TSX: IMG NYSE: IAG
TORONTO, Sept. 5, 2012 /PRNewswire/ - 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
(g/t) |
Gold
(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.
SOURCE IAMGOLD Corporation