Renforth Resources Inc. (CSE: RFR | OTCQB: RFHRF | FSE: 9RR) has announced the full liquidation of it shareholdings in Radisson Mining Resources for proceeds of C$1.4M. This liquidating transaction removes any uncertainty regarding Renforth’s ability to fund its upcoming fall and winter exploration season in a challenging junior exploration market.
“We have significant dollars in the bank, and we have gold ounces in the ground, we are actively exploring our district scale battery metals property in Quebec. Surimeau hosts numerous pegmatites and is already proven to carry nickel, copper, zinc, and gold…along with other metals in large mineralized systems on a property 4.5 times the size of the island of Manhattan,” commented Nicole Brewster, Renforth CEO and president.
“Our cash on hand represents almost 50% of our current market capitalization, our other assets build on that base. Our plans for the rest of the year will build upon that combination again.”
Renforth continues its ongoing exploration at Surimeau, with field geologists following up on target areas that were identified based on the summer 2022 prospecting programme in search of lithium mineralization.
The team has identified multiple pegmatite outcrops in areas that were previously not explored. The field work is facilitated by easy road access and abundant outcrops. A total of 100 samples have been submitted to ALS analytical lab, Val d’Or, Quebec, and assays are pending.
Field conditions are ideal for boots on the ground prospecting work. Renforth anticipates that after a first round of prospecting there will be follow up, with assays in hand, before the snow flies.
Renforth is currently designing a drill programme for this winter which will focus on the central area of the ~20km long Victoria mineralized structure with step outs from the 2021 and 2022 drilling in that area which encountered a mineralized package that included a mineralized graphitic shale horizon in the south, a main zone composed of Ni/Co/Pt and Pd mineralization interlayered with Zn/Cu/Ag/Au and, discovered in 2022 drilling, additional mineralized horizons north of the main package.
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