TSX: IMG
NYSE: IAG
TORONTO, Nov. 1, 2017 /PRNewswire/ - IAMGOLD
Corporation ("IAMGOLD" or the "Company") today announced assay
results from the summer 2017 drilling program completed at its
Monster Lake joint venture project located 50 kilometres southwest
of Chibougamau, Quebec, Canada.
The company is reporting the assay results from three drill
holes, totaling 1,836 metres, completed at the end of July.
The assay results are provided in Table 1 below and include the
following highlights:
(A drill hole plan map and longitudinal sections are attached to
this news release.)
Monster Lake Shear Zone, Megane Zone:
- Drill hole ML17-210: 4.7 metres grading 2.14 g/t
gold
-
- Includes: 2.0 metres grading 3.03 g/t gold
Lower Shear Zone:
- Drill hole ML17-208: 2.4 metres grading 7.42 g/t
gold
-
- Includes: 1.0 metre grading 16.51 g/t gold
The 2017 summer drilling program was designed to test the gold
bearing structures from areas accessible in the summer season. The
program has specifically targeted the mineralization discovered
within a structure parallel to the Monster Lake Structural Corridor
("MLSC"), the Lower Shear Zone, as well as completed one additional
infill hole at the Megane zone situated within the MLSC.
The results from this drilling program have better delineated
the mineralization discovered in the Lower Shear Zone, and added
further definition of the Megane zone.
Craig MacDougall, Senior Vice
President, Exploration for IAMGOLD, stated: "These new assay
results will be incorporated into the deposit model to better
understand the resource potential of both the Megane zone and the
Lower zone. The structural setting suggests favourable potential
for the occurrence of additional mineralized shoots along this
major structural corridor."
Next Steps
In the coming weeks, a winter drilling
program is being planned to test extensions of the Lower zone and
other structural targets along the main structures. The results
from all previous drilling programs are currently being assessed to
consider whether an initial mineral resource estimate is warranted
by yearend.
About the Monster Lake Project
The Monster Lake
project is underlain by Archean volcanic rocks of the Obatogamau
Formation and is traversed by an important deformation corridor and
associated gold-bearing mineralized structures. Historical drilling
and exploration by TomaGold Corporation ("TomaGold') have
identified a four-kilometre long structural corridor, along which
most of the known gold occurrences discovered to date on the
property are associated, including the Megane Zone.
The Monster Lake Project is held under an earn-in option to
joint venture agreement with TomaGold. The Company holds an
undivided 50% interest in the property, and holds an option to earn
a further 25% undivided interest, for a total 75% undivided
interest in the Project, should it spend a total of C$10.0 million on the Project within a seven year
period, beginning January 1, 2015.
Should a development decision be made by the joint venture, or
should the joint venture declare commercial production, TomaGold
would be entitled to a further C$1.0
million payment. IAMGOLD has completed its first year
commitment under the terms of the amended option earn in
agreement.
On August 14, 2017, IAMGOLD
subscribed for 27.7 million common shares of TomaGold from treasury
representing 19.98% of the outstanding common shares of TomaGold.
The common shares were purchased at a price of C$0.09 per common share, for an aggregate
purchase price of C$2.5 million.
Prior to the acquisition, IAMGOLD did not hold any common shares of
TomaGold.
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 "Qualified Person" responsible for the supervision of the
preparation and review of this information is Marie-France Bugnon, P. Geo., General Manager
Exploration. Marie-France 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 Qualified person has verified the
data disclosed, and data underlying the information or opinions
contained herein.
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 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 ALS Minerals
Laboratory located in Val-d'Or,
Québec. Samples are coarse crushed to a -10 mesh and then a
1000 gram split is pulverized to 95% passing -150 mesh. ALS
Minerals processes analytical pulps directly at their facilities
located in Val-d'Or which is ISO /
IEC 17025 certified by the Standards Council of Canada. Samples are analyzed using a standard
fire assay with a 50 gram charge with an Atomic Absorption (AA)
finish. For samples that return assay values over 5.0 grams
per tonne (g/t), another pulp is taken and fire assayed with a
gravimetric finish. Core samples showing visible gold or
samples which have returned values greater than 10.0 g/t are
re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks
and certified reference standard in the sample sequence for quality
control.
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", "anticipate", "estimate", "believe",
"intend", "to earn", "to have', "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/Home/default.aspx.
Table 1
Monster Lake
Project Drilling Final Results - 2017 Summer Drilling
Program
|
Hole No.
|
UTM NAD83
Zone18
|
AZ
|
DIP
|
EOH
|
from
|
To
|
Interval
|
True Width
(2)
|
Au
(1)
|
NOTE
|
|
Easting
|
Northing
|
Elevation
|
(°)
|
(°)
|
(m)
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
|
ML-17-208
|
520303
|
5488169
|
370
|
278
|
-47
|
651
|
497.25
|
499.60
|
2.35
|
1.80
|
1.41
|
Main Shear
Zone
|
|
|
|
|
|
|
|
619.75
|
620.95
|
1.20
|
0.98
|
1.33
|
Lower Shear
Zone
|
|
|
|
|
|
|
|
623.75
|
626.65
|
2.90
|
2.38
|
7.42
|
|
Including(3)
|
|
|
|
|
|
|
625.40
|
626.65
|
1.25
|
1.02
|
16.51
|
|
|
|
|
|
|
|
|
630.45
|
631.45
|
1.00
|
0.82
|
1.71
|
|
ML-17-209
|
520303
|
5488169
|
370
|
284
|
-52
|
693
|
516.30
|
517.40
|
1.10
|
0.90
|
1.18
|
Main Shear
Zone
|
|
|
|
|
|
|
|
655.90
|
657.80
|
1.90
|
1.56
|
2.82
|
Lower Shear
Zone
|
ML-17-210
|
520296
|
5488381
|
370
|
290
|
-52
|
492
|
456.00
|
461.70
|
5.70
|
4.67
|
2.14
|
Main Shear
Zone
|
Including(3)
|
|
|
|
|
|
|
456.00
|
458.40
|
2.40
|
1.97
|
3.03
|
|
Including(3)
|
|
|
|
|
|
|
460.20
|
461.70
|
1.50
|
1.23
|
3.02
|
|
Notes:
|
|
1. Drill hole
intercepts are calculated using a 0.50 g/t Au assay cut-off.
2. True widths of intersections are approximately 75 to 85% of the
core interval.
3. Assays are reported uncut but high grade sub-intervals are
highlighted.
|
Monster Lake Project
SOURCE IAMGOLD Corporation