(TheNewswire)
July 23, 2024 – TheNewswire – Pickering, ON - Renforth Resources Inc. (CSE– RFR) (OTCQB– RFHRF) (FSE-9RR) (“Renforth” or the “Company”) would like to informshareholders that exploration has resumed on our wholly owned Parbecgold deposit, consisting of a surface soil sampling and prospectingcampaign targeting the southwest portion of the property. This programis designed to lay the groundwork for a future stripping program atParbec, while also investigating previously unexplored areas in thePontiac sediments, helping to identify additional potential areas forstripping and sampling.
Based on prior surface sampling and drill results,there are two identified target areas for future stripping: thenorthwest section of the property and the central "turningpoint" area east of the ramp collar, where the gold bearingfelsites are exposed at surface. Both areas have been previouslyworked and have yielded surface gold numbers.
Renforth will also sample waste rock generated duringthe development of the decline, which was advanced in the early 1980'sand targeted the hanging wall of the Cadillac Break. Currently, thedecline, which did not reach its goal, is inaccessible and flooded.However, it did intersect gold-bearing lithologies that were notsampled at the time. Renforth believes it is worthwhile to analyze theuntested waste rock that has been stored on-site.
About Our Parbec Gold Deposit.
Renforth's Parbec Gold Deposit hosts an MRE lastcalculated effective Dec. 2019, subsequent to this Renforth drilled~15,000m, a portion of that drilling successfully twinned 10% of thehistoric ~13,000m of drilling which occurred prior to 2007 and was notincluded in the MRE. Our gold deposit sits within a portion of the~1800m of strike of the Cadillac Break on the property, with the Breakbending south in the western part of the property. Renforth hasrecently released a structural interpretation of Parbec which we willnow begin to test, while working towards a stripping program.
Parbec High Assay/Long Interval Highlights Table
*Intervals presented above are as measured in the corebox, not true width.
*Assay data presented above has been previously pressreleased and/or incorporated in the 2019 MRE. Industry standard, atthe time the work was done, sampling protocols were followed.
MRE Effective Dec. 2019
1) Mineral Resources, which are notMineral Reserves, do not have demonstrated economic viability. Theestimate of Mineral Resources may be materially affected byenvironmental, permitting, legal, title, taxation, socio-political,marketing, or other relevant issues.
2) The Inferred Mineral Resource inthis estimate has a lower level of confidence than that applied to anIndicated Mineral Resource and must not be converted to a MineralReserve. It is reasonably expected that the majority of the InferredMineral Resource could be upgraded to an Indicated Mineral Resourcewith continued exploration.
3) The Mineral Resources in thisreport were estimated using the Canadian Institute of Mining,Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources andReserves, Definitions and Guidelines prepared by the CIM StandingCommittee on Reserve Definitions and adopted by the CIMCouncil.
4) Historically mined areas weredepleted from the Mineral Resource model.
5.) The pit constrained Au cut-offgrade of 0.32 g/t Au was derived from US$1,450/oz Au price, 0.75US$/C$ exchange rate, 95% process recovery, C$17/t process cost andC$2/t G&A cost. The constraining pit optimization parameters wereC$2.50/t mineralized mining cost, $2/t waste mining cost, $1.50/toverburden mining cost and 50-degree pit slopes.
6.) The out of pit Au cut-off gradeof 1.44 g/t Au was derived from US$1,450/oz Au price, 0.75 US$/C rate, 95% process recovery, C$66/t mining cost, C$17/tprocess cost and C$2/t G&A cost. The out of pit Mineral Resourcegrade blocks were quantified above the 1.44 g/t Au cut-off, below theconstraining pit shell and within the constraining mineralizedwireframes. Additionally, only groups of blocks that exhibitedcontinuity and reasonable potential stope geometry were included. Allorphaned blocks and narrow strings of blocks were excluded. Thelonghole stoping with backfill method was assumed for the out of pitMineral Resource Estimate calculation.
Technical information in this press release has beenreviewed and approved by Francis Newton P. Geo OGQ, a "qualifiedperson" 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 L1W2X9
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No securities regulatory authorityhas approved or disapproved of the contents of this newsrelease.
Forward Looking Statements
This news release contains forward-looking statementsand 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 wordsreferring to future events and results. Such statements andinformation are based on the current opinions and expectations ofmanagement. All forward-looking information is inherently uncertainand subject to a variety of assumptions, risks and uncertainties,including the speculative nature of mineral exploration anddevelopment, fluctuating commodity prices, the risks of obtainingnecessary approvals, licenses and permits and the availability of financing, as described in more detail in theCompany’s securities filings available at www.sedar.com. Actualevents or results may differ materially from those projected in theforward-looking statements and the reader is cautioned against placingundue reliance thereon. Forward-looking information speaks only as ofthe date on which it is provided, and the Company assumes noobligation to revise or update these forward-looking statements exceptas required by applicable law.
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