- IAMGOLD (TSX:IMG) reveals assay results from the 2024 drilling program at its Nelligan Project in Quebec
- Results confirmed the extension of the mineralized zones of the deposit
- The company also updated its mineral resource estimate for the Monster Lake Project to refresh the NI 43-101 technical report previously filed in 2018
- Shares of IAMGOLD are down 1.54 per cent to C$8:31 as of 10:46 am ET
IAMGOLD (TSX:IMG) reveals assay results from the 2024 drilling program at its Nelligan Project in Quebec.
The company stated in a news release that the results confirmed the extension of the mineralized zones of the deposit.
Results came from 17 diamond drill holes for a total of 13,476.8 metres. This also includes 15 holes completed in the resource area of the Nelligan deposit and two exploration holes testing targets in the northern portion of the Nelligan property.
According to IAMGOLD, the 2024 drilling program intended to expand the deposit in the eastern part at depth and complete in-fill drilling in select areas to improve resource classification from inferred to indicated.
Mineralization associated with the estimated mineral resources has been intersected over a strike length of more than 1.8 kilometres and to a depth of 350 to more than 500 vertical metres and remains open along strike and at depth.
“The results today from Nelligan demonstrate the potential for expansion of what is a large-scale asset located in a great mining jurisdiction of Canada,” Reneaud Adams, CEO of IAMGOLD, said in a statement. “Our current priority continues to be the safe and stable ramp up and growth of Côté Gold, while we look forward to the updated Mineral Resource estimate for Nelligan early next year to build off the current estimate of approximately 2 million indicated gold ounces and 4 million ounces of inferred mineral resources.”
The next phases of diamond drilling will aim to complete a set of infill and/or expansion drilling depending on the updated mineral resources estimate.
In addition to positive results from Nelligan, IAMGOLD also provided an updated mineral resource estimate for its Monster Lake Project to refresh the NI 43-101 technical report filed in 2018.
Highlights from the updated resource estimate include:
- Indicated mineral resources: 239,000 tons averaging 11.0 g/t Au for 84,200 ounces of gold; and
- Inferred mineral resources: 1,053,000 tonnes averaging 14.4 grams g/t Au for 488,500 ounces of gold
The Monster Lake project is 50 kilometres southwest of Chibougamau, Quebec. Exploration to date has traced this prospective structural shear zone system for at least 4 kilometres along strike, along which several gold prospects have been discovered and a Mineral Resource delineated at the 325-Megane Zone.
IAMGOLD is an intermediate gold producer and developer with operating mines in North America and West Africa.
Shares of IAMGOLD are down 1.54 per cent to C$8:31 as of 10:46 am ET.
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