EXPLORATION & DEVELOPMENT

IAMGOLD drilling edges Rouyn closer to resource stage

Iamgold is exploring to find viable satellite deposits to fill the Westwood mill

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

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).

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.