Renforth Resources (CSE:RFR) has completed an undercutting drilling program at the Parbec gold deposit in Canada, with two holes drilled, amid conducting a non-brokered private placement to raise C$1 million ($1.01 million).
Drilling targeted undercuts in the general areas of Channel 51 and Channel 58, which lie proximal to the Cadillac Break at the eastern end of the trenched area. Results are expected in due course.
Initially, three holes were planned, but the third hole has been deferred to Renforth’s next drilling program at Parbec.
Under the placement, flow through shares will be issued at C$0.03 per share, while common share units are priced at C$0.025 per unit. Each unit comprises one share and half of a share purchase warrant, exercisable at C$0.05 within an 18-month period.
The funds will be used for an internal resource estimate of Parbec.
Renforth is currently undertaking an internal review of the Parbec deposit to inform future exploration targeting. This internal review may include updated commodity price and cost assumptions for sensitivity analysis purposes only.
The gold and critical minerals explorer is focused on advancing the Parbec gold deposit and progressing the Victoria polymetallic deposit and other proven mineralised gold and critical mineral assets, as previously reported.
As part of its portfolio, the Parbec open gold deposit in Québec, Canada, is considered its anchor asset.
Renforth Resources also owns the Malartic Metals Package nearby, which hosts the Victoria polymetallic critical minerals deposit and the Beaupré copper discovery.
Write to Aaliyah Rogan at Mining.com.au
Images: Renforth Resources
