QUEBEC – Canada’s Iamgold increased its undivided interest in the Nelligan joint venture project by a further 24% to now hold an aggregate undivided interest of 75% in the property.
To do so, the miner completed a mineral resource estimate and delivered cash payments totalling $2.35 million.
Nelligan is held under an earn-in option to joint venture agreement with Iamgold as the operator and now holding 75% and Vanstar Mining holding 25%.
The project is located 60 km southwest of Chibougamau, Quebec. It is underlain by a portion of the Caopatina segment belonging to the North Volcanic Zone of the Abitibi Belt of the Superior Province.
According to Iamgold, Nelligan hosts mineral resources, on a 100% basis, comprised of pit constrained inferred resources totalling 96,990,000 tonnes averaging 1.02 g/t gold for 3,193,900 oz. of contained gold.
This story originally appeared on www.Mining.com.