LONGUEUIL, QUEBEC--(Marketwired - Dec. 19, 2017) - Reunion Gold Corporation (TSX VENTURE:RGD) (the "Company") is pleased to provide an update of its exploration activities on its Guiana Shield gold projects.
French Guiana Gold Projects
In French Guiana, the Company has an interest in three gold exploration projects: Dorlin (option to earn a 75% interest), Boulanger (option to earn a 100% interest) and Haute Mana (option to earn an 80% interest).
On Dorlin, the Company has submitted an application to the French authorities to obtain the necessary permit to conduct an exploration program. The proposed work program consists of relogging and resampling the historic core followed by approximately 9,000 meters of diamond drilling in the Nivre Mountain prospect area. In addition, a hundred kilometers-lines induced polarization (IP) survey is planned in the northern extension of the Nivre area, and in the d'Artagnan, Roche d'Olon, and Sept Kilos areas. The IP survey will be followed-up by a deep augering program to identify new drill targets that will then be permitted. If the results of the drill program are positive, the Company would then retain an independent qualified person to prepare an updated mineral resource estimate. Subject to receipt of the permit to carry out the program in early 2018, Reunion anticipates completing the work program by the end of 2018 for an estimated cost of $4.4 million.
On Boulanger, the Company has initiated the compilation of available historical data and is preparing an exploration work program which aims to follow-up on work done by previous operator. Plans include relogging and resampling existing core, geological mapping, and systematic surface and trench sampling to confirm the continuity and geometry of the mineralized quartz veining. The program will initially focus on the Carapa and Doyle prospect areas, where artisanal mining occurred in the past. An airborne survey of the Boulanger Project and a 42 kilometers-lines IP survey followed by deep augering in the Doyle area are also planned. A minimum 1,000 meters diamond drill program should commence in 2018 once the permits required under the French mining regulations have been obtained. The objective is to confirm the historical gold mineralized zones and to collect structural information to build a geological model in an area with only few outcrops. An airborne magnetometer and spectrometer survey is also planned on the whole property. The Company plans to spend approximately $2.4 million at Boulanger by the end of September 2018.
On Haute Mana, pending final closing of the option transaction, work will be limited to the compilation of historical data and desktop studies. Upon approval by the French mining authority of a rehabilitation plan of old alluvial mining sites on the project, the transaction will close, and the Company intends to fund and supervise the approved rehabilitation work and prepare application for various permits required to conduct exploration work. Estimated costs for these activities at Haute Mana are $0.7 million.
Guyana Gold Projects
In Guyana, Reunion has entered into a joint venture agreement which includes an option to acquire a 100% interest in the Aremu gold project covered by four PPMS blocks and 14 claims (a total surface of 5,164 acres) licensed to a local miner. The Company has begun a systematic exploration program at Aremu including geological mapping, pit and soil sampling of artisanal workings and a review of all available geological gold mining information. The Company estimates that this program will cost approximately $1.3 million.
The Company is evaluating other mineral properties in Guyana with expected expenses of approximately $1.0 million over the next 9 months.
The technical information in this press release has been reviewed and approved by Dominique Fournier, Ph.D. Exploration Manager at Reunion, and a qualified person under Canadian National Instrument 43-101.
Reunion Gold Corporation is a Canadian exploration company focused on acquiring, exploring and developing gold projects in the Guiana Shield, South America. Reunion is fully financed to complete the work programs described in this press release, having recently completed two private placements for a total amount of approximately $20 million.
The Company has 319,916,587 common shares issued and outstanding. More information about the Company is available on the Company's website at www.reuniongold.com and on SEDAR at www.sedar.com.
This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the Company's planned drilling and exploration activities on its projects, the grant of required permits and the closing of the Haute Mana option transaction. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to receipt of the permits required to conduct the exploration programs in French Guiana, the results of the exploration programs and the renewal of various mining concessions that expire on December 31, 2018. There can be no assurance that outcomes anticipated in the forward-looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, 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.
Reunion Gold Corporation
Rejean Gourde, President & CEO, or
David Charles CFA, Investor Relations