TSX: IMG NYSE: IAG
TORONTO, Aug. 20, 2014 /CNW/ - IAMGOLD
Corporation ("IAMGOLD" or the "Company") today provided an
update from its ongoing exploration program at its newly optioned
Monster Lake project located 50 kilometres southwest of
Chibougamau, Quebec, Canada.
IAMGOLD initiated the current exploration program on the project
at the end of 2013 pursuant to an Earn-In Agreement finalized with
TomaGold Corporation, in which IAMGOLD may earn a 50% interest in
each of the Monster Lake, Winchester and Lac à l'eau jaune
properties, collectively referred to as the Monster Lake Project.
To earn its interest IAMGOLD must complete scheduled cash payments
and exploration expenditures totaling US$17.6 million over five years.
As previously reported in a news release dated May 27, 2014, the Company had completed a phase
one diamond drilling program totaling 4,528 metres (nine holes)
targeting mainly the direct down-dip and lateral extensions of the
325-Megane mineralized zone previously drilled by TomaGold. All
assay results have now been received and validated for the entire
phase one drilling program and are provided in Table I below.
A drill hole plan map and longitudinal section are attached to this
news release.
Highlights from the last four holes of the phase one program
include:
- 2.12 metres grading 2.30 g/t Au from 422.50 metres depth and
5.86 metres grading 2.62 g/t Au from 426.10 metres depth (including
2.21 metres grading 6.21 g/t Au from 426.94 metres) in hole
ML-14-115 (325-Megane Zone),
- 3.15 metres grading 2.42 g/t Au from 278.07 metres depth in
hole ML-14-116 (325-Megane Zone)
The phase one program has provided encouraging results as it
expanded the 325-Megane Zone and identified two additional
mineralized zones: the Upper 325-Megane Zone, a newly intersected
zone, and the Lower 325-Megane Zone which was tested only in a few
areas by previous drilling. The three zones appear sub-parallel and
are spaced approximately 100 to 400 metres apart. Initial results
reported last May also included: 10.47 metres grading 11.55 g/t Au
from 457.0 metres depth (including 48.90 g/t Au over 2.0 metres) in
hole ML-14-108 (325-Megane Zone), and an intersection of a footwall
zone referred to as the Lower 325-Megane Zone and grading 13.65 g/t
Au over 3.77 metres from 636.86m depth, including 46.0 g/t Au over
1.08 metres in hole ML-14-110. The newly discovered Upper
325-Megane Zone is systematically anomalous in gold where
intersected to date.
A summer field program comprised of geologic mapping, aided by a
shallow penetrating electromagnetic survey (Beep Mat of GDD
Instrumentation Inc.) to detect potentially sub-cropping conductive
shear zones, is currently in progress to help delineate structural
trends and confirm priority targets in the central core of the
Monster Lake property and in the regional extension of the
deformation corridor on the Lac à l'eau jaune and Winchester
properties. Detailed structural and lithological mapping on
well exposed historic gold occurrences will be used to assist the
final targeting for the next drill program currently being
finalized.
Craig MacDougall, Senior Vice
President, Exploration for IAMGOLD, stated, "Our involvement in the
Monster Lake Project was based on the potential to delineate high
grade mineralization in a prospective area possibly hosting several
gold zones. These first drill results on the 325-Megane Zone are
positive and confirmed the presence of several mineralized
structures as well as high grades. The ongoing exploration program
is progressing well and we look forward to next round of drilling
once the targets are finalized.."
The Monster Lake project is underlain by Archean volcanic rocks
of the Obatogamau Formation and is traversed by an important
deformation corridor and gold-bearing mineralized structures.
Historical drilling and recent success by TomaGold have identified
at least a four-kilometre long mineralized structure hosting most
of the gold surface showings and diamond drilling intersections,
including the 325-Megane Zone.
Next Steps
The summer field program continues and is
expected to include a limited outcrop stripping and trenching
program to expose key areas identified from the ongoing mapping and
geophysical surveys. A property scale glacial till sampling survey
and some specific ground geophysical surveys are also in progress
over selected areas. A second phase of diamond drilling totaling
approximately 5,000 metres is scheduled by the end of October 2014 to test selected target areas along
the main mineralized corridor and the down plunge of the 325-Megane
zone. The first diamond drill rig mobilizes today and the second
rig by the end of the week.
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 the AGAT Laboratory
prep lab facility 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.
Analytical pulps are forwarded for analysis at the AGAT
Laboratories (ISO / IEC 17025 Certified by the Standards
Council of Canada) in Mississauga, Ontario. 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.
CAUTIONARY STATEMENT ON
FORWARD-LOOKING
INFORMATION
All information included in this news
release, including any information as to the Company's future
financial or operating performance, and other statements that
express management's expectations or estimates of future
performance, other than statements of historical fact, constitute
forward looking information or forward-looking statements and are
based on expectations, estimates and projections as of the date of
this news release. Forward-looking statements contained in this
news release include, but are not limited to, statements with
respect to: the Company's guidance for production, exploration,
rock hardness, grade, strip ratios, the future price of gold, the
estimation of mineral reserves and mineral resources, the
realization of mineral reserve and mineral resource estimates, the
timing and amount of estimated future production, costs of
production, permitting timelines, requirements for additional
capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses and title disputes or
claims. Forward-looking statements are provided for the
purpose of providing information about management's current
expectations and plans relating to the future. Forward-looking
statements are generally identifiable by, but are not limited to
the, use of the words "may", "will", "should", "could", "intends",
"potential", "continue", "expect" or "anticipate" or the negative
of these words or other variations on these words or comparable
terminology. Forward-looking statements are necessarily based upon
a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
The Company cautions the reader not to place any reliance
whatsoever on forward-looking information or forward-looking
statements. Forward- looking information and forward-looking
statements involve risks, uncertainties and other factors that may
cause the actual financial results, performance or achievements of
IAMGOLD to be materially different from the Company's estimated
future results, performance or achievements expressed or implied by
those forward-looking statements, and the forward-looking
statements are not guarantees of future performance. 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. 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.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise except as required by
applicable law.
About IAMGOLD
IAMGOLD (www.iamgold.com) is a mid-tier mining company with five
operating gold mines (including current joint ventures) on three
continents and one of the world's top three niobium mines. A solid
base of strategic assets in Canada, South
America and 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 - 2014 Winter Drilling
program
|
Hole No.
|
UTMNAD83Zone18(1)
|
AZ
|
DIP
|
EOH
|
from
|
To
|
Interval
|
True
Width(2)
|
Au
|
NOTE
|
|
Easting
|
Northing
|
Elevation
|
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
|
ML-14-108
|
520296
|
5488383
|
370
|
290
|
-55
|
480
|
56.1
|
58
|
1.9
|
1.65
|
1.81
|
Upper 325-Megane
Zone
|
|
|
|
|
|
|
|
445.25
|
446.5
|
1.25
|
1.08
|
6.44
|
|
|
|
|
|
|
|
|
457
|
467.47
|
10.47
|
9.07
|
11.55
|
325-Megane
Zone
|
Including(3)
|
|
|
|
|
|
|
458
|
460
|
2
|
1.73
|
48.9
|
|
Including(3)
|
|
|
|
|
|
|
466
|
467.47
|
1.47
|
1.27
|
11.1
|
|
ML-14-109
|
520316
|
5488270
|
370
|
290
|
-55
|
582
|
66
|
71.16
|
5.16
|
4.47
|
1.3
|
Upper 325-Megane
Zone
|
Including(3)
|
|
|
|
|
|
|
69
|
71.16
|
2.16
|
1.87
|
1.64
|
Upper 325-Megane
Zone
|
|
|
|
|
|
|
|
559.77
|
560.41
|
0.64
|
0.55
|
0.95
|
325-Megane
Zone
|
ML-14-110
|
520302
|
5488169
|
370
|
290
|
-50
|
667
|
210.1
|
211.26
|
1.16
|
1.00
|
1.04
|
|
|
|
|
|
|
|
|
508
|
509.45
|
1.45
|
1.26
|
0.71
|
325-Megane
Zone
|
|
|
|
|
|
|
|
636.86
|
640.63
|
3.77
|
3.26
|
13.65
|
Lower 325-Megane
Zone
|
Including(3)
|
|
|
|
|
|
|
638.8
|
639.88
|
1.08
|
0.94
|
46.17
|
|
ML-14-111
|
520318
|
5488324
|
370
|
290
|
-60
|
454
|
59.59
|
60.13
|
0.54
|
0.47
|
3.48
|
Upper 325-Megane
Zone
|
|
|
|
|
|
|
|
300.92
|
301.92
|
1
|
0.87
|
1.4
|
325-Megane
Zone
|
|
|
|
|
|
|
|
420.18
|
421.16
|
0.98
|
0.85
|
1.85
|
Lower 325-Megane
Zone
|
ML-14-112
|
520315
|
5488321
|
370
|
291
|
-53
|
652
|
480.9
|
489.27
|
8.37
|
7.25
|
1.32
|
325-Megane
Zone
|
Including(3)
|
|
|
|
|
|
|
485.18
|
487.27
|
2.09
|
1.81
|
2.97
|
|
|
|
|
|
|
|
|
596.51
|
597.65
|
1.14
|
1.00
|
1.48
|
Lower 325-Megane
Zone
|
ML-14-113
|
520322
|
5488221
|
370
|
295
|
-51
|
550
|
514
|
518.47
|
4.47
|
3.87
|
1.50
|
325-Megane
Zone
|
ML-14-114
|
520195
|
5488592
|
370
|
290
|
-60
|
313
|
273.8
|
274.99
|
1.19
|
1.03
|
1.89
|
325-Megane
Zone
|
ML-14-115
|
520296
|
5488383
|
370
|
290
|
-50
|
304
|
53.62
|
54.86
|
1.24
|
1.07
|
1.58
|
Upper 325-Megane
Zone
|
|
|
|
|
|
|
|
422.5
|
424.62
|
2.12
|
1.84
|
2.30
|
325-Megane
Zone
|
|
|
|
|
|
|
|
426.1
|
431.96
|
5.86
|
5.07
|
2.62
|
|
Including(3)
|
|
|
|
|
|
|
426.94
|
429.15
|
2.21
|
1.91
|
6.21
|
|
ML-14-116
|
520000
|
5488115
|
370
|
291
|
-61
|
451
|
83.92
|
84.46
|
0.54
|
0.47
|
5.84
|
Upper 325-Megane
Zone
|
|
|
|
|
|
|
|
278.07
|
281.22
|
3.15
|
2.73
|
2.42
|
325-Megane
Zone
|
Notes:
- Drill hole intercepts are calculated with a lower cut of 0.50
g/t Au and represents the best results associated to the
intersected structure.
- True widths of intersections are approximately 85-90% of the
core interval.
- Assays are reported uncut but high grade sub-intervals are
highlighted.
SOURCE IAMGOLD Corporation