Renforth Resources (CSE:RFR) has begun additional stripping activities at the Parbec Gold Project in Canada, after completing a non-brokered private placement, raising C$962,580 ($982,270).
The financing comprises the issuance of around 38.5 million common share units at C$.025 per unit. Each unit consisted of one share and half of a warrant, exercisable at C$0.05 within an 18-month period.
As previously reported, the company is conducting an internal review of Parbec to inform future exploration targeting. The internal review may include updated commodity price and cost assumptions for sensitivity analysis purposes only.
CEO Nicole Brewster previously told Mining.com.au that the company is currently in the field at Parbec.
“We did some channel sampling and we’re awaiting our assay results. We’re pretty confident we will get gold on surface,” Brewster said.
“When we stripped it, we found more of it than we thought was in there. We thought it was a narrow thing, and it wasn’t narrow on the surface at least. I have to find capital to drill at Parbec. So, that’s the big picture.”
Renforth is resuming mechanised overburden removal and washing at Parbec to extend the channels and search for constraining null assay values.
The Parbec Gold Project is strategically located adjacent to Agnico Eagle Mines‘ (TSX:AEM) Canadian Malartic Complex, which is one of the largest open-pit gold mines in Canada.
Renforth Resources is a Canadian junior gold explorer focused on advancing Parbec and its Victoria polymetallic deposit.
Write to Aaliyah Rogan at Mining.com.au
Images: Renforth Resources
