Renforth Resources Inc (CSE:RFR) (OTCPINK:RFHRF) (FRA:9RR) has reported more results from last year's drilling at its flagship Parbec open pit gold deposit in Quebec, which are expected to bolster the updated resource estimate for the asset, expected in June or July this year.
The assays come from five holes, which were sunk in the Fall program, where 9,644 metres (m) were drilled in a Phase one program. Each hole contained gold values. A stand-out was 4.02 grams per ton (g/t) gold over a width of 4m from a depth of 141m to 145m. A total of 37 drill holes from both phase one and phase two are still outstanding, the company noted.
READ: Renforth Resources announces discovery of new gold zone at Parbec deposit, Quebec
Renforth's wholly-owned Parbec asset is road accessible and sits in Quebec’s Cadillac Break, contiguous to Canadian Malartic - Canada’s largest gold mine. Parbec 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 now 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.
"The drill program was designed to fill in gaps within the existing deposit model, to test for the downdip extension of mineralized zones with undercut drill holes and to twin holes drilled between 1986 and 1993 in order to allow the assay results from those 62 holes to be used in the 2021 resource estimate for Parbec, anticipated to be completed in June/July 2021, however, the timeline is dependent on the receipt of assays," Renforth said in the statement on Wednesday.
As well as Parbec, Renforth has discovered a nickel-bearing ultramafic, coincident with a copper/zinc VMS, over around 5 kilometers (km) of strike in the western end of the 20km central anomaly at its wholly-owned 215 sq km Surimeau property in Quebec.
This prospect was discovered on surface and a more robust drill program is planned for spring, 2021.
Contact the author at giles@proativeinvestors.com