Business
Greenheart Gold Significantly Expands Land Position at Its Majorodam Project in Suriname and Commences Drilling
Exploration rights at Majorodam increased by 150% to approximately 251.5 square kilometres ...
About this update from Greenheart Gold Inc.
[{"type":"text","content":"Greenheart Gold Significantly Expands Land Position at Its Majorodam Project in Suriname and Commences Drilling\n\n\n\n\n\n Exploration rights at Majorodam increased by 150% to approximately 251.5 square kilometres\n \n\n\n\n Additional land positions are contiguous with and expand coverage North and South of the original Majorodam project area\n \n\n\n\n Drilling at Majorodam has commenced with an initial 1,500 m RC program comprising fences of 100 m deep holes\n \n\n\n\n\n LONGUEUIL, Québec, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Greenheart Gold Inc. (TSXV: GHRT) (the “Company” or “Greenheart Gold”) is pleased to announce a significant increase in the size of its exploration rights at the Majorodam project in Suriname. The increase comes as the result of two additional agreements, which were completed with two separate title holders. The original Majorodam project, which comprised an area of 99.85 square kilometers (“sq. km.”) has increased by 60.78 sq. km. to the north and 90.86 sq. km. to the south and now comprises a total area of 251.5 sq. km. The Company is also pleased to announce the arrival of a reverse circulation (“RC”) drill rig at the project on February 12\n \n th\n \n , 2025, and that RC drilling has commenced on the Heuvel target.\n \n\n\n Majorodam North\n \n\n\n Greenheart Gold has entered into an option agreement with an arm’s length private Surinamese company, pursuant to which the Company is entitled to acquire a 100% interest in mineral rights covering an area of just over 6,000 hectares located contiguous with and north of the Company’s Majorodam project. The new area is being referred to as Majorodam North. The option agreement is valid for a period of 11.5 years and can be terminated by the Company at any time without further obligations with 30-day prior notice. Greenheart Gold will be entitled to exercise the option if it completes the following: 1) incurs minimum project expenditures over the 11.5-year option period of at least US$7,500,000, including US$500,000 during the first 18 months, 2) makes annual option payments of between US$200,000 and US$300,000, and 3) completes a feasibility study. Upon exercise of the option, the Company will grant a 2% NSR royalty to the optionor and will have a right to buy-back half the royalty at...