Renforth Resources Inc (CSE:RFR) (OTCPINK:RFHRF) (FRA:9RR) has posted more drill results from its Fall program at the flagship Parbec open pit gold deposit in Quebec and updated on the current 3,500 metres (m) drill program at its 215 square kilometres (sq km) Surimeau district property.
Both projects sit adjacent to the Canadian Malartic Mine in Quebec – Canada’s largest gold mine.
The Parbec program was designed to fill in gaps within the existing deposit model, to test for the downdip extension of mineralized zones and to twin holes drilled between 1986 and 1993 to allow the assay results from those 62 holes to be used in the 2021 resource estimate, which is expected to be completed in June or July this year.
The results come from two holes and a portion of a third. Highlights include 2.64 grams per ton (g/t) gold in a 1.15m length from 410.1m depth.
READ: Renforth Resources’ latest drill results from 2020 program at Parbec expected to positively impact resource estimate
Drilling at polymetallic Surimeau began in late March this year and Renforth has completed 13 holes at the Victoria West Target, a nickel-rich VMS target, which has been explored historically and by Renforth over a strike length of 5km within a 20km long magnetic anomaly.
This program has successfully drilled off 2.2km of this strike length, noted Renforth, and the mineralized anomaly is now proven to be up to 250m in width.
Two holes gave visual mineralization in multiple lithologies between them, the company added.
Samples have been selected, split and delivered to the lab, with results awaited.
Also in the statement, Renforth said it had reached an agreement on April 6, 2021, with two related party creditors to settle debts of C$165,000 by issuing 2,062,500 Renforth shares at a deemed price of C$0.08 each.
CFO Advantage Inc, a company owned by Kyle Appleby, Renforth’s chief financial officer, participated by settling debt in the amount of C$55,000 in respect of which, it will receive 687,500 Renforth shares.
Meanwhile, Minroc Management Ltd, a company that Renforth CEO Nicole Brewster is associated with, took part by settling debt in the amount of C$110,000 in respect of which, it will receive 1,375,000 Renforth shares.
Renforth’s Parbec project has a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t gold and 177,000 inferred ounces at 1.78 g/t gold. This estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program, which has been recently completed.
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Story by ProactiveInvestors
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