Monster Lake JV with IMG 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 recent success by TomaGold Corporation ("TomaGold') have identified at least 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.
IAMGOLD holds a 50% interest in the Monster Lake project. Pursuant to an earn-in option agreement with TomaGold amended on October 30, 2015, IAMGOLD holds an option to earn a further 25% undivided interest, for a total 75% undivided interest in the project, should it spend a further 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.
2017 EXPLORATION PLAN (IMG)
An active exploration program is critical to replenishing reserves and resources. Our exploration program is focused on the discovery of new ounces through our wholly-owned and joint venture projects in South and Central America, West Africa and Canada, as well as through targeting of soft rock resources near our existing mines. We have been very selective as to the projects we continue to advance and are focusing on highly prospective projects. In 2017, we increased our budget for exploration projects to $47 million to reflect exploration programs at our Saramacca project, the saddle zones at Rosebel and highly prospective targets at Essakane. This year we are targeting initial resource estimates for our Saramacca project near Rosebel in Suriname, our Monster Lake project in Quebec and our Eastern Borosi joint venture project in Nicaragua. The increase in planned expenditures for feasibility and other studies is largely due to the continuation of technical studies for the Boto Gold project and Ct Gold.