Jul 14 2020
Reunion Gold Corporation has reported that it has signed a binding agreement with a Surinamese private company, describing the essential terms and conditions using which the company can acquire 100% interest in the Majorodam Project situated in Suriname.
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The agreement is based on the completion of legal and technical due diligence by Reunion to its requirements, following which a definitive option agreement will be signed with the owner of the Majorodam Project.
The Majorodam Project includes a right of exploitation for gold and other minerals totaling 99.85 km2 and is situated 100 km south of Paramaribo. Iamgold’s recently identified Saramacca deposit is located about 15 km to the north of the Majorodam Project, inside the same greenstone belt. The deposit contains 1.5 million ounces of gold in reserves.
Such a vicinity to present and proven mineralization and the location inside a major northwest striking shear corridor regulating the western edge of this greenstone belt are two of the factors that led Reunion to this project.
In this project area, historical gold mining was restricted to small-scale operations dating back to at least the early 2000s, aiming mineralized alluvium extracted from upland regions and ridges inside the Majorodam Project region. Recently, an airborne geophysical magnetic and radiometric survey was performed on behalf of the Surinamese private company, which is now under interpretation.
It is anticipated that this will offer an advanced interpretation of the structural geology of the project region that could be employed to aim for initial exploration work by Reunion.
Reunion plans to start its due diligence as early as possible, subject to the lifting of COVID-19 related limitations. The restart of twice-weekly commercial flights between Paramaribo and Amsterdam recently is a positive sign in achieving this goal soon.
Extension of Option Period on Boulanger Project, French Guiana
Reunion has also reported that the option duration under the Boulanger Project option agreement has been prolonged by one year and will hold good until July 27th, 2022.
This will offer Reunion some extra time to investigate and consider exercising its option to obtain the Boulanger Project.