TORONTO, Nov. 16, 2017 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today provided an update from its ongoing Phase II 2017 drilling program at the Saramacca project, located 25 kilometres southwest of its Rosebel Gold Mine ("RGM") in Suriname.
Following the disclosure of an initial resource estimate (see news release dated September 5th, 2017), the Company commenced a 22,000-metre diamond drilling program with the objective to: 1) convert inferred resources to indicated; 2) target expansions to the existing resource along known mineralized trends and at depth, and 3) begin drill testing identified exploration targets. Assay results reported herein have been received from 37 drill holes totaling 9,553 metres. The program is ongoing and further assay results will be reported once they are received, validated and compiled.
Assay intersections relating to this release are provided in Table 1 and include the following highlights:
Infill Drill Holes:
- SMDD17-181A: 39.0 metres grading 3.47 g/t Au
- SMDD17-185: 57.0 metres grading 2.56 g/t Au
Expansion Drill Holes:
- SMDD17-182: 6.0 metres grading 67.39 g/t Au (15.33 g/t Au capped)
- SMDD17-196: 28.5 metres grading 3.85 g/t Au
- SMDD17-202: 39.0 metres grading 3.06 g/t Au
- SMDD17-213: 34.5 metres grading 4.50 g/t Au
(A drill hole plan map is attached to this news release)
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "The ongoing drilling program continues to deliver positive results, not only increasing our confidence in the existing resources, but extending mineralization below the initial resource pit shell which is expected to have a positive impact on future resource estimates. This, coupled with the ongoing engineering studies, is expected to allow us to upgrade the project to a reserve status in 2018 and to target production for 2019."
2017 Exploration Program
Drilling from the current program has confirmed further continuity of mineralization in areas associated with the main mineralized structures within and below the current resource pit shell (see tables 1 A & B) and in secondary structures in the hanging wall (see tables 1 C & D). These results are expected to have a positive impact on future resource updates. Results from initial step out holes to the northwest and southeast along strike (see tables 1 E & F) did not intersect significant mineralization, although encouragingly the main host structure appears to continue. It must be noted that the pinch and swell of mineralized zones within the deposit foot print is typical. Further drilling is required to test for additional mineralized zones along strike.
In addition to the drilling program outlined above, the Rosebel mine team is working to advance the Saramacca deposit towards production. An Environmental and Social Impact Study (ESIA) is underway and preliminary engineering work is advancing on mine design and various infrastructure elements, such as ore transport options, access roads, and waste rock disposal. In addition, field work has commenced to provide geotechnical and hydrogeological information and to complete condemnation work over areas of the proposed site infrastructure. A comprehensive metallurgical testing program will also be undertaken to refine the recovery assumptions and to test the crushing and grinding characteristics of the mineralization.
About the Saramacca Project
The Saramacca project is strategically located approximately 25 kilometres southwest of the Rosebel Gold Mine milling facility. Mineralization is hosted in the Paramaka Formation within the lower part of the Marowijne Greenstone Belt, which is dominated by metamorphosed basalts in the immediate project area. These are traversed by the regional, northwest trending Saramacca shear zone, which is believed to be an important deformation zone for the localization of gold mineralization.
On August 30, 2016, the Company signed a letter of intent with the Government of Suriname to acquire rights to the Saramacca property, with the intent of defining a National Instrument 43-101 mineral resource within 24 months. The terms of the letter included an initial payment of $0.2 million, which enabled immediate access to the property for Rosebel's exploration team to conduct due diligence, as well as access to the data from previous exploration activity at the Saramacca property. On September 30, 2016, having been satisfied with the results of the due diligence, the Company ratified the letter of intent to acquire the Saramacca property and subsequently paid $10 million in cash and agreed to issue 3.125 million IAMGOLD common shares to the Government of Suriname in three approximately equal annual instalments on each successive anniversary of the date the right of exploration was transferred to Rosebel (December 14, 2016). In addition, the agreement provides for a potential upward adjustment to the purchase price based on the contained gold ounces identified by Rosebel in National Instrument 43-101 measured and indicated resource categories, within a certain Whittle shell within the first 24 months, to a maximum of $10 million.
The Saramacca project falls within the "UJV" area as defined in an Agreement with the Government of Suriname announced on April 15, 2013. The Agreement establishes a joint venture growth vehicle under which Rosebel would hold a 70% participating interest and the Government will acquire a 30% participating interest on a fully-paid basis.
On September 5th, 2017, the Company announced the first 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 Saramacca deposit, and subsequently filed a NI 43-101 Technical Report available on the Company's website at www.iamgold.com or under the Company's profile at www.sedar.com. The resource estimate comprises 14.4 million tonnes of indicated resources averaging 2.20 grams of gold per tonne for 1,022,000 ounces and 13.6 million tonnes of inferred resources averaging 1.18 grams of gold per tonne for 518,000 ounces. Approximately 60% of the resources are contained within shallow, softer laterite and saprolite hosted mineralization. The Saramacca deposit is believed to have significant potential for expansion.
Qualified Persons and Technical Information
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, verification and review of the technical information in this release is Samuelle Gariepy, P. Geo., Senior Exploration Geologist with the regional exploration team at the Rosebel Gold Mine in Suriname. She 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 information in this news release was reviewed and approved by Craig MacDougall, P.Geo., Senior Vice President, Exploration for IAMGOLD. Mr. MacDougall is a Qualified Person as defined by National Instrument 43-101.
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 (HQ and NQ size) samples are selected by the IAMGOLD geologists and sawn in half with a diamond saw at the Rosebel mine 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 FILAB in Paramaribo, Suriname, a representative lab of ALS. FILAB is an ISO 9001 (2008) and ISO/IEC 170250 accredited laboratory. Samples are weighed and coarse crushed to <2.5 mm, and 350-450 grams is pulverized to 85% passing <100 μm. Samples are analyzed for gold using standard fire assay technique with a 50 gram charge and an Atomic Absorption (AA) finish. IAMGOLD inserts blanks and certified reference standard in the sample sequence for quality control. Samples representative of the various lithologies are collected from each drill hole and measured for bulk density at the site RGM laboratory.
