Renforth Resources Significantly Expands Surimeau Project and Immediately Launches Drill Program
Located in the midst of one of the most productive mining camps in all of Canada, the Surimeau project is rapidly advancing as a high profile exploration asset. Renforth Resources Inc. (CA:RFR – $0.06 & US:RFHRF – $0.03 & GER:9RR – €0.03) has to be congratulated for the creation of this legitimate organic discovery prospect, assembled from property claims that other exploration companies have overlooked. An exciting exploration program is now commencing with the potential to achieve a breakthrough discovery that may validate the efforts to establish this project.
Although one section of the project had been originally acquired as part of the West Malartic property, further review and analysis of the regional geology prompted the Company to stake additional holdings and rebrand the Surimeau project as a separate asset. Historical exploration records provided intriguing hints for these substantial structural target areas. Subsequent fieldwork supported this interpretation. Staking continued to acquire even more of the prospective target area, creating an enormous property wholly owned by Renforth. Much of this process to advance Surimeau has been completed just within the last few months.
This week, Renforth reported that a team has been mobilized to begin a drilling program at the expansive property area. The Company was fortunate to secure the services of a talented contractor that was available to immediately commence during an interval of favorable weather. This also enables the program at Surimeau to continue without diverting effort from the significant drilling program already underway at the Parbec property.
Drilling Commences at Surimeau
Exploration drilling is already underway at the Surimeau project. The Company selected the Victoria West target for this program, located within the southern limb of the previously defined structural corridor. This is one of the areas of the property where historical exploration had previously encountered appealing mineral occurrences. However, it is considered a blind target as a layer of surface overburden covers most of the property area.
A blind target presents additional challenges to orient drilling such that potential resource zones below surface may be encountered. Renforth expects to learn a great deal from this modest program that may improve the odds for success as follow up programs are launched. Challenging as it may be, the fact that the southern limb is a blind target is fortuitous. This extensive system has been overlooked by other players in the district and was therefore available for staking. If indeed a larger section of the structural corridor had been exposed at outcrop it is likely that the opportunity to explore this system would have been secured many years ago by other operators.
A track mounted, portable drill is now in operation with the capacity to penetrate the surface overburden. A program of about ten drill holes, for a total of about 1000 meters of drilling work is planned. The first shallow drill hole of this program has already been completed. Inspection of drill core revealed several types of mineralization, including blue quartz veins and sulphide alteration. The presence of biotite – cordierite observed within sediments demonstrates hydrothermal and metamorphic alteration of the host rock units. Sulphide minerals pyrrhotite, pyrite and sphalerite were also observed in core. These minerals are often associated with nickel – zinc – copper deposits.
Strategic Acquisition of Additional Property Holdings
While the initial review of geophysical data contributed towards outlining the significant target areas in the two main structural corridors, Renforth determined that other attractive targets existed beyond the boundary of Surimeau. One such target, dubbed the Fouillac showing, appears as a string of seven clearly defined ‘bull’s-eye’ anomalies to the south of the Victoria West – Colonie geophysical trend. The Company dispatched a field team and a series of samples were taken from the Fouillac showing. Renforth subsequently learned that historic exploration activity investigated this target area in the 1960s and 70s. The target is also defined within a promising magnetic anomaly.
Selected sample material revealed a potential gold alteration zone within the Pontiac sediments. Several attractive geological settings were identified. Blue quartz veining and disseminated pyrite was observed. This bears similarities to gold zones outlined elsewhere in the district including at Parbec. Deformation and shear zones were also noted, again promising for potential gold endowment. Assay results will be reported when analysis is completed.
Extensive staking of new property holdings around these target areas has now been completed. The newly acquired land holdings, comprising 219 claims, are nearly double the size of the previous Surimeau property area. The new claims also serve to buffer the primary exploration targets. This enables Renforth to control all surrounding land holdings to these zones in the event that a significant discovery is achieved.
Surimeau now spans an impressive 215 square kilometers in size. This underexplored property is ideally situated on the southwestern flank of the largest open pit gold mine in Canada. The area may yield further high profile targets as more work is done. The strategy highlights the vision and foresight of the geological team, to recognize this potential and create the opportunity to achieve a major discovery.
Drilling at Parbec Property Progresses Rapidly
This week, Renforth reported that nearly 6000m of drilling has been completed at Parbec. The Company also expects that its objective to advance at least 7000m of total drilling work will be achieved prior the end of this year. Much of this program is geared towards infill drilling within the previously established open-pit shell area of the gold deposit. The priority to expand on the total gold resource within the pit zone is complemented by the increase in drill density that will result from the additional work. This will serve to increase the confidence for the gold resource when the next update is prepared. A larger deposit, well defined through extensive drilling, builds value for the project. This is an important stage in the process to advance towards a development decision at Parbec.
All of the drill holes completed so far successfully encountered the targeted lithologies. This is promising given that similar lithologies have delivered gold values, encountered during previous drilling work. Currently PAR-20-118 is at approximately 100m in length with drilling continuing. Drill core from holes PAR-20-108 through to PAR-20-117 is being prepared for sample extraction prior to submission for analysis.
Only a partial set of assay values from the first drill core have been received from the laboratory. These results were reported in late October for just the first 176 meters of core in drill hole PAR-20-100. Nonetheless, Renforth achieved notable gold intercepts in that batch of assays. This included an interval of more than 22m bearing an average of 1.21gpt gold. This is a far wider mineralized zone than typical sections encountered in prior drilling and that alone is encouraging. The interval was also located near surface and will contribute further to the established gold resource for Parbec within the pit shell that has been modeled.
By now, Renforth shareholders should be accustomed to the urgency of exploration activity that characterizes the corporate culture. The Company is already embarking on its maiden drilling campaign at Surimeau to create value at the end of the drill bit.
The exciting potential that has been rapidly developed for Surimeau is enhanced with the prospect for discovery of at least one significant base metals system. Early indications support the potential endowment of nickel, copper or zinc resources along the extensive structural corridors outlined. Meanwhile, the Fouillac showing within the newly acquired property claims represents a promising gold target. There may be others that are identified as further work is completed elsewhere within the enormous consolidated property area.
Renforth is now active in the field with two separate drilling programs underway simultaneously. This is a rarity among junior miners. At Parbec, the rapid drilling work has already outpaced the capacity of the lab to complete analysis. This backlog of expected assay data is yet another catalyst that could move the stock higher as the results are reported in the weeks ahead. Visual inspection of drill core has confirmed that promising alteration sections were encountered. That certainly increases the prospect for additional gold values to be reported from these samples.
Add in the expectation for resource showings to be encountered in this first round of drilling at Surimeau. Visual inspection of the drill core extracted from the first hole at Surimeau confirms the presence of alteration suites associated with base metals deposits. Renforth may finish the year on the verge of another high profile discovery. A well-funded treasury will enable the Company to continue operating as one of the most aggressive junior explorers in Canada through 2021. Smallcaps Recommendation: BUY.
|Smallcaps.us Advice: Buy||Price Target: $0.29||Latest Company Report (pdf)|
|For important disclosures, please read our disclaimer.|