IAMGOLD - Executive Vice President & CFO, Carol Banducci
Executive Vice President & CFO, Carol Banducci
Source: The Financial Post
  • With the final assays from its 2020 drill program now in hand, Iamgold (IMG) has confirmed the extension of the Renard gold system at its Nelligan Project
  • The results come from seven diamond drill holes, totalling 2,602 metres, focused on the Renard West, Renard and Liam zones
  • One hole was abandoned due to excessive deviation, while a second hole did not reach the expected Renard target zone due to mechanical issues
  • The company is now working to compile all available data to guide future exploration and drilling work
  • Iamgold is currently up 2.28 per cent to C$4.49 per share

With the assays from its drill program in, Iamgold (IMG) has confirmed the extension of the Renard gold system at its Nelligan Project.

Located roughly 60 kilometres southwest of Chibougamau, Quebec, Iamgold owns a 75 per cent stake in the project pursuant to a joint venture agreement with Vanstar Mining Resources, which owns the remaining 25 per cent interest.

The drilling results relate to the final seven diamond drill holes that were completed over the summer, totalling 2,602 metres and focused on the Renard West, Renard and Liam zones.

While one hole was abandoned due to excessive deviation and a second hole did not reach the expected Renard target zone due to mechanical issues, Iamgold said the results continue to show the continuity of gold mineralisation – extending it well beyond the current resource area by between 500 and 700 metres to the west.

The current resource area is though to host an inferred mineral resource of 3.2 million ounces at 1.02 grams per tonne of gold.

“The mineralisation and associated alteration intersected to date along this western extension appears similar to that observed in the current estimated resource and has potential to expand existing project resources with additional drilling,” said Craig MacDougall, Executive Vice President of Growth at Iamgold.

“I must congratulate the exploration team for their perseverance to safely and successfully complete the 2020 exploration program with the numerous challenges posed by the global COVID-19 crisis,” he added.

Iamgold is now working to to compile all available data in order to guide future exploration and drilling work, the planning for which has already begun and is expected to include further drilling designed to expand known resources.

Additional metallurgical testing is also underway, with results anticipated early next year.

Iamgold is currently up 2.28 per cent to C$4.49 per share at 10:31am EST.

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