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MarketScreener Homepage  >  Equities  >  CANADIAN NATIONAL STOCK EXCHANGE  >  Renforth Resources Inc.    RFR   CA75971C2094

RENFORTH RESOURCES INC.

(RFR)
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Renforth Resources : Intersects 49.6m of 1.46 gt Gold at Parbec Open Pit Gold Deposit

04/08/2021 | 08:19am EDT

Renforth Resources Inc. (CSE - RFR) (OTCQB- RFHRF) (FSE-9RR) ('Renforth' or the 'Company') is pleased to update shareholders on drill results received for Renforth's 2020 drill program on the wholly owned Parbec open pit constrained gold deposit on the Cadillac Break, adjacent to the Canadian Malartic Mine.

This press release gives highlights of assays received for PAR-20-116, PAR-20-106, PAR-20-107, PAR-20-108 and PAR-20-109, all drilled in the Fall 2020 program at Parbec where 9,644m were drilled in phase one of a drill program designed to support a new 2021 resource estimate for Parbec. The drill program finished at 15,569m of drilling completed with the assay results for a total of 37 drill holes in both phase one (Fall 2020) and phase two (Winter 2021) of the program still outstanding.

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 drillholes 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 complete in June/July 2021, however, the timeline is dependent on the receipt of assays. The five holes reported on in this press release continue Renforth's success in drilling at Parbec with, again, each hole drilled returning gold values of interest. Each of the results given below are accretive to the overall gold endowment of the Parbec deposit and are expected to positively impact a resource estimate calculation.

Samples referred to in this press release were selected, split, bagged and tagged in the field and delivers to the facilities of AGAT Laboratories in Val d'Or Quebec where they were assayed for gold using '202-051 - Au by Fire Assay, AAS Finish' and '202-064 - Au by Fire Assay, Gravimetric Finish' for overlimit (>10 g/t Au) values.

Contact:

Nicole Brewster

Tel: 416-818-1393

Email: nicole@renforthresources.com

About Renforth

Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au. This resource estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program which has been recently completed. This program was planned to twin, infill and undercut existing drill holes at Parbec, to support a rebuild of the geological model and a resource estimate restatement. In addition to this Renforth has discovered a nickel bearing ultramafic, coincident with a copper/zinc VMS, over 5km of strike in the western end of the 20km central anomaly at Renforth's wholly owned 215 km2 Surimeau property. This prospect was discovered on surface and the subject of a very short, shallow drill program, a more robust drill program is planned for Spring 2021. Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of 500m. Renforth is well funded, with $6 million in cash and securities on hand (as at 03/15/21), in addition to the gold contained in our gold deposit.

No securities regulatory authority has approved or disapproved of the contents of this news release.

Forward Looking Statements

This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2019 - - -
Net income 2019 -0,48 M -0,38 M -0,38 M
Net cash 2019 0,89 M 0,71 M 0,71 M
P/E ratio 2019 -12,8x
Yield 2019 -
Capitalization 20,1 M 16,0 M 16,0 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 96,6%
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Mean consensus BUY
Number of Analysts 1
Average target price 0,12 CAD
Last Close Price 0,08 CAD
Spread / Highest target 50,0%
Spread / Average Target 50,0%
Spread / Lowest Target 50,0%
Managers and Directors
NameTitle
Nicole Brewster President, Chief Executive Officer & Director
Kyle Appleby Chief Financial Officer
Kurt Breede Technical Director
Wally Rudensky Independent Director
David G. Wahl Independent Director
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