IAMGOLD encouraged by Karita results

IAMGOLD has reported “encouraging” drill results at its 100% owned Karita Gold project in north-eastern Guinea, which sits along the Senegal-Mali Shear Zone in West Africa.



"During this programme we have intersected multiple, wide zones of mineralization within altered metasedimentary units, several of which include considerable thickness in the shallow oxidized zone, extending nearly 2 kilometres along strike," IAMGOLD's executive vice president Craig MacDougall said.

Highlighted results from IAMGOLD included:

  • 34 metres at 5.81g/t gold from 67 metres, including 5 metres at 33.31g/t Au from 70 metres
  • 50 metres at 2.85g/t Au from 21 metres, including 7 metres at 13.47g/t Au from 36 metres
  • 25 metres at 5.32g/t Au from 26 metres, including 14 metres at 9.10g/t Au from 26 metres

National Bank of Canada Financial Markets analyst Mike Parkin said: "Today's drill results are showing similar mineralization as at Boto and Diakha-Siribaya and a high average grade of 6.99g/t, which we view as encouraging given the proximity and opportunity to share infrastructure in the future".

IAMGOLD's Boto gold project in Senegal is 8 kilometres to the north, and its Diakha-Siribaya gold project in Mali is three kilometres to the south of Karita.

"Karita provides the opportunity for IAMGOLD to potentially add high-grade ounces that could eventually feed the mill at Boto," Parkin said.

IAMGOLD noted that the assay results returned represent 42 diamond drill holes totaling 10,230.5 metres from the ongoing 2022 delineation drilling programme. To date, about 18,225 metres in 70 diamond drill holes have been completed.

IAMGOLD's share price was C$1.89 (US$1.45) on July 6. The company has a market capitalization of C$905.24 million.  

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