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July 23, 2024 – TheNewswire – Pickering, ON - Renforth Resources Inc. (CSE – RFR) (OTCQB– RFHRF) (FSE-9RR) (“Renforth” or the “Company”) would like to inform shareholders that exploration has resumed on our wholly owned Parbec gold deposit, consisting of a surface soil sampling and prospecting campaign targeting the southwest portion of the property. This 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.
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.
Renforth will also sample waste rock generated during the development of the decline, which was advanced in the early 1980's and targeted the hanging wall of the Cadillac Break. Currently, the decline, which did not reach its goal, is inaccessible and flooded. 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.
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About Our Parbec Gold Deposit.
Renforth's Parbec Gold Deposit hosts an MRE last calculated effective Dec. 2019, subsequent to this Renforth drilled ~15,000m, a portion of that drilling successfully twinned 10% of the historic ~13,000m of drilling which occurred prior to 2007 and was not included in the MRE. Our gold deposit sits within a portion of the ~1800m of strike of the Cadillac Break on the property, with the Break bending south in the western part of the property. Renforth has recently released a structural interpretation of Parbec which we will now begin to test, while working towards a stripping program.
Parbec High Assay/Long Interval Highlights Table
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*Intervals presented above are as measured in the core box, not true width.
*Assay data presented above has been previously press released and/or incorporated in the 2019 MRE. Industry standard, at the time the work was done, sampling protocols were followed.
MRE Effective Dec. 2019
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1) Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
2) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4) Historically mined areas were depleted from the Mineral Resource model.
5.) The pit constrained Au cut-off grade of 0.32 g/t Au was derived from US$1,450/oz Au price, 0.75 US$/C$ exchange rate, 95% process recovery, C$17/t process cost and C$2/t G&A cost. The constraining pit optimization parameters were C$2.50/t mineralized mining cost, $2/t waste mining cost, $1.50/t overburden mining cost and 50-degree pit slopes.
6.) The out of pit Au cut-off grade of 1.44 g/t Au was derived from US$1,450/oz Au price, 0.75 US$/C$ exchange rate, 95% process recovery, C$66/t mining cost, C$17/t process cost and C$2/t G&A cost. The out of pit Mineral Resource grade blocks were quantified above the 1.44 g/t Au cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Additionally, only groups of blocks that exhibited continuity and reasonable potential stope geometry were included. All orphaned blocks and narrow strings of blocks were excluded. The longhole stoping with backfill method was assumed for the out of pit Mineral Resource Estimate calculation.
Technical information in this press release has been reviewed and approved by Francis Newton P. Geo OGQ, a "qualified person" pursuant to the criteria 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
#Unit 1B – 955 Brock Road, Pickering ON L1W 2X9
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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.
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