Renforth Provides Update on its New Alger Property and Announces Financing of up to $700,000admin
Renforth Provides Update on its New Alger Property and Announces Financing of up to $700,000
Toronto, Ontario CANADA, November 11, 2013 /FSC/ – Renforth Resources Inc. (RFR – CNSX),(“Renforth” or the “Company”) is pleased to provide the following update on its projects located in the Cadillac Gold Camp in the Val d’Or Region of Quebec.
Renforth has planned a two-pronged approach to further explore the New Alger property, which will address both (1) the deposit in the area of the historic workings, from which Renforth discovered instances of outcrop at surface, and (2) the new discovery approximately 250 m south of the mine workings, in the Pontiac Sediments, which has been channel sampled at surface and traced over approximately 250 m in length.
At this time, for clarity going forward, Renforth would also like to announce the names by which these two areas of interest will be referred. The New Alger Project hosts two areas of mineralization. The first, being the former Thompson-Cadillac Mine, will be referred to by Renforth as the Thompson-Cadillac Mine Deposit. The second, being the new vein system discovered 250 meters to south in the Pontiac Sediments, will be referred to as the Pontiac Discovery.
Thompson-Cadillac Mine Deposit
Renforth has compiled the following data from the historic and former producing Thompson Cadillac Mine:
1) underground level plans, vein mapping and mapped drilling records;
2) 28 surface diamond drill holes (A and B series) drilled in the 1940’s; and
3) 4 surface diamond drill holes drilled in the 1960’s by New Alger Mines Ltd.
In addition, Renforth has used the following NI 43-101 compliant information;
1) 2007 drill campaign 11 holes drilled on the property;
2) 2008 drill campaign 4 holes drilled on the property;
3) 2010 drill campaign 9 holes drilled on the property; and
4) 2013 surface channel sampling and prospecting results.
The compilation of this data has resulted in Renforth building the first 3D underground model for the Thompson Cadillac Mine Deposit, including underground development and mining voids. This has also highlighted the limits of previous underground mining operations, development, and areas of interest within the historic and the recent compliant drilling which justify further drilling.
Highlights of results received from drilling between 2007 and 2010 include the following;
Hole # From(m) To(m) Length(m) Au g/t
NA-07-05 310.4 314.8 4.4 2.8
NA-07-06 285.8 287.5 1.7 2.7
NA-07-07 243.5 248.7 5.2 2.0
NA-07-07 293.1 295.7 2.6 2.8
NA-07-07 327.0 328.7 1.7 6.6
NA-07-07 346.7 349.0 2.3 3.4
NA-07-07 355.0 357.7 2.7 3.0
NA-07-09 297.5 299.2 1.7 7.6
NA-07-09 385.7 387.5 1.8 3.1
NA-07-10 259.5 267.2 7.7 1.2
NA-07-10 262.4 267.2 4.8 1.4
NA-07-12 323.2 325.2 2.0 2.1
NA-08-03 194.4 197.3 2.9 2.6
NA-08-03 239.4 242.4 3.0 2.4
NA-08-06 210.0 212.0 2.0 2.2
REN-10-01 154.2 156.0 1.8 2.7
REN-10-04 187.1 192.9 5.8 3.5
REN-10-05 126.9 134.9 8.0 6.3
REN-10-06 164.0 170.0 6.0 2.3
REN-10-06 166.0 170.0 4.0 3.1
REN-10-07 48.2 53.4 5.2 1.6
REN-10-08 173.0 187.0 14.0 1.9
REN-10-08 177.0 187.0 10.0 2.2
REN-10-08 182.0 185.0 3.0 3.7
REN-10-09 238.8 245.6 6.8 2.1
Renforth intends to carry out sufficient additional drilling to arrive at the first, initial, NI 43-101 compliant resource statement at New Alger. Renforth’s President and CEO Nicole Brewster stated, “We feel this is an achievable goal, which will create awareness in the potential of these properties, as well as shareholder value. To this end, we intend to complete a financing of up to $700,000 through a best efforts offering to accredited investors of units of the Company. Each unit will be priced at $1,000 and will consist of 4,000 common shares and 11,500 flow-through shares and 8,000 common share purchase warrants. Each warrant entitles the holder to purchase one common share at a price of $0.10 up to December 1, 2014. The agent for this offering is Milton Capital Partners”.
The image below depicts the work carried out on the property. Note the limited extent of the underground workings on the property, projected to surface in green in this image, as well as the surface drilling, in light grey is the historic drilling, the complaint drilling is in black.
To view the image, click onto the following link:
Renforth was also pleased to announce, in our press release of September 17, 2013, the discovery of gold in bluish-grey quartz veins, approximately 250m south of the mine workings, within the Pontiac sediments. This mineralization was traced over approximately 250 m east to west on the property. The structure was lost in overburden at its extents but remains open in both directions. This structure warrants follow up work, which we envision will consist of stripping the exposed vein system, trenching and further channel sampling, in addition to stripping additional ground to explore for extensions. In addition, surface mapping will be undertaken. It is likely that this work will have to wait for the spring, as seasonal snow conditions will very shortly hamper this type of grass roots ground exploration. While Renforth could elect to drill this target this winter, the Company feels that the more prudent approach is to do additional exploration to further define the discovery and formulate the eventual drill program.
Renforth has issued to Cadillac Ventures Inc. 4.2 million shares of Renforth pursuant to the purchase agreement for the New Alger property between the two companies. After this transaction, there are 36,280,672 shares issued and outstanding.
The technical information in this press release has been reviewed and approved by Brian H. Newton P.Geo, a qualified person pursuant to the guidelines contained within National Instrument 43-101.
Renforth Resources Inc. is a Toronto-based exploration company with interests in two exploration assets: the previously productive New Alger property, located in the Cadillac Break Mining Camp, Quebec, and the Mina Pilar Project, located SW of Madrid Spain ,also a historic producer of gold.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
T: (416) 368.5049 F: (416) 368.3151
No securities regulatory authority has approved or disapproved of the contents of this news release.
RENFORTH RESOURCES INC.
65 Front Street East,
To view this press release as a PDF file, click onto the following link:
Source: Renforth Resources Inc. (CNSX: RFR)
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Posted: November 11th, 2013 under FSCWIRE.