Renforth Resources (RFR) - Majors Interested in Their Battery Metals

Renforth Resources Inc. is a Canadian exploration and development company focused on the advancement of its gold and battery metal properties in Quebec. The Surimeau district property of the company holds a 330 km² land position and hosts several known areas of nickel, cobalt, platinum group elements (PGEs), copper, zinc and lithium mineralisation. The Victoria zone is a 20 km magnetic anomaly and has been drilled over a strike length of 2.2 km within a 5 km long mineralised structure and has shown nickel copper zinc and cobalt mineralisation. The Huston zone of the property has shown mineralisation of up to 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag during initial reconnaissance sampling. The property further hosts the Lalonde, Surimau and Colonie zones which all show polymetallic mineralisation.

Renforth Resources Inc. announced on the 23^rd of November 2022, that it had concluded with an over-subscribed private placement totalling approximately CAD$ 1.56 million in gross proceeds. The private placement consisted of issuing both flow-through and non-flow-through units of the company, with the raised funds planned to be implemented towards exploration initiatives at the Surimeau District property.

The company on the 28^th of November 2022, announced that it had intercepted battery metal mineralisation through channelling initiatives at the Lalonde area of the Surimeau District property. Renforth Resources Inc. has also completed three drill holes at the Lalonde Area, each successfully intersecting surface mineralization.

Renforth Resources Inc. will raise funds as and when required to further its Surimeau District property in the future, with the company aiming to rather raise smaller amounts of funds multiple times than a large sum at a certain market condition. The company will continue its exploration initiatives at the Surimeau District property, with several drill targets already identified for the 2023 season.

Surimeau property

The Surimeau property of the company is a 330 km² land package which is easily accessible via road and currently holds more than 25 km of surface mineralisation. The property hosts the Victoria, Lalonde, Surimau, Huston, Foulliac and Beaupré zones. The Surimeau property is also strategically located near Canada’s only copper-nickel smelter

The Victoria zone is the most advanced of the property and hosts its mineralisation in the form of an ultramafic body which is rich in sulphide nickel, cobalt, platinum and palladium along with various other metals. The mineralisation system is magnetic and is intertwined with a massive sulphide structure consisting of copper and zinc mineralisation. The Lalonde zone shows similar mineralisation to that of the Victoria zone. The Surimau. Huston and Foulliac zones also host polymetallic mineralisation with the property’s Beaupré zone showing copper and silver mineralisation.

Recent funds raised

Renforth Resources Inc. announced on the 23^rd of November 2022, that it had closed an over-subscribed private placement totalling approximately CAD$ 1.56 million in gross proceeds. The private placement consisted of issuing both flow-through and non-flow-through units of the company. The non-flow-through units consisted of one common share of the Company and one common share purchase warrant, whilst one flow-through unit consisted of one common share to be issued as a flow-through share and one-half of one warrant. A warrant will entitle the holder thereof to purchase one common share of the company at CAD$ 0.06 for 24 months following its distribution. Brewster explains that the funds raised are planned to be implemented towards exploration initiatives at the Surimeau District property.

“We raised a million and a half. I guess, earlier this month was the final closing. We'll spend probably about half of it. We're on our fifth drill hole right now at Lalonde. And we'll drill right in towards Christmas. And then we'll take a break in the New Year, get our data and go back with another campaign”

Exploration initiatives

Renforth Resources Inc. on the 17^th of November 2022 announced that it had commenced a drilling program at its Surimeau District property. The exploration drilling program would be focused on exploring below the visual nickel, copper, copper and zinc mineralisation intersected through the company’s trenching initiatives. The drilling program is planned to consist of 6 drill holes at the Victoria zone of the property and 3 drill holes at the property’s Lalonde zone.  

Brewster explains that the company has through minimal drilling initiatives in the past seen great potential with the property. The southern section of the property, according to her, has already shown a 125 m wide corridor at depth with nickel grades of approximately 0.2%.

“So, what have we seen to date? And we've drilled less than 10% of one structure, and we drilled it very loosely. So, setting the table like that, we see, based on the southern mineralisation alone, a 125 m wide corridor at depth which is giving us nickel that's averaging out in the 0.2 range. However, we drilled a metre and a half at 3.46 grams per ton which is very high-grade nickel. We're also seeing copper and zinc. The zinc grade is running-- I mean, I see, when I look at the assay certificate, zinc numbers are in the 1% to 4% zinc range.”

Brewster explains that the true potential of the Surimeau District property lies not in the grade of each individual metal, but in the combined mineralisation of the property.

“The copper, 0.2% to 0.5%. So, maybe none of these numbers is a headline grabber in and of themselves but, collectively, they start to get interesting. And it's going to be a collective scenario mining this. The stuff’s mixed in. You're not going to mine just the nickel or just the copper. You're going to mine it all.”

The company on the 28^th of November 2022, announced that it had intercepted battery metal mineralisation through channelling initiatives at the Lalonde area of the Surimeau District property. Renforth Resources Inc. has also completed three drill holes at the Lalonde Area, each successfully intersecting surface mineralization.

Getting and keeping the attention of Majors

Renforth Resources Inc. has started to enjoy the attention of various Major mining companies regarding the Surimeau District property. Brewster explains to her the fact that various major mining companies have started to show interest in the company, even with minimal exploration initiatives having occurred.

“I find it quite interesting that they're showing their faces to me already. And we've only drilled 2.2 kilometres with, I think, it's 29 drill holes. Now, we're drilling again. But the fact that they're prepared to show their face and say, “No. We're watching.” But, you know, Surimeau’s a big question mark. It's in an absolutely unexplored area of a major mining camp which is a contradictory statement right there. And then it's a large scale, like 20 kilometres, and another nine of-- yeah, we call ‘em battery metals. We used to call ‘em base metals”

The exploration initiatives of Renforth Resources Inc. will play a pivotal role in the company continuing to enjoy the attention of major mining companies. Brewster explains that the company plans to continue exploring its Surimeau District property, with the aim being to intercept mineralisation and as such retain the attention of the major mining companies.

“We're working at Surimeau from the road, west, six kilometres, highest priority anomaly on the property is at that western edge. So, if we are working here, and we drill over there, and we hit, you know, it opens the story up a lot. So, we'll do things like that and just try and bring in some boomer holes or bring in some better holes. We can't predict that but that's what we can try and do.”

Parbec property

The Parbec Gold deposit of the company is a 100% owned gold deposit located near Malartic, Quebec. The deposit is adjacent to the Canadian Malartic Gold mine owned by Agnico Eagle Mines Ltd. and Yamana Gold Inc. The deposit holds a mineral resource estimate which was calculated in 2020 and is envisioned to be an open-pit mining operation. The company believes that the 2020 mineral resource estimate is outdated, and has since drilled 15,000 m of exploration holes at the property between 2020 and 2021.

Renforth Resources Inc. has started to investigate the possibility of monetising the Parbec Gold deposit and believes that updating the mineral resource estimate of the project is one of the best ways to do so. Brewster explains that Renforth Resources Inc. has engaged the service of the company that created the 2020 resource estimate to update the mineral resource estimate, as well as write recommendations as to how the purchaser of the Parbec Gold deposit may further increase the mineral resource of the property.

“The same guys that wrote the 2020 Resource did do an update for me. And I've gone back to them today because I got it late Friday night. I've gone back to them today and I've said, “Thank you. Perfect. I'm very happy. However, could I now have your top five ways to add ounces? And that I know there are spaces in the deposit. I know there are things that need work. Could you just list them as it's fundamentally the recommendations portion?” Because then I take that to somebody who's looking at Parbec and say, ”Okay, you're going to pay X amount per ounce for the ounces and the resources but this is how you can add ounces at your own cost, on top of that.” Because, honestly, is it going to be Agnico? Who knows? And it doesn't have to be Agnico though. That's the thing.”

Future

Renforth Resources Inc. will raise funds as and when required to further its Surimeau District property in the future, with the company aiming to rather raise smaller amounts of funds multiple times than a large sum at a certain market condition.

“…back to the table to do another little, tiny $1 million raise, which is the most work. However, I don't need to raise a bunch of money at once because I can't spend it all at once, so I'm happy to do a little bit in the conditions of the market at the time, cost averaging, sort of.”

The company will continue its exploration initiatives at the Surimeau District property, with several drill targets already identified for the 2023 season.

“…with the geophysical work, we just did the interpretation, and with what we're seeing in the drilling, at Lalonde, I'll be able to just say to people, ‘Look, we have several priorities, targets on the property. We're going to go and we're going to drill these targets.’”

To find out more, go to the Renforth Resources website