LONGUEUIL, Quebec, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSX-V: RGD) (“Reunion Gold” or the “Company”) is pleased to provide an update on its exploration activities in French Guiana and Guyana.
Boulanger Project, French Guiana
Following the reporting of high-grade gold intersections at the Crique Filon discovery (within the Boulanger Project) in 2019 (August 15th, 2019 and November 4, 2019 press releases), Reunion Gold has since carried out extensive outcrop sampling, mapping and geological interpretive analysis of this discovery and surrounding areas.
Based on this work, Reunion Gold has developed a new geological model for the Crique Filon discovery, which is similar in style to the orogenic gold systems found in the Abitibi belt, Canada, whereby gold mineralization is contained in or associated with shear zones cutting volcanic rocks. The Company aims to validate this geological model and the strike extent of the mineralised shears through future trenching and drilling programs.
The Crique Filon area contains at least five sub-parallel shear zones interpreted to range in length from 0.25 to 2 km long, acting as structural controls in a significant mineralised system (figure 1). The area has produced gold artisanally for over 100 years and been the object of several drilling campaigns by four companies since 1998 (Table 1), yielding 65 near-surface mineralized intersections averaging 3.7 g/t over 6.7 m per hole. Historically, drilling focused on large and flat, but discontinuous, tension veins, not shear-hosted veins. The drilling results announced by Reunion Gold in 2019 confirm, however, significant gold intersections in shears (figure 2). Based on the interpretation of the available drilling data, Reunion Gold has identified over 3 km of total strike length of mineralised shear zones at Crique Filon, which are ready for drill and trench work. Subject to the completion of a financing, the Company intends to further test the lateral and down-dip extension and continuity of gold mineralisation in these shear zones by completing a total of 5,000 meters in 30 holes over two phases of drilling (see figures 1 and 2 below).
Reunion Gold CEO Réjean Gourde stated: “We are delighted with the results from the Boulanger exploration program. Our team of geologists in French Guiana have done some superb work to develop a geological model for Boulanger, and to identify a number of interesting drill targets for 2020. Boulanger is now designated as our highest priority project in French Guiana”.
Guyana Projects (Waiamu, Aremu North, Oko West, Kartuni, Arawini)
Throughout 2019, extensive exploration and scoping work was carried out at multiple greenfield targets in Guyana. The exploration work undertaken has been part of the strategic alliance with Barrick Gold (the “Alliance”), which goal is to discover “Tier 1” gold deposits (informally defined as over five million ounces of gold contained in resources). Following a year-end review of the current project portfolio in Guyana, the Alliance has elected to prioritize the Aremu North project in 2020, with a budget of US$1.7 million, to be funded by Barrick (US$0.9 M) and the Company (US$0.8 M). The work planned for Aremu North in early 2020 includes soil geochemistry of anomalous areas previously defined by stream sample geochemistry, followed by trenching and drill testing. First results from soil sampling are expected at the end of Q1 2020.
Following a review of the results from the exploration work done at the Waiamu, Oko West, Kartuni and Arawini projects, in accordance with the terms of the Alliance, Barrick elected at the end of January 2020 to exclude these projects from the Alliance. Barrick’s 50% interest in those projects will revert to the Company. Reunion Gold believes that the Waiamu, Oko West and Kartuni projects retain geological merit to host smaller-sized gold deposits and plans to conduct further exploration work on these projects. Reunion will decide how much further capital to allocate to these early stage projects based on their status in the project pipeline during a budget review to be held following the completion of its planned financing. In parallel, new project generation initiatives are being increased. Reunion Gold is currently assessing the potential acquisition of new projects located in Guyana and Suriname.
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 H. Bertoni, P. Geo., a consultant to the Company 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 or forward-looking statements as defined in applicable securities laws. Forward-looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company’s control, including statements regarding plans to complete a financing, plans to complete drilling and other exploration programs, plans to acquire new projects, potential mineralization, exploration results and statements regarding beliefs, plans, expectations or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. Such risks include but are not limited to: uncertainties regarding the Company’s ability to complete a financing, availability of funds to conduct planned exploration programs and for additional capital requirements, volatility of gold price; and uncertainties related to the Company’s ability to complete transactions to acquire new projects. 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 option agreements to acquire an interest in the Boulanger, Dorlin and Haute Mana projects in French Guiana and in the Waiamu, Aremu North, Oko West and Arawini projects in Guyana. 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 & CEO
Paul Fowler, Manager, Corporate Development
Telephone: +1 450.677.2585
Figure 1 - Boulanger Project – Map of the Crique Filon and Doyle targets highlighting historical mineralized intersections, with proposed drill holes for 2020.
Figure 2 - Geological cross section at Crique Filon target, showing mineralized intersections from historical drill holes, along with planned drill holes for 2020.
Table 1 - Compilation of mineralized intersections from diamond drilling in the Crique Filon and Doyle target areas, Boulanger project. See figure 1 for target locations. Key: RGD = Reunion Gold, CMB = Compagnie Minière de Boulanger.