- ABC News reported that the price of gold climbed to an all-time high in October as uncertainty prompted investors to seek safe havens.
- Renforth Resources geologists are currently working to advance the knowledge of the Parbec project through several initiatives.
- The company is applying for stripping permits and undergoing a comprehensive geochemical analysis program.
This year has seen gold consistently increase in price, with many seeing the precious metal as an essential piece of a solid portfolio. In October, gold reached its all-time high — $2,790.07 — and many forecasters expect the price to go even higher before the year is over. With that as a backdrop, Renforth Resources (CSE: RFR) (OTCQB: RFHRF), an active mineral-exploration company engaged in the exploration and development of multicommodity mineral properties in Canada, released a report regarding new field work at its Quebec-based Parbec gold deposit (https://nnw.fm/XHitI).
“The price of gold climbed to an all-time high [in October] as uncertainty about conflict in the Middle East and the U.S. presidential election sent investors in search of a safe haven,” reported ABC News (https://nnw.fm/5bO3Y). “The latest jump is hardly a blip. Gold has soared about 32% since the outset of 2024, outpacing the 23% growth in the S&P 500 and a 28% surge in the tech-heavy NASDAQ over that same period.
“The monthslong stretch of strong performance owes in large part to an expectation of lower interest rates at the Federal Reserve, which typically coincide with an increase in gold prices, some analysts told ABC News,” the article continued. “They also pointed to purchases of gold reserves among central banks, as well as persistent demand from investors aiming to diversify their portfolio and hedge against global unrest.”
In its update for shareholders, Renforth Resources noted that its geologists are currently working to advance the knowledge of the Parbec project through several initiatives, including stripping permits and a comprehensive geochemical analysis program.
Renforth is in the process of applying for two stripping permits at Parbec gold deposit, with the objective of enhancing surface exposure by removing overburden and exposing bedrock and improving structural understanding of the site. “This will aid in creating improved surface visibility of underlying geological structures,” the company noted. “This will allow for more detailed mapping of the area.
“The exposed bedrock will provide valuable insights into the geological relationship between the Pontiac sediments and the Cadillac Break at Parbec,” the report continued. “This information is crucial for refining and validating Renforth’s current geological model of the deposit. Renforth has chosen these stripping locations due to their proximity to near-surface drill intersections. By exposing these zones at surface, Renforth aims to identify surface expressions of these drill intersections to serve as future bulk sampling locations.”
The company noted that the permit program was designed to complement its consistent efforts to advance the Parbec project, potentially leading to a more comprehensive understanding of the deposit’s near-surface gold potential and guiding future exploration and development strategies.
The geochemical analysis program at Parbec gold deposit is designed to determine the silver content within the Parbec deposit. The program will include the selection of representative core samples from previously assayed core, which will be submitted for multielement analysis. “The Cadillac Break, running through the Parbec Property, is widely recognized as a major deep-seated gold-bearing structure,” the company observed. “However, it is important to highlight that silver is produced at the adjacent Canadian Malartic Mine as well as at the former Lapa mine nearby.”
In addition, Renforth plans to apply an innovative analytical approach to core samples from Parbec, mirroring a successful technique employed at its Victoria polymetallic project. “This method involves a comprehensive core analysis of both mineralized and unmineralized material, using advanced sensing technology and proprietary algorithms developed by TOMRA,” the report stated. “This process allows for the identification and presorting of ore and waste material, potentially streamlining a future processing stream at Parbec. . . . Field work noted above will be commencing immediately, permit applications will be submitted shortly. Results of this work, when available, will be released.”
Renforth Resources is an active mineral-exploration company engaged in the exploration and development of the company’s wholly owned multicommodity mineral properties in Canada. In addition to the Parbec project, the company holds the Nixon Bartleman gold property in Ontario.
For more information, visit RenforthResources.com.
NOTE TO INVESTORS: The latest news and updates relating to RFHRF are available in the company’s newsroom at https://nnw.fm/RFHRF
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