In the middle of roiling markets, strange metal prices and slow assay labs, Renforth Resources’ (RFR:CNX) CEO Nicole Brewster is pressing forward. Right now her focus is on a small 6 km long section of the company’s >300 km2 Surimeau District Property the company refers to as Victoria West.
Renforth completed a flow through private placement for $1,376,260 in late December 2021, later bumped to $1,576,260. In the press release announcing this Brewster stated, “At Surimeau we will work to extend and deepen the polymetallic “future facing” minerals in the Victoria West area of our vast, >260 km2, wholly owned and road accessible battery metals property, also contiguous to Canadian Malartic. We look forward to a New Year filled with new results and exciting field activities on our properties and, with some success, continued asset growth”. And that is exactly what Renforth is doing.
At Victoria, West Renforth has stripped the overburden on a section 275 meters long. “It’s not a lot of overburden,” said Brewster in a phone call. “Between zero and three meters. And we were stripping between two drill holes.”
“We’ve seen more of the two systems on surface. Nickel and copper. More copper than we expected,” said Brewster. “The mag survey showed the nickel but not the copper.”
The stripped section was channel sampled to get a better idea of the mineralization. The results of the channel sampling were reported in a January 18, 2022 press release. In the release Brewster states, “I am happy to deliver results to shareholders which demonstrate that our discovery of a polymetallic, nickel/cobalt and copper/zinc, mineralized system at Victoria West, stretching over >5km and hiding in plain sight, is a surface system.”
Every channel demonstrated consistent elevated nickel and cobalt values, along with elevated copper and zinc values. Which was very encouraging. Now Brewster is waiting for the assay results from the seven, fairly shallow, drill holes which were collared in the stripped area. “We see visible mineralization in each hole,” said Brewster. “Now we are waiting for the assays. We want to release all seven at the same time.”
Going forward, while Renforth is focused on Surimeau, it has also commissioned a structural study of its Parbec Gold Deposit. This analytical work will give Renforth a better idea of the structural controls at the deposit. It will also identify the work needed to better define those controls and target additional gold mineralization. “It will take a bit of work,” said Brewster. “But when it’s done we’ll be able to drill test the structural theory. We may do a resource estimate based on this work as well as the drilling to date.”
At Surimeau, as Brewster waits for the assays, the first thing which will happen is that the property will be flown. “We’re using a helicopter and doing a continuous line survey,” said Brewster. “We want to look at the entire anomaly. With the EM we’ll be able to see sulfides. We’re expecting the survey results by the end of March.”
“We’ll use the survey, as well as the work we have already done, to select drill targets,” said Brewster. “We hope to have a drill in the field in mid-April. We’re thinking about an inferred resource.”
“We’re also bringing in a QP group,” said Brewster. “It’s early but they will be right up to speed.”
“Right now Victoria West is about 6 kilometres, but it might be up to 20 kilometres of mineralized ground.”
The need for copper, nickel and cobalt continues to grow. What Brewster wants to see at Surimeau is a significant resource near surface. The rest of the infrastructure pieces, roads, workforce, power are all in place and the property is only an hour away from Canada’s only copper smelter.
What Brewster has built and is building at Renforth is an asset rich company which is adding value to its assets through a practical, well managed, cost effective, exploration program. So far, the market has consistently missed the point of Renforth. I hold shares and, while they have doubled from my insanely low entry point, they seem to have a hard time breaking out of a $0.07-$0.09 range.
Brewster is keenly aware of the market’s under valuation of Renforth. However, she realizes that the best way to create shareholder value is to find and define substantial mineral deposits. Which is exactly what she is doing.