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IAMGOLD drilling edges Rouyn closer to resource stage

IAMGOLD says it is closing on a maiden resource estimate for the Lac Gamble and Astoria zones at Rouyn in Quebec, with new assays from infill and evaluation drilling showing high-grade gold over solid widths.
IAMGOLD drilling edges Rouyn closer to resource stage IAMGOLD drilling edges Rouyn closer to resource stage IAMGOLD drilling edges Rouyn closer to resource stage IAMGOLD drilling edges Rouyn closer to resource stage IAMGOLD drilling edges Rouyn closer to resource stage

IAMGOLD is making solid progress towards calculating a maiden resource for Lac Gamble at Rouyn in Quebec

Among the highlights of 18 holes reported, for 6,585m of drilling, were 27.8 grams per tonne over 9.8m and 10.4g/t over 9.8m at Lac Gamble. Several other holes at Lac Gamble and Astoria returned intercepts between 4.6-7.9g/t.

"We continue to be pleased with the positive results obtained from our infill and evaluation drilling programmes, especially those from our priority target at Lac Gamble, which we are working to advance to a formal resource estimate," said IAMGOLD senior VP for exploration Craig MacDougall.

The company has said it is chasing a conceptual exploration target at Lac Gamble of 400,000-600,000oz at 7-8.5g/t.

Joint venture partner Yorbeau Resources' general manager of exploration, Sylvain Lepine said the continuity of mineralisation shown in the Gamble zone was encouraging.

Results are pending from a further 12 diamond holes for 4,062m of core.

Drilling was suspended before completion of the planned program due to COVID-19 restrictions in Quebec. Available assays are being integrated into existing geological datasets and IAMGOLD said work would resume as soon as restrictions were eased.

Rouyn is about 45km southwest of IAMGOLD's Westwood mine.

The company last year booked a $395 million impairment on Westwood owing to the mine operating at reduced capacity after an earthquake late in 2018.

IAMGOLD suspended its production guidance in March, but previously forecast Westwood would produce 90,000-110,000oz in 2020, in line with 2019 levels, as mining and development activities continued to ramp up. Group production was previously expected to ve 700,000-760,000oz in 2020.

Westwood is expected to produce 100,000-120,000oz in 2021.

IAMGOLD shares (TSX: IMG) closed Wednesday at $5.06, capitalising the company at $2.4 billion (US$1.7 billion).

 

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