Renforth Resources Inc (CSE:RFR, OTCQB:RFHRF) announced that mapping and prospecting work at its Surimeau project in Quebec has resulted in the discovery of two new locations of surface nickel polymetallic mineralization.
The company said mapping and prospecting were focused on four areas within the property, the Lac Beaupré, Victoria West, LaLonde Northeast, and Fouillac areas.
It identified new battery metals mineralization on surface north of LaLonde and south of Victoria and outside of the drilled area at the western end of Victoria.
Four grab samples returned lithium values greater than 200 parts per million (ppm), including a high-value sample of 990 ppm lithium.
Samples taken from Pontiac sediments in direct contact with pegmatites had elevated lithium, rubidium and cesium, the company said.
Meanwhile, Renforth Resources said drilling has commenced at the Victoria target.
Two holes have been completed with a third currently underway to fill a gap in previous drilling conducted by the company in 2021.
Mineralization has been successfully intersected in both completed holes, the company said.
Financing round
Further, Renforth Resources said it is carrying out a flow-through financing at the request of its shareholders to raise $500,000.
The company’s shares are priced at $0.04 per flow-through unit, with each unit comprised of one flow-through share and one half of a warrant. Each full warrant is exercisable at $0.08 per share for 18 months.
Renforth is also offering $150,000 shares at $0.035 each, consisting of a share and one warrant which can be exercised to purchase a share for $0.05 for a period of 24 months.
The proceeds from the financing will be used to fund the company’s ongoing exploration program in Quebec, specifically working towards a maiden resource estimate for the Surimeau property.
Renforth Resources is a battery metals area play with the dominant brownfield land position south of the world-class Cadillac-Larder Lake Fault in the prolific Cadillac and Malartic mining camps of Quebec’s Abitibi.
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