Iamgold grows interest in Nelligan project

Nelligan project site in Quebec. (Image courtesy of Vanstar Mining Resources).

Canada‚Äôs Iamgold Corp. (TSX IMG) (NYSE: IAG) 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. 

With its current 75% interest, IAMGOLD retains a further option to acquire an additional interest of 5%, to hold an 80% interest in the Nelligan project by completing and delivering a feasibility study

To do so, the miner completed a mineral resource estimate and delivered cash payments totalling C$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 Resources holding 25%.

The project is located 60 kilometres southwest of Chibougamau, Quebec, in central Canada. 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 grams of gold per tonne for 3,193,900 ounces of contained gold. 

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