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Renforth Resources RFHRF has made consistent progress in the process of proving-up the assets at its Surimeau Property, an early stage polymetallic (Ni-Cu-Co-Zn) project that is in the discovery & exploration stage. Surimeau is highly significant to Renforth Resources for three reasons. First, this breakthrough discovery could be indicative of a district-scale nickel-copper-zinc project that is geologically similar to the commercially successful Outokumpu deposit in Finland. Second, the nickel mining industry is coming into favor as nickel demand for EV batteries is projected to outstrip supply within the next five years. Importantly, nickel is more easily and much less expensively recovered from nickel sulfide than from nickel laterite ore. And third, there is a meaningful valuation disparity between gold and nickel sulfide junior mining companies. Any change in the perception that Renforth has transitioned from a junior gold company to a junior nickel sulfide company potentially would close that gap.
Latest Monthly Updates
February 2022 Aerial EM/Mag survey completed over highly prospective targets
March 2022 Results of 7-hole drilling program reveal all the holes intersected zones of mineralization
April 2022 Data & maps from aerial EM/Mag survey released
May 2022 Fieldwork commenced that will aid in determining drill targets at Victoria West and that will include a focused effort to explore for lithium-bearing pegmatites (spodumene)
EM/Mag Geophysical Survey (Surimeau Property)
In February 2022, Renforth Resources conducted an aerial electromagnetic-magnetic (EM/Mag) geophysical survey over the entire 20km west-east anomaly from the Victoria West target to the Colonie magnetic feature, along with the Lalonde mineralized target approximately 4km north of Victoria West. The survey's data will be used to generate interpretation maps that will help identify and better define near-surface (up to 150m) anomalies along strike, thereby providing guidance for prospective follow-up exploration work. The first maps detail magnetic highs coincident with EM anomalies.
Drilling Results of 7-hole (1,203m) Program Released (Surimeau Property)
In late March 2022, Renforth released the assay results of the December 2021, 7-hole (1,203m) drilling program. The seven holes are designated by the pre-fix SUR-21 (denoting the property and year the holes were drilled) and numbered 23 – 29. In general, the assays revealed that the exposed mineralized magnetic ultramafic body is characterized by broad zones (30m - 170m) of lower grade mineralization in the ranges of 0.16% - 18% Ni and 100ppm – 159ppm Co range. All seven holes intersected zones of mineralization.
These broad zones were punctuated by higher grade intervals generally in the range of 8m to 19m with nickel assaying above 0.20% up to 0.54% and cobalt assaying above 135ppm up to 218ppm. Not shown in the table below is management's highlighted sub-interval of hole SUR-21-28, which assayed 3.46% Ni and 491 ppm Co over 1.5m.
Initial Analysis of Airborne Magnetic and EM Survey Data (Surimeau Property)
On April 13, 2022, the company released further information and interpretations of the data from the 935-line km magnetic-EM geophysical survey. The magnetic survey more clearly delineated the Victoria structure while the electromagnetic survey detected anomalies throughout the 20km length of the Victoria structure, which tend to identify massive and semi-massive Ni-Cu-PGE sulfide bodies. Magnetic structures with co-incident EM anomalies were also detected at the LaLonde area to the north, even beyond the 2.2km zone that has been drilled historically.
The complete data set continues to be interpreted in order to define the drill targets for the next drill program at Surimeau, which is currently planned to be carried out during the fall of 2022 and be in the 10,000m - 20,000m range.
Summer 2022 Exploration Program (Surimeau Property)
On May 5, 2022, Renforth announced that fieldwork at Surimeau has commenced. This broad, sweeping exploration program will focus on a multitude of prospects at Surimeau:
• The 275m stripped area at Victoria West will be mapped and further photographed by drones. Also, prior channel samples at the stripped area will be analyzed for lithium.
• Drill core from the 2021 drilling program will be tested for lithium.
• Over the 20km of ground from Victoria West to Colonie, EM anomalies and any mineralized outcrops will be investigated, particularly areas of known occurrences of lithium and pegmatite.
• The SIGÉOM geoscientific database will be searched for certain geochemical anomalies related to pegmatites and rare earth element (REE) occurrences. The locations of those anomalies will be investigated via surface exploration.
• The southern part of Surimeau will be explored for the presence of uranium.
Expected Upcoming Milestones
At the Surimeau Property, Renforth Resources plans to conduct a 10,000m - 20,000m drilling program, the targets of which will be determined by spring-summer exploration program, along with additional interpretation of the aerial electromagnetic-magnetic geophysical survey.
The Surimeau Property appears to have a litany of cost advantages: polymetallic surface mineralization that can be cost-effectively accessed by roads and surface mining methods and that is located in a mine-friendly jurisdiction and near a source of green hydroelectric power. In addition, the Surimeau Property is situated about only 70km from Glencore's Horne Copper Smelter.
The Parbec Gold Project is on track to have an updated NI 43-101 Mineral Resource Estimate that will significantly increase the company's gold resource. Thereafter, management is highly motivated to monetize the Parbec Project in order to progress toward proving up the district-scale polymetallic Surimeau Property.
At the Parbec Project, management initiated a structural study in order to identify the controls on the magnetic diorite that hosts gold. Renforth has assembled a geologist team to compile and analyze all relevant data, including the most recent assay results from the 15,569m drilling campaign completed in 2021. Once the study has been completed and followed up with additional targeted exploration, an updated Resource Estimate is expected.
Recent Financings
The company's operations and exploration plans are being funded by recent financings. In December 2021, Renforth completed private placements of 15,750,000 of Flow-Through Units and 14,000 Common Units, raising gross proceeds of CDN$1,576,260. Net proceeds were approximately CDN$1.392 million.
Renforth Resources is a junior exploration & development mining company which is advancing two high-priority mining projects: the Parbec Gold Project and the Surimeau District Property. Parbec is an advanced gold project close to being monetized, which is expected to occur after its Mineral Resource Estimate is updated during 2022 while Surimeau is an early stage polymetallic (Ni-Cu-Co-Zn) project that is in the discovery & exploration stage.
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