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Centurion Minerals Ltd. (TSXV: CTN) ("Centurion" or the "Company") is pleased to announce it has executed an Option to Purchase Agreement (the "Agreement") for the Limestone gold project ("Limestone" or the "Project") in Suriname. The Project is located proximal to the Rosebel and Saramacca Mines of Zijin Mining Group Co., Ltd. ("Zijin") (see Figure 1), and areas of extensive small-scale mining (see Figure 4).
The 3,548-hectare Project is well situated for a gold discovery (see Figure 1 below). Historic and active small-scale mining indicates the presence of gold within the Limestone concession. Limestone is situated in the largest and most productive region of both active and historic gold mining in Suriname. This region includes the Rosebel Gold mines operated by Zijin hosting a resource exceeding 6 million ounces of gold (195 tonnes) with a grade of 1.04 g/t (Source: Zijin, Rosebel Mine). In addition, other international mining companies have been active in the region, exploring and drilling projects along the Saramacca and Rosebel Mine trends of Zijin. Limestone appears to be along the Saramacca mine trend.
Figure 1: Limestone proximity to Zijin Rosebel and Saramacca Mines
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The Limestone gold project maintains an exploitation license granted to the current concession holders (the "Optionors") in 2025. The Project is less than 4 hours by road (or boat) from Paramaribo, Suriname's capital city, with the Saramacca River crossing the concession area.
Gold mineralization in Suriname is primarily controlled by structural and lithological factors within the Paleoproterozoic Marowijne Greenstone Belt of the prolific gold producing Guiana Shield (Source: Journal of South American Earth Sciences). The deposits are predominantly classified as orogenic gold systems formed during the Trans-Amazonian orogeny (Source: Cambridge University Press) (see Figure 3).
Figure 2Â (Left): Suriname Location, Source:Â Google Maps
Figure 3Â (Right): Gold deposits of Suriname, Source:Â Cambridge University Press
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Figure 4: Prolific artisanal gold mining within the Limestone concession area and in close proximity
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Suriname has two tier one mines, Rosebel owned by Zijin and Merian owned by Newmont Corp. ("Newmont"), both located within the greenstone belt. Historically, the greenstone belt has been underexplored, however, in recent years the area has experienced a surge in mineral exploration activity from companies including Founders Metals Inc., Miata Metals Corp., Greenheart Gold Inc., and Sranan Gold Corp. Suriname has the potential to develop multiple new mines from concessions having similar potential to Limestone.
Addition of Suriname-Based Exploration and Development Team
The Company intends to conduct exploration utilizing an experienced Suriname-based team located in Paramaribo. The exploration and development team is supervised by Dr. Dennis LaPoint, Ph.D., P.Geo, having more than 26 years' experience in Suriname. Dr. LaPoint led the geological team's discovery of what has become the Merian Mine, currently owned by Newmont.
Strategic Focus on Exploration and Mining Jurisdictions:
Centurion's Suriname objectives include acquiring additional prospective gold concessions. Specific opportunities have been identified with interested concession holders. In keeping with the Suriname focus, the Company has terminated the Casa Berardi Property Option Agreement.
Transaction Summary:
To earn a 100% interest in the Limestone Gold Project, the Company has executed a 6-year Option to Purchase Agreement. The payments are comprised of US$500,000 cash paid to the Optionors and project exploration expenditures (the "Exploration") of US$500,000, as follows (in USD):
1) $30,000 paid in cash within 30 days of the Agreement's Effective Date (the "Agreement Date")
2) $40,000 paid in cash on the 1st anniversary of the Agreement Date and $50,000 in Exploration
3) $50,000 paid in cash on the 2nd anniversary of the Agreement Date and $75,000 in Exploration
4) $50,000 paid in cash on the 3rd anniversary of the Agreement Date and $75,000 in Exploration
5) $60,000 paid in cash on the 4th anniversary of the Agreement Date and $100,000 in Exploration
6) $70,000 paid in cash on the 5th anniversary of the Agreement Date and $100,000 in Exploration
7) $200,000 paid in cash on the 6th anniversary of the Agreement Date and $100,000 in Exploration.
The project is subject to a 2% Net smelter royalty ("NSR") and the Company has the right to purchase the NSR from the Optionors by paying $1million for each 1%.
Qualified Person
Dr. Dennis J. LaPoint, Ph.D., P.Geo., an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Centurion Minerals Ltd.
Centurion Minerals Ltd. is a Canadian-based company with a focus on precious mineral asset exploration and development in the Americas.
"David G. Tafel"
CEO and Director
For Further Information Contact:
David Tafel
604-484-2161
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
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