Renforth MRE delivers 29% increase in gold ounces
Renforth Resources Inc. [RFR-CSE, RFHRF-OTC Pink, A2H9TN-Frankfurt] has filed a NI 43-101-compliant report that delivers a 29% increase to the overall gold ounces within its Parbec Gold Deposit in the Abitibi-Temiscamingue Region of Quebec. The company said 73% of the 2023 mineral resource estimate ounces are measured and indicated within a Whittle Pit.
Measured and indicated open pit resources now stand at 9.61 million tonnes of 0.86 g/t gold or 265,800 ounces. On top of that is an open pit plus underground inferred resource of 2.55 million tonnes at 1.18 g/t or 97,000 ounces.
Commenting on the latest news, Renforth President and CEO Nicole Brewster said: “We are very happy to deliver this significant size increase to our open-pit gold deposit next door to Agnico-Eagle Mines Ltd.’s [AEM-TSX, AEM-NYSE] Canadian Malartic mine. In addition to the increase it is important to acknowledge the category of those ounces: 12% of the new MRE is in the measured category and 61% is in the indicated category; 73% of the deposit is contained within the resource categories that deliver the most confidence, demonstrating not only Parbec’s growth, but also growing maturity as a reliable gold deposit with a fantastic location and logistical advantage. In addition, with this MRE, 87% of the gold ounces within the resource estimate are contained withing the accompanying open pit.”
Brewster went on to say that Parbec offers new drill targets within the deposit to fill gaps in the drill spacing to increase confidence in the remaining inferred ounces. “That potential is in addition to the 24,000 ounces of gold within the modelled mineralized envelope in the open pit, which are below the cut-off grade used, contained in 4.3 million tonnes of material.”
Renforth is a junior resource company that offers investors exposure to gold and battery metals exploration in historic mining camps in Ontario and Quebec.
The company is headed by Nicole Brewster, who has been involved in exploration in several countries and a wide range of projects, including Ring of Fire nickel-chromite discoveries in northern Ontario.
The company has full ownership of five properties including the flagship Parbec Property, a bulk tonnage gold project, located in Malartic, Quebec, beside the Canadian Malartic open pit operation, currently Canada’s largest gold mine
According to a May, 2020 estimate, Parbec was thought to contain an indicated resource of 104,500 ounces of gold in 1.82 million tonnes at an average grade of 1.78 g/t gold, and an inferred resource of 177,300 ounces of gold in 3.12 million tonnes at an average grade of 1.77 g/t gold.