Renforth Resources Advances New Discovery at Wholly Owned Parbec Gold Project
PICKERING, ON / ACCESSWIRE / April 16, 2019 / Renforth Resources Inc. (CSE: RFR) ("Renforth" or the "Company") is pleased to announce that exploration work is ongoing at our wholly owned Parbec project, with a particular focus on the recently discovered Diorite Splay Zone in the sediments in the NW portion of the property. Renforth's geologists are in the field and have selected representative gold-bearing and non gold-bearing samples for several of the rock types at Parbec in order to do thin section work on the core. The goal of thin section work at this stage of development at the Parbec deposit is to identify the nature and setting of, and minerals associated with, gold which has been intersected in Parbec drill core.
In addition to this Renforth is working on a compilation and remodelling of our Parbec data, this has revealed that a surface prospecting campaign in June 2017 that focused on several areas of the property included results relevant to the recently discovered Diorite Splay Zone. The 2017 program was recognized then as resulting in the discovery of the Island Trench Zone with grab samples of 9.6 g/t Au and 3.69 g/t Au, as well as a channel of 2.12 g/t Au, all press released on July 12 2017. This discovery became the focus of the program, with other results obtained at that time unreported on, including in the Diorite Splay Zone. Renforth will be undertaking a prospecting and stripping campaign to follow up on the data generated in 2017 as soon as weather permits, anticipated to be mid-May. Details of that program will be announced once finalized.
Renforth completed a private placement financing raising $187,000 through the issuance of 2,240,000 common units ("Units") at $0.05 per Unit and 1,500,000 of flow-through units ("FT Units") at $0.05 per FT Unit. Each Unit consists of one common share and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.10 for a period of 24 months following closing. Each FT Unit consists of one common share and one-half common share purchase warrant ("FT Warrant"). Each FT Warrant entitles the holder to purchase one common share in the capital of the Company at a price of $0.12 for a period of 18 months following closing.
This fundraising was designed as sufficient to finance the field work at Parbec as well as compilation and field work on our wholly owned gold bearing Nixon-Bartleman property in West Timmins this spring. Details of planning for that program will be released once available.
At Nixon-Bartleman we are planning a Spring 2019 follow up to our Summer 2014 work where we announced, on September 10, 2014, that our initial reconnaissance mapping and sampling program resulted in the extension of the known surface mineralization to a length of 500m from the previously known 200m. In doing this our geologists cut channel samples which included 9.41 g/t Au over 1m in the known stripped area and 22.1 g/t Au over 0.3m and 3.90 g/t Au over 0.3m, which result in an average of 13 g/t Au over 0.6m in the extension of mineralization area.
Brian H. Newton P.Geo, a qualified person pursuant to the guidelines contained in National Instrument 43-101, has approved the technical information found in this press release.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#269 – 1099 Kingston Road, Pickering ON L1V 1B5
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.