Renforth Resources Inc (CSE:RFR) (OTCPINK:RFHRF) (FRA:9RR) told investors it has discovered a new gold zone at its Parbec project in Quebec, which lies outside the current resource.
Reporting results from one hole, assays included an intercept of 1.5 metres (m) at 5.34 grams per ton (g/t) gold from a depth of 83.4m and 15.8 g/t of the precious metal in an intercept of 0.5m from 159m depth. Also found was 6.43 g/t gold in a three-metres length starting at 174.7m depth.
READ: Renforth Resources reveals high-grade gold intercepts at its Parbec open pit deposit in Quebec's Cadillac Break
Renforth noted that each of these assays highlights were taken from some level of quartz veining within sediments.
"This is a new gold setting at Parbec, which will require additional investigation in order to determine the extent," the company said.
Renforth's wholly-owned Parbec asset is a road accessible open pit gold deposit in Quebec’s Cadillac Break, contiguous to Canadian Malartic, Canada’s largest gold mine.
It currently boasts 104,000 indicated ounces of gold at a grade of 1.78 g/t and 177,000 inferred ounces at 1.78 g/t gold.
The company is presently carrying out a 15,000m drill program planned to twin, infill and undercut existing drill holes in a bid to rebuild the geological model and increase the resource estimate.
Last week, Renforth posted results from a 2020 drill campaign at the deposit, highlighting a standout intersection of 21.5m grading 5.6 g/t gold, including 6.3 g/t over 16.7m and 37.3 g/t gold over 1m.
The interval occurred within the pit wall of a May 2020 resource estimate on the project and represents new mineralization, it said.
Shares in Canada added over 7% on the day to C$0.075 each.
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Contact the author at giles@proactiveinvestors.com