TORONTO – IAMGOLD Corporation today provided an update from its ongoing exploration program at its optioned Monster Lake project located 50 kilometres southwest of Chibougamau, Quebec, Canada. The company is reporting final assay results from the 2016 winter diamond drilling program completed in April 2016 and totaling 8,105 metres from 21 diamond drill holes.
The assay results are provided in Table 1 below and include the following highlights:
Monster Lake Shear Zone and 325 – Megane Zone:
- Drillhole ML16-171: 1.21 metres grading 20.16 g/t gold,
- Drillhole ML16-175: 0.71 metres grading 9.01 g/t gold,
and 5.46 metres grading 2.68 g/t gold
- Includes: 0.52 metres grading 13.20 g/t gold
and 1.13 metres grading 16.00 g/t gold
- Drillhole ML16-176B: 0.63 metres grading 8.64 g/t gold
- Drillhole ML16-179: 4.26 metres grading 3.07 g/t gold
- Includes: 1.44 metres grading 7.91 g/t gold
and 2.78 metres grading 2.12 g/t gold
- Includes: 0.42 metres grading 7.10 g/t gold
- Drillhole ML-16-182: 1.31 metres grading 6.72 g/t gold.
The 2016 winter drilling program was designed to evaluate targets developed from previous drilling and from mapping and trenching programs completed in summer 2015. Targeting continued to focus on extensions to the Monster Lake Shear Zone (“MLSZ”) hosting the 325-Megane zone as well as adjacent structures identified from the exploration program.
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: “Assay results from this winter drilling program have returned encouraging results from a possible second zone along the main hosting structure MLSZ and in an area located 200 to 400 metres to the north of the 325-Megane Zone. These results continue to improve our geologic understanding of the area which will help guide future exploration.”
Further drilling is required to assess the potential to outline a new lens and to continue to explore the MLSZ for additional mineralized zones. The summer 2016 program recently commenced and will include further geological and structural mapping, selected geochemical and geophysical surveys and a follow up diamond drilling program as weather conditions permit later in the year.
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 recent success by TomaGold Corporation (“TomaGold’) have identified at least a four kilometre long structural corridor, along which most of the known gold occurrences discovered to date on the property are associated, including the 325-Megane Zone.
IAMGOLD holds a 50% interest in the Monster Lake project. Pursuant to an earn-in option agreement with TomaGold amended onOctober 30, 2015, IAMGOLD holds an option to earn a further 25% undivided interest, for a total 75% undivided interest in the project, should it spend a further C$10.0 million on the project within a seven-year period, beginning January 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 C$1.0 million payment. IAMGOLD has completed its first year commitment under the terms of the amended option earn in agreement.