Renforth Resources Inc (CSE:RFR) (OTCPINK:RFHRF) (FRA:9RR) has reported results from the first hole of its 2021 program at the company's flagship Parbec open pit gold deposit in Quebec.
The hole was a shallow 123 metres (m) hole, entirely within the NI 43-101 May 2020 open pit resource estimate and was a successful "twin" of another hole, supporting 1993 data, whose results were not used in last year's resource estimate.
READ: Renforth Resources reports more drill results from Parbec expected to positively impact resource estimate
This year's hole included an interval of 14.1m at a grade of 2.15 grams per ton (g/t) gold, which support the historic 1993 result of 9.3 g/t gold over 4.3m and extends the mineralization further, noted the company. Notably, the hole was also an 'overcut' of another hole, which intersected 12.85m of 0.69 g/t gold, demonstrating vertical continuity of mineralization.
The Parbec open pit constrained gold deposit boasts a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t gold and 177,000 inferred ounces.
But this estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program, recently completed.
The Parbec drill program was designed to fill in gaps within the existing deposit model, to test for the downdip extension of mineralized zones and to twin holes drilled between 1986 and 1993 to allow the assay results from those 62 holes to be used in the 2021 resource estimate, which is expected to be completed in June or July this year.
Renforth's wholly-owned Parbec open pit constrained gold deposit sits on the Cadillac Break, adjacent to the Canadian Malartic mine - Canada's largest gold mine.
Contact the author at giles@proactiveinvestors.com