Orea to Acquire 100% of Maripa Gold Project in French Guiana
Vancouver, BC, Canada, February 15, 2022, Orea Mining Corp. (“Orea”) (OREA: TSX) (OREAF: OTCQX) (3CG: FSE) is pleased to announce it has entered into an agreement (the “Purchase Agreement”) with a subsidiary of IAMGOLD Corporation (“IAMGOLD”) (IMG: TSX) to acquire an undivided 100% interest in the Maripa Gold Project (“Maripa”), located in French Guiana, France.
As announced on August 14, 2018, Orea entered into an Option Agreement with IAMGOLD to acquire up to a 70% interest in Maripa conditional upon fulfilling certain requirements, including incurring US$5 million in exploration expenditures within 5 years to acquire the initial 50% interest. As of December 31, 2021, Orea had incurred approximately US$2.6 million in expenditures on Maripa.
The Purchase Agreement now allows Orea to acquire 100% interest in Maripa by issuing 6 million common shares to IAMGOLD. Upon closing of the transaction, IAMGOLD will retain a 1.5% net smelter return royalty and Orea will have no further obligations under the Option Agreement. All shares issued will be subject to a 4 month plus one day hold period from the date of issuance. The closing of the transaction is subject to regulatory approval including, notably, the approval of the Toronto Stock Exchange (“TSX”).
Rock Lefrancois, President & CEO of Orea commented “Maripa is a quality gold exploration project with high potential and exceptional geological setting. We are excited to accelerate outright acquisition on simple, low cost and non-cash terms and flexibility on the development of the project”.
About Maripa
Maripa is located in eastern French Guiana along a paved national road, approximately 60 kilometers south of the capital city of Cayenne. The project is comprised of up to five contiguous exploration permits that cover an area of 120 square kilometers, namely the Changement, Maripa, Orapu, Crique Véoux (pending) and Maripa Sud-Est permits.
Past exploration at Maripa includes 134 diamond drill holes, for a total of 9,000 meters, which partially defined 5 broad gold zones; namely, from north to south, Changement, Filon Dron, Maripa Sud-Est, Rhyodacite and Filon Scieur. Drilling was limited to shallow depths within the oxidized saprolite layer with all 5 prospects returning drill hole intersections of economic interest with demonstrated potential for expansion and mineral resource delineation. Gold mineralization is associated with shear-tension quartz vein systems and vein stockworks localized along major fault zones marking a regional deformation corridor known as the Northern Guiana Trough (NGT).
Initial prospecting by Orea in 2019 and 2020 in the north half of Maripa led to the discovery of 5 new quartz-gold vein systems with high-grade gold potential in the vicinity of the Changement and Filon Dron gold zones.
In October-November 2020, Orea completed 8 diamond drill holes, for 1,168 meters, which tested 4 separate targets identified in the central part of the Maripa (see news release date January 27, 2021). Six (6) of the 8 drill holes served to test the depth and lateral extent of 3 gold mineralized shear-hosted vein systems traced at surface in and around the Filon Dron gold zone. Four (4) drill holes intersected wide shear zones marked by quartz veining, strong hydrothermal alteration, and sulfide mineralization over 18 to 27 meters, which returned gold values.
As announced on January 14, 2022, Orea commenced a diamond drilling program on the promising Changement gold zone, with 1,000 meters of drilling to be completed in January and February. Results will be provided when available.
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea holds a major interest in the world-class Montagne d’Or mine development project and is also advancing the Maripa and Suriname gold exploration projects.
For more about Orea visit the company’s website at www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1 888-818-1364
ir@oreamining.com
