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IAMGOLD reports drilling results

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Global Mining Review,

IAMGOLD Corp. has announced assay results from its delineation diamond drilling programme at the Gosselin Zone discovery, located approximately 1.5 km northeast of the Côté Gold Project. The Gosselin delineation drilling programme is being undertaken as part of the Côté Gold joint venture (JV) project, a 70:30 joint venture between IAMGOLD and Sumitomo Metal Mining Co. Ltd. (SMM). Côté, located 125 km southwest of Timmins and 175 km north of Sudbury, Ontario, Canada, is currently under construction with first gold production anticipated in 2H23 (see news release dated 21 July 2020).

Since 4Q19, a total of 33 diamond drill holes totalling 13 735 m were completed as part of the resource delineation drilling programme. The drill holes were variably completed from collar positions located on either lake ice, or on a floating barge deployed in Three Ducks Lake and from land-based drill pads on the north shore of Three Ducks Lake or on the Young-Shannon peninsula.

IAMGOLD is reporting assay results from 24 diamond drill holes totalling 10 049 m. Results are pending for the remaining nine drill holes totalling 3686 m. These results will be reported once they are received, validated and compiled.

Highlights include:

  • Drill hole GOS19-30: 264.5 m grading 0.94 g/t gold (Au).
    • Includes: 27 m grading 2.72 g/t Au.
    • Includes: 2.6 m grading 12.87 g/t Au.
  • Drill hole GOS19-33: 243.6 m grading 0.99 g/t Au.
    • Includes: 142 m grading 1.29 g/t Au.
  • Drill hole GOS20-38: 202 m grading 1.22 g/t Au.
    • Includes: 151 m grading 1.5 g/t Au.
  • Drill hole GOS20-44: 265 m grading 0.95 g/t Au.
    • Includes: 169 m grading 1.26 g/t Au.
  • Drill hole GOS20-47: 417.3 m grading 0.95 g/t Au.
    • Includes: 197.3 m grading 1.6 g/t Au.
  • Drill hole GOS20-48: 164.3 m grading 1.51 g/t Au.
  • Drill hole GOS20-49: 353 m grading 1.04 g/t Au.
    • Includes: 46 m grading 3.39 g/t Au.
  • Drill hole GOS20-52: 86 m grading 5.57 g/t Au.
    • Includes: 30.35 m grading 14.7 g/t Au.

Craig MacDougall, Executive Vice President, Growth for IAMGOLD, stated: "With the many challenges faced by the exploration team in 2020, the completion of this diamond drilling campaign was a significant achievement and has clearly brought into focus and confirmed the importance of this new discovery. The programme was completed with outstanding safety performance while working cooperatively to coordinate with the numerous activities of the Côté mine site construction team. We are looking forward with anticipation to the completion of a maiden resource estimate later this year."

The diamond drilling programme was designed to complete in-fill and delineation drilling on the Gosselin and Young-Shannon zones, at a nominal hole spacing of approximately 75 m. The programme was successful in confirming the continuity of broad zones of gold mineralisation throughout the Gosselin Zone, at grades similar to the adjacent Côté deposit. As at Côté, mineralisation is hosted within sericite-altered and locally brecciated intrusive lithologies of the Chester Intrusive Complex. Diamond drilling data collected from this programme has provided an increased understanding of the geological, alteration and structural controls on the Gosselin mineralised system and is being integrated into exploration models to guide future drilling campaigns. The models suggest upside potential of the mineralised system in a number of directions, predominately at depth to the northwest, and along strike to the east and southwest.

The results of this programme together with additional drilling planned in 2021 will be used to support the completion of a maiden resource estimate later this year.

Next steps

Assay results will be incorporated into the geologic and structural models for the Gosselin and Young-Shannon zones to support the planned resource estimate expected later in 2021. The 2021 exploration programme will include the completion of approximately 14 500 m of diamond drilling to continue to delineate and expand the mineralised zone.

Elsewhere on the property, additional exploration drilling will begin to evaluate other identified targets along the developing mineralised trend of the Côté deposit and the Gosselin zone.

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