IAMGOLD Reports Further High-Grade Intersections from Infill and Expansion Drilling at Saramacca

2018-02-28 / @newswire

 

TORONTO, Feb. 28, 2018 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today provided an update from its 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 re-commenced drilling operations and completed a further 97 diamond drill holes totaling  24,282 metres to continue to delineate the Saramacca deposit. The primary focus of the program was to increase confidence in the resource and to target resource expansions immediately adjacent to the initial resource pit shell.  Assay results from the remaining 60 diamond drill holes totaling nearly 14,360 metres are reported herein.

Assay intersections relating to this release are provided in Table 1 and include the following highlights:

Infill Drill Holes:

  • SMDD17-231: 46.0 metres grading 11.73 g/t Au 

  • SMDD17-249: 29.5 metres grading  2.52 g/t Au  

  • SMDD17-267:  28.5 metres grading  2.47 g/t Au

Expansion Drill Holes:

  • SMDD17-218: 15.0 metres grading 22.90 g/t Au

  • SMDD17-227: 32.5 metres grading  2.28 g/t Au

  • SMDD17-248: 31.5 metres grading 3.70 g/t Au

  • SMDD17-255: 10.5 metres grading 22.48 g/t Au 
    and : 10.5 metres grading  2.99 g/t Au

(Figure 1, attached to this news release, shows a drill hole plan map)

Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "The completion of our phase II delineation drilling program has continued to deliver strong results and allow us to refine our resource model.  We are currently incorporating these results in an updated resource model, which when coupled with the ongoing engineering studies, is expected to allow us to upgrade the project to a reserve status in 2018.  As we have previously stated, we are continuing to advance towards production in 2019."

2018 Exploration Program

In 2018, approximately 50,000 metres of diamond and RC drilling are planned to continue infill drilling of the Saramacca deposit to improve resource classification, declare reserves and advance mine design studies ahead of production.  Exploration activities are also expanding to explore the greater Saramacca trend for additional zones of mineralization, including on the recently acquired Brokolonko concession (see news release dated January 24, 2018). 

In addition to the ongoing exploration program described 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 has commenced 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 in measured and indicated resource categories as estimated in a National Instrument 43-101 compliant mineral resource estimate, 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 Caroline Laplante, P. Geo., Country Exploration Manager of 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 17025 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 and since phase II 2017 a gravimetric finish when grade exceeds 5 ppm. 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.

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 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 "will", "should", "continue", "expect", "estimate", "believe", "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 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 four operating gold mines on three continents. A solid base of strategic assets in North and South America and West 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.

For further information please contact:

Ken Chernin, VP Investor Relations, IAMGOLD Corporation
Tel: (416) 360-4743  Mobile: (416) 388-6883 

Laura Young, Director, Investor Relations, IAMGOLD Corporation
Tel: (416) 933-4952 Mobile: (416) 670-3815

Martin Dumont, Senior Analyst Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942

Toll-free: 1-888-464-9999  info@iamgold.com

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/accueil/default.aspx.

Table 1:  Diamond Drill Hole Assay Results


A: Infill drilling along the main mineralized structures (main fault) within resource pit shell

HOLE-ID

Local UTM grid

End of
hole
(m)

Azimuth
(°)

Dip
(°)

From
(m)

To
(m)

Interval
(m)

True
Width
(m)3

Au
(g/t)

Au (g/t)
(capped at
30 g/t Au)2

Easting

Northing

Elev.

SMDD17-231

32621

63174

927

299

35

-50

218

264

46

21.82

11.73

11.73








282

297.5

15.5

7.35

2.57

2.57

SMDD17-233

31848

64412

734

125

35

-50

100.5

106.5

6

2.5

0.61

0.61

SMDD17-234

32077

64223

768

171

215

-50

No significant results 

SMDD17-241

32239

63846

878

120

35

-50

88.5

103.5

15

7.54

1.24

1.24

SMDD17-249

32588

63127

932

390

35

-50

332

361.5

29.5

17.63

2.52

2.52

SMDD17-266

32676

63169

923

169

35

-50

159

169

10

4.7

0.73

0.73














B: Expansion drilling  along the main mineralized structures (main fault) below resource pit shell

HOLE-ID

Local UTM grid

End of
hole
(m)

Azimuth
(°)

Dip
(°)

From
(m)

To
(m)

interval
(m)

True
Width
(m)3

Au
(g/t)

Au (g/t)
(capped at 30
g/t Au)2

Easting

Northing

Elev.

SMDD17-221

31962

64575

708

300

215

-50

146.15

154.4

8.25

5.69

3.62

3.62








238

259.5

21.5

15.99

0.92

0.92

SMDD17-227

32170

64513

716

483

215

-50

9

21

12

7.91

0.83

0.83








363

370.1

7.1

5.68

1.56

1.56








448.5

481

32.5

28.17

2.28

2.28

SMDD17-238

32560

63087

935

459

35

-50

428

436.5

8.5

5.28

1.64

1.64

SMDD17-246

32356

63574

897

294

35

-50

No significant results

SMDD17-252

32334

64161

760

399

215

-48

No significant results

SMDD17-253

32666

63585

886

290

215

-50

0

7.5

7.5

5.1

2.01

2.01








244.5

250.5

6

3.78

2.44

2.44

SMDD17-254

32797

63513

866

212

215

-52

No significant results - hole did not reach the  target

SMDD17-254A

32799

63512

865

422

215

-50

309.5

327

17.5

11.57

0.67

0.67

SMDD17-255

32189

64372

716

403

215

-50

0

12

12

8.15

0.89

0.89








305

311

6

4.67

0.65

0.65








339.5

350

10.5

8.36

22.48

5.68








356

366.5

10.5

8.42

2.99

2.99

SMDD17-258

31768

64046

796

327

35

-50

No significant results - hole did not reach the target 

SMDD17-268

32256

63519

879

426

35

-52

397

418.7

21.7

12.02

2.16

2.16














C: Infill drilling along the secondary mineralized structures within resource pit shell

HOLE-ID

Local UTM grid

End of
hole
(m)

Azimuth
(°)

Dip
(°)

From
(m)

To
(m)

interval
(m)

True
Width
(m)3

Au
(g/t)

Au (g/t)
(capped at
30 g/t Au)2

Easting

Northing

Elev.

SMDD17-224

31980

64517

716

180

215

-50

0

9

9

6.09

2.27

2.27








49.5

69

19.5

12.55

1.11

1.11

SMDD17-229

32913

63258

897

155

35

-50

No significant results

SMDD17-236

32219

63999

825

135

35

-50

109.5

121.5

12

5.97

5.26

5.26

SMDD17-239

32211

64152

777

80

215

-55

10.5

26.5

16

9.62

2.14

2.14








34

47

13

7.88

1.16

1.16








66.5

79

12.5

7.55

0.83

0.83

SMDD17-245

32257

64304

712

32

215

-50

No significant results - hole did not reach the target 

SMDD17-245A

32255

64305

712

330

215

-50

19.5

25.5

6

4.02

0.87

0.87








289.5

303

13.5

10.27

3.04

3.04

SMDD17-259

32749

63701

860

243

215

-50

0

15

15

10.14

0.65

0.65

SMDD17-261

32239

64197

755

303

215

-50

1.5

9

7.5

5.09

2.93

2.93








146.75

152

5.25

3.77

3.42

3.42








226.5

234

7.5

5.6

1.95

1.95

SMDD17-264

32782

63404

888

105

35

-50

0

8

8

4.33

1.3

1.3

SMDD17-267

32758

63194

916

306

35

-50

46.5

52.5

6

3.03

1.58

1.58








85.5

114

28.5

13.11

2.47

2.47








269.1

280.5

11.4

5.52

1.97

1.97

SMDD17-270

32858

63164

909

310

35

-50

4.5

25.5

21

11.34

1.34

1.34








31.5

42

11

5.61

1.03

1.03








51

57

6

3.19

1.75

1.75








142.5

153

10.5

5.5

3.71

3.71














D: Expansion drilling  along the secondary mineralized structures below resource pit shell

HOLE-ID

Local UTM grid

End of
hole
(m)

Azimuth
(°)

Dip
(°)

From
(m)

To
(m)

interval
(m)

True
Width
(m)3

Au
(g/t)

Au (g/t)
(capped at
30 g/t Au)2

Easting

Northing

Elev.

SMDD17-218

32215

64504

710

152

215

-50

10.5

25.5

15

10.09

1.38

1.38








96

111

15

9.71

22.9

8.8

SMDD17-219

31894

64651

684

104

215

-50

No significant results

SMDD17-220

32261

64569

682

150

215

-50

4.5

12

7.5

5.11

2.61

2.61

SMDD17-222

32863

63517

855

213

215

-50

181.5

198

16.5

10.81

1.43

1.43

SMDD17-223

32324

64482

692

156

215

-50

No significant results

SMDD17-226

32944

63453

861

231

215

-50

No significant results

SMDD17-230

32482

64622

676

168

215

-50

No significant results

SMDD17-232

32433

64543

687

177

215

-50

0

6

6

4.06

0.96

0.96

SMDD17-235

32410

64694

661

156

215

-50

No significant results

SMDD17-237

32371

64640

666

150

215

-50

No significant results

SMDD17-240

32378

64042

786

306

215

-50

141

150

9

6.25

1.24

1.24

SMDD17-242

32815

63623

857

213

215

-50

184.5

199.5

15

10.07

0.89

0.89

SMDD17-243

32428

64024

793

240

215

-50

No significant results

SMDD17-244

32835

63564

857

188

215

-50

No significant results

SMDD17-247

32884

63546

850

276

215

-50

249

263

14

10.37

1.74

1.74

SMDD17-248

32917

63502

856

303

215

-50

0

6

6

4.07

0.69

0.69








270

301.5

31.5

22.95

3.7

3.7

SMDD17-250

32247

64377

710

156

215

-47

No significant results

SMDD17-251

33001

63278

891

300

215

-50

39

45

6

4.18

1.87

1.87








64.5

70.5

6

4.05

1.35

1.35








238.5

246

7.5

4.81

0.81

0.81

SMDD17-256

32647

63730

867

411

215

-52

270

276

6

3.97

8.44

8.44

SMDD17-257

32001

64628

694

86

215

-50

0

9

9

6.11

1.31

1.31








31.5

39.65

8.15

5.52

1.44

1.44

SMDD17-260

32528

63733

864

258

35

-50

3

8.3

5.3

2.85

0.6

0.6








235

241.5

6.5

3.54

3.89

3.89

SMDD17-262

32661

63485

893

276

35

-50

0

9

9

4.92

0.92

0.92








183

193.7

10.7

5.78

1.77

1.77

SMDD17-263

32468

63822

864

276

35

-50

No significant results

SMDD17-265

32384

64139

760

336

215

-50

249

255

6

4.7

1.47

1.47








279

284

5

3.98

1.2

1.2

SMDD17-269

32235

64535

696

246

215

-50

No significant results

SMDD17-271

31776

64749

659

387

35

-50

No significant results

SMDD17-272

32119

64371

725

219

35

-56

25.5

33

7.5

3.40

2.69

2.69








85.5

93

7.5

3.52

1.29

1.29

SMDD17-273

32129

64467

722

162

35

-55

No significant results

SMDD17-274

32159

64422

720

101

35

-50

No significant results 














E: Expansion drilling along strike at the North West end of resource pit shell

HOLE-ID

Local UTM grid

End of
hole
(m)

Azimuth
(°)

Dip
(°)

From
(m)

To
(m)

interval
(m)

True
Width
(m)3

Au (g/t)

Au (g/t)
(capped at
30 g/t Au)2

Easting

Northing

Elev.

SMDD17-217

31597

64925

572

198

215

-50

No significant results














F: Exploration drilling  North of resource pit shell

SMDD17-225

32598

64788

633

150

250

-50

No significant results

SMDD17-228

32540

64704

654

150

215

-50

No significant results



Notes:

1.

Drill hole intercepts are calculated using a  0.50 g/t Au assay cut-off and 5m minimum length

2.

During compositing, assays greater than 30 g/t Au are capped at 30 g/t Au

3.

True widths are estimated from intersected geometries

 

Figure 1:  Saramacca drill hole plan map and highlighted 2017 assay results. (CNW Group/IAMGOLD Corporation)

SOURCE IAMGOLD Corporation

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