TORONTO, March 28, 2018 /PRNewswire/ - IAMGOLD
Corporation ("IAMGOLD" or the "Company") today announced the
first mineral resource estimate in accordance with the Canadian
Institute of Mining, Metallurgy and Petroleum ("CIM") Definition
Standards incorporated by reference in National Instrument 43-101
("NI 43-101") for the Monster Lake joint venture project (IAMGOLD
Corporation: 50%, TomaGold Corporation: 45%, and Quinto Resources
Inc.: 5% on the Monster Lake claims block), located 50 kilometres
southwest of Chibougamau, Quebec,
Canada.
The resource estimate comprises 1,109,700 tonnes of inferred
resources averaging 12.14 grams of gold per tonne for 433,300
ounces of contained gold. This resource is contained in four
discrete mineralized zones where geological and grade continuities
have been demonstrated and has been estimated assuming an
underground mining scenario. The most significant zone is the
325-Megane Zone which is characterized by its high grade and
remains open down plunge at depth. The potential for adding
additional resources along the identified shear structures is
considered favourable and remains the focus of ongoing exploration
programs.
Craig MacDougall, Senior Vice
President, Exploration for IAMGOLD, stated, "This initial resource
estimate reported for the Monster Lake project is an important
milestone as we continue to evaluate the full potential of the
Monster Lake area and I congratulate the exploration team for their
success to date. The structural setting suggests potential for
additional mineralized zones along the major structural corridor
identified on the project, and the presence of parallel mineralized
structures with similar high grade veins to the 325-Megane lens is
encouraging, making them compelling exploration targets."
The mineral resource estimate for the Monster Lake project
incorporates assay results from 105 diamond drill holes variably
spaced from 50 to 200 metres apart and totaling nearly 39,000
metres. The drill hole data base comprises both historic and recent
drill holes completed by the joint venture partners. The estimate
was prepared using a block model constrained with 3D wireframes of
the four mineralized solids constructed by InnovExplo Inc. Values
for gold were interpolated into blocks using a 2-pass inverse
distance squared (ID2) interpolation method. This mineral resource
estimate incorporates mining assumptions relating to an underground
mining extraction method to support the CIM requirement that
Mineral Resources have 'reasonable prospects for eventual economic
extraction'. Only mineralization contained within the four
mineralized wireframes has been included in the resource estimate.
The effective date of this resource estimate is February 26, 2018.
A supporting NI 43-101 Technical Report will be filed on SEDAR
at www.sedar.com within 45 days of this release.
MINERAL RESOURCE STATEMENT – MONSTER LAKE
PROJECT
Effective February 26,
2018
Classification
|
Tonnage
(000s)
|
Gold
Grade
(g/t
Au)
|
Contained
Ounces
(Au)
(000s)
|
Inferred
|
1,109.7
|
12.14
|
433.3
|
|
Notes:
|
- CIM definitions were followed for classification of
Mineral Resources.
- Mineral Resources are not Mineral Reserves and have not
demonstrated economic viability.
- Results are presented in situ and undiluted.
- Mineral resources are reported at a cut-off grade of
3.5 g/t Au, using a gold price of US$1,300/ounce and a
Canadian$/U.S.$ exchange rate of 1.28.
- Density data (g/cm3) was established on a
per zone basis and ranges from 2.86 to 2.88 g/cm3.
- A minimum true thickness of 2.5 m was applied, using
the grade of the adjacent material when assayed or a value of zero
when not assayed.
- High-grade capping (g/t Au) was done on raw assay data
and ranges from 20 to 150 g/t Au, based on the statistical analysis
of each mineralized zone.
- Resources were estimated from 1.5m drill hole
composites, using a 2-pass ID2 interpolation method in a block
model (block size = 3 m x 3 m x 3 m).
- The number of metric tons and ounces was rounded to the
nearest hundred.
|
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
325-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 for each of these events.
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.
Next Steps
IAMGOLD has initiated its 2018 exploration program which
includes approximately 7,500 metres of diamond drilling. The
objectives of the drilling program include: definition
drilling targeting the upper part of the 325-Megane zone; testing
for extensions along strike and at depth; and evaluation of newly
discovered areas of mineralization adjacent to the 325-Megane zone
along the Monster Lake structural corridor and in the Lower Shear
zone. The program is designed to improve confidence in the
continuity of the mineralization and to extend the known
mineralized zones.
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, all-in sustaining costs and other cost estimates,
capital expenditures and exploration expenditures and statements
regarding the estimation of mineral resources and mineral reserves,
exploration results, life-of-mine estimates and 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",
"estimate", "believe", "prospective", "significant", "significant
potential", "substantial", transformative", "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, failure to meet expected, estimated or planned gold
production, unexpected increases in all-in sustaining costs or
other costs, unexpected increases in capital expenditures and
exploration expenditures, variation in the mineral content within
the material identified as mineral resources and mineral reserves
from that predicted, changes in development or mining plans due to
changes in logistical, technical or other factors, 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 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.
Qualified Persons and Technical Information
The mineral resource estimate, including verification of the
data disclosed, has been completed by InnovExplo Inc.
("InnovExplo") and reported in accordance with NI 43-101
requirements and CIM Estimation Best Practice Guidelines. The
resource estimate was prepared by Karine Brousseau, Eng., and
Charlotte Athurion P.Geo., both of InnovExplo, under the
supervision of Alain Carrier P.Geo.,
of InnovExplo.
Karine Brousseau, Eng. who is an independent qualified person
under NI 43-101, has reviewed and approved the contents of this
release. The information in this news release was reviewed and
approved by Marie-France Bugnon, P.
Geo., General Manager Exploration for IAMGOLD, who is considered a
Qualified Person as defined by National Instrument 43-101.
Notes to Investors Regarding the Use of Resources
Cautionary Note to Investors Concerning Estimates of Inferred
Resources
This news release uses the term "inferred
resources". We advise investors that while this term is recognized
and required by Canadian regulations, the SEC does not recognize
it. "Inferred resources" have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally mineable.
Scientific and Technical Disclosure
IAMGOLD is
reporting mineral resource estimates in accordance with the CIM
guidelines for the estimation, classification and reporting of
resources.
Cautionary Note to U.S. Investors
The SEC 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 news release, such as "measured,"
"indicated," or "inferred," which may not be consistent with the
resource 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.
The Canadian Securities Administrators' NI 43-101 requires
mining companies to disclose reserves and resources using the
subcategories of "proven" reserves, "probable" reserves, "measured"
resources, "indicated" resources and "inferred" resources. Mineral
resources that are not mineral reserves do not demonstrate economic
viability.
A mineral resource is a concentration or occurrence of natural,
solid, inorganic material, or natural, solid fossilized organic
material including base and precious metals in or on the Earth's
crust in such form and quantity and of such a grade or quality that
it has reasonable prospects for economic extraction. The location,
quantity, grade, geological characteristics and continuity of a
mineral resource are known, estimated or interpreted from specific
geological evidence and knowledge. A measured mineral resource is
that part of a mineral resource for which quantity, grade or
quality, densities, shape and physical characteristics are so well
established that they can be estimated with confidence sufficient
to allow the appropriate application of technical and economic
parameters, to support production planning and evaluation of the
economic viability of the deposit. The estimate is based on
detailed and reliable exploration, sampling and testing information
gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced
closely enough to confirm both geological and grade continuity. An
indicated mineral resource is that part of a mineral resource for
which quantity, grade or quality, densities, shape and physical
characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered
through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably
assumed. An inferred mineral resource is that part of a mineral
resource for which quantity and grade or quality can be estimated
on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade
continuity. The estimate is based on limited information and
sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes. Mineral
resources which are not mineral reserves do not have demonstrated
economic viability.
Investors are cautioned not to assume that part or all of an
inferred resource exists, or is economically or legally
mineable.
A feasibility study is a comprehensive technical and economic
study of the selected development option for a mineral project that
includes appropriately detailed assessments of realistically
assumed mining, processing, metallurgical, economic, marketing,
legal, environmental, social and governmental considerations
together with any other relevant operational factors and detailed
financial analysis, that are necessary to demonstrate at the time
of reporting that extraction is reasonably justified (economically
mineable). The results of the study may reasonably serve as
the basis for a final decision by a proponent or financial
institution to proceed with, or finance, the development of the
project. The confidence level of the study will be higher than that
of a Pre-Feasibility Study.
A Pre-Feasibility Study is a comprehensive study of a range of
options for the technical and economic viability of a mineral
project that has advanced to a stage where a preferred mining
method, in the case of underground mining, or the pit
configuration, in the case of an open pit, is established and an
effective method of mineral processing is determined. It includes a
financial analysis based on reasonable assumptions on mining,
processing, metallurgical, economic, marketing, legal,
environmental, social and governmental considerations and the
evaluation of any other relevant factors which are sufficient for a
qualified person, acting reasonably, to determine if all or part of
the Mineral Resource may be classified as a Mineral Reserve.
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.
For further information please contact:
Ken Chernin, VP Investor
Relations, IAMGOLD Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883
Laura Young, Director,
Investor Relations, IAMGOLD Corporation
Tel: (416) 933-4952 Mobile: (416) 670-3815
Martin Dumont, Senior
Analyst Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942
Toll-free: 1-888-464-9999 info@iamgold.com
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.
SOURCE IAMGOLD Corporation