Reunion Gold Announces Agreement to Acquire an Option on a Second Project in Suriname
LONGUEUIL, Quebec, July 13, 2020 (GLOBE NEWSWIRE) — 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 GuianaThe 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 PersonThe 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