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IAMGOLD makes Côté discovery

IAMGOLD has discovered a new gold zone 1.5km north-east of the multi-million Côté deposit in northern Ontario.
IAMGOLD makes Côté discovery IAMGOLD makes Côté discovery IAMGOLD makes Côté discovery IAMGOLD makes Côté discovery IAMGOLD makes Côté discovery

IAMGOLD has made a discovery close to the multi-million-ounce Côté deposit in northern Ontario

Staff Reporter

The latest results have confirmed a new gold zone, intersecting broad mineralisation at good grade.

Drilling has returned 350m of 0.81g/t gold, including 15m grading 2.32g/t, 91m at 1.13g/t and 104m at 1.12g/t. Other highlights include 345m grading 0.68g/t, which includes 132.3m grading 1.13g/t; as well as 130m grading 0.63g/t which includes 139.7m grading 1.36g/t.

IAMGOLD said the Gosselin hits represented the most significant drill intercepts of continuous gold mineralisation so far encountered outside of the Côté deposit on the 70:30 JV project with Sumitomo Metal Mining.

"The Gosselin zone is a new grass-roots discovery, the result of our ongoing commitment to sustained exploration and an excellent group effort by the Côté exploration team. With the completion of a positive feasibility study for the Côté Gold deposit in 2018, demonstrating a solid development opportunity with a long mine life and low production costs, this exploration success continues to add to our track record of resource expansion and further enhances the long-term value of this exciting development project," SVP for exploration Craig MacDougall said.

Côté hosts estimated proven and probable reserves totaling 7.3Moz, in total resources of more than 10Moz gold.

IAMGOLD said work on the first phase of 2019 diamond drilling had already started. The team plans to drill 4,500m over 15 diamond holes, focused on the Three Ducks Lake prospect.

The campaign was designed to test for the extension of the new Gosselin zone to surface beneath Three Ducks Lake, and to delineate the ultimate size potential of this discovery, the companys said. The programme will also test for continuity between the new Gosselin zone and the recently discovered intrusion-hosted gold mineralisation associated with the Young-Shannon zone.

A second phase of drilling to complete infill drilling will support an initial NI 43-101 compliant resource estimate in 2020.