Renforth Options West Malartic to Soquem
Toronto, Ontario (FSCwire) - Renforth Resources Inc. (CSE: RFR) (“Renforth” or the “Company”) is pleased to announce that an earn-in and joint ventures agreement (the “Agreement”) for Renforth’s 100% held West Malartic Property (the “Property”) has been entered into with SOQUEM whereby SOQUEM can earn a 50% interest in the Property with an expenditure of $1.3 million over 3 years.
The Property is contiguous to the operating Canadian Malartic Mine and hosts the western extension of the geological units present at the Canadian Malartic Mine.
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Under the terms of the Agreement the program spending shall be divided over 3 years with the first year spending requirement of $300,000 being a firm commitment. SOQUEM, as operator during the earn-in period, has elected to undertake field prospecting and a detailed IP survey, with Renforth’s approval. This work will be done in order to better define the presence of the interpreted porphyry monzonite and tonalite dykes on the property which, on the adjacent Canadian Malartic property, host mineralization.
Upon SOQUEM completing the $1.3 million expenditure over 3 years, or sooner, and earning the 50% interest a joint-venture will be formed with terms and conditions typical of a joint venture.
Brian H. Newton P.Geo, a qualified person pursuant to guidelines within NI 43-101 has reviewed and approved the technical disclosure in this news release.
SOQUEM, a subsidiary of Investissement Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
Renforth Resources Inc. is a Toronto-based gold exploration company with interests in two of Canada’s gold exploration camps. In the Cadillac-Malartic Gold Camp, the Company holds the New Alger project, with an inferred resource of 237,000 ounces of gold above a depth of 200 metres contained in 3,505,000 tonnes with a grade of 2.1g/t Au using a cut-off of 0.75 g/t Au (see press release July 17, 2014) as calculated by Brian H. Newton P.Geo and Philip Burt P.Geo, which is located on the Cadillac Break outside of Cadillac, Quebec and an option to purchase 100% of the Parbec Property from Globex Mining Enterprises Inc. (GMX-TSE), a historically identified gold occurrence with more than 100 drillholes completed and a ramp into the mineralization in place located outside of Malartic, Quebec, contiguous to the Canadian Malartic open pit mine. In Ontario, the Company has a 100% interest in the Nixon-Bartleman project, located on the Porcupine-Destor fault in the West Timmins Mining area, another historic gold occurrence with a couple of old shallow pits onsite and a history of past drilling which has not yet defined the gold occurrence.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#200 – 65 Front St. E, Toronto, ON M5E 1B5
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
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Source: Renforth Resources Inc. (CSE:RFR)
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