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IAMGOLD adds huge numbers to Côte gold project

Oct 18, 2021

"We are very pleased to have reached this significant milestone disclosing an initial mineral resource estimate for the Gosselin discovery," said Craig MacDougall, Executive Vice President, Growth for IAMGOLD. "The exploration team is to be especially congratulated for safely completing a series of successive, logistically challenging, delineation-drilling programs while navigating the evolving challenges presented by the COVID-19 pandemic." 

IAMGOLD Corporation announced an initial mineral resource estimate for the Gosselin zone discovery, centered approximately 1.5 kilometres northeast of the Côté Gold construction project ("Côté Gold"). The estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards incorporated by reference in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Gosselin delineation drilling program was undertaken as part of the Côté Gold 70:30 joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. ("SMM"). Côté Gold, located 175 km north of Sudbury, Ontario, Canada and 125 km southwest of Timmins, Ontario, Canada, is currently under construction with commercial production anticipated in the second half of 2023 (see news releases dated July 21, 2020 and August 4, 2021).

The mineral resource estimate for the Gosselin deposit (on a 100% basis using a US$1,500 per ounce gold price) comprises:

  • 124.5 million tonnes of indicated resources averaging 0.84 grams of gold per tonne for 3.35 million ounces of gold; and 
  • 72.9 million tonnes of inferred resources averaging 0.73 grams of gold per tonne for 1.71 million ounces of gold. 

Current reported mineral resources for the adjacent Côté Gold deposit, on the same basis, are comprised of measured and indicated resources totalling 365.5 million tonnes averaging 0.87 grams of gold per tonne for 10.2 million ounces of gold and inferred resources totalling 189.6 million tonnes averaging 0.63 grams of gold for 3.8 million ounces (see news release dated February 17, 2021).

"We believe that the Gosselin deposit will continue to enhance the long term value and district-scale potential of the Côté Gold project. The Gosselin deposit remains open along strike to the northeast and has only been drilled to approximately half the depth of the Côté Gold deposit itself, so there remains significant potential to further expand total resources," added Mr. MacDougall.

The mineral resource estimate for the Gosselin zone incorporates assay results from 163 diamond drill ("DD") holes totalling 54,775 metres, including 95 DD holes totalling 38,398 metres completed by IAMGOLD as part of its delineation drilling program. Drill holes are spaced at approximately 70 metres apart. The estimate was prepared using a block model constrained with 3D wireframes of the principal mineralized domains. Values for gold were interpolated into blocks using inverse distance cubed. A Whittle open pit optimization algorithm was run on the block model to constrain the resource and to support the CIM requirement that mineral resources have "reasonable prospects for eventual economic extraction". The optimization algorithm considered only the Gosselin block model and the original unmined surface, independent of the Côté estimated block model. Pit slopes in rock were assumed at 45° and the resource estimate assumes a long-term gold price of US$1,500 per ounce. Only mineralization contained within the preliminary pit shell has been included in the resource estimate. Gold recoveries are assumed at 91.8% as indicated by preliminary metallurgical test work. The resource estimate was completed by SLR Consulting (Canada) Ltd. ("SLR") with an effective date of October 4, 2021.


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