Posted in | News | Gold | Mining Business

Reunion Signs Non-Binding Letter of Intent to Acquire 80% Interest in Haute Mana Gold Project

Reunion Gold Corporation ("Reunion") is pleased to announce that it has entered into a non-binding letter of intent (the "LOI") dated October 28, 2016 with Union Minière de Saül ("UMS"), an arm's length private company. The LOI outlines the general terms and conditions pursuant to which UMS would grant to Reunion an option to acquire an 80% interest in the Haute Mana gold project in French Guiana, South America. Reunion would be entitled to exercise the option by completing a preliminary economic assessment on the project within a period of five years.

The LOI is to be superseded by a formal option agreement. The transaction will be subject to requisite regulatory approvals including the approval of the TSX Venture Exchange and other conditions. Reunion will be conducting due diligence and evaluating different financing options.

Haute Mana Gold Project

The Haute Mana gold project consists of eight mining concessions covering an area of 121.5 km² in the central-south part of French Guiana, some 170 km SW from the capital city of Cayenne, being accessible by a forest trail and aircraft. Geologically, the region is underlain by a Proterozoic greenstone belt composed of volcano-sedimentary sequences intruded by granitoids and cut by the prominent Sophie-Saul shear zone striking NW-SE and extending for more than 30 km. This is one of the most prolific gold producing area of French Guiana, from at least six "camps" along this shear zone, mostly from artisanal work both in alluvial and primary sources. The region was extensively mapped and explored by the Bureau de Recherches Géologiques et Minières (BRGM) in the eighties, including 4,500 m of auger and 772 m of diamond drilling. Ressources Franc-Or did further exploration work in the nineties, including 79 line kilometres of soil sampling and 1,224 m of diamond drilling. The concession area has seen little other systematic exploration and is considered to have excellent potential for 'shear-type" gold mineralization.

Carlos Bertoni, P. Geo., a consultant to Reunion and a qualified person pursuant to National Instrument 43-101, has reviewed and approved the scientific and technical data contained in this press release.

Source: http://www.reuniongold.com/

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit
Azthena logo

AZoM.com powered by Azthena AI

Your AI Assistant finding answers from trusted AZoM content

Azthena logo with the word Azthena

Your AI Powered Scientific Assistant

Hi, I'm Azthena, you can trust me to find commercial scientific answers from AZoNetwork.com.

A few things you need to know before we start. Please read and accept to continue.

  • Use of “Azthena” is subject to the terms and conditions of use as set out by OpenAI.
  • Content provided on any AZoNetwork sites are subject to the site Terms & Conditions and Privacy Policy.
  • Large Language Models can make mistakes. Consider checking important information.

Great. Ask your question.

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.