LONGUEUIL, Quebec, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSX-V: RGD) (the “Company” or “Reunion Gold”) is pleased to report results of an induced polarization (“IP”) geophysical survey combined with a new structural geology interpretation at the Boulanger Gold Project located in French Guiana. The exploration program demonstrates that:
- The IP chargeability results indicate that the Paramaca volcanic and volcanoclastic rocks are intensely folded and sheared.
- The high-grade gold bearing quartz-pyrite-tourmaline veins are either controlled by shear zones associated with fold limbs or are found in spatially associated tension veins.
- These shear-controlled veins and associated tension veins have been only partially explored and will be followed-up in 2019 by targeted drilling guided by the IP results.
Induced polarization survey
Reunion Gold has continued the comprehensive exploration of the Boulanger Project area by completing induced polarization surveys over gold targets in the southern part of the project: Doyle, Devez and STM 1, 2 and 5, where there is a known association of gold mineralization and sulphides. The IP survey was carried out by a Canadian contractor using quality equipment and a gradient-array method covering 38 line-kilometers on 200 m-spaced lines (see Figure 1). Three follow-up lines using pole-dipole arrays were also done. The IP chargeability highs coincide with tight folding of a tuff unit with disseminated pyrite within weakly chargeable andesite flows of the Paramaca Group (see Figure 2).
Structural geology interpretation
Review of outcrop and core geology, together with previous and new structural data, enabled Reunion Gold to comprehend the structural context of the southern half of the project. The IP survey results combined with the new structural interpretation have allowed the Company geologists to create an exploration working model, contextualizing the known gold mineralization with the local structural geology. Steep shearing with its associated gold-bearing quartz veins are associated with the inverse flanks of folds. Flat lying tension veins are associated with high-strain zones in gently plunging fold hinges (plunging west-northwest or east-southeast seen in Figure 3).
Drilling intersections of these high-grade veins were released on May 2, 2018 and include:
- shear-controlled veins: 6.10 meters grading 12.23 g/t gold in hole CB-18-08 or 8.41 meters grading 8.62 g/t gold in hole CB-18-10.
- tension veins. 2.85 meters grading 5.22 g/t gold in hole CB-18-01A or 7.50 meters grading 2.91 g/t gold in hole CB-18-03.
Magnetometer and spectrometer survey
A helicopter-borne magnetometer and radiometer survey was carried out by a Canadian contractor using state-of-the-art equipment with flight lines flown at N25°, spacing of 100 meters at an altitude of 40 meters above the ground surface. The survey covers 106 square kilometers and totals 1,262 line-kilometers. Results are expected soon and will be interpreted to improve the understanding of the geological context of the entire Boulanger Project area. Additional targets will be followed up by IP surveys in 2019.
2019 exploration program
The objective of the planned exploration program at Boulanger in 2019 is to integrate and expand the enhanced geological understanding of the gold mineralization over the entire project and to drill test the targets generated. The program will include:
- Re-interpretation of the project geology from the magnetometer and spectrometer survey.
- Expand 2018 IP grids and run additional IP surveys on other areas selected from the above re-interpretation.
- Drill test targets generated by the 2018 IP and structural interpretation (see Figure 4). An initial 1,500-meter drill program is planned for the second quarter.
- Drill test new targets defined with the help of additional IP work and follow-up on early drilling success.
The Boulanger Project
The Boulanger Project consists of 78.2 km² of four mining concessions, namely Central Bief, Devez North and South, and Boulanger and the 24 km² Carapa exploration permit located approximately 40 km south of the capital Cayenne and readily accessible by paved and laterite roads. The Boulanger Project is underlain by Proterozoic rocks of the Armina and Paramaca volcanosediments intruded by granites and metamorphosed to greenschist facies. There has been significant gold production from the project area for over one hundred years. The project area is cut by various shear zones characterized by intense deformation and hydrothermal alteration. Geological mapping and soil geochemistry indicate numerous anomalous zones that require follow-up exploration. Gold is associated with quartz veins, pyrite and locally intense tourmaline alteration.
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.
Dr. Dominique Fournier, EurGeol., the exploration manager for Reunion Gold in French Guiana and a qualified person pursuant to National Instrument 43-101, is responsible for the work being done at the Boulanger Project. Carlos Bertoni, P. Geo., a consultant to Reunion Gold 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 Canadian securities laws. All statements, other than statements of historical fact, are forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will", "occur" or "be achieved" or the negative connotation thereof. Specifically, this press release includes forward-looking information regarding the results and interpretation of surveys and drilling programs, potential mineralization, and future plans and objectives of the Company. The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: that the Company will have the funds required to conduct the planned exploration activities, that the Company will receive required permit to conduct exploration activities and the expectations and beliefs of management.. 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 conduct the planned exploration activities and to meet the conditions under the option agreement, renewal application process, regulatory approvals or permitting delays. This cautionary statement qualifies all forward-looking statements herein. 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 Dorlin, Boulanger 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