- Company has resumed exploration on the project, including surface soil sampling and a prospecting campaign
- The exploration program is “designed to lay the groundwork for a future stripping program at Parbec”
- Current MRE is outdated; any future MRE calculated at Parbec will benefit from the inclusion of the new and historic drilling
Renforth Resources (CSE: RFR) (OTCQB: RFHRF), a mineral exploration company engaged in the acquisition, exploration and development of mineral properties in Canada, is reporting on the status of its wholly owned Parbec gold deposit (https://ibn.fm/WFiVB). According to the company, exploration has resumed on the project, including surface soil sampling and a prospecting campaign targeting the southwest portion of the property.
The exploration program is “designed to lay the groundwork for a future stripping program at Parbec, while also investigating previously unexplored areas in the Pontiac sediments, helping to identify additional potential areas for stripping and sampling,” the report stated. “Based on prior surface sampling and drill results, there are two identified target areas for future stripping: the northwest section of the property and the central ‘turning point’ area east of the ramp collar, where the gold-bearing felsites are exposed at surface. Both areas have been previously worked and have yielded surface gold numbers.”
In addition, the company noted that it will sample waste rock generated during the development of the decline. The development, which targeted the hanging wall of the Cadillac Break, was advanced in the early 1980s. “Currently, the decline, which did not reach its goal, is inaccessible and flooded,” the company observed. “However, it did intersect gold-bearing lithologies that were not sampled at the time. Renforth believes it is worthwhile to analyze the untested waste rock that has been stored on-site.”
Parbec is located on the Cadillac Break, Canada’s most productive gold-bearing structure. This very deep structure runs between Kirkland Lake in Ontario and Val d’Or in Quebec, a length of more than 250 km. Next door to Parbec is the Canadian Malartic mine, Canada’s largest open-pit gold mine, located on a proven structure near many gold mines, with road access, power and all the services required to develop the property. This location is very advantageous and cost effective for Renforth.
According to the report, Parbec Gold Deposit hosts a mineral resource estimation (“MRE”) that is not up to date. Since the last calculated MRE, dated May 2020 but effective in December 2019, Renforth has drilled 15,000 meters of new holes, which extended the mineralization within the MRE further down and on an infill basis within the resource model.
“In addition to this, the 2020/21 drilling is considered to have validated an additional 13,000 meters of historic drilling, which Renforth does not have the witness core for, so it was excluded from the 2020 MRE,” the company reported. “The validation of the historic results occurs as 10% of the historic holes were redrilled, with results comparable to the historic hole in terms of geology and gold values in the new holes compared to the old. Any future MRE calculated at Parbec will benefit from the inclusion of the new and historic drilling.”
In addition to its Parbec Gold Deposit Project, Renforth Resources is developing its wholly owned, approximately 330 square kilometer Malartic Metals Package. This project’s surface mineralization includes nickel, cobalt, copper, zinc, silver, gold and lithium in several locations.
For more information, visit the company’s website at www.RenforthResources.com.
NOTE TO INVESTORS: The latest news and updates relating to RFHRF are available in the company’s newsroom at https://ibn.fm/RFHRF
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