Great results for IAMGold at Rouyn Gold project

IAMGOLD Corporation has released assay results from diamond drilling programs completed on the Astoria area and on the Lac Gamble Zone at the Rouyn Gold Project optioned from Yorbeau Resources Inc. The project is located 4 km south of Rouyn-Noranda, Quebec, and approximately 45 kilometers southwest of IAMGOLD's Westwood mine. 

"We continue to be pleased with the positive results obtained from our infill and evaluation drilling programs, especially those from our priority target at Lac Gamble which we are working to advance to a formal resource estimate," Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated. 

"The Rouyn Gold project provides IAMGOLD with an opportunity to delineate satellite resources with the objective of supplementing production at our Westwood operation and utilizing our existing infrastructure and excess mill capacity. I want to especially acknowledge the efforts of the exploration team who had to contend with the sudden impacts of the COVID-19 crisis and were able to suspend drilling operations in an orderly way on very short notice. We look forward to resumption of our exploration activities, which will be done progressively in a safe manner following confirmation by the government of Quebec that exploration activities may resume," he added. 

The Company is reporting assay results from eighteen diamond drill holes, totaling 6,585 metres drilled on the Astoria area, located approximately two kilometres east of the Lac Gamble Zone, and from twenty diamond drill holes completed on Lac Gamble Zone, totaling 6,298 metres. Two drill holes targeting the Lac Gamble Zone were abandoned due to excessive deviation and re-collared. Results are pending from an additional twelve diamond drill holes completed totaling 4,062 metres. These results will be reported once they are received, validated and compiled. 

The assay results reported herein are provided in Tables 1 and 2 below and include the following highlights (two longitudinal sections illustrating the drilling program on the Lac Gamble and the Astoria area are attached to this news release):

Lac Gamble Zone - Main Zone:

• Drill hole GA-19-709W2: 9.8 metres grading 10.4 g/t Au
           includes: 3.0 metres grading 22.8 g/t Au 

• Drill hole GA-20-747: 6.8 metres grading 5.9 g/t Au
           includes: 0.9 metres grading 32.7 g/t Au 

• Drill hole GA-20-748: 5.8 metres grading 4.7 g/t Au
           includes: 2.6 metres grading 7.7 g/t Au 

• Drill hole GA-20-750: 9.8 metres grading 27.8 g/t Au
           includes: 4.4 metres grading 58.4 g/t Au 

Astoria Area - Upper Zone:

• Drill hole AS-19-732: 5.0 metres grading 4.6 g/t Au
           includes: 1.0 metres grading 14.4 g/t Au 

• Drill hole AS-19-733: 4.0 metres grading 5.5 g/t Au
           includes: 1.0 metres grading 13.3 g/t Au 

• Drill hole AS-19-739: 3.5 metres grading 5.7 g/t Au 

Astoria Area - Lower Piché Zone

• Drill hole AS-19-738: 2.2 metres grading 7.9 g/t Au
           includes: 1.2 metres grading 12.3 g/t Au 

• Drill hole AS-19-741: 9.0 metres grading 5.8 g/t Au
           includes: 1.0 metres grading 39.2 g/t Au 

 

The objective of the diamond drilling program in the area of the historic Astoria deposit was to test selected exploration targets to evaluate continuity of mineralization for the potential to outline a resource. 

The objective of the diamond drilling program on the Lac Gamble Zone was to continue a systematic infill drilling program at nominal 50 x 50 metre drill centres in the upperpart of the zone to support a future resource estimation. In addition, lateral extensions were also targeted to evaluate the potential to expand the zone.

Both drilling programs successfully intersected the targeted sheared Cadillac-Piché corridor which hosts the mineralized zones. The Lac Gamble and Astoria mineralized zones are associated with alteration varying from several metres to greater than ten metres in width hosted in the ultramafic rocks of the Piché Group, exhibiting variable carbonatization, fuchsite, silicification, crosscut by a network of white quartz and brown tourmaline stockwork veins and breccias. Gold mineralization occurs as small specks of visible free gold associated with minor sulphides in quartz-tourmaline veinlets. In the Astoria area mineralized zones are also intersected at the contact with the sedimentary sequences bordering the Piché Group and contains grey quartz veinlets with up to 10% disseminated to narrow massive bands of Arsenopyrite adjacent to the veins.

Next Steps 

In response to the global COVID-19 crisis, IAMGOLD with the support of its partner Yorbeau, immediately activated appropriate actions to ensure a coordinated response. All exploration drilling and field activities were temporarily suspended as directed by the government of Quebec and will resume subject to the guidelines and approval of the required government authorities and when judged safe to do so. Consistent with IAMGOLD's culture of "Zero Harm", the Company will implement any necessary steps to protect the health and safety of employees, contractors and local communities before resuming exploration activities.

The assay results from the drilling programs are being compiled and integrated with the existing geological, geochemical and structural information to support the development and refinement of a preliminary deposit model. This work will also be used to support the completion of a mineral resource estimation of the Lac Gamble zone currently in planning. 

As described above, the planned 2020 Lac Gamble drilling program was suspended before completion. Timing for the resumption of the program will be assessed as conditions allow. The 2020 exploration program was designed to also evaluate other selected exploration targets in the area of the historic Astoria deposit and other identified satellite targets with up to a further 5,000 metres of diamond drilling planned. All pending assay results from drilling completed to date on Lac Gamble will be reported once they are received, validated and compiled. 

About the Rouyn Gold Project

The Rouyn Gold Property is located about 4 km south of Rouyn-Noranda, Quebec. With a long history of mining, the city of Rouyn-Noranda offers many advantages for mining and exploration, including political and social stability, good access and infrastructure, skilled mining personnel, and one of the most mining-friendly jurisdictions in the world. 

The property covers a 12-kilometre stretch of the Cadillac-Larder Lake Break and contains four known gold deposits along the 6-km Augmitto-Astoria corridor situated on the western portion of the property. Two of the four deposits, Astoria and Augmitto, benefit from established underground infrastructure and have been the subject of technical reports that include resource estimates that were previously filed in accordance with Regulation NI 43-101.

The Lac Gamble zone is located between the Augmito and the Astoria deposits. The exploration target potential at Lac Gamble is interpreted to be between 400,000 and 600,000 ounces of gold at a grade between 7.0 and 8.5 g/t Au. The potential quantity and grade of the exploration targets referred to are conceptual in nature and insufficient exploration work has been completed to define a mineral resource. The property may require significant future exploration to advance to a resource stage and there can be no certainty that the exploration target will result in a mineral resource being delineated. The exploration targets are consistent with similar deposits in the area, deposit models or derived from initial drilling results. 

IAMGOLD signed a definitive option agreement in December 2018, whereby IAMGOLD has the option to acquire a 100% interest in the Project by making scheduled cash payments totaling C$4 million and completing exploration expenditures totaling C$9 million over a four year period. Exploration programs must include the completion of a minimum of 20,000 metres of diamond drilling within the first two-years of the option. By the end of the expenditure period, the Company must complete a NI 43-101 compliant resource estimate, after which the Company, at its election, can purchase a 100% interest in the Project, subject to a 2% net smelter return production royalty, by paying Yorbeau the lesser of C$15 per resource ounce or C$30 million. IAMGOLD is in the second year of the option agreement.

 

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