TORONTO, April 3, 2018 /PRNewswire/ - IAMGOLD
Corporation ("IAMGOLD" or the "Company") today announced a new
Inferred 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 Eastern Borosi joint venture gold project
(IAMGOLD: 51% and Calibre Mining Corp. ("Calibre"): 49%) located in
Nicaragua.
On behalf of the joint venture, Roscoe Postle Associates Inc.
("RPA") has completed the initial resource estimates for the Blag,
East Dome, Guapinol, and Vancouver
veins, as well as updated Mineral Resource estimates for the Riscos
de Oro and La Luna veins, which
are part of the Eastern Borosi joint venture. The resource models
assumed open pit extraction for the La Luna veins, and underground
mining extraction for the other veins.
The underground resource estimate comprises Inferred Resources
totaling 3,219,000 tonnes grading 6.03 g/t Au and 104 g/t Ag for
624,000 ounces of contained gold and 10,758,500 ounces of contained
silver. The open pit resource estimate comprises Inferred
Resources totaling 1,199,000 tonnes grading 1.98 g/t Au and 16
g/t Ag, for 76,500 ounces of contained gold and 601,000 ounces of
contained silver. A summary of the Mineral Resource estimate is
presented in Table 1.
Craig MacDougall, Senior Vice
President, Exploration for IAMGOLD, stated, "This new resource
estimate reported for the Eastern Borosi project consolidates the
results of successive drilling campaigns completed by the joint
venture partners under the direction of the Calibre exploration
team between 2014 and the end of 2017. Numerous vein systems and
targets remain to be explored and the potential for resource
additions and further discoveries is considered to be
favourable."
The Mineral Resource estimate for the Eastern Borosi project
incorporates assay results from 77 diamond drill holes, totaling
nearly 17,350 metres, variably spaced from 60 to 90 metres apart
targeting the Blag, East Dome, Guapinol, Vancouver and Riscos de Oro veins, and up to 150 metres apart on the
La Luna vein. The drill hole database comprises both historic and
recent drill holes completed by the joint venture partners. Blag
and Riscos de Oro deposits were
historically mined by open-pit and limited underground development
and the mined areas were used in the interpretation of the
mineralized wireframes. Mined out areas and areas above established
underground levels were removed from the resource models for
reporting purposes.
This Mineral Resource estimate was based on four block models,
corresponding to Blag, Riscos de Oro, Guapinol, and La Luna deposits. The
Blag deposit includes Blag and East Dome veins, while the Guapinol
deposit includes the Guapinol and Vancouver veins. Resource 3D wireframes
were built for each mineralized vein. Underground wireframes
were modelled at a nominal 2.0 g/t AuEq over 2.4 m true thickness. The open pit veins
were modelled at a nominal 0.4 g/t AuEq over 3 m true thickness. The wireframes were
used to constrain and populate the resource block models. The
block grade estimate used the inverse distance squared
(ID2) interpolation method. The Mineral Resource
is reported at a cut-off grade of 2.0 g/t gold equivalent (AuEq)
for the underground and at a cut-off grade of 0.42 g/t AuEq for the
open-pit, at a gold price of US$1,500
per ounce and a silver price of US$23
per ounce. High-grade gold assays were capped at values
ranging from 8 g/t to 40 g/t and high grade silver assays were
capped at values ranging from 40 g/t to 800 g/t depending on
domain. The open pit component of the Mineral Resource
estimate was constrained by a preliminary pit optimization shell.
The effective date of this resource estimate is March 15, 2018.
A supporting NI 43-101 Technical Report will be filed on SEDAR
at www.sedar.com within 45 days of this release.
TABLE
1
SUMMARY OF
INFERRED MINERAL RESOURCES – AS OF MARCH 15, 2018
|
IAMGOLD
Corporation – Eastern Borosi Project
|
|
|
|
Category
|
Method/Vein
|
Tonnage
(000
t)
|
Grade
Au
(g/t)
|
Contained
Ounces
Au
(oz)
|
Grade
Ag
(g/t)
|
Contained
Ounces
Ag
(oz)
|
Grade
AuEq
(g/t)
|
Contained
Ounces
AuEq
(oz)
|
Inferred
|
Underground
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blag
|
740
|
3.01
|
71,500
|
117
|
2,776,000
|
4.16
|
99,000
|
|
East Dome
|
513
|
2.23
|
37,000
|
219
|
3,611,000
|
4.38
|
72,500
|
|
Riscos de
Oro
|
1,184
|
5.73
|
218,000
|
106
|
4,046,500
|
6.77
|
258,000
|
|
Guapinol
|
612
|
12.74
|
251,000
|
12
|
243,500
|
12.86
|
253,000
|
|
Vancouver
|
170
|
8.54
|
46,500
|
15
|
82,000
|
8.69
|
47,500
|
|
Total
Underground
|
3,219
|
6.03
|
624,000
|
104
|
10,758,500
|
7.05
|
729,500
|
|
|
|
|
|
|
|
|
|
Inferred
|
Open
Pit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
La Luna
|
1,199
|
1.98
|
76,500
|
16
|
601,000
|
2.13
|
82,000
|
|
|
|
|
|
|
|
|
|
Inferred
|
Total
Underground
and Open Pit
|
4,418
|
4.93
|
700,500
|
80
|
11,359,500
|
5.72
|
812,000
|
|
|
Notes:
|
|
1.
|
CIM (2014)
definitions were followed for classification of Mineral
Resources.
|
2.
|
Mineral Resources are
estimated at a cut-off grade of 2.0 g/t AuEq for resources
potentially mined by
underground methods and 0.42 g/t AuEq for resources potentially
mined by open pit methods.
|
3.
|
Gold equivalent
values were calculated using the formula: AuEq (g/t) = Au (g/t) +
Ag (g/t) / (101.8)
|
4.
|
Mineral Resources are
estimated using a long-term gold price of US$1,500 per ounce of
gold, US$23 per ounce
of silver.
|
5.
|
A minimum mining
width of 2.4 m was used for underground and 3 m for open
pit.
|
6.
|
Bulk density is 2.65
t/m3 for Blag, East Dome, Riscos de Oro, and La Luna,
and 2.60 t/m3 for Guapinol and
Vancouver.
|
7.
|
East Dome is included
in the Blag resource model and Vancouver is included in the
Guapinol resource model.
|
8.
|
Numbers may not add
due to rounding.
|
9.
|
Mineral Resources
that are not Mineral Reserves do not have economic
viability.
|
The four deposits are located in an approximately 8 by 10
kilometre area and observed to display different lens orientations
and grades. The various veins are generally open along strike and
locally at depth. The potential for adding additional resources
will continue to be evaluated in future exploration programs. A
deposit location plan map is attached to this news release.
About the Eastern Borosi Project
Exploration to date on the Eastern Borosi Project has outlined
several tens of kilometres of prospective mineralized structures
located in an historic gold-silver mining district.
Historical drilling by previous explorers and Calibre intersected
low sulphidation epithermal gold-silver mineralization hosted
within porphyritic andesite. The vein systems consist of
structurally controlled, high-energy quartz-carbonate vein
breccias, vein-stockworks and discrete smokey quartz veins
containing fine grained sulphide minerals. Targets have been
defined by surface soil and rock sampling, trenching and
drilling.
The Eastern Borosi Project is held under an earn-in option to
joint venture agreement between IAMGOLD and Calibre. In 2017,
IAMGOLD vested an initial 51% interest under the terms of the First
Option by making cash payments totaling US$450,000 to Calibre, as well as funding
US$5 million in exploration
expenditures. Subsequently, IAMGOLD has entered the Second Option
with the right to earn a further 19% in the Project by completing
additional cash payments totaling US$450,000 and further exploration expenditures
totaling US$5
million.
Next Steps
Calibre, currently the project operator, has initiated the 2018
exploration and drilling program funded by IAMGOLD. Current work
consists of detailed surface geochemistry, rock sampling, and
mapping to evaluate a series of emerging targets and potential
extensions to certain known zones. A diamond drilling program has
started with an initial program of 6,000 metres to further test
targeted zones and defined targets, as well as complete a first
pass testing of new targets to expand the current resources.
Results will be reviewed as they are received in order to
prioritize developing targets with a view to ultimately complete up
to 10,000 metres of drilling in 2018 should results warrant.
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 Roscoe Postle Associates Inc.
("RPA") and reported in accordance with NI 43-101 requirements and
CIM Estimation Best Practice Guidelines. The resource estimate was
prepared by Tudorel Ciuculescu, P.Geo., of RPA.
Tudorel Ciuculescu, P.Geo., 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