LONGUEUIL, Quebec, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSX-V: RGD) (the "Company") is pleased to announce that Barrick Gold Corporation ("Barrick") has opted to include the NW Extension Project in Suriname in the Strategic Alliance. The 925 square kilometres NW Extension Project area sits within the Northern Greenstone Belt of Suriname, 60 kilometres to the west-southwest of the capital, Paramaribo, and 70 km northwest of the Rosebel mine (Figure 1).
The interpretation of available geophysical data indicates that the large, greenstone belt-scale geological structures associated with gold mineralization at the Rosebel gold deposit extend to the northwest under cover of recent sediments, underlying the project area footprint. To refine this observation and generate targets, the Alliance partners are planning to conduct a detailed airborne magnetic survey in the first quarter of 2021. Targets generated by the survey may be tested by drilling later in 2021.
As per the Strategic Alliance Agreement, the exploration costs spent on the project will be funded on a 50:50 basis between the Company and Barrick.
The mineral rights related to this project are under option from a Surinamese company for an initial period of 11 years. Upon exercise of the option to acquire 100% of the project, the rights holder would retain a 0.25% net smelter royalty.
The technical information in this press release has been reviewed and approved by Carlos. H. Bertoni, P.Geo., the Company's Acting CEO. Mr. Bertoni is a qualified person under Canadian National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accept responsibility for this press release's adequacy or accuracy.
Cautionary statement
This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, including statements about the conduct of exploration work on the NW Extension Project and other statements relating to technical data. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of our management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements except as required by law.
About Reunion Gold
Reunion Gold Corporation is a leading gold explorer with a portfolio of projects in Guyana, Suriname and French Guiana, all located in the Guiana Shield, South America. The Company's common 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 the Company's website (www.reuniongold.com).
For further information, please contact:
REUNION GOLD CORPORATION
Carlos Bertoni, Acting CEO
Paul Fowler, Manager, Corporate Development
Telephone: +1 450.677.2585
Email: info@reuniongold.com
Figure 1: Location map of the NW Extension Project permits, showing the greenstone belts of eastern Suriname (green) with interpreted geological structures related to gold mineralization in the region (dashed grey lines). Also shown are the Rosebel, Saramaca and Merian gold deposits.