Renforth Resources Inc. Funded for Fall/Winter Exploration
Pickering, August 30, 2023 - Renforth Resources Inc. (CSE:RFR) (OTC:RFHRF) (FSE:9RR) ("Renforth" or the "Company") would like to inform shareholders that our shareholdings in Radisson Mining Resources have been fully liquidated for proceeds of $1,400,000.00. This liquidating transaction removes any uncertainty regarding Renforth's ability to fund in this challenging junior exploration market. "We have significant dollars in the bank, and we have gold ounces in the ground, we are actively exploring our district scale battery metals property in Quebec. Surimeau hosts numerous pegmatites and is already proven to carry nickel, copper, zinc, and gold...along with other metals in large mineralized systems on a property 4.5 times the size of the island of Manhattan. Our cash on hand represents almost 50% of our current market capitalization, our other assets build on that base. Our plans for the rest of the year will build upon that combination again" states Nicole Brewster, President and CEO of Renforth.
Renforth continues its ongoing exploration at Surimeau, our field geologists are following up on target areas that were identified based on the summer 2022 prospecting program in search of lithium mineralization. The team has identified multiple pegmatite outcrops in areas that were previously not explored. The field work is facilitated by easy road access and abundant outcrops. A total of 100 samples have been submitted to ALS analytical lab, Val d'Or, Quebec and assays are pending. Field conditions are ideal for boots on the ground prospecting work. Renforth anticipates that after a first round of prospecting there will be follow up, with assays in hand, before the snow flies. Renforth is currently designing a drill program for this winter which will focus on the central area of the ~20km long Victoria mineralized structure with step outs from the 2021 and 2022 drilling in that area which encountered a mineralized package that included a mineralized graphitic shale horizon in the south, a main zone composed of Ni/Co/Pt and Pd mineralization interlayered with Zn/Cu/Ag/Au and, discovered in 2022 drilling, additional mineralized horizons north of the main package.
Technical disclosure in this press release has been reviewed and approved by Francis R. Newton PGeo, OGQ a "qualified person" pursuant to NI 43-101.
For further information please contact:
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#Unit 1B - 955 Brock Road, Pickering ON L1W 2X9
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About Renforth
Renforth is a secure multi-commodity area play with the dominant brownfield land position south of the world class Cadillac-Larder Lake Fault ("CLLF") in the prolific Cadillac and Malartic mining camps of Quebec's Abitibi. Offering exposure to gold, zinc, nickel, copper, cobalt and more, including lithium Renforth's land position encompasses several areas of interest. In the more than 300 square kilometres Renforth holds, there are both resources and mineralized ground undergoing exploration to extend zones and define the amount of metal in structures.
Renforth's position is unique in that the ground is road accessible, has hydro power in place and is in an established and secure mining jurisdiction which regularly ranks as Top 10 (as determined by the Fraser Institute) in the world.
The CLLF, which extends from west of Kirkland Lake in Ontario to east of Val d'Or in Quebec is a regional first order fault which hosts numerous mines along its extent, including one of Canada's most lucrative gold mines, the know historic O'Brien Mine which formed the Cadillac Mining Camp, and Renforth's Parbec gold deposit near Malartic. Now, immediately north of Renforth's landholdings is one of the few instances of the CLLF being mined on its north side with North America's deepest single stage shaft, the Penna shaft, at Agnico Eagle's LaRonde Mine. Renforth holds the dominant land position in the Cadillac Camp south of the fault, and a good portion of the land position in the Malartic camp as well, contiguous to one of the few mines operating on the south side of the Cadillac Break, the Canadian Malartic Mine. Renforth's landholdings in the area host gold and silver as well as a host of future facing, or battery, metals such as nickel, copper, zinc, cobalt and lithium.
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.
