Renforth Resources Inc (CSE:RFR, OTCQB:RFHRF) has updated investors on the recently completed 10,000-metre drill program on the Victoria mineralized system which stretches over approximately 20 kilometres of strike length across the centre of its Surimeau property near Malartic in Quebec.
The program, which finished with 11 holes in roughly 3,500 meters of drilling, successfully intersected the mineralized package at greater depths, showcasing its consistent nature and resulting in an "improved tenor of mineralization."
Samples from each hole have been sent for assaying of the polymetallic package, with results expected in the new year. Notably, the second last hole delivered some of the best mineralization yet seen at Surimeau, intersecting the northern mineralized horizon not anticipated in that location.
Consequently, Renfroth said a planned hole was discarded to avoid missing the northern horizon, and the program concluded with an undercut of the best hole. This undercut successfully intersected mineralized zones further down dip, providing a strong conclusion to the drill program.
Renforth said observation of the newest core concludes that the Surimeau mineralized assemblage is hosted in intercalated lenses of graphitic black shales and ultramafic flows containing elevated zinc, copper, and nickel sulfides.
The company said it is simplifying the Surimeau lithological picture to consist of graphitic black shale, intercalated ultramafic flows and lenses, and the calc-silicate contact zone between them, with the mineralized package situated within the Pontiac sediments.
Renforth also announced the repricing of its private placement within the market context. Common share units are now priced at $0.026, comprising a common share and a purchase warrant exercisable for 24 months at $0.05 cents.
Flow-through units are priced at $0.03, including a flow-through share and a half of a purchase warrant, with a whole warrant exercisable into an additional common share at an exercise price of $0.05 for 18 months.
Renforth is a battery metals area play with the dominant brownfield land position south of the world class Cadillac-Larder Lake Fault (CLLF) in the prolific Cadillac and Malartic mining camps of Quebec's Abitibi. Offering exposure to gold, zinc, nickel, copper, cobalt and more, including lithium, Renforth's land position encompasses several areas of interest.
Contact the author at stephen.gunnion@proactiveinvestors.com