Drill Program Concludes Delivering Some of the Best Visual Mineralization in New Drilling West of Stripped Area
Pickering, Dec. 7, 2023 - Renforth Resources Inc. (CSE:RFR) (OTC:RFHRF) (FSE:9RR) ("Renforth" or the "Company") would like to update shareholders on the completed drill program on the Victoria mineralized system which stretches over approximately 20km of strike length across the centre of our wholly owned 330 km2 Surimeau property located near Malartic, Quebec. The program finished with 11 holes drilled in ~3500m of drilling, with each hole intersecting the mineralized package, demonstrating its consistency, at greater depths which has resulted in an improved tenor of mineralization. Samples have been taken from each hole and submitted to the lab for assaying of the polymetallic package, results will be released once received, in the new year. The second last hole drilled in the program was located as planned, approximately 150m west, and 265m north, of the western end of the stripped area at Victoria. This hole is located within a gap in the drill footprint, SUR-23-56 on the plan map below. Once drilled, this hole delivered some of the best mineralization seen in any hole at Surimeau, as assessed visually and confirmed with an XRF, and intersected the northern mineralized horizon seen further to the east but not anticipated in this location. For this reason, planned hole #4 was discarded, as it would miss, or be collared in, the northern mineralized horizon due to being too far south, and, due to wet ground conditions further to the west it was decided to finish the drill program with an undercut (SUR-23-57) of the best hole. This undercut successfully intersected the mineralized zones further down dip, with a separation of ~50m down dip between the pierce points, a good place to stop the drill program.
This drill program brings the total meters drilled within the ~2km of strike within the central Victoria area to 10,000m, with the most recent holes generally being deeper. Observation of the newest core concludes that the Surimeau mineralized assemblage is hosted in intercalated lenses of graphitic black shales and lenses of ultramafic flows which contain elevated Zinc, copper, and Nickel sulfides. The shales are comprised of deep marine sedimentary layers likely representing a distal VMS environment and range in thickness from .5 to several meters containing pyrite, sphalerite, and chalcopyrite mineralization. The intercalated ultramafic flows and lenses range in thickness from several meters to tens of meters in thickness and host Ni mineralization throughout, generally grading in a range between 0.15-0.3%. Thicker or wider zones are probably caused by structural duplication resulting in a stacking of mineralized zones, apparent in recent drilling.
Zinc, and to a lesser extent Copper, sulfides have been remobilized and concentrated in the sedimentary shale layers into coarse disseminations, clots, nodules and occasionally into bands of semi-massive accumulations. The interaction between the sediment and ultramafic units often forms a calc-silicate contact alteration zone, where there is in enrichment of sulfides. Nickel tends to achieve higher concentrations here than in the ultramafics as it is drawn from the large ultramafic bodies into a calc-silicate contact alteration zone. At this time, Renforth is simplifying the Surimeau lithological picture to consist of the graphitic black shale, intercalated ultramafic flows and lenses subject to varying degrees of alteration and the calc silicate contact zone between the two, with the mineralized package sitting within the Pontiac sediments.
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Financing
Renforth has repriced the private placement within the context of the market, the common share units are priced at 2.6 cents per unit, comprised of a common share and a purchase warrant exercisable for 24 months at 5 cents to purchase an additional common share, and flow through units at 3 cents per unit, comprised of a flow through share and a half of a purchase warrant, a whole warrant exercisable into an additional common share at an exercise price of 5 cents for 18 months.
Emerging Growth
Renforth will be presenting today, Dec, 7th, at 1:45pm ET, registration link is https://goto.webcasts.com/starthere.jsp?ei=1641026&tp_key=4a8f04de2b&sti=rfhrf
About Renforth
Renforth is a battery metals area play with the dominant brownfield land position south of the world class Cadillac-Larder Lake Fault ("CLLF") in the prolific Cadillac and Malartic mining camps of Quebec's Abitibi. Offering exposure to gold, zinc, nickel, copper, cobalt and more, including lithium, Renforth's land position encompasses several areas of interest.
Renforth's position is unique in that the both the battery metals mineralization at Surimeau and our gold deposit at Parbec are road accessible, with hydro power crossing the properties, in an established and secure mining jurisdiction which regularly ranks as Top 10 (as determined by the Fraser Institute) in the world.
Renforth is engaged in the active exploration of the proven Surimeau battery metals mineralization, working towards a maiden resource statement, and the remodeling of our Parbec gold deposit to incorporate the ~15,000m drilled subsequent to the 2019 effective date of the last MRE.
Technical disclosure in this press release has been reviewed and approved by Francis R. Newton PGeo, OGQ a "qualified person" pursuant to NI 43-101.
For further information please contact:
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#Unit 1B - 955 Brock Road, Pickering ON L1W 2X9
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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.