Greenheart Gold has announced a substantial expansion of its exploration rights at the Majorodam project in Suriname. This expansion follows the completion of two separate agreements with distinct title holders.
The original Majorodam project, which covered 99.85 square kilometres (sq. km.), has been extended by 60.78 sq. km. to the north and 90.86 sq. km. to the south, increasing the total project area to 251.5 sq. km.
Additionally, the company has confirmed the arrival of a reverse circulation (RC) drill rig at the project site on 12 February 2025. Drilling operations have now commenced on the Heuvel target.
Greenheart Gold has entered into an option agreement with an independent Surinamese company, securing the right to acquire a 100% interest in mineral rights covering over 6,000 hectares adjacent to the northern boundary of the Majorodam project. The newly acquired area has been designated as Majorodam North.
The option agreement remains valid for 11.5 years and may be terminated by the Company at any time with 30 days’ notice and no further obligations. To exercise the option, Greenheart Gold must incur a minimum of $7.5m in project expenditures over the 11.5-year period, including at least $500,000 within the first 18 months.
The company is also required to make annual option payments ranging between $200,000 and $300,000, and complete a feasibility study.
Upon fulfilling these conditions, the company will acquire the mineral rights and grant the optionor a 2% net smelter return (NSR) royalty. Greenheart Gold will retain the right to repurchase 50% of this royalty at a price determined by the reserves reported in the feasibility study.
Greenheart Gold has also amended its existing option agreement with the Majorodam title holder, adding an additional 9,086 hectares of mineral rights to the south of the original project area. This expansion, now referred to as Majorodam South, was acquired for a one-time payment of $65,000.
The expansion follows encouraging results from Phase 1 and Phase 2 soil geochemical surveys. Both Majorodam North and Majorodam South are believed to be underlain by the same volcanic rock formations that host the Saramacca mine, located approximately 12km north of the project area. While an airborne magnetics survey has been conducted over Majorodam South, neither of the newly acquired areas has undergone modern exploration targeting potential hard rock gold sources.
Significant gold-in-soil anomalies have been identified at the Heuvel and Helling targets, with mineralised trends extending northward towards Majorodam North. Additionally, areas of historical alluvial gold mining have been observed to the east and west of Majorodam North, focusing on drainages downstream from a volcanic ridge that extends southward to the Heuvel and Helling targets.
The company’s next exploration steps for Majorodam North and South include prospecting, geological mapping, and Phase 1 geochemical surveys. At Majorodam, an RC drilling programme is underway, with an initial 1,500m programme of 100m-deep holes designed to test the Heuvel target.
Greenheart Gold continues to advance exploration at Majorodam as it assesses the potential of the expanded project area.
