Renforth Resources (CSE:RFR) is actively considering divesting its Parbec gold deposit, located in Québec, Canada, within the next six to 12 months ahead of a potential trade sale.
Speaking to Mining.com.au, CEO Nicole Brewster says while Parbec remains an attractive asset, the company aims to sell the project and use the funds to develop the Victoria MMZ polymetallic structure within its Malartic Metals Package in Québec.
“And then have Renforth taken over to acquire the whole (company)…” Brewster tells this news service of the company’s potential longer term strategy.
“So, I mean we are a gold story right now. It’s always been a gold company until I staked all this (Victoria MMZ) ground and realised I had a hell of a lot of base metals.”
The Victoria MMZ was staked with the idea of acquiring and then joining two known polymetallic showings — Victoria and Colonie — which lie in the centre and eastern end of a magnetic feature.
The magnetic feature represents the mineralised ultramafic body of nickel-copper-platinum-palladium and Brewster says there are co-incident electromagnetic anomalies associated with the interlayered volcanic massive sulphide graphitic mudstone.
The CEO adds that Victoria is a 20km-trend that has an average grade of 0.25% nickel-equivalent.
“(It has) 0.25% nickel-equivalent via open pit and that is a better number than 0.30% copper,” she continues.
“And we have a lot of it in the 20km structure and then there’s several other structures of the same stuff on the property. So, there is a lot of the material. We’re only going to scratch the surface.”
Brewster reiterates that “the idea is to get Renforth taken out” and if the company can attract mining giant and neighbour Agnico Eagle Mines (TSX:AEM) to come on board as a strategic shareholder in it could become an attractive proposition for the company.
“If I can get Agnico as a strategic shareholder along the way I will, or any other mining company that wants to play … we’ll see, that’s the plan,” the CEO says of a potential trade sale.
The Parbec gold deposit is located on the Cadillac Break next door to Canada-based gold producer Agnico’s Canadian Malartic Mine.
Parbec has a measured and indicated resource estimate of 9.61 million tonnes @ 0.86 grams per tonne gold for 265,800 ounces, as well as an inferred open pit and underground resource estimate of 2.55 million tonnes @ 1.18g/t gold for 97,000 ounces.
Renforth is currently starting up fieldwork at Parbec, focusing on the south side of the Cadillac Break.
The company recently completed a prospecting program within the Pontiac sediments at Parbec, in which multiple outcrops of Pontiac sediments were reviewed and channel samples were collected.
The samples will be analysed for gold by photon assay and four-acid digestion for multi-element analysis. Renforth will also use initial multi-element results across a wide area in order to uncover or isolate a subtle footprint or signature related to gold mineralisation.
Renforth plans to leverage its findings and expand its exploration beyond the mineralisation already identified.
Brewster says the company has applied for a stripping permit, which is anticipated to be secured during the Canadian fall season.
“Once we strip, we’ll map and we’ll sample, and then I’ll be applying for permits to blast and to take bulk samples,” she tells Mining.com.au.
“That permitting process will take its time as well, but the idea is to eventually move towards recovery of gold from Parbec. Again, it’s a slow moving horse.”
Renforth Resources is a Canadian explorer with projects in Québec and Ontario, Canada. The company’s portfolio of assets include Parbec, the Malartic Metals Package, and the Nixon-Bartleman Gold system.
Write to Aaliyah Rogan at Mining.com.au
Images: Renforth Resources
