Renforth Resources Inc. [RFR-CSE, RFHRF-OTC Pink, A2H9TN-Frankfurt] shares advanced on Tuesday after the company released assay results from one of several mineralized areas within the 300-square-kilometre district Surimeau project property in northwestern Quebec.
Drilling highlights include 3.46% nickel over 1.5 metres.
The shares jumped 7.1% or $0.005 to $0.075 on volume of 103,500, and now trade in a 52-week range of 12 cents and $0.06.
Renforth is a junior resource company that is engaged in gold and battery metals exploration in historic mining camps in Ontario and Quebec.
Renforth is targeting battery metals via its Surimeau project, which lies adjacent to the Canadian Malartic Mine, currently Canada’s largest gold mine
The road-accessible Surimeau project is a wholly-owned royalty-free 260 square kilometre property with several areas of historically identified polymetallic and gold mineralization. This includes the Victoria West occurrence, Renforth’s current focus. Victoria West is interpreted to be a nickel-containing ultramafic unit, juxtaposed with VMS-style copper-zinc mineralization which occurs over a 5.0-kilometre strike in the western end of the 20-kilometre central anomaly at Surimeau
Renforth recently announced the discovery of nickel on surface at a new location on the Surimeau project, which is now a legitimate battery metals discovery. The company said summer prospecting in the southwest part of the Houston area returned an assay of 1.9% nickel, 1.38% copper, 1170 ppm Cobalt and 4g/t silver within a grab sample. The previously unexplored Huston area is located approximately 18 kilometres northwest of Victoria West.
This Huston result obtained by Renforth is considered notable by management as it is the first documented occurrence of nickel in this area, which remains relatively unexplored, with the exception of a drill program in the general area by Hecla Mining [HL-NYSE]Â in the 1980s, which was focused on gold. Renforth has said it will have a geological team revisit this area later in the fall.
Assay results released Tuesday are from the 1,203 metres drilled in seven holes within the 275-metre strike length of the stripped area at Victoria West.
Drilling highlights include SUR-21-28, which was drilled for 234 metres at a dip of -80 as an undercut of holes SUR-21-26 and SUR-21-27 in the western end of the stripped area between two historic trenches now located within the stripped area. SUR-21-28 assayed 3.46% nickel and 491 ppm cobalt over 1.5 metres between 196.5 and 189 metres down hole within a broad mineralized zone of 170.55 metres, between 40.9 metres and 211.45 metres down hole which averaged 0.16% nickel and 100.2 cobalt.
Within this broad zone, of mineralization, there are higher grade sub-zones, as seen in this and other holes drilled in the December program.
Renforth CEO Nicole Brewster said Tuesday’s results support the company’s growing interest in Surimeau. “We will soon drill again as we work to define not “whether” there are battery metals within the 6.0-kilometre-long Victoria West area, but instead, answer the question of just how well endowed with battery metals this “hiding in plain sight” discovery really is.”