Parbec Gold Deposit and Surimeau Sulphide Nickel Drill Program Update
Renforth Resources (CSE:RFR, OTC PINK:RFHRF) provides an operational update regarding its drilling activities at the Parbec gold deposit and Surimeau nickel project. As of March 4, 2021, drilling at Parbec has surpassed 3,500 meters in 13 holes, with ongoing operations. The company has submitted samples for assay from 7 twin holes and plans a 15-hole program for Surimeau. Additionally, Renforth emphasizes its healthy financial state, with approximately $6.3 million in cash and securities, and aims to enhance its resource estimates. Shareholder concerns over trading practices were also addressed.
- Drilling at Parbec exceeded 3,500 meters in 13 ongoing holes.
- Strong financial position with approximately $6.3 million in cash and securities.
- Plans for a new 15-hole drill program at Surimeau targeting historical mineralization.
- Concerns raised over detrimental trading practices affecting the company's market capitalization.
- Outstanding assay results for 22 holes from 2020 and 13 current drill holes, creating uncertainty for investors.
PICKERING, ON / ACCESSWIRE / March 4, 2021 / Renforth Resources Inc. (CSE:RFR)(OTC PINK:RFHRF)(FSE:9RR) ("Renforth" or the "Company") is pleased to shareholders the following current operational update;
- Drilling at Parbec has exceeded 3500m in 13 drill holes, this program commenced Feb 5th, a prodigious production level which reflects the professionalism and hard work our drilling and geological contractors put in on a daily basis, drilling is ongoing.
- 7 of these holes successfully twinned historic 1980 and 1990 drill holes from the collar, samples have been selected, split and sent to the lab. Geologically the new and historic holes correlate, lab results are required for assay correlation.
- Surimeau drill program has been planned to consist of 15 holes in 3600m over a strike length of 3kms of historic mineralization, confirmed by Renforth's surface sampling to contain sulphide nickel. More complete program details will follow.
- The drill permit application and field reconnaissance for drill access and chipping is underway.
- Assays for 22 holes completed in 2020 at Parbec, along with the current 13 drillholes are outstanding. Renforth has received partial results for several of these holes. Upon receipt of either an entire hole, or the constraint of a mineralized intersection, Renforth will release results to shareholders in as timely a fashion as possible.
- Renforth will be participating in PDAC 2021 with a virtual booth, this booth will include project information and recent interviews completed with several marketing groups, also available on Renforth's website under "Corporate Presentation/Appearances"
Renforth is offering the update above to shareholders as a result of concerns raised by shareholders regarding trading in shares of Renforth, which seems to contradict our ongoing operations and the current healthy financial and asset state of the Company, which include an open pit constrained gold deposit adjacent to Canadian Malartic and the recent discovery of a sulphide nickel rich VMS on surface at several locations within our Surimeau Nickel District property, along with our discovery of copper and silver on surface on our Malartic West property.
"It is my PERSONAL OPINION that, generally speaking, junior mining companies listed in Canada suffer from loopholes within our trading rules that allow trading practices detrimental to the market capitalization of listed companies, without any underlying cause. These include the removal of our down tick rule, allowing short sellers to force the price down and cause other selling, the ability of short sellers to sell naked and avoid delivery or the requirement to borrow the shares, the ability of sellers to spoof orders and again cause other selling and finally the existence of high frequency trading programs and algorithms which trade to the detriment of retail shareholders. I encourage concerned shareholders, like those who have reached out to me personally asking to be educated about this situation, to visit resources like www.savecanadianmining.com, which is supported by leaders in our industry, to learn more. You can also reach out to your MPP (in Ontario) and ask them to support the recommendations of the Capital Markets Modernization Task Force to Ontario's Minister of Finance. As always, I encourage shareholders to do their own due diligence, on this matter like any other. At Renforth I focus on growing our asset value with a track record to date, between myself and our team, of discoveries and development, and the successful sale of an asset on the basis of the asset's value, not our market capitalization. I assure shareholders this is my focus and I am personally invested in the success of my, and our team's, efforts. It is my PERSONAL OPINION that our assets are of a quality which allows them to stand independently, and ultimately we will be successful in crystallizing their value" states Nicole Brewster, President and CEO of Renforth. "Again, as always, I strongly suggest you do your own due diligence and formulate your own opinion about Renforth, its assets and the action in the market. I am happy to discuss this, or any other, matter with shareholders and remain accessible to shareholders."
Technical disclosure in this press release has been reviewed and approved by Brian H. Newton P.Geo a "qualified person" pursuant to the guidelines of 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
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 ~
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.
View source version on accesswire.com:
https://www.accesswire.com/633407/Parbec-Gold-Deposit-and-Surimeau-Sulphide-Nickel-Drill-Program-Update
FAQ
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