Reunion Gold Announces Agreement to Acquire an Option on a Second Project in Suriname
13 July 2020 - 11:18PM
Reunion Gold Corporation (TSX-V: RGD) (“Reunion” or the “Company”)
is pleased to announce that it has entered into a binding agreement
with a Surinamese private company outlining the key terms and
conditions under which the Company would get an option to acquire a
100% interest in the Majorodam Project in Suriname. The agreement
is subject to Reunion completing technical and legal due diligence
to its satisfaction, after which a definitive option agreement with
the owner of the Majorodam Project will be executed.
The Majorodam Project comprises a right of
exploitation for gold and other minerals totalling 99.85 square
kilometres and is located 100 km south of Paramaribo. Approximately
15 km to the north of the Majorodam Project, and within the same
greenstone belt, is Iamgold’s recently discovered Saramacca deposit
containing 1.5 million ounces of gold in reserves. This proximity
to existing and proven mineralization, as well as the location
within a major northwest striking shear corridor controlling the
western edge of this greenstone belt, are two of the factors that
have led Reunion to this project.
Historical gold mining on the project area was
limited to small-scale operations dating back to at least the early
2000s, targeting mineralized alluvium derived from upland areas and
ridges within the Majorodam Project area. An airborne geophysical
magnetic and radiometric survey was recently completed on behalf of
the Surinamese private company, in early 2020, and is currently
under interpretation. This is expected to deliver a refined
interpretation of the project area structural geology that could be
used to target initial exploration work by the Company.
The Company intends to initiate its due
diligence as soon as possible, pending the lifting of COVID-19
related restrictions. The recent restart of twice-weekly commercial
flights between Amsterdam and Paramaribo is a positive indication
in reaching this objective soon.
Extension of Option Period on Boulanger
Project, French Guiana
The Company is also pleased to announce that the
option period under the Boulanger Project option agreement has been
extended by one year and will be exercisable until July 27, 2022.
This will provide the Company additional time to explore and
consider exercising its option to acquire the Boulanger Project.
See news release dated July 27, 2017 for more details about the
option agreement.
Qualified Person
The technical information in this press release
has been reviewed and approved by Justin van der Toorn, CGeol FGS,
the Company’s Exploration Manager for Guyana and Suriname. Mr. van
der Toorn is a qualified person under Canadian National Instrument
43-101.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary
statement
This news release contains "forward‐looking
information or statements" within the meaning of applicable
securities laws, including statements relating to historical data,
the potential of the Majorodam Project, the conduct of due
diligence and the entering into the option agreement. Although we
believe the expectations expressed in such forward-looking
statements are based on reasonable assumptions, the entering into
the option agreement is subject to, among other things, the results
of the due diligence and the availability of funds. Forward-looking
statements are based on the beliefs, estimates and opinions of our
management on the date the statements are made. The Company
undertakes no obligation to update these forward-looking statements
except as required by law.
About Reunion
Gold
Reunion Gold Corporation is a leading gold
explorer with a portfolio of projects in the Guiana Shield, South
America. The Company’s shares are listed on the TSX Venture
Exchange under the symbol ‘RGD’. Additional information about the
Company is available on SEDAR (www.sedar.com) and on the Company’s
website (www.reuniongold.com). For further information please
contact:
REUNION GOLD CORPORATION
Réjean Gourde, President & CEOPaul Fowler, Manager, Corporate
DevelopmentTelephone: +1 450.677.2585Email:
info@reuniongold.com
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