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IAMGOLD says Nelligan resource likely in H2

Toronto-based IAMGOLD has reported encouraging initial assay results from a drilling programme at the Nelligan joint-venture project in Quebec.
IAMGOLD says Nelligan resource likely in H2 IAMGOLD says Nelligan resource likely in H2 IAMGOLD says Nelligan resource likely in H2 IAMGOLD says Nelligan resource likely in H2 IAMGOLD says Nelligan resource likely in H2

Staff Reporter

The JV is held 51% by IAMGOLD and 49% by Vanstar Mining Resources.

IAMGOLD said assay results from the first 22 diamond drill holes totaling 6,970m were available, with results for a further 28 holes totaling 10,680m pending.

Among the highlight intersections were 56.5 grams per tonne over 6m in the Renard zone. Other intersections returned grades ranging between 1.04-4.4g/t.

"The 2019 drilling programme has successfully confirmed wide zones of mineralisation extending to surface, which will help complete our deposit model in support of a mineral resource estimate planned for completion in the second half of the year," IAMGOLD SVP for exploration Craig MacDougall said.

"It is important to note that the mineralised zones remain open and are therefore believed to have favorable potential to continue to expand with additional drilling."

IAMGOLD's Toronto-quoted stock closed 3.22% or C10c higher on Thursday at $3.21, after falling to a fresh 12-month low of $3.08 early in the trading session. The company has a market capitalisation of $1.5 billion.