TSX: IMG NYSE: IAG
All monetary figures are expressed in U.S. dollars.
TORONTO, June 23, 2014 /CNW/ - IAMGOLD Corporation
("IAMGOLD" or the "Company") today provided an update from ongoing
exploration activities at the Company's 100%-owned Pitangui gold
project located approximately 110 kilometres northwest of
Belo Horizonte, the capital city
of Minas Gerais State, Brazil. The
project comprises 180.3 square kilometres of exploration licenses
covering the Archean Pitangui greenstone belt where an estimated
inferred resource of 4.07 million tonnes grading 4.88 grams of gold
per tonne for 0.64 million contained ounces was recently reported
for the São Sebastião discovery (see news release dated
April 9, 2014).
Assay results have been received for a further 27 diamond
drillholes totalling 9,971 metres completed on the Pitangui project
subsequent to the effective date of the maiden resource estimate
described above. The 2014 diamond drilling program continues to
confirm continuity of mineralization within the current São
Sebastião resource area and has also returned significant
intersections from projected strike and plunge extensions of known
mineralized zones to expand the potential limits of the
deposit.
The drilling results are provided in Table 1 below, and include
the following highlights:
- Drillhole FJG-073: 4.9 metres grading 10.16 g/t
gold
- Drillhole FJG-075: 8.9 metres grading 5.83 g/t
gold
- Drillhole FJG-076: 6.3 metres grading 7.12 g/t gold
13.3
metres grading 4.71 g/t gold
- Drillhole FJG-078: 7.5 metres grading 9.73 g/t gold
4.5
metres grading 9.59 g/t gold
Craig MacDougall, Senior Vice
President, Exploration for IAMGOLD, stated, "As hoped, the infill
delineation drilling program targeting the core area of the
Biquinho Zone is confirming continuity of the zone and is
intersecting good thicknesses of higher grade mineralization.
In addition, the Pimentao Zone located approximately 120 metres
below the Biquinho Zone, has also returned some encouraging results
which have potential to expand the current resources."
Gold mineralization at the Pitangui project is hosted by a
series of parallel and complexly folded horizons of banded iron
formation ('BIF') that are separated by mafic volcanic and minor
sedimentary units within the lower greenstone belt stratigraphy.
Within the iron formations, gold mineralization is associated with
sulphide replacement of primary magnetite bands, characterized by
the presence of pyrrhotite and lesser amounts of arsenopyrite,
pyrite, and chalcopyrite. Several active mining operations in the
Brazilian Iron Quadrangle exploit gold deposits of a comparable
age, host rock type and mineralization style. Examples include
AngloGold Ashanti's Cuiabá and Lamego deposits. These deposits
typically comprise multiple mineralized shoots with high plunge to
strike-length ratios, a result of complex structural controls on
gold distribution.
A significant proportion of the current São Sebastião resource
estimate is derived from one shallowly plunging mineralized horizon
('Biquinho Zone'). However, several of the assay results reported
herein were returned from a structurally thickened section of the
'Pimentao Zone', such as the results for drill holes FJG-076,
FJG-078 and FJG-081 shown on Table 1 (attached). The new high-grade
intersections within the core area of the Biquinho zone as well as
the discovery of new high-grade areas within the other known zones,
such as Pimentao, are key to achieving significant resource growth
on the Pitangui project, and are principal objectives of the 2014
exploration campaign.
Next Steps
Two drill rigs are currently in operation at the São Sebastião
deposit with the objectives to: 1) increase the confidence in and
expand the currently identified resources within the Biquinho Zone
on a 50 x 50 metre infill drill program, and 2) extend the limits
of the mineralization and identify additional higher-grade and
structurally thickened shoots within the mineralized footprint. The
location of completed and planned drillholes is illustrated on
Figure 1 (attached).
On the remainder of the Pitangui property, geochemical sampling
and geophysical (including airborne electromagnetic) surveys are
planned or are in progress with the objective to identify new
target areas within the host BIF sequence. A third drill rig has
been mobilized to site to commence testing priority exploration
targets.
Technical Information and Quality Control Notes
The Pitangui project drilling results contained in this news
release have been prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects. The sampling
and analysis of drill core is monitored through the implementation
of a quality assurance - quality control program designed to follow
industry best practice. Drill core (HQ and NQ size) samples were
selected by IAMGOLD geologists and cut lengthwise with a diamond
saw at the project site. Half of the core is retained on site for
future reference. Sample intervals range between 0.4 and 1.0 metres
in length. Samples were prepared at the ACME Analytical Laboratory
in Vespasiano, Brazil, shipped to
ACME Analytical Laboratory in Vancouver,
Canada (by ACME) and assayed for gold using a standard fire
assay procedure and an atomic absorption finish (ACME codes G601
and G610).
Qualified Persons
The information in this news release was prepared under the
supervision of Jamie Rogers, P.Geo.,
Chief Geologist for IAMGOLD. Dr. Rogers is 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
Indicated and Inferred Resources This news release uses the
term "indicated resources". We advise investors that while that
term is recognized and required by Canadian regulations, the United
States Securities and Exchange Commission (the "SEC") does not
recognize it. Investors are cautioned not to assume that any part
or all of mineral deposits in this category will ever be converted
into reserves.
This news release also 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.
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 reserve 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' National Instrument
43-101 ("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 reserve is the economically mineable part of a
measured or indicated mineral resource demonstrated by at least a
preliminary feasibility study. This study must include adequate
information on mining, processing, metallurgical, economic and
other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified. A mineral reserve
includes diluting materials and allows for losses that may occur
when the material is mined. A proven mineral reserve is the
economically mineable part of a measured mineral resource
demonstrated by at least a preliminary feasibility study. A
probable mineral reserve is the economically mineable part of an
indicated, and in some circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility study.
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.
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 and niobium 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 "may", "will", "should",
"continue", "expect", "anticipate", "estimate", "believe",
"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 and niobium 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 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: Pitangui
Project Drilling Results |
Hole# |
Córrego Alegre UTM, Zone 23S |
AZ |
DIP |
ZONE |
From |
To |
Length |
Gold |
|
Easting |
Northing |
Elevation |
|
|
|
(m) |
(m) |
(m) |
(g/t) |
FJG-056 |
534038 |
7817827 |
791.1 |
225 |
-60 |
Biquinho |
119.3 |
125.6 |
6.3 |
1.14 |
FJG-057 |
534068 |
7818138 |
777.3 |
225 |
-50 |
Biquinho |
211.7 |
221.6 |
9.9 |
3.10 |
Including |
|
|
|
|
|
|
213.3 |
216.4 |
3.1 |
6.03 |
FJG-058 |
533988 |
7817763 |
797.1 |
225 |
-60 |
|
No significant
result |
FJG-059 |
533843 |
7818331 |
810.1 |
225 |
-60 |
|
No significant
result |
FJG-060 |
533913 |
7817801 |
786.5 |
225 |
-60 |
Biquinho |
120.0 |
122.4 |
2.4 |
3.44 |
FJG-061 |
534308 |
7818217 |
773.5 |
225 |
-60 |
|
No significant
result |
FJG-062 |
533775 |
7818395 |
824.9 |
225 |
-60 |
|
No significant
result |
FJG-063 |
534475 |
7818112 |
785.4 |
225 |
-60 |
|
No significant
result |
FJG-064 |
533774 |
7818255 |
794.7 |
225 |
-60 |
|
No significant
result |
FJG-065 |
534525 |
7818007 |
796.3 |
225 |
-60 |
|
No significant
result |
FJG-066 |
533920 |
7818540 |
831.1 |
225 |
-60 |
|
No significant
result |
FJG-067 |
534433 |
7817913 |
809.2 |
225 |
-65 |
|
No significant
result |
FJG-068 |
533846 |
7817715 |
768.7 |
225 |
-60 |
|
No significant
result |
FJG-069 |
533705 |
7818467 |
839.3 |
225 |
-60 |
Biquinho |
430.0 |
432.5 |
2.5 |
3.20 |
FJG-070 |
533772 |
7817796 |
769.9 |
225 |
-60 |
|
No significant
result |
FJG-071 |
533919 |
7817898 |
768.8 |
225 |
-60 |
Biquinho |
135.9 |
147.1 |
11.2 |
3.60 |
Including |
|
|
|
|
|
|
135.9 |
139.5 |
3.6 |
7.72 |
FJG-072 |
533651 |
7818545 |
851.2 |
225 |
-60 |
|
No significant
result |
FJG-073 |
534103 |
7817916 |
788.6 |
225 |
-60 |
Biquinho |
135.7 |
140.6 |
4.9 |
10.16 |
FJG-074 |
533777 |
7818536 |
839.5 |
225 |
-60 |
Biquinho |
451.0 |
453.0 |
2.0 |
2.70 |
FJG-075 |
534167 |
7817846 |
811.0 |
225 |
-60 |
Biquinho |
131.9 |
140.8 |
8.9 |
5.83 |
Including |
|
|
|
|
|
|
136.5 |
140.8 |
4.3 |
6.93 |
FJG-076 |
534297 |
7817855 |
819.7 |
225 |
-60 |
Biquinho |
89.1 |
95.4 |
6.3 |
7.12 |
Including |
|
|
|
|
|
|
92.7 |
95.4 |
2.7 |
11.16 |
|
|
|
|
|
|
Pimentão |
223.4 |
236.7 |
13.3 |
4.71 |
Including |
|
|
|
|
|
|
232.6 |
236.2 |
3.6 |
14.25 |
FJG-077 |
533627 |
7818394 |
838.5 |
225 |
-60 |
|
No significant
result |
FJG-078 |
534293 |
7817852 |
819.7 |
170 |
-55 |
Biquinho |
83.2 |
90.7 |
7.5 |
9.73 |
|
|
|
|
|
|
Upper Pimentão |
182.3 |
189.5 |
7.2 |
1.93 |
Including |
|
|
|
|
|
|
184.0 |
186.1 |
2.1 |
4.43 |
|
|
|
|
|
|
Lower Pimentão |
219.9 |
224.4 |
4.5 |
9.59 |
FJG-079 |
534341 |
7818039 |
794.1 |
225 |
-60 |
|
No significant
result |
FJG-080 |
533848 |
7818605 |
839.7 |
225 |
-60 |
|
No significant
result |
FJG-081 |
534249 |
7817805 |
819.7 |
225 |
-60 |
Biquinho |
78.2 |
82.4 |
4.2 |
9.44 |
|
|
|
|
|
|
Biquinho |
88.6 |
92.1 |
3.5 |
2.39 |
|
|
|
|
|
|
Upper Pimentão |
197.0 |
201.4 |
4.4 |
5.70 |
|
|
|
|
|
|
Lower Pimentão |
226.0 |
233.9 |
7.9 |
1.46 |
Including |
|
|
|
|
|
|
231.7 |
233.2 |
1.5 |
3.38 |
FJG-082 |
534248 |
7817807 |
818.9 |
160 |
-55 |
Biquinho |
65.5 |
71.5 |
6.0 |
6.62 |
- Drillhole intercepts are calculated using a minimum downhole
length of 2 meters, are uncapped and may include up to 4.0 metres
of internal dilution.
- The true widths of intersections are unknown at this time, but
are interpreted to approximate the reported downhole
lengths.
SOURCE IAMGOLD Corporation
PDF available at:
http://stream1.newswire.ca/media/2014/06/23/20140623_C8217_DOC_EN_41645.pdf