Wider Gold Interval Reported at Renforth’s Parbec Property
Multiple rounds of drilling have now been completed at the Parbec project through several years of active exploration. Renforth Resources Inc. (CA:RFR – $0.09 & US:RFHRF – $0.07 & GER:9RR – €0.05) has incrementally advanced exploration using an interactive approach. After each phase is completed, all assay results are thoroughly analyzed to more effectively guide follow-up work. The extra effort is paying off. Renforth has delivered new discoveries along the way that had been overlooked by previous operators. The commitment to investigate new leads contributes to the establishment of a much larger overall deposit at Parbec. This process continues to the present.
The most extensive drilling program ever launched at Parbec began last fall. PAR-20-101 was the second hole completed in that phase. Assay results confirmed several mineralized gold sections at various depths through to the bottom of the drill core. As work continued, the geologists interpreted a wider zone of mineralization based on positive results achieved in other drill holes nearby. This prompted further review of PAR-20-101 to consider if other portions of the drill core between the mineralized intervals may have been part of a larger section. Additional samples were subsequently extracted in the adjoining core and sent for assay.
This week, Renforth reported that indeed the added scrutiny had been on track. The presence of gold was confirmed within the additional sections sampled from PAR-20-101. In contrast to the previously reported gold intervals, a much larger interval was found to be gold-bearing. This combined section is now interpreted as a continuous mineralized interval spanning more than 30m with an average grade of 0.69g/t gold. The previously reported higher grade interval of 1.5m grading 6.52g/t gold is a localized enrichment segment within the wider overall section of drill core. Once again, careful review of all results has generated a successful outcome.
Positive Implications for Pending Gold Resource Update
Evaluation of all drill core data is important for the potential for expansion of the Parbec gold resources. The consultants tasked with preparing a resource estimate will consider all gold-bearing intervals encountered during exploration work. A higher classification of confidence is assigned for areas where more data is available. The average gold grade for each interval is assumed to extend across a wider area of several meters surrounding each drill core. In effect, a wider continuous section of mineralization accounts for a larger tonnage than many smaller intervals. Therefore, the extended intervals that are presented from sections like PAR-20-101 contribute to outline more gold content in the calculation of the compliant resource estimate.
With this carefully planned and executed drilling program, Renforth was able to present new gold discovery zones. Many of these were encountered in geological units that had not been previously assumed to be mineralized. Attractive gold values have been confirmed in many of the ‘gap zones’ between known gold intervals. Historic gold zones that had been excluded from the compliant estimate have also been confirmed. And lastly, extensions to depth and along strike have been presented around the previous limits of the deposit. All of these sections may now be included in the updated resource estimate calculation.
The much larger volume of data available for the pending resource update suggests a material upgrade to the overall deposit size. And the prospect of many wider intervals that have been reported, along with higher grade gold content, projects to a substantial increase in the estimated gold resource for Parbec.
First Hole Successfully Drilled at Surimeau
Meanwhile, the summer drilling program is underway at the Surimeau property. This program follows the same interactive approach that has been used so successfully at Parbec. Earlier this year the Company launched a drilling program along roughly 2.2km of interpreted strike length for the Victoria West target.
Assay results are still pending for these drill holes. However, because the drill core confirmed that wide intervals of ultramafic and volcanogenic massive sulphide (VMS), bearing minerals of nickel, copper and zinc, were present, a new summer drill program was launched in late June.
This week, Renforth reported that the first drill hole of this program, SUR-21-19 was completed to a length of more than 237m. This drill hole was planned to undercut a wide interval of mineralization that had been encountered previously in SUR-21-15. Visual inspection of SUR-21-19 confirmed a successful start to the program. A mineralized interval of approximately 3m in width was highlighted. At roughly 150m below surface, this represents the deepest sulphide mineralization encountered so far at Surimeau.
The second planned drill hole, SUR-21-20 is now roughly half way to its target depth. As drilling continues, Renforth is also advancing surface prospecting work at the Lalonde Target located to the north of the Victoria West target approximately 3 km. Known to be mineralized historically and in Renforth’s previous prospecting the Lalonde Target is within a magnetic anomaly that stretches for ~30km at Surimeau, separate from the ~20km long anomaly which hosts Victoria West.
Data continues to be reported from the Parbec drilling work, confirming new gold intervals and a much larger deposit area. Speculation now comes into focus for the pending resource update. A significantly higher gold endowment than previously outlined for the property is expected. This report may then provide the catalyst to attract a suitor for a transaction to vend the project. The outlook for a larger and perhaps higher grade gold deposit within a reasonable open-pit mining scenario may command a premium value.
As work continues at Surimeau the potential to create further speculative upside is very much at hand. The Victoria West target area is advancing to become a significant deposit in its own right. Favorable geology, the presence of ‘Battery Minerals’ that are in high demand for the Green Energy movement, the proximity to nearby mining centers and infrastructure, which includes hydroelectric powerlines on the property, build the value proposition.
The current interpretation of the geological setting suggests that at least two phases of mineralizing events have occurred within this host rock. One is related to a suite of alteration that is enriched with nickel minerals. A second distinct phase involved copper sulphide alteration. The mineralization emplaced by these events may overlap and extend across a wide area and to a much greater depth. Surimeau is still at a very early stage of discovery and Renforth will look to confirm this interpretation as assay results are received. Smallcaps Recommendation: BUY.
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