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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Renforth Resources Inc | CSE:RFR | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 33.33% | 0.02 | 0.015 | 0.02 | 0.02 | 0.02 | 0.02 | 255,000 | 14:30:00 |
Renforth Resources Inc. (CNSX:RFR) ("Renforth") or (the "Company") is pleased to announce plans to commence a drill program at the New Alger Project (the "Project") later this month. The program includes approximately 2500 metres of drilling to explore the potential for up-dip and strike extensions to the mineralization outlined historically and confirmed in a program completed in 2007 by the Company's joint venture partner, Cadillac Ventures Inc. ("Cadillac"). Cadillac previously carried out a drill program to test several anomalies identified by airborne geophysics as well as to drill the historically productive area of the property. The program, which included 12 holes totaling 3495 metres, had 2 objectives: i) to drill test several IP anomalies identified in a previously completed geophysical survey; and ii) to test for the potential mineralized shoots at depths ranging from 250 to 400 metres along the known mineralization of the former Thompson-Cadillac Mine, including the eastern area of the property where it is believed there may be a repeating structural occurrence of mineralization based upon periodicity associated with the contiguous Obrien Mine Property to the east of the New Alger property. All of these drill holes returned gold assays. Several holes in the 2007 program returned elevated gold assays as high as 18 grams per ton from narrow sulfidized quartz veins and adjacent mineralized wall rock. It is well documented that in the Cadillac Break area, gold mineralization is found in narrow continuous vertically to sub-vertically dipping quartz veins that exhibit striking continuity from near surface to significant depths as evidenced in the adjacent O'Brien Mine and others along the Cadillac Break. The New Alger property consists of 317.2 hectares underlain by the Pontiac and Cadillac sediments in the north and south of the property, and the volcanic rocks of the Piche Group with the associated Cadillac Break Zone occupying the central part of the property. Six known gold ore bodies all lie either in or close to the Cadillac Fault Zone, these being the New Alger, Central Cadillac, Wood Cadillac, Pandora and Lapa Cadillac. Renforth also announces that it was granted an extension by Cadillac on its' obligations under the joint venture agreement on the New Alger Project. The agreement calls for an expenditure of $500,000 on the Project by November 1, 2010. Renforth's planned drill program as described above will fulfill the Company's commitment in that regard. Renforth has made the required payment of $25,000 as well as issued 1,000,000 common shares to Cadillac in accordance with the agreement. Mr. Brian Newton, P. Geo., a "qualified person" pursuant to NI 43-101 has reviewed and approved the technical information in this press release on behalf of the Company. About Renforth Renforth Resources Inc. is a Toronto-based diamond, base metals and precious metals exploration company with significant concessions in the McFaulds Lake "Ring of Fire" discovery area of north- eastern Ontario as well as Spain. Renforth has five diamondiferous kimberlites referred to as the Kyle kimberlites: two are at the commercial bulk-sampling stage; the remaining three are targeted for specific follow-up drilling and economic evaluation. Additional mineral claims lie between ten and twenty kilometres from Noront Resources Ltd.'s recent base metal discoveries at its Double Eagle Project. The Company also has now acquired the Mina Maria Luisa project located in Southwestern Spain, approximately 30 kilometres from the Aguas Tenidas Mine. Renforth intends to drill targets at Mina Maria Luisa in 2011, and also has significant planned drilling of the New Alger Gold project located in Quebec in late 2010.
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