely cross-cutting structures running across the Cadillac Break that were missed in previous drill programs, which could add even more gold ounces to the project resources.

Surimeau Update

Along with Parbec, Renforth is also developing a second deposit in the Abitibi region called Surimeau. Instead of expanding on known gold mineralization, here the company is focusing on the polymetallic potential of the Cadillac Break.

The Surimeau property, covering a total area of 215 km2 hectares, is known to host two mineralized geophysical features totalling over 50 km in strike, encompassing four areas with limited historic mining activity.

Exploration by Renforth this summer led to the discovery of a VMS system in drill core consisting of chalcopyrite (copper), sphalerite (zinc) and pentlandite (nickel) sulphides.

Surimeau polymetallic property map

A planned 1,000 m drill program is currently up and running 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, has already led to the successful identification of polymetallic mineralization in core.

In both drill holes SUR-20-001 and SUR-20-002, visual description identified intervals of strong stringers zones and disseminated sulphides, mainly pyrrhotite, on multiple intervals varying between 1 m and 13 m of core length. Overall, the sulphide-bearing envelope makes respectively 26.5 m and 60 m for the two holes, which are located about 220 m apart.

“We consider our achievement to be a new discovery at Surimeau, where we have proven over 200 m that the geophysical anomaly and its associated surface mineralization carries metal sulphides sub-surface, at some initial depth,” Renforth’s Brewster stated in a media release.

Sample pieces from drill hole SUR-20-002

Samples have been split and submitted to the lab for full element assay, with results pending. Select pieces were sawn, as opposed to split, in order to offer a better look at mineralization seen on the outside of the core.

Conclusion

Deposits, like mines, are built, which is exactly what Renforth has set out to do on the Cadillac Break.

Initial assays from Parbec so far look promising given unexpected gold was encountered, which bodes well for adding more resources – and ultimately value – to the project.

Meanwhile, the company is also looking to make new discoveries of the polymetallic nature, which it has done at the Surimeau property. The nickel sulphide interpretation here could be a significant find, as large-scale VMS deposits of this kind are extremely rare, not just in North America but around the world.

Since nickel, like many other base metals, is almost certain to remain in high demand amid the global push towards electrification, the discovery of a sizable nickel-bearing system could be a game changer.

Renforth will now look to take its 2020 success into the new year. With about $7.7 million in cash on hand, the company is well funded to continue its exploration, including more drilling and a resource update for Parbec.

Renforth Resources
CSE:RFR, OTC:RFHRF, WKN:A2H9TN
Cdn$0.05 2020.12.22
Shares Outstanding 251,296,889m
Market cap Cdn$12.56m
RFR website

Richard (Rick) Mills
aheadoftheherd.com
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