IAMGOLD Provides Exploration Update for Cote Gold Project
September 05 2012 - 7:00AM
PR Newswire (Canada)
TSX: IMG NYSE: IAG TORONTO, Sept. 5, 2012 /CNW/ -
IAMGOLD Corporation ("IAMGOLD" or the "Company") announced today an
exploration update for its northern Ontario Côté Gold Project,
including recent assay results from 24 diamond drill holes
completed as part of the ongoing resource delineation and expansion
drilling program. Drilling continues to intersect wide
intervals of low to moderate grade gold mineralization both within
and adjacent to the currently defined mineral resources. Results
from the 24 drill holes are provided in Table 1, and include the
following: -- Drill hole E12-190: 236.5 metres grading 1.61 g/t
gold (uncut), 1.49 g/t gold (cut) -- Drill hole E12-192: 383.0
metres grading 1.54 g/t gold (uncut), 1.07 g/t gold (cut) -- Drill
hole E12-205: 454.0 metres grading 1.46 g/t gold (uncut), 0.91 g/t
gold (cut) Stephen Letwin, President and Chief Executive Officer of
IAMGOLD, said, "The Côté Gold project continues to meet our
expectations. These are the kind of results that reinforce our view
that we've acquired a promising property. We are working
aggressively to upgrade a significant portion of the inferred
mineral resources to an indicated category by year end and to
advance the project to the pre-feasibility stage. As we've said
before, this project rebalances our portfolio so that one-third of
our resource base is in North America and close to 95% of our
future production is expected to come from mines we own and
operate." Since the completion of the most recent estimate
(February 24, 2012), based on 129 diamond drill holes (65,866
metres), a further 189 diamond drill holes (109,689 metres) have
been completed, bringing the total to 318 holes (175,555 metres).
Assay results have been reported for 210 diamond drill holes
(111,505 metres), including those from the 24 drill holes (20,368
metres) reported in this news release. Drilling continues with the
objective of completing a 70,000 to 85,000 metre drilling program
by year end. Craig MacDougall, Senior Vice President, Exploration,
stated, "We've been very active at the site with 12 drill rigs
running, and since the most recent estimate have more than doubled
the number of metres drilled. The ongoing resource delineation and
expansion drilling program continues to deliver strong results,
both within and adjacent to the current resource model." Next Steps
The objective of the 70,000 to 85,000 metre diamond drilling
program currently in progress is to: 1) infill the current resource
to better constrain continuity in the geological model and convert
a significant portion of the current inferred resources to an
indicated category, and 2) expand the existing resource base with
step out drill holes along strike to the northeast as well as at
depth below the current resources. A revised NI 43-101 resource
estimate is in progress and planned for completion in
October. This estimate will include all validated drill
results as at August 1, 2012. This will be followed by a
further resource update as part of the Company's annual year-end
Mineral Reserves and Resources statement which is expected to
include all validated drill results in hand on October 1, 2012. A
pre-feasibility study for this project is also expected to get
underway by the fourth quarter of 2012. IAMGOLD acquired a 92.5%
beneficial interest in the Côté Gold deposit through its
acquisition of Trelawney Mining and Exploration Inc. ("Trelawney")
on June 21, 2012. The acquisition included interests in an
extensive land holding totaling approximately 520 square kilometres
surrounding the deposit. Current mineral resources for the
Côté Gold deposit, announced on February 24, 2012 by Trelawney, are
estimated at 35 million tonnes grading 0.82 g/t gold for 0.93
million ounces of indicated resources and 204 million tonnes at
0.91 g/t gold for 5.94 million ounces of inferred resources.
Mineralization, which has been intersected over a strike length of
1,200 metres, a horizontal width of 100 - 300 metres and a depth
extent of more than 500 metres, consists of low to moderate grade
gold associated with weak disseminated sulphides (pyrite,
pyrrhotite and chalcopyrite) hosted within a variably altered and
brecciated intermediate to felsic intrusive complex. Table 1
___________________________________________________________________________
| Côté Gold Project Drilling Results from 24 Drill Holes (20,368
metres) |
|___________________________________________________________________________|
|Hole # |Grid Location |AZ |DIP|EOH|From |To |Length|Gold |Gold | |
| | | | | | | |(g/t) |(g/t) |
|_________|________________|_____|___|___|______|______|______|______|______|
| |Easting|Northing|(utm)| |(m)|(m) |(m) |(m) |uncut |cut to| | | |
| | | | | | | |25g/t*|
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-187 |9250 |10225 |NA |NA |15 |Abandoned | | |
|_________|_______|________|_____|___|___|____________________|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-188 |8950 |9750 |150 |-76|449|33.00 |35.00 |2.00 |1.48 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |215.00|217.00|2.00 |3.26 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-189 |9250 |10275 |336 |-42|521|No Significant | | | | | | | |
| |Results | | |
|_________|_______|________|_____|___|___|____________________|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-190 |9050 |10100 |152 |-73|627|377.00|613.50|236.50|1.61 |1.49
|
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-191 |9550 |10030 |336 |-46|543|67.00 |71.00 |4.00 |0.75 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |211.00|251.00|40.00 |1.57 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-192 |8850 |9950 |153 |-76|587|22.85 |24.00 |1.15 |11.44 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |89.00 |91.00 |2.00 |2.30 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |204.00|587.00|383.00|1.54 |1.07 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |204.00|489.00|285.00|1.91 |1.28 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-193 |9600 |10425 |149 |-52|734|346.95|355.90|8.95 |2.07 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |387.85|393.00|5.15 |1.17 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |438.80|442.00|3.20 |2.49 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |634.00|656.00|22.00 |0.93 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-194 |8750 |10000 |158 |-76|793|17.00 |96.00 |79.00 |0.50 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |123.00|129.00|6.00 |0.67 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |245.00|649.00|404.00|0.97 |0.85 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |380.80|458.00|77.20 |2.50 |1.91 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |709.00|722.00|13.00 |0.55 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-195 |9250 |10275 |333 |-53|456|No Significant | | | | | | | |
| |Results | | |
|_________|_______|________|_____|___|___|____________________|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-196 |8950 |10000 |153 |-74|768|248.00|261.00|13.00 |0.70 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |382.30|501.00|118.70|0.66 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |530.70|657.05|126.35|0.65 |0.64 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-197 |9100 |9925 |153 |-48|327|56.00 |57.00 |1.00 |9.52 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |88.00 |212.00|124.00|1.19 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |299.00|325.00|26.00 |1.05 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-198 |9600 |10350 |152 |-52|653|223.00|242.00|19.00 |1.55 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |584.00|653.00|69.00 |1.70 |0.92 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-199 |9450 |10300 |336 |-50|115|76.00 |78.00 |2.00 |4.53 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |Abandoned at 115m | | |
|_________|_______|________|_____|___|___|____________________|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-200 |9550 |10050 |333 |-61|581|53.40 |57.00 |3.60 |2.08 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |544.00|545.00|1.00 |10.67 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-201 |8950 |10050 |152 |-74|542|212.00|217.00|5.00 |2.97 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |276.70|280.70|4.00 |2.04 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |369.80|363.40|3.60 |2.53 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |487.60|541.50|53.90 |0.69 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-202 |9050 |10175 |150 |-45|387|304.00|311.60|7.60 |1.25 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |355.90|375.00|19.10 |1.43 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-203 |8850 |9950 |146 |-68|638|163.00|543.00|380.00|0.90 |0.83
|
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |224.00|346.40|122.40|1.51 |1.27 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |619.60|623.00|3.40 |1.34 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-204 |9450 |10300 |334 |-54|466|No Significant | | | | | | | |
| |Results | | |
|_________|_______|________|_____|___|___|____________________|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-205 |8750 |9925 |147 |-73|673|139.00|593.00|454.00|1.46 |0.91
|
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |139.00|175.00|36.00 |1.57 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |187.00|232.01|45.01 |1.63 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |276.12|277.00|0.88 |312.65|25.00 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-206 |9700 |10350 |158 |-51|497|222.00|224.00|2.00 |2.64 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-207 |9450 |10340 |333 |-53|492|55.00 |58.00 |3.00 |1.01 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |69.00 |71.00 |2.00 |1.19 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-208A |9550 |9990 |327 |-61|808|1.30 |18.00 |16.70 |1.18 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |662.00|663.00|1.00 |21.85 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | |685.00|686.00|1.00 |52.67 |25.00 |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-209 |9700 |10400 |151 |-50|804|633.00|775.00|142.00|0.93 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
| | | | | | | | | | | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|E12-210 |8850 |10000 |154 |-77|692|304.80|653.00|348.20|0.64 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |304.80|517.00|212.20|0.78 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |563.00|564.95|1.95 |3.16 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
|Including| | | | | |599.30|606.00|6.70 |2.16 | |
|_________|_______|________|_____|___|___|______|______|______|______|______|
-- True widths of intersections are unknown at this time. -- *Only
intervals with assays cut to 25 g/t gold are shown. -- Reported
composite intervals are graded with a lower cut of 0.30 g/t Au and
may contain lower grade material and waste of up to 20 metres in
length. To view "Figure 1: Drill Hole Plan Map", please click on
http://files.newswire.ca/396/DrillHoleMap.pdf Technical Information
and Quality Control Notes The drilling results contained in this
news release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101"). The sampling of, and assay data from, drill core is
monitored through the implementation of a quality assurance -
quality control (QA-QC) program designed to follow industry best
practice. Drill core (NQ size) samples are selected by the
IAMGOLD geologists and sawn in half with a diamond saw at the
project site. Half of the core is retained at site for reference
purposes. Sample intervals are generally 1.0 metre in length
or less at the discretion of the geologist. Samples are
transported in security sealed bags to the Accurassay prep lab
facility in Sudbury, Ontario. Samples are coarse crushed to a
-8 mesh and then a 1000 gram split is pulverized to 90% passing
-150 mesh. Analytical pulps are forwarded for analysis at the
Accurassay Analytical Laboratory (ISO / IEC 17025 Certified by the
Standards Council of Canada) in Thunder Bay Ontario. Samples are
analyzed using a standard fire assay with a 30 gram charge with an
Atomic Absorption (AA) finish. For samples that return assay
values between 2.0 to 5.0 grams per tonne (g/t), another pulp is
taken and fire assayed with a gravimetric finish. Samples
which have returned values greater than 5.0 g/t are re-analyzed by
pulp metallic analysis. Occasionally, drill hole results are
reported with only the original fire assay data.In addition to
quality assurance controls implemented and reported by the
laboratory, IAMGOLD inserts blanks and certified reference
standards into the sample stream at random intervals to enable
validation of the assay data. For complete disclosure of the Côté
Gold mineral resource estimate prepared for Trelawney Mining and
Exploration refer to the Technical Report on the Côté Lake Resource
Update, Chester Property, Ontario, Canada reported in accordance
with National Instrument 43-101 requirements, signed by W. Roscoe
and B. Cook, Roscoe Postle Associates Inc., effective February 24,
2012. Mineral resource estimates are reported in accordance with
the CIM definitions. Investors are cautioned that mineral resources
are not mineral reserves and do not have demonstrated economic
viability. Qualified Persons: The quality control, technical
information and all aspects of the ongoing exploration program are
supervised and verified by Jay Jackson, P. Geo, District Geologist
and Marie-France Bugnon, P.Geo., General Manager Exploration,
Canada, both of IAMGOLD. The information in this release was
prepared under the supervision of Craig MacDougall, P.Geo., Senior
Vice President, Exploration for IAMGOLD and has been reviewed and
approved by Mr. Jackson and Ms. Bugnon. Mr. Jackson, Ms.
Bugnon and Mr. MacDougall are all Qualified Persons as defined by
National Instrument 43-101. Cautionary Note to U.S. Investors The
United States Securities and Exchange Commission limits disclosure
for U.S. reporting purposes to mineral deposits that a company can
economically and legally extract or produce. IAMGOLD uses
certain terms in this presentation, such as "measured,"
"indicated," or "inferred," which may not be consistent with the
reserve definitions established by the SEC. U.S. investors are
urged to consider closely the disclosure in the IAMGOLD Annual
Reports on Forms 40-F. You can review and obtain copies of
these filings from the SEC's website at
http://www.sec.gov/edgar.shtml or by contacting the Investor
Relations department. Forward Looking Statement This news release
contains forward-looking statements. All statements, other than of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements regarding
expected, estimated or planned gold and niobium production, cash
costs, margin expansion, capital expenditures and exploration
expenditures and statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential
mineral resources and mineral reserves) are forward-looking
statements. Forward-looking statements are generally identifiable
by use of the words "may", "will", "should", "continue", "expect",
"anticipate", "outlook", "guidance", "estimate", "believe",
"intend", "plan" or "project" or the negative of these words or
other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's ability to
control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things, without limitation: changes in the
global prices for gold, niobium, copper, silver or certain other
commodities (such as diesel, aluminum and electricity); changes in
U.S. dollar and other currency exchange rates, interest rates or
gold lease rates; risks arising from holding derivative
instruments; the level of liquidity and capital resources; access
to capital markets, financing and interest rates; mining tax
regimes; ability to successfully integrate acquired assets;
legislative, political or economic developments in the
jurisdictions in which the Company carries on business; operating
or technical difficulties in connection with mining or development
activities; laws and regulations governing the protection of the
environment; employee relations; availability and increasing costs
associated with mining inputs and labour; the speculative nature of
exploration and development, including the risks of diminishing
quantities or grades of reserves; adverse changes in the Company's
credit rating; contests over title to properties, particularly
title to undeveloped properties; and the risks involved in the
exploration, development and mining business. With respect to
development projects, IAMGOLD's ability to sustain or increase its
present levels of gold production is dependent in part on the
success of its projects. Risks and unknowns inherent in all
projects include the inaccuracy of estimated reserves and
resources, metallurgical recoveries, capital and operating costs of
such projects, and the future prices for the relevant
minerals. Development projects have no operating history upon
which to base estimates of future cash flows. The capital
expenditures and time required to develop new mines or other
projects are considerable, and changes in costs or construction
schedules can affect project economics. Actual costs and
economic returns may differ materially from IAMGOLD's estimates or
IAMGOLD could fail to obtain the governmental approvals necessary
for the operation of a project; in either case, the project may not
proceed, either on its original timing or at all. About IAMGOLD
IAMGOLD (www.iamgold.com) is a leading mid-tier gold mining company
producing approximately one million ounces annually from five gold
mines (including current joint ventures) on three continents. In
the Canadian province of Québec, the Company also operates Niobec
Inc., which produces more than 4.5 million kilograms of niobium
annually, and owns a rare earth element resource close to its
niobium mine. IAMGOLD is uniquely positioned with a strong
financial position and extensive management and operational
expertise. To grow from this strong base, IAMGOLD has a
pipeline of development and exploration projects and continues to
assess accretive acquisition opportunities. IAMGOLD's growth plans
are strategically focused in certain regions in Canada, select
countries in South America and Africa. Please note: This entire
news release may be accessed via fax, e-mail, IAMGOLD's website at
www.iamgold.com and through CNW Group's website at www.newswire.ca.
All material information on IAMGOLD can be found at www.sedar.com
or at www.sec.gov. Si vous désirez obtenir la version française de
ce communiqué, veuillez consulter le
http://www.iamgold.com/French/Home/default.aspx. IAMGOLD
Corporation CONTACT: Bob Tait, VP Investor Relations, IAMGOLD
CorporationTel: (416) 360-4743 Mobile: (647) 403-5520Laura Young,
Director, Investor Relations, IAMGOLD CorporationTel: (416)
933-4952 Mobile: (416) 670 3815Toll-free: 1-888-464-9999
info@iamgold.com
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