New Gold Zone at Parbec Discovered by Renforth in Pontiac Sediments

Rhea-AI Summary

Renforth Resources Inc. (CSE:RFR)(OTCQB:RFHRF) announced a new gold mineralization zone at Parbec, revealing promising assay results from drilling. Notably, drill hole PAR-20-105 highlighted significant gold values, including 5.34 g/t Au over 1.5 m and 15.8 g/t Au over 0.5 m. The discovery is outside the existing resource model, indicating potential for resource expansion. Renforth plans further investigations to determine the mineralization extent, backed by a well-funded operation with approximately $6 million in cash and securities as of March 15, 2021.

Positive

• Discovery of a new gold mineralization zone at Parbec.
• Assay results from PAR-20-105 show notable values of 5.34 g/t Au over 1.5 m and 15.8 g/t Au over 0.5 m.
• Well-funded with approximately $6 million in cash and securities.

Negative

• None.

PICKERING, ON / ACCESSWIRE / March 17, 2021 / Renforth Resources Inc. (CSE:RFR)(OTCQB:RFHRF)(FSE:9RR) ("Renforth" or the "Company") is pleased to announce the discovery of a new gold mineralization zone at Parbec, located in the Pontiac sediments, south of the Cadillac Break, outside of the existing resource model.

PAR-20-105 offered the following highlights in the top of the hole. The sample from 83.4 to 84.9m is unconstrained, meaning that there are no samples on either side of the highlight value of 5.34 g/t Au. In the future Renforth will revisit this core and select additional samples in order to confirm the extent of mineralization.

PAR-20-105 Assay Highlights

Hole ID	From (m)	To (m)	Length (m)	Au g/t
PAR-20-105	83.4	84.9	1.5	5.34
PAR-20-105	159	159.5	0.5	15.8
PAR-20-105	174.7	177.7	3	6.43

*Assay highlights are as measured in the core box, not true width

The red circles in the map above indicate the areas of the assay highlights given above within the drill hole PAR-20-105 projected to surface. The current interpretation for the presence of gold in this location is that the large magnetic anomaly may be a diorite which we have not yet seen on surface, or in prior drillholes, which pinches out (as indicated by the black dashed line), making the area around this nose prone to deformation and the emplacement of quartz veins. The top of PAR-20-118 to the west notes the presence of narrow diorites within sediments in the top of the hole. Each of the Assay Highlight samples above were taken from some level of quartz veining within sediments. This is a new gold setting at Parbec which will require additional investigation in order to determine the extent.

Samples referred to in this press release were selected, split, bagged and tagged in the field and delivers to the facilities of AGAT Laboratories in Val d'Or Quebec where they were assayed for gold using "202-051 - Au by Fire Assay, AAS Finish" and "202-064 - Au by Fire Assay, Gravimetric Finish" for overlimit (>10 g/t Au) values.

Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a "qualified person" pursuant to NI 43-101

For further information please contact:

Renforth Resources Inc.

Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#269 - 1099 Kingston Road, Pickering ON L1V 1B5

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About Renforth

Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au. A 15,000m drill program is ongoing, this program is planned to twin, infill and undercut existing drill holes at Parbec, the aim of this program is to rebuild the geological model and increase the resource estimate upon restatement. In addition to this Renforth has discovered a nickel bearing ultramafic, coincident with a copper/zinc VMS, over ~5km of strike in the western end of the 20km central anomaly at Renforth's wholly owned 215 km² Surimeau property. This prospect was discovered on surface and the subject of a very short, shallow drill program, a more robust drill program is planned for Spring 2021. Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m. Renforth is well funded, with ~$6 million in cash and securities on hand (*as at 03/15/21), in addition to the gold contained in our gold deposit.

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.

SOURCE: Renforth Resources Inc.

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https://www.accesswire.com/635888/New-Gold-Zone-at-Parbec-Discovered-by-Renforth-in-Pontiac-Sediments

FAQ

What are the assay results from drill hole PAR-20-105 by Renforth Resources?

Drill hole PAR-20-105 returned assays of 5.34 g/t Au over 1.5 m and 15.8 g/t Au over 0.5 m.

What is the significance of the new gold zone discovered by Renforth at Parbec?

The discovery indicates potential resource expansion outside the existing model, which could enhance the company's overall valuation.

How much cash does Renforth Resources have as of March 2021?

Renforth Resources has approximately $6 million in cash and securities on hand as of March 15, 2021.

Where is the Parbec gold deposit located?

The Parbec gold deposit is located in Malartic, Quebec, contiguous to the Canadian Malartic mine.