LONGUEUIL, Québec, May 30, 2024 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSXV: RGD; OTCQX: RGDFF) (the "Company" or "Reunion Gold") is pleased to announce an update on its ongoing expansion and infill drill programs at Oko West, Guyana and provides a corporate update including the acquisition of mineral interests adjacent to Oko West and in Suriname.
Oko West Drill Program
Resource and exploration drilling continues at Oko West with four diamond drill rigs, focused on infill and expansion drill programs on Block 4, below 640 meters (m) depth, as well as on Blocks 5 and 6. Results from all of the released drillholes program are detailed in Table 1 and Table 2, and shown on a long section in Figure 1.
Highlights from the deep drilling in Block 4 include hole D-393A-W2 which intersected 107.0 m grading 2.42 grams per tonne of gold ("g/t Au") from 660.0 m downhole (using a cutoff grade of 0.3 g/t Au), including 20.0 m grading 9.78 g/t Au from 734 m downhole (using a 1.5 g/t Au cutoff). Additional highlights include hole D-316-W1 intersecting 101.0 m grading 2.69 g/t Au from 694.0 m downhole (using a 0.3 g/t cutoff) including 13.1 m grading 7.84 g/t Au from 758.9 m downhole (using a 1.5 g/t Au cutoff) and hole D-347-W4 which intersected 108.7 m grading 1.39 g/t Au from 932.0 m downhole (using a 0.3 g/t Au cutoff) including 4.9 m grading 5.11 g/t Au from 991.4 m downhole (using a 1.5 g/t cutoff). In addition, hole D-398 drilled in Block 5 returned 34.8 m grading 3.02 g/t Au from 159.4 m downhole (using a 0.3 g/t Au cutoff) including 6.9 m grading 11.48 g/t Au (using a 1.5 g/t Au cutoff) from 159.4 m downhole.
Rick Howes, President and CEO of Reunion Gold, stated: "The results of the drill program at Block 4 continue to illustrate the continuity and consistency of the gold mineralization at depth in Block 4, including the presence of the high-grade zones both at depth and within newer zones being identified in Blocks 5 and 6."
Short-term drill plans at Oko West will continue with (i) the targeting of high-grade zones below Blocks 5 and 6, (ii) a 12-hole 20 m spaced drilling program to further add support to the short-range variography in support of planned study activities, and (iii) exploration drilling that includes drilling within and to the west of Block 8 in follow up to recently defined geochemical and geophysical anomalies.
Extension to the Oko West Project
The Company has entered into an option agreement entitling the Company to explore and acquire an additional 1,530 hectares of land, adjacent to the northwest corner of the Oko West prospecting license boundary (see Figure 2). The option agreement is valid for a period of five years and may be extended for two additional years.
Soil geochemical surveys undertaken on this new area indicate several areas of anomalous gold results that also align with recently acquired gradient array IP anomalies. Integration of these results, and the delineation of drill targets is underway with additional geologic mapping, as well as trench and channel sampling.
Majorodam Project, Suriname
The Company has entered into an option agreement to acquire the Majorodam Project in Suriname, which comprises a right of exploitation for gold over an area totaling 99.85 square kilometers (~ 10,000 hectares) The project is located along a paved road 120 km south of Paramaribo, the capital city of Suriname and "on trend" about 12 km south of the 1.02 Moz @ 2.2 g/t Au Saramacca deposit owned by Zijin Mining.
The Majorodam project is prospective for an orogenic gold system and has a similar geologic setting to that of Oko West. Except for airborne geophysics and surface mapping and limited geochemical sampling, there has been little modern exploration work completed at Majorodam. The project area covers the NE trending contact between granitic and volcanic rock units, with the latter unit creating a prominent topographic high. The airborne magnetic survey indicates the presence of several significant NE trending structures in the project area (see Figure 3) and active alluvial gold mining is occurring in the streams draining the main topographic ridge comprised of greenstone altered volcanic units.
The option agreement is valid for an initial period of six years and requires the Company to make option payments of US$150,000 following execution of the agreement and US$75,000 on each of the second, third, fourth and fifth anniversary, and to incur minimum exploration expenditures starting with US$200,000 during each of the first two years.
It is expected that this project will be transferred to Greenheart Gold Inc. (referred to as "SpinCo" in the April 22, 2024 announcement) in connection with the proposed business combination between Reunion Gold and G Mining Ventures Corp. ("G Mining") announced on April 22, 2024 (see the joint Reunion Gold and G Mining news release issued on April 22, 2024).
French Guiana
The Company has decided to permanently cease its activities in French Guiana due to the unfavorable conditions currently prevailing in French Guiana for pursuing mineral exploration and development projects. A notice of termination of the option agreements for both the Boulanger and Dorlin projects in French Guiana was sent to the titleholders. The termination of the option agreements will be effective on June 24, 2024 and August 10, 2024 respectively.
Sample Collection, Assaying and Data Management
Significant intervals in this press release have been calculated using a grade cut-off of 0.3 g/t Au, a minimum length of ten meters, and a maximum length of ten meters of consecutive internal waste. Included significant intervals have been calculated using a grade cut-off of 1.5 g/t Au, a minimum length of three meters, and a maximum length of three meters of consecutive internal waste. Gold grades are uncapped. Mineralized intersection lengths are not necessarily true widths and estimated true thickness ("ETT") has been calculated using an assumed plane of mineralization dipping 65° towards 095°, representative of the mineralization identified in Block 4. Complete drilling results and drill hole data are posted on the Company's website. Diamond drill (DD) samples consist of half of either HQ or NQ core taken continuously at regular intervals averaging 1.4 m, bagged, and labelled at the site core shed. Reverse circulation (RC) drill samples are obtained from a rotary splitter attached to a Metzke cyclone, weighed, bagged, and tagged at the drill site. All resource drilling samples are shipped to the Actlabs certified laboratory in Georgetown, Guyana, respecting best-practice chain of custody procedures. Samples from the Scout RC program and recent conventional RC samples are shipped to the MS Analytical laboratory in Georgetown using the same chain-of-custody procedures. At each laboratory, samples are dried, crushed to 80% passing 2 mm, riffle split (250 g), and pulverized to 95% passing 105 µm. Coarse blanks are inserted by the Company, and are used between and following suspected high-grade intervals. Barren sand flushes are inserted by the analytical laboratory after each sample is pulverized to clean the bowl. Gold analysis is carried out through a 50 g fire assay with an atomic absorption finish. Initial assays with results above 3.0 g/t Au are re-assayed with a gravimetric finish. Samples with visible gold are additionally assayed with a metallic screen method using 1 kg of pulp. Certified reference materials and blanks are inserted at a rate of 5% of samples shipped to the laboratories. RC field duplicates and DD umpire pulp duplicates are also generated at a rate of 5% of samples. Pulp umpire duplicates are analyzed at the MS Analytical certified laboratory in Georgetown. Assay data is subject to QA/QC prior to accepting into the Company database managed by an independent consultant.
Qualified Person
The technical information in this press release has been reviewed and approved by Justin van der Toorn, the Company's VP, Exploration. Mr. van der Toorn (CGeol FGS, EurGeol) is a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Reunion Gold Corporation
Reunion Gold Corporation (TSXV:RGD) (OTCQX:RGDFF) is a leading gold explorer in the Guiana Shield, South America. In 2020, Reunion Gold announced an exciting new greenfield gold discovery at its Oko West project in Guyana and announced its maiden mineral resource estimate in June 2023 after just 22 months of resource definition drilling. In February 2024, Reunion Gold announced an updated Mineral Resource Estimate (the "2024 MRE") containing a total of 4.3 Moz of gold in Indicated Resources grading 2.05 g/t and 1.6 Moz of gold in Inferred Resources grading 2.59 g/t. The 2024 MRE includes an underground Resource containing 1.1 Moz of gold at a grade of 3.12 g/t Au in the Inferred category. Please refer to the Technical Report entitled "NI 43-101 Technical Report, Oko West Gold Project, Cuyuni-Mazaruni Mining Districts, Guyana" dated April 11, 2024, available under Reunion Gold's profile on SEDAR+. In April 2024, the Company announced a proposed business combination with G Mining Ventures Corp. to create a leading intermediate gold producer in the Americas (see the Reunion Gold press release dated April 22, 2024). Upcoming key milestones for this proposed transaction include:
- June 3, 2024: Record date for the voting securityholders of Reunion Gold at the upcoming Annual General and Special Shareholders Meeting; and
- July 9, 2024: Meeting date for the Annual General and Special Shareholders Meeting of the Company to consider and, if deemed advisable, approve the business combination of Reunion Gold and G Mining Ventures Corp. and other annual matters.
The Company's common shares are listed on the TSX Venture Exchange under the symbol 'RGD' and trade on the OTCQX under the symbol 'RGDFF'. Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.reuniongold.com).
For further information, please contact:
REUNION GOLD CORPORATION
Rick Howes, President and CEO, or Doug Flegg, Business Development Advisor
E: doug_flegg@reuniongold.com
E: info@reuniongold.com
Telephone: +1 450.677.2585
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, "forward-looking statements"). Statements and information that are not historical facts are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions, or results "will", "may", "could" or "should" occur or be achieved. Forward-looking statements in this press release include statements regarding the proposed transaction with G Mining Ventures Corp., plans to complete drilling and other exploration programs and studies, exploration and drill results and interpretation of such results, potential mineralization, plans to complete a preliminary economic assessment and other studies, and expectations regarding the results of such studies, forward looking assumptions used relating to the mineral resources estimates, expectations to expand the resources at depth and elsewhere within the Oko West Project, as well as statements regarding beliefs, plans, expectations or intentions of the Company, notably the above section entitled "About Reunion Gold Corporation".
Forward-looking statements and the assumptions made in respect thereof involve known and unknown risks, uncertainties and other factors beyond the Company's control including risks and uncertainties related to timing, cost and results of exploration programs, updated resource estimates, economic assessment and development studies; uncertainties inherent with conducting business in foreign jurisdictions including corruption, civil unrest, political instability; geopolitical risks including risks related to recent actions taken by the government of Venezuela over the border dispute; unanticipated title disputes; gold price volatility; currency fluctuations; risks associated with the recurrence of COVID-19 or future pandemics; delays in obtaining governmental approvals or financing; risks regarding potential litigation proceedings; regulatory risks and liabilities including, regulatory environment and restrictions; metallurgical testing and recoveries and other risks of the mining industry; speculative nature of gold exploration; dilution; share price volatility; competition; and loss of key employees. Additional information on these risks and other factors is included in documents and reports filed by the Company with Canadian securities regulators and are available at SEDAR+ (www.sedarplus.ca) including, but not limited to, the cautionary statements made in the relevant sections of the Company's Annual Information Form and Management Discussion & Analysis.
Forward-looking statements in this press release are made as of the date herein. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements in this press release are reasonable, undue reliance should not be placed on such statements. New factors emerge from time to time, and it is not possible for management of the Company to predict all such factors and to assess in advance the impact of each such factor on the business of the Company or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. 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.
| Table 1 - Drill results from Block 4 infill drilling | ||||||||
| Hole ID | Block | From | To | Downhole Interval | Au Grade | Grade x Downhole Interval | ETT* | Cutoff ** |
| (m) | (m) | (m) | (g/t) | (gm/t) | (m) | (Au g/t) | ||
| OKWD23-316-W1 | 4 | 694.0 | 795.0 | 101.0 | 2.69 | 272 | 82.7 | 0.3 |
| inc. | 702.0 | 713.0 | 11.0 | 1.86 | 20 | 8.9 | 1.5 | |
| inc. | 758.9 | 772.0 | 13.1 | 7.84 | 102 | 10.7 | 1.5 | |
| inc. | 775.0 | 787.0 | 12.0 | 4.77 | 57 | 9.9 | 1.5 | |
| OKWD23-331-W2 | 4 | 711.0 | 788.6 | 77.6 | 0.86 | 67 | 68.6 | 0.3 |
| inc. | 755.9 | 761.9 | 6.0 | 7.07 | 42 | 5.3 | 1.5 | |
| OKWD24-331-W3 | 4 | 750.0 | 775.0 | 25.0 | 0.87 | 22 | 20.5 | 0.3 |
| inc. | 760.1 | 766.0 | 5.9 | 2.05 | 12 | 4.8 | 1.5 | |
| OKWD24-336-W2 | 4 | 771.5 | 845.0 | 73.5 | 1.06 | 78 | 59.0 | 0.3 |
| inc. | 789.0 | 794.4 | 5.4 | 4.76 | 25 | 4.3 | 1.5 | |
| inc. | 811.6 | 815.7 | 4.1 | 5.24 | 21 | 3.3 | 1.5 | |
| OKWD24-336-W3 | 4 | 689.0 | 707.3 | 18.3 | 0.44 | 8 | 15.0 | 0.3 |
| OKWD24-336-W3 | 4 | 772.0 | 824.0 | 52.0 | 1.09 | 56 | 43.2 | 0.3 |
| inc. | 806.0 | 810.0 | 4.0 | 2.36 | 9 | 3.3 | 1.5 | |
| inc. | 821.0 | 824.0 | 3.0 | 3.71 | 11 | 2.5 | 1.5 | |
| OKWD24-347-W3 | 4 | 945.2 | 961.0 | 15.8 | 0.39 | 6 | 14.6 | 0.3 |
| OKWD24-347-W3 | 4 | 971.9 | 983.0 | 11.1 | 0.31 | 3 | 10.3 | 0.3 |
| OKWD24-347-W3 | 4 | 1009.0 | 1043.0 | 34.0 | 0.87 | 30 | 31.7 | 0.3 |
| inc. | 1010.3 | 1014.0 | 3.7 | 1.63 | 6 | 3.4 | 1.5 | |
| OKWD24-347-W4 | 4 | 932.0 | 1040.7 | 108.7 | 1.39 | 151 | 105.4 | 0.3 |
| inc. | 938.0 | 941.5 | 3.5 | 3.58 | 13 | 3.4 | 1.5 | |
| inc. | 944.5 | 948.0 | 3.5 | 2.21 | 8 | 3.4 | 1.5 | |
| inc. | 959.1 | 969.0 | 10.0 | 3.37 | 34 | 9.6 | 1.5 | |
| inc. | 978.0 | 981.3 | 3.3 | 3.17 | 10 | 3.1 | 1.5 | |
| inc. | 991.4 | 996.3 | 4.9 | 5.11 | 25 | 4.7 | 1.5 | |
| inc. | 1005.9 | 1010.0 | 4.1 | 2.78 | 11 | 4.0 | 1.5 | |
| OKWD24-386 | 4 | 595.6 | 707.0 | 111.4 | 1.18 | 131 | 94.9 | 0.3 |
| inc. | 648.0 | 668.0 | 20.0 | 3.73 | 75 | 17.1 | 1.5 | |
| inc. | 672.0 | 677.0 | 5.0 | 1.72 | 9 | 4.3 | 1.5 | |
| inc. | 694.0 | 699.5 | 5.5 | 1.73 | 10 | 4.7 | 1.5 | |
| OKWD24-390 | 4 | 684.8 | 696.0 | 11.3 | 0.33 | 4 | 9.1 | 0.3 |
| OKWD24-390 | 4 | 734.0 | 827.1 | 93.1 | 1.45 | 135 | 75.6 | 0.3 |
| inc. | 738.2 | 743.0 | 4.8 | 3.08 | 15 | 3.9 | 1.5 | |
| inc. | 761.8 | 765.2 | 3.4 | 3.04 | 10 | 2.8 | 1.5 | |
| inc. | 769.0 | 775.8 | 6.8 | 4.34 | 30 | 5.5 | 1.5 | |
| inc. | 789.2 | 794.9 | 5.7 | 7.18 | 41 | 4.6 | 1.5 | |
| OKWD24-393A-W2 | 4 | 660.0 | 767.0 | 107.0 | 2.42 | 259 | 87.2 | 0.3 |
| inc. | 711.0 | 716.0 | 5.0 | 1.69 | 8 | 4.1 | 1.5 | |
| inc. | 726.0 | 731.0 | 5.0 | 2.76 | 14 | 4.1 | 1.5 | |
| inc. | 734.0 | 754.0 | 20.0 | 9.78 | 196 | 16.3 | 1.5 | |
| OKWD24-401A | 4 | 643.2 | 736.0 | 92.8 | 1.34 | 125 | 83.8 | 0.3 |
| inc. | 684.2 | 694.1 | 9.9 | 3.07 | 30 | 8.9 | 1.5 | |
| * Estimated True Thickness ("ETT") based on an average dip / dip direction of -65° / 095° to represent the orientation of the mineralized zone in Block 4. ETT only calculated for Blocks 1 and 4. | ||||||||
| ** Significant intervals calculated using a 0.3 g/t Au cutoff, 10m minimum length and 10m maximum consecutive internal waste. Included intervals calculated using a 1.5 g/t Au cutoff, 3m minimum length and a 2m maximum consecutive internal waste. | ||||||||
| Table 2 - Drill results from Block 5 & 6. | ||||||||
| Hole ID | Block | From | To | Downhole Interval | Au Grade | Grade x Downhole Interval | Cutoff ** | |
| (m) | (m) | (m) | (g/t) | (gm/t) | (Au g/t) | |||
| OKWD24-387 | 5 | 35.0 | 55.2 | 20.2 | 0.81 | 16 | 0.3 | |
| OKWD24-396 | 5 | 46.0 | 59.0 | 13.0 | 2.02 | 26 | 0.3 | |
| inc. | 53.0 | 57.0 | 4.0 | 3.93 | 16 | 1.5 | ||
| OKWD24-396 | 5 | 93.8 | 111.9 | 18.1 | 0.55 | 10 | 0.3 | |
| OKWD24-396 | 5 | 142.5 | 155.0 | 12.5 | 0.88 | 11 | 0.3 | |
| OKWD24-396 | 5 | 168.0 | 184.4 | 16.4 | 0.69 | 11 | 0.3 | |
| inc. | 177.0 | 180.6 | 3.6 | 1.94 | 7 | 1.5 | ||
| OKWD24-396 | 5 | 199.0 | 215.0 | 16.0 | 0.47 | 7 | 0.3 | |
| OKWD24-398 | 5 | 159.4 | 194.2 | 34.8 | 3.02 | 105 | 0.3 | |
| inc. | 159.4 | 166.3 | 6.9 | 11.48 | 79 | 1.5 | ||
| inc. | 186.5 | 190.5 | 4.0 | 2.93 | 12 | 1.5 | ||
| OKWD24-398 | 5 | 241.5 | 284.1 | 42.6 | 0.76 | 32 | 0.3 | |
| inc. | 277.9 | 284.1 | 6.2 | 2.53 | 16 | 1.5 | ||
| OKWD24-408 | 6 | 266.0 | 278.0 | 12.0 | 0.46 | 6 | 0.3 | |
| OKWD24-408 | 6 | 315.0 | 377.6 | 62.6 | 0.85 | 53 | 0.3 | |
| inc. | 366.6 | 370.6 | 4.0 | 3.19 | 13 | 1.5 | ||
| OKWD24-412 | 5 | 179.7 | 225.0 | 45.3 | 0.77 | 35 | 0.3 | |
| inc. | 181.0 | 184.0 | 3.0 | 4.48 | 13 | 1.5 | ||
| OKWD24-412 | 5 | 262.0 | 286.4 | 24.4 | 3.67 | 90 | 0.3 | |
| inc. | 264.0 | 270.0 | 6.0 | 12.34 | 74 | 1.5 | ||
| OKWD24-413 | 5 | 85.0 | 99.0 | 14.0 | 0.35 | 5 | 0.3 | |
| OKWD24-413 | 5 | 104.0 | 115.0 | 11.0 | 0.38 | 4 | 0.3 | |
| OKWD24-414 | 6 | 138.0 | 233.0 | 95.0 | 0.81 | 77 | 0.3 | |
| inc. | 180.0 | 184.0 | 4.0 | 4.14 | 17 | 1.5 | ||
| inc. | 189.0 | 195.5 | 6.5 | 2.26 | 15 | 1.5 | ||
| ** Significant intervals calculated using a 0.3 g/t Au cutoff, 10m minimum length and 10m maximum consecutive internal waste. Included intervals calculated using a 1.5 g/t Au cutoff, 3m minimum length and a 2m maximum consecutive internal waste. | ||||||||
Figure 1 - Inclined long section across Blocks 4, 5 & 6 showing selected results and drill hole locations reported in this press release. Significant intersects are calculated using a 0.3 g/t Au cutoff, 10 m minimum down hole length and 10 m maximum consecutive internal dilution; Included intersects are calculated using a 1.5 g/t Au cutoff, 3 m minimum down hole length and 2 m maximum consecutive internal dilution. Dashed vertical lines represent breaks in the long section where the plane of the long section has been moved to accommodate offsets in the mineralized domains.
Link to Figure 1: https://www.reuniongold.com/240530-pr?lightbox=dataItem-lwt3cqvd1
Figure 2 - Soil coverage and gridded gold results on the Oko West project, including the newly optioned area located to the northwest of the PL.
Link to Figure 2: https://www.reuniongold.com/240530-pr?lightbox=dataItem-lwt3cqve
Figure 3 - Map of the Majorodam Project, showing topographic features, extensive alluvial workings, and interpreted structures derived from airborne magnetic and radiometric survey data.
Link to Figure 3: https://www.reuniongold.com/240530-pr?lightbox=dataItem-lwt3cqve2
