Mr. Ken Chernin reports
IAMGOLD CONTINUES TO INTERSECT HIGH GRADES AT MONSTER LAKE
Iamgold Corp. has released assay results from the 2018 winter drilling program completed at its Monster Lake joint venture project (currently held by Iamgold (50 per cent), Tomagold Corp. (45 per cent) and Quinto Resources Inc. (5 per cent) on the Monster Lake claims block with Iamgold continuing to advance its option to earn in up to a 75-per-cent interest). The project is located 50 kilometres southwest of Chibougamau, Que., Canada. The company is reporting the final assay results from all 26 drill holes, totalling 8,282 metres, completed as part of the initial 2018 program.
The assay results are provided in the table and include the following highlights.
325-Megane zone and Main shear zone:
-
Drill hole ML18-212: 3.83 metres grading 23.96 grams per tonne gold;
- Includes: 1.30 metres grading 67.22 g/t gold;
- Drill hole ML18-213: 3.84 metres grading 39.24 g/t gold;
- Includes: 1.09 metres grading 127.4 g/t gold;
- Drill hole ML18-217: 5.32 metres grading 40.94 g/t gold;
- Includes: 0.70 metre grading 251.0 g/t gold;
- Drill hole ML18-225: 2.62 metres grading 72.17 g/t gold;
- Includes: 1.75 metres grading 107.3 g/t gold.
Lower shear zone:
-
Drill hole ML18-224: 4.32 metres grading 32.07 g/t gold;
- Includes: 0.74 metre grading 134.0 g/t gold;
- Drill hole ML16-176B extension: 0.70 metre grading 14.10 g/t gold.
The Monster Lake joint venture project hosts a National Instrument-compliant resource, effective as at Feb. 26, 2018, comprising 1,109,700 tonnes of inferred resources averaging 12.14 grams per tonne gold for 433,300 ounces of contained gold (see news release dated March 28, 2018). The 2018 winter drilling program was designed to improve confidence in the continuity of the mineralization and to test for extensions of the known mineralized zones. Key objectives of the drilling program included: infill drilling targeting the upper part of the 325-Megane zone largely delineated by only historical drilling; testing for proximal extensions along strike and at depth; and evaluating newly discovered areas of mineralization within a structure parallel to the Main shear zone and adjacent to the 325-Megane zone, referred to as the Lower shear zone. All of the areas targeted in this program are best accessed during the winter when the ground is frozen.
Craig MacDougall, senior vice-president, exploration for Iamgold, stated: "We continue to be impressed with both the continuity and the high grades demonstrated by infill drilling of the 325-Megane zone. Although confirming resource extensions and expanding additional areas of mineralization has proved to be challenging for our exploration team, this style of mineralization remains an attractive exploration target. As I have said before, we believe the structural setting suggests favourable potential for the occurrence of additional mineralized shoots along the Monster Lake structural corridor and we continue to evaluate this setting for additional zones of mineralization."
Next steps
These results will be incorporated into the deposit model and used to update the mineral resources to guide the next drilling programs. Continuing geochemical and structural studies will continue to support exploration targeting. A further round of drilling is being planned to test specific structural targets which are accessible in the summer season.
About the Monster Lake project
The Monster Lake project is underlain by Archean volcanic rocks of the Obatogamau formation and is traversed by an important deformation corridor and associated gold-bearing mineralized structures. Historical drilling and exploration by Tomagold Corp. have identified a four-kilometre-long structural corridor, along which most of the known gold occurrences discovered to date on the property are associated, including the Megane zone.
The Monster Lake project is held under an earn-in option to joint venture agreement with Tomagold. The company holds an undivided 50-per-cent interest in the property and holds an option to earn a further 25-per-cent undivided interest, for a total 75-per-cent undivided interest in the project, should it spend a total of $10.0-million on the project within a seven-year period, beginning Jan. 1, 2015. Should a development decision be made by the joint venture, or should the joint venture declare commercial production, Tomagold would be entitled to a further $1.0-million payment. Under the terms of the option agreement, Iamgold continues to conduct exploration on the project with a view to increase its ownership to 75 per cent.
On Aug. 14, 2017, Iamgold subscribed for 27.7 million common shares of Tomagold from treasury representing 19.98 per cent of the outstanding common shares of Tomagold. The common shares were purchased at a price of nine cents per common share, for an aggregate purchase price of $2.5-million. Prior to the acquisition, Iamgold did not hold any common shares of Tomagold.
Technical Information and quality control notes
The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101.
The qualified person responsible for the supervision of the preparation and review of this information is Marie-France Bugnon, PGeo, general manager, exploration. Ms. Bugnon is considered a qualified person for the purposes of National Instrument 43-101 with respect to the technical information being reported on. The technical information has been included herein with the consent and prior review of the above noted qualified person. The qualified person has verified the data disclosed, and data underlying the information or opinions contained herein.
The sampling of, and assay data from, the drill core is monitored through the implementation of a quality assurance/quality control program designed to follow industry best practice. Drill core (NQ size) samples are selected by the Iamgold geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from half a metre to 1.5 metres in length depending on the geological observations.
Samples are transported in sealed bags to ALS Minerals Laboratory located in Val d'Or, Que. Samples are coarse crushed to a minus 10 mesh and then a 1,000-gram split is pulverized to 95 per cent passing minus 150 mesh. ALS Minerals processes analytical pulps directly at its facilities located in Val d'Or which is ISO/IEC 17025 certified by the Standards Council of Canada. Samples are analyzed using a standard fire assay with a 50-gram charge with an atomic absorption (AA) finish. For samples that return assay values over 5.0 grams per tonne (g/t), another pulp is taken and fire assayed with a gravimetric finish. Core samples showing visible gold or samples which have returned values greater than 10.0 g/t are reanalyzed by pulp metallic analysis. Iamgold inserts blanks and certified reference standard in the sample sequence for quality control.
About Iamgold Corp.
Iamgold is a mid-tier mining company with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects and continued assessment of accretive acquisition opportunities. Iamgold is in a strong financial position with extensive management and operational expertise.
MONSTER LAKE PROJECT DRILLING FINAL RESULTS -- 2018 WINTER DRILLING PROGRAM
Hole No. From To Interval True width (2) Au (1)(3)
(m) (m) (m) (m) (g/t)
ML-18-211 466.00 468.00 2.00 1.75 1.11
ML-18-212 26.00 31.00 5.00 3.83 23.96
Including 27.30 29.00 1.70 1.30 67.22
ML-18-213 38.10 38.80 0.70 0.61 1.18
48.10 52.50 4.40 3.84 39.24
Including 49.00 50.25 1.25 1.09 127.38
53.25 54.15 0.90 0.79 1.45
137.80 140.00 2.20 1.92 0.90
ML-18-214 68.87 70.65 1.78 1.55 1.46
78.20 81.45 3.25 2.84 3.81
ML-18-215 370.60 372.70 2.10 1.83 1.32
ML-18-216 101.60 102.77 1.17 1.02 0.97
111.45 113.30 1.85 1.61 34.78
ML-18-217 118.80 119.80 1.00 0.87 8.35
120.80 121.80 1.00 0.87 2.01
123.90 130.00 6.10 5.32 40.94
Including 125.40 126.20 0.80 0.70 251.00
133.10 134.60 1.50 1.31 0.80
ML-18-218 75.90 77.10 1.20 1.05 1.69
537.50 539.20 1.70 1.48 2.40
ML-18-219 138.00 143.30 5.30 4.63 1.09
ML-18-220 60.60 63.90 3.30 2.88 2.31
69.80 70.80 1.00 0.87 1.08
ML-18-221 76.10 77.83 1.73 1.51 1.47
88.80 90.00 1.20 1.05 1.92
ML-18-222 88.70 98.70 10.00 8.73 1.31
Including 88.70 91.70 3.00 2.62 2.83
ML-18-223 113.55 115.72 2.17 1.89 3.09
125.05 129.90 4.85 4.23 3.75
ML-18-224 98.80 100.00 1.20 1.05 1.21
513.80 518.75 4.95 4.32 32.07
Including 515.80 516.65 0.85 0.74 134.00
ML-18-225 175.50 178.50 3.00 2.62 72.17
Including 175.50 177.50 2.00 1.75 107.30
182.50 183.50 1.00 0.87 4.33
ML-18-226 220.30 220.97 0.67 0.58 2.86
ML-18-227 287.40 288.75 1.35 1.18 5.55
292.30 293.40 1.10 0.96 1.15
ML-18-228 245.60 248.60 3.00 2.62 0.52
356.00 356.50 0.50 0.44 1.43
ML-18-229 336.00 340.35 4.35 3.80 4.52
Including 348.54 349.27 0.73 0.64 3.79
ML-18-230 14.05 15.60 1.55 1.35 6.52
193.35 194.35 1.00 0.87 0.74
259.50 260.10 0.60 0.52 1.05
284.00 288.20 4.20 3.67 0.46
ML-18-231 No significant results
ML-18-232 217.60 219.55 1.95 1.70 0.77
222.90 223.90 1.00 0.87 0.93
ML-18-233 116.65 117.55 0.90 0.79 1.43
182.00 186.10 4.10 3.58 1.47
ML-18-234 373.30 375.80 2.50 2.18 2.97
ML-16-176B ext. 469.55 470.35 0.80 0.70 14.10
M-13-102 ext. No significant results
(1) Drill hole intercepts are calculated using a 0.50 g/t Au assay cut-off.
(2) True widths of intersections are approximately 85 to 90 per cent of the core
interval.
(3) Assays are reported uncut.
We seek Safe Harbor.
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