TSX: IMG NYSE: IAG
TORONTO, March 29, 2017 /CNW/ - IAMGOLD Corporation
("IAMGOLD" or the "Company") today provided an update from its 2017
infill drilling program currently in progress at the Saramacca
project, located 25 kilometres southwest of its Rosebel Gold Mine
("RGM") in Suriname. The company is reporting assay results
from the initial 29 diamond drill holes totaling 6,008 metres of
the ongoing 2017 delineation program.
The assay intersections including capped composites and
estimated true widths are provided in Table 1 and include the
following highlights:
(A drill hole plan map is attached to this news release.)
- SMDD17-077: 60.5 metres grading 40.91 g/t
Au
Including: 19.5 metres grading 75.91 g/t
Au
- SMDD17-084: 20.0 metres grading 4.26 g/t Au
and 19.5 metres grading 9.66 g/t Au
- SMDD17-068: 16.7 metres grading 9.93 g/t Au
- SMDD17-091: 23.5 metres grading 7.41 g/t Au
- SMDD17-074: 32.6 metres grading 4.05 g/t Au
and 17.75 metres grading 6.65 g/t Au
- SMDD17-085: 52.6 metres grading 5.33 g/t Au
"These drill results exceed what we expected when we acquired
the rights to the Saramacca property and lead us to believe that
this deposit has the potential to create significant value for all
stakeholders with a vested interest in the future of Rosebel,
including our shareholders and the Government of Suriname," said
President and CEO of IAMGOLD Steve Letwin. "Initially we were
attracted to Saramacca by the prospect of finding soft gold-bearing
rock, and are pleased to see soft rock extending to depths of up to
100 metres. What is now becoming Saramacca's most
compelling feature is the high grades that we've intercepted to
date. We intend to declare a resource this year which would
then enable us to develop our plans to bring Saramacca into the
mine feed as quickly as possible."
Craig MacDougall, Senior Vice
President, Exploration for IAMGOLD, stated: "The initial assay
results from our ongoing 2017 infill diamond drilling program
continue to return numerous intersections with high grades of gold
over wide intervals, from both shallow oxide and deeper sulphide
intervals. We are continuing to develop our geological
deposit model and increase our confidence and understanding of the
structures hosting the mineralization. We remain on target to
complete an initial resource estimation in Q3 2017 as we have
previously stated."
2017 Exploration Program
Drilling to date has confirmed the presence of multiple
mineralized structures within an approximately 2 kilometres long
and 600 metres wide corridor. Mineralization occurs in the
near surface oxidized weathering profile to depths ranging from 50
to 100 metres, as well as deeper in the primary sulphide zones and
remains open along strike and at depth. In the deposit area,
three mineralization styles are recognized from the drilling
completed to date: breccia hosted mineralization characterized by
jigsaw, crackle and matrix supported breccias; shear hosted
mineralization characterized by well-developed pyritic
disseminations and stringers; and irregular pyrite-quartz-carbonate
veins which locally carry high gold grades.
The 2017 infill drilling program is ongoing with three diamond
drill rigs currently operating. The initial phase of the
program will involve the completion of approximately 15,000 to
17,000 metres of diamond drilling on a nominal 50 x 50 metre infill
drilling pattern to further define and confirm continuity of the
key mineralized structures. Results will be incorporated into
a deposit model to support an initial National Instrument 43-101
resource estimate expected for completion by the third quarter
2017.
In addition, geological mapping and geophysical surveys are
planned along the Saramacca structural corridor to define targets
for further exploration.
About the Saramacca Project
The Saramacca project is strategically located approximately 25
kilometres southwest of the Rosebel Gold Mine milling
facility. Mineralization is hosted in the Paramaka Formation
within the lower part of the Marowijne Greenstone Belt, which is
dominated by metamorphosed dacite, rhyolite, basalt and andesite
lithologies in the project area. These are traversed by the
regional, northwest trending Saramacca shear zone, an important
deformation zone for the localization of gold mineralization.
The Saramacca property has been explored since the 1990's
principally by Golden Star Resources Ltd. ("Golden Star") and later
as a joint venture between Golden
Star and Newmont Mining Corporation. Much of that work
focused on the discovery and delineation of Anomaly M, which was
the subject of successive auger and diamond drilling programs with
over 50 diamond drill holes and over 200 auger holes completed in
the anomaly area. Evaluation of this work suggests an
exploration target potential of between 8 and 40 million tonnes
grading between 1.0 and 1.8 g/t Au for potentially 0.5 to 1.4
million contained ounces of gold. The potential quantity and
grade are conceptual in nature and insufficient exploration work
has been completed to date to define a mineral resource. The
property will require significant future exploration to advance to
a resource stage and there can be no certainty that the exploration
target will result in a mineral resource being defined.
On August 30, 2016, the Company
signed a letter of intent with the Government of Suriname to
acquire rights to the Saramacca property, with the intent of
defining a National Instrument 43-101 mineral resource within 24
months. The terms of the letter included an initial payment
of $0.2 million, which enabled
immediate access to the property for Rosebel's exploration team to
conduct due diligence, as well as access to the data from previous
exploration activity at the Saramacca property. On
September 30, 2016, having been
satisfied with the results of the due diligence, the Company
ratified the letter of intent to acquire the Saramacca property and
subsequently paid $10 million in cash
and agreed to issue 3.125 million IAMGOLD common shares to the
Government of Suriname in three approximately equal annual
instalments on each successive anniversary of the date the right of
exploration was transferred to Rosebel (December 14, 2016). In addition, the
agreement provides for a potential upward adjustment to the
purchase price based on the contained gold ounces identified by
Rosebel in National Instrument 43-101 measured and indicated
resource categories, within a certain Whittle shell within the
first 24 months, to a maximum of $10
million.
The Saramacca project falls within the "UJV" area as defined in
an Agreement with the Government of Suriname announced on
April 15, 2013. The Agreement
establishes a joint venture growth vehicle under which Rosebel
would hold a 70% participating interest and the Government will
acquire a 30% participating interest on a fully-paid basis.
Qualified Persons and Technical Information
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 "Qualified Person" responsible for the supervision of the
preparation, verification and review of the technical information
in this release is Ian Stockton,
MAusIMM, FAIG, Exploration Manager for IAMGOLD in Suriname.
He is considered a "Qualified Person" for the purposes of
National Instrument 43-101 with respect to the technical
information being reported on. The technical information has
been included herein with the consent and prior review of the above
noted Qualified Person.
The information in this news release was reviewed and approved
by Craig MacDougall, P.Geo., Senior
Vice President, Exploration for IAMGOLD. Mr. MacDougall is a
Qualified Person as defined by National Instrument 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 (HQ and NQ size) samples are selected by the IAMGOLD
geologists and sawn in half with a diamond saw at the Rosebel mine
site. Half of the core is retained at the site for reference
purposes. Sample intervals may vary from half a metre to one
and a half metres in length depending on the geological
observations.
Samples are transported in sealed bags to FILAB in Paramaribo, Suriname, a representative lab of
ALS. FILAB is an ISO 9001 (2008) and ISO/IEC 170250
accredited laboratory. Samples are weighed and coarse crushed
to <2.5 mm, and 350-450 grams is Pulverized to 85%
passing<100 μm. Samples are analyzed for gold using
standard fire assay technique with a 50 gram charge and an Atomic
Absorption (AA) finish. Multi-element analysis (40 elements)
using ICPAES multi-acid digest is also undertaken. IAMGOLD
inserts blanks and certified reference standard in the sample
sequence for quality control. Samples representative of the
various lithologies are collected from each drill hole and measured
for bulk density at the site RGM laboratory.
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 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 "will", "should",
"continue", "expect", "estimate", "believe", "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, failure to meet expected, estimated or planned gold
production, cash costs, margin expansion, capital expenditures and
exploration expenditures and failure to establish estimated mineral
resources, the possibility that future exploration results will not
be consistent with the Company's expectations, changes in world
gold markets and other risks disclosed in IAMGOLD's most recent
Form 40-F/Annual Information Form on file with the United States
Securities and Exchange Commission and Canadian provincial
securities regulatory authorities. Any forward-looking
statement speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking statement.
About IAMGOLD
IAMGOLD (www.iamgold.com) is a mid-tier mining company with four
operating gold mines on three continents. A solid base of
strategic assets in North and South
America and West Africa is
complemented by development and exploration projects and continued
assessment of accretive acquisition opportunities. IAMGOLD is
in a strong financial position with extensive management and
operational expertise.
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/accueil/default.aspx.
Table 1: Diamond Drill Hole Assay
Results
HOLE-ID
|
Local UTM
grid
|
End of
Hole (m)
|
Azimuth
|
Dip
|
From
(m)
|
To
(m)
|
Interval
(m)
|
True Width
(m)*
|
Au
(g/t)
|
Au (g/t)
(Capped at
30 g/t Au)*
|
Easting
|
Northing
|
Elevation
|
SMDD17-068
|
32751
|
63446
|
881
|
287
|
215
|
-50
|
169.3
|
186
|
16.7
|
10.8
|
9.93
|
9.38
|
SMDD17-069
|
32510
|
63611
|
877
|
150.0
|
215
|
-50
|
No significant
results
|
SMDD17-070
|
32565
|
63689
|
874
|
321.2
|
215
|
-55
|
No significant
results
|
SMDD17-071
|
32695
|
63533
|
886
|
294.0
|
215
|
-50
|
204
|
212.4
|
8.4
|
5.4
|
1.18
|
1.18
|
SMDD17-072
|
32271
|
64062
|
797
|
258.0
|
215
|
-50
|
165
|
174.9
|
9.9
|
7.1
|
2.30
|
2.30
|
SMDD17-073
|
32663
|
63485
|
894
|
196.5
|
215
|
-50
|
100.5
|
110.5
|
10
|
6.9
|
3.85
|
3.85
|
SMDD17-074
|
32099
|
64426
|
729
|
354.0
|
215
|
-50
|
0
|
9.5
|
9.5
|
6.5
|
1.57
|
1.57
|
|
|
|
|
|
|
|
25.5
|
39
|
13.5
|
9.8
|
0.70
|
0.70
|
|
|
|
|
|
|
|
232.5
|
239
|
6.5
|
4.8
|
1.13
|
1.13
|
|
|
|
|
|
|
|
277.4
|
310
|
32.6
|
22.0
|
4.05
|
4.05
|
|
|
|
|
|
|
|
317.25
|
335
|
17.75
|
14.4
|
6.65
|
6.65
|
SMDD17-075
|
31992
|
64535
|
714
|
359.0
|
215
|
-50
|
261
|
268.5
|
7.5
|
6.0
|
1.49
|
1.49
|
SMDD17-076
|
31988
|
64270
|
757
|
90
|
215
|
-50
|
No significant
results
|
SMDD17-077
|
31978
|
64342
|
750
|
184.5
|
215
|
-51
|
14.5
|
75
|
60.5
|
30.0
|
40.91
|
15.98
|
|
|
|
|
|
including
|
27
|
46.5
|
19.5
|
9.5
|
75.91
|
22.67
|
|
|
|
|
|
including
|
54
|
70.5
|
16.5
|
8.0
|
53.29
|
24.79
|
SMDD17-078
|
31965
|
64497
|
722
|
241
|
215
|
-47
|
108
|
119.6
|
11.6
|
7.7
|
2.00
|
2.00
|
|
|
|
|
|
|
|
199.5
|
205
|
5.95
|
4.1
|
0.64
|
0.64
|
SMDD17-079
|
32057
|
64454
|
726
|
369
|
215
|
-50
|
265.5
|
282.25
|
16.75
|
13.0
|
7.04
|
5.90
|
SMDD17-080
|
31934
|
64453
|
736
|
163
|
215
|
-47
|
40
|
49
|
9
|
6.4
|
1.89
|
1.89
|
SMDD17-081
|
32734
|
63421
|
887
|
200
|
215
|
-50
|
0
|
8
|
8
|
5.4
|
1.13
|
1.13
|
|
|
|
|
|
|
|
153.3
|
168.5
|
15
|
10.04
|
3.24
|
3.24
|
SMDD17-082
|
32032
|
64419
|
734
|
190.5
|
215
|
-50
|
0
|
7
|
7
|
4.7
|
1.96
|
1.96
|
|
|
|
|
|
|
|
180
|
190.5
|
10.5
|
7.0
|
1.73
|
1.73
|
SMDD17-083
|
32714
|
63392
|
893
|
150.5
|
215
|
-50
|
1
|
13
|
12
|
8.0
|
1.24
|
1.24
|
|
|
|
|
|
|
|
97
|
117
|
20
|
12.8
|
1.51
|
1.51
|
SMDD17-084
|
32002
|
64376
|
742
|
236
|
215
|
-53
|
3.5
|
19.5
|
16
|
10.0
|
0.66
|
0.66
|
|
|
|
|
|
|
|
135
|
155
|
20
|
8.5
|
4.26
|
4.26
|
|
|
|
|
|
|
|
163
|
182.5
|
19.5
|
9.0
|
9.66
|
6.37
|
|
|
|
|
|
|
|
188.5
|
198.4
|
9.9
|
5.3
|
3.66
|
3.66
|
SMDD17-085
|
32785
|
63405
|
889
|
248
|
215
|
-50
|
0
|
11.5
|
11.5
|
7.5
|
0.95
|
0.95
|
|
|
|
|
|
|
|
188
|
240.6
|
52.6
|
30.0
|
5.33
|
5.33
|
SMDD17-086
|
32110
|
64182
|
779
|
186
|
215
|
-50
|
No significant
results
|
SMDD17-087
|
31899
|
64577
|
706
|
265
|
215
|
-50
|
69
|
79.5
|
10.5
|
6.7
|
11.35
|
10.5
|
SMDD17-088
|
32087
|
64150
|
794
|
120
|
215
|
-50
|
No significant
results
|
SMDD17-089
|
31877
|
64545
|
711
|
135
|
215
|
-50
|
1.5
|
18
|
16.5
|
9.0
|
3.04
|
3.04
|
SMDD17-090
|
32163
|
64084
|
812
|
150
|
215
|
-47
|
No significant
results
|
SMDD17-091
|
32737
|
63337
|
904
|
141.8
|
215
|
-50
|
0
|
23.5
|
23.5
|
15.0
|
7.41
|
7.41
|
SMDD17-092
|
31854
|
64514
|
715
|
75
|
215
|
-50
|
3
|
9
|
6
|
3.3
|
2.04
|
2.04
|
SMDD17-093
|
31928
|
64527
|
718
|
136
|
215
|
-50
|
No significant
results
|
SMDD17-094
|
32190
|
64123
|
793
|
204
|
215
|
-47
|
No significant
results
|
SMDD17-095
|
32784
|
63318
|
908
|
151.7
|
215
|
-52
|
0
|
20.5
|
20.5
|
10.2
|
1.35
|
1.35
|
|
|
|
|
|
|
|
64
|
80.5
|
16.5
|
11.5
|
1.16
|
1.16
|
|
|
|
|
|
|
|
136
|
151.7
|
15.7
|
11.0
|
8.32
|
8.32
|
SMDD17-098
|
32800
|
63252
|
913
|
176
|
215
|
-50
|
0
|
20
|
20
|
10.9
|
1.56
|
1.56
|
|
|
|
|
|
|
|
50
|
59.5
|
9.5
|
5.2
|
1.59
|
1.59
|
|
|
|
|
|
|
|
79
|
100
|
21
|
14.5
|
0.62
|
0.62
|
|
Notes:
1. Drill hole intercepts are calculated using a 0.50 g/t Au
assay cut-off and 5m minimum length
2. Capped composites are cut to 30g/t Au
3. True widths are estimated from intersected geometries
|
SOURCE IAMGOLD Corporation