Renforth Resources (CSE:RFR) has begun the permitting process for a drilling program at the Parbec gold deposit in Québec, Canada, after raising C$1 million ($1.04 million).
As part of the capital raise, 40 million units were issued at C$0.025 per unit. Each unit consists of one share and one purchase warrant exercisable at C$0.05 within 24 months.
The upcoming drill program will consist of 60,000m of drilling, planned to occur over a two-year period. The program is designed to further define the underground bulk sample target area, increase the resource, and test aspects of the ongoing geological model development.
Renforth notes the potential to increase Parbec’s resource is subject to drill results. A selection of deeper drillholes are planned to also begin addressing downhole gaps between the current deposit model and deeper gold intercepts.
The company has also entered into a sponsorship of Geologize training access for geoscience students across all of the 16 universities and colleges in Ontario. The sponsorship will offer earth science and mining-related programs, reaching 3,000 students province-wide.
Through this initiative, Renforth says the next generation of geoscientists will have free access to Geologize – which is a communications trading platform, where more than 65,000 learners from over 105 countries are currently enrolled.
Renforth Resources is a Canadian mineral explorer focused on developing critical minerals and gold assets in Québec.
Parbec is an open-pit gold deposit located on the Cadillac Break. The deposit has a 1980s underground decline in place and Renforth plans to dewater and use it to access an underground bulk sample, as well as begin work to support its near-term development goal.
Write to Aaliyah Rogan at Mining.com.au
Images: Renforth Resources
