Reunion Gold Provides an Update on Exploration at the Boulanger Project in French Guiana
TSX VENTURE: RGD
LONGUEUIL, Quebec, May 02, 2018 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSX-V:RGD) (the “Company” or “Reunion Gold”) is pleased to provide an update on its exploration program at the Boulanger Project in the north-central part of French Guiana.
Following compilation of historical data and relogging of historical core, an initial drilling program was launched in March in the Doyle prospect area. The Company has completed a total of twelve core holes for an aggregate core length of 1,025 meters. Samples are being sent to a lab for assaying. Figure 1 locates the drill holes within the Doyle target area. Five holes were drilled at Doyle 2, three at Doyle 1, one at Doyle 3, two at Crique Filon and one at Nilson targets.
The first objective of the drilling program was to confirm historical mineralization at the Doyle prospect area in the northeastern corner of the Central Bief concession. This area was explored by ASARCO in the 1990’s with over 4,000 metres of drilling and by Compagnie Minière de Boulanger (“CMB”), the titleholder, with 1,175 metres of drilling in 2016. CMB also mined primary gold mineralization and alluvial placer in the Doyle area.
Gold in the Doyle area is associated with quartz veins, pyrite and locally intense tourmaline alteration. Drilling has confirmed the presence of quartz-tourmaline pyrite veins in some of the holes, with visible gold identified in two holes. A first set of results will be available by mid-May while all drill results are expected by the end of May 2018.
The second objective of the drilling program was to acquire structural information through oriented core drilling in fresh rock. This objective has been achieved with approximately 1,300 structural measurements of schistosity, veins and veinlets collected and analysed. This data provides significant information on the structural controls of the mineralized vein systems.
The next phase of the work program on the project is to re-log and re-sample core of the Sainte-Marie prospect on the Carapa permit, which was drilled by Iamgold in the 2000’s. In total, Iamgold or previous titleholders had drilled over 5,500 metres in the Carapa permit area and identified gold bearing quartz-tourmaline-pyrite veins similar to those seen in the Doyle area.
A heliborne magnetometry and radiometry survey with lines at 100-metre spacing is planned for the second half of June. An induced polarisation geophysical survey will also be carried out over the Doyle area and, if successful, the planned 42 km-lines survey will be increased to 100 km-lines to cover the Doyle, Sainte Marie (Carapa) and Devez prospect areas.
The Company is planning to conduct another drill program in 2018 to follow-up on the historically drilled mineralization at the Carapa prospect and test new targets based on updated geological, geochemical and geophysical interpretation.
The Boulanger Project
The Boulanger Project consists of 78.2 km² of mining concessions, namely Central Bief, Devez North and South and Boulanger and the 24 km² Carapa exploration permit (formerly known as Sainte-Marie) located approximately 40 km south of the capital Cayenne and readily accessible by paved and laterite roads.
Reunion Gold has an option to acquire a 100% interest in the Boulanger Project from CMB by spending US$4 million on exploration over three years and other conditions described in the July 27, 2017 news release. Due to recent amendments to the French mining code, all concessions will expire on December 31, 2018. CMB has filed applications to renew the concessions for a period of 15 years.
Carlos Bertoni, P. Geo., a consultant to Reunion and a qualified person pursuant to National Instrument 43-101, has reviewed and approved the scientific and technical data contained in this press release.
This press release contains certain forward-looking information as defined in applicable securities laws. Specifically, this press release includes forward-looking information regarding the Company's option to acquire an 100% interest in the Boulanger project and the planned work program. There is no assurance that the Company will be able to complete the US$4 million of exploration spending and other requirements to exercise the option to acquire the Boulanger Project, that the results of the exploration activities will justify the exercise of the option or that the concessions will be renewed for the period mentioned or at all. Forward-looking statements involve known and unknown risks, uncertainties and other factors including risks associated with the conduct of exploration activities, gold price volatility, having the funds required to meet the conditions under the option agreement, renewal application process, regulatory approvals or permitting delays. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.
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.
About Reunion Gold
Reunion Gold Corporation is a Canadian exploration company focused on acquiring, exploring and developing gold projects in the Guiana Shield, South America. The Company has entered into agreements to acquire an interest in the Boulanger, Dorlin and Haute Mana gold projects in French Guiana and in the Waiamu, Aremu and Arawini gold projects in Guyana. The Company’s shares are listed on the TSX Venture Exchange under the symbol ‘RGD’.
REUNION GOLD CORPORATION
Réjean Gourde, President & CEO
David Charles CFA, Investor Relations
Telephone: +1 450.677.2585