IAMGOLD provides an exploration update on the Monster Lake Project – Beginning 5,000-metre second phase of Diamond Drilling
Toronto, Ontario, August 20, 2014 – IAMGOLD Corporation (“IAMGOLD” or the “Company”) today provided an update from its ongoing exploration program at its newly optioned Monster Lake project located 50 kilometres southwest of Chibougamau, Quebec, Canada.
IAMGOLD initiated the current exploration program on the project at the end of 2013 pursuant to an Earn-In Agreement finalized with TomaGold Corporation, in which IAMGOLD may earn a 50% interest in each of the Monster Lake, Winchester and Lac à l’eau jaune properties, collectively referred to as the Monster Lake Project. To earn its interest IAMGOLD must complete scheduled cash payments and exploration expenditures totaling US$17.6 million over five years.
As previously reported in a news release dated May 27, 2014, the Company had completed a phase one diamond drilling program totaling 4,528 metres (nine holes) targeting mainly the direct down-dip and lateral extensions of the 325-Megane mineralized zone previously drilled by TomaGold. All assay results have now been received and validated for the entire phase one drilling program and are provided in Table I below. A drill hole plan map and longitudinal section are attached to this news release.
Highlights from the last four holes of the phase one program include:
- 2.12 metres grading 2.30 g/t Au from 422.50 metres depth and 5.86 metres grading 2.62 g/t Au from 426.10 metres depth (including 2.21 metres grading 6.21 g/t Au from 426.94 metres) in hole ML-14-115 (325-Megane Zone),
- 3.15 metres grading 2.42 g/t Au from 278.07 metres depth in hole ML-14-116 (325-Megane Zone)
The phase one program has provided encouraging results as it expanded the 325-Megane Zone and identified two additional mineralized zones: the Upper 325-Megane Zone, a newly intersected zone, and the Lower 325-Megane Zone which was tested only in a few areas by previous drilling. The three zones appear sub-parallel and are spaced approximately 100 to 400 metres apart. Initial results reported last May also included: 10.47 metres grading 11.55 g/t Au from 457.0 metres depth (including 48.90 g/t Au over 2.0 metres) in hole ML-14-108 (325-Megane Zone), and an intersection of a footwall zone referred to as the Lower 325-Megane Zone and grading 13.65 g/t Au over 3.77 metres from 636.86m depth, including 46.0 g/t Au over 1.08 metres in hole ML-14-110. The newly discovered Upper 325-Megane Zone is systematically anomalous in gold where intersected to date.
A summer field program comprised of geologic mapping, aided by a shallow penetrating electromagnetic survey (Beep Mat of GDD Instrumentation Inc.) to detect potentially sub-cropping conductive shear zones, is currently in progress to help delineate structural trends and confirm priority targets in the central core of the Monster Lake property and in the regional extension of the deformation corridor on the Lac à l’eau jaune and Winchester properties. Detailed structural and lithological mapping on well exposed historic gold occurrences will be used to assist the final targeting for the next drill program currently being finalized.
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated, “Our involvement in the Monster Lake Project was based on the potential to delineate high grade mineralization in a prospective area possibly hosting several gold zones. These first drill results on the 325-Megane Zone are positive and confirmed the presence of several mineralized structures as well as high grades. The ongoing exploration program is progressing well and we look forward to next round of drilling once the targets are finalized..”
The Monster Lake project is underlain by Archean volcanic rocks of the Obatogamau Formation and is traversed by an important deformation corridor and gold-bearing mineralized structures. Historical drilling and recent success by TomaGold have identified at least a four-kilometre long mineralized structure hosting most of the gold surface showings and diamond drilling intersections, including the 325-Megane Zone.
The summer field program continues and is expected to include a limited outcrop stripping and trenching program to expose key areas identified from the ongoing mapping and geophysical surveys. A property scale glacial till sampling survey and some specific ground geophysical surveys are also in progress over selected areas. A second phase of diamond drilling totaling approximately 5,000 metres is scheduled by the end of October 2014 to test selected target areas along the main mineralized corridor and the down plunge of the 325-Megane zone. The first diamond drill rig mobilizes today and the second rig by the end of the week.
Technical Information and Quality Control Notes
The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
The “Qualified Person”responsible for the supervision of the preparation and review of this information is Marie-France Bugnon, P. Geo., General Manager Exploration. Marie-France 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, drill core is monitored through the implementation of a quality assurance – quality control (QA-QC) 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 one and a half metres in length depending on the geological observations.
Samples are transported in sealed bags to the AGAT Laboratory prep lab facility in Val-d’Or, Québec. Samples are coarse crushed to a -10 mesh and then a 1000 gram split is pulverized to 95% passing -150 mesh. Analytical pulps are forwarded for analysis at the AGAT Laboratories (ISO / IEC 17025 Certified by the Standards Council of Canada) in Mississauga, Ontario. 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 re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks and certified reference standard in the sample sequence for quality control.
About TomaGold Corporation
TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.
President and Chief Executive Officer
|Monster Lake Project Drilling Final Results – 2014 Winter Drilling program|
|Hole No.||UTMNAD83Zone18(1)||AZ||DIP||EOH||from||To||Interval||True Width(2)||Au||NOTE|
|ML-14-108||520296||5488383||370||290||-55||480||56.1||58||1.9||1.65||1.81||Upper 325-Megane Zone|
|ML-14-109||520316||5488270||370||290||-55||582||66||71.16||5.16||4.47||1.3||Upper 325-Megane Zone|
|Including(3)||69||71.16||2.16||1.87||1.64||Upper 325-Megane Zone|
|636.86||640.63||3.77||3.26||13.65||Lower 325-Megane Zone|
|ML-14-111||520318||5488324||370||290||-60||454||59.59||60.13||0.54||0.47||3.48||Upper 325-Megane Zone|
|420.18||421.16||0.98||0.85||1.85||Lower 325-Megane Zone|
|596.51||597.65||1.14||1.00||1.48||Lower 325-Megane Zone|
|ML-14-115||520296||5488383||370||290||-50||304||53.62||54.86||1.24||1.07||1.58||Upper 325-Megane Zone|
|ML-14-116||520000||5488115||370||291||-61||451||83.92||84.46||0.54||0.47||5.84||Upper 325-Megane Zone|
- Drill hole intercepts are calculated with a lower cut of 0.50 g/t Au and represents the best results associated to the intersected structure.
- True widths of intersections are approximately 85-90% of the core interval.
- Assays are reported uncut but high grade sub-intervals are highlighted.