REUNION GOLD RELEASES ADDITIONAL DRILL RESULTS FROM ITS OKO WEST PROJECT IN GUYANA INCLUDING HOLE D-243 WHICH INTERSECTED 109.7 METRES OF 5.59 G/T AU AND WORKS TOWARD A MID YEAR MAIDEN RESOURCE ESTIMATE
These results continue to confirm the grade and continuity of the Kairuni zone and expand the mineralized envelope, which remains open at depth below blocks 1, 4, 5, 6 and 7 - the Company continues to explore further zones along strike.
Holes D-213, D-234, and D-243 continue to confirm the presence of higher-grade mineralized “shoots” within Block 4, which have been identified from previous drill results. These higher-grade shoots remain open at depth, below the extent of drilling completed to date.
Initial results from Scout RC geochemical program on the western portion of the Oko West Prospecting License are very encouraging, revealing several targets for follow-up drilling.
Good progress is being made on advancing and de-risking the project with the maiden resource estimate still on track for release by mid-year and a PEA by the end of the year.
Longueuil, Quebec, April 17, 2023 – Reunion Gold Corporation (TSXV: RGD; OTCQX: RGDFF) (the “Company”) is pleased to announce additional drill results from its 100%-owned Oko West Project in Guyana, including from an additional 25 diamond drill holes (totalling 11,969 m) at the Kairuni zone. Highlights (shown in table 1 and figures 1 and 2) include 109.7 m @ 5.59 g/t Au in hole D-243, including 42.0 m @ 13.26 g/t Au at a 1.5 g/t Au cut-off; and 65.4 m @ 4.13 g/t Au in hole D-213, including high grade intervals of 26.7 m @ 5.13 g/t Au and 6.3 m @ 18.14 g/t Au at a 1.5 g/t Au cut-off. The higher-grade zones found in holes D-243, D-213 and D-234, amongst other holes previously reported, represent other examples of higher-grade, structurally controlled, mineralized shoots found within Block 4. In addition, holes D-234 and D-225 continued to demonstrate the depth potential of the system at and beyond a 600m depth, with hole D-234 reporting 66.0 m @ 2.52 g/t Au and also including a high-grade interval of 18.5 m @ 5.16 g/t Au and 11.9 m @ 2.60 g/t Au, while hole D-225 reported 52.3 m @ 1.15 g/t Au including 8.5 m @ 2.54 g/t Au. Hole D-224 intersected 67.6 m @ 1.51 g/t Au, including 16.7 m @ 3.04 g/t Au, and along with D-225, demonstrates the strong continuity of both grades and widths within and along the northern edges of Block 4. Drilling on Blocks 5, 6, and 7, to the south of Block 4, and Block 1 to the north, continues to expand the mineralized envelope in those areas, both along strike and to depth.
These results are part of an approximately 30,000 m drill program, which was initiated at the start of 2023 and is expected to be completed in early May. The program is designed in support of the release of a Maiden Resource Estimate by mid-year 2023. The Company anticipates that drilling will continue on the Kairuni zone after the resource cut-off date with the objective of continuing to expand the mineralization both at depth and along strike.
Rick Howes, President and CEO of Reunion Gold, commented, “We are advancing our Oko West project along two tracks. The first is to advance the exploration programs outside of the Kairuni zone, aimed at outlining and discovering additional gold mineralization within our Prospecting License. On this front, I am very excited by the results from the initial Scout RC Geochem drill program that is defining new targets west of our Kairuni zone.”
“The second track is continuing to advance the Kairuni zone along the path to development as quickly as possible. We are currently on schedule to announce our Maiden Resource Estimate by the middle of the year, to be followed by the commencement of a PEA with targeted completion by year-end 2023. We have strengthened our team with the addition of Keith Boyle to our senior leadership team as our dedicated Study Manager. Keith will be managing the engineering and project development services to be completed under the previously announced agreement with G Mining Services.”
Exploration and other programs
In addition to the resource definition drilling at Oko West, the Company has expanded its exploration program to the 3 targets outside of the Kairuni zone and in other areas of the Prospecting License (“PL”). This includes commencement of a Scout RC Geochem program (“SRCGP”) in the western areas of the PL, which represent a potential source area for historical alluvial gold mining that lies downstream. Soil geochemistry was an important tool used in the discovery of the Kairuni zone, however, in the western portion of the PL, a thick duricrust cover combined with alluvial material in drainages, has limited the effectiveness of the initial soil geochem program completed in 2020. The SRCGP was designed to address this by drilling 10 to 20 m deep RC holes to penetrate this leached cover material and sample the saprolite beneath. The SRCGP drilling is 90% completed and results have been received from approximately 30% of the planned program. It appears from the initial results that the SRCGP is proving to be an effective tool in helping to identify areas of anomalous gold and therefore define additional drill targets on the Project. Initial results from 199 shallow Scout RC holes (on average 12m depth) are shown in Figure 4 and already demonstrate new target areas for planned follow up. This follow up program is expected to commence sometime by the end of the 2nd quarter, using a combination of deeper RC and diamond drill holes.
Reunion Gold has commenced a detailed ground magnetics survey over the Kairuni zone, to be followed up with a ground-based VLF survey. The program will then be extended south over the Takutu zone that represents the southern 4 km of the sheared granitoid/volcanic contact, and to the Carol zone target immediately adjacent to and west of the Kairuni zone. The program should help to identify the location of the favorable stratigraphic horizons and structures which the Company intends to proceed with a follow-up drilling program in the 2nd half of the year.
A total of 1.2 tons of mineralized core samples has recently been shipped to Base Met Laboratories in British Columbia, Canada, as part of a comprehensive metallurgical test program including comminution and flow sheet design. Results from this program are expected in the third quarter.
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 up to ten meters maximum length 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 up to two meters maximum length 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 samples are shipped to the Actlabs certified laboratory in Georgetown, Guyana, respecting best-practice chain of custody procedures. At the 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 MSALabs certified laboratory in Georgetown. Assay data is subject to QA/QC prior to accepting into the Company database managed by an independent consultant.
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 Canadian National Instrument 43-101.
Cautionary Disclaimer 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 and the assumptions made in respect thereof involve known and unknown risks, uncertainties and other factors beyond the Company's control. Forward-looking statements in this press release include statements regarding plans to complete drilling and other exploration programs and studies, potential mineralization, exploration and drill results, interpretation of such exploration and drill results, plans to complete a maiden mineral resource, and statements regarding beliefs, plans, expectations or intentions of the Company. Mineral exploration is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. Refer to the Company's most recent annual management's discussion and analysis for a description of such risks.
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. 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) accept responsibility for the adequacy or accuracy of this press release.
About Reunion Gold Corporation
Reunion Gold Corporation is a leading gold explorer in the Guiana Shield, South America. In 2021 the Company made an exciting new gold discovery at its Oko West project in Guyana, where to date it has outlined continuous gold mineralization at the Kairuni zone over 2,000 meters of strike and to a depth of 600 meters. The mineralization appears to be open-pit amenable with a strong grade profile. In addition to Kairuni there are several additional priority exploration targets on the Oko West project area that the Company is exploring. 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'.
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REUNION GOLD CORPORATION