Iamgold updates on Cote drill program

Work at the Côte project done in 2011. (Image provided by former owner Trelawney Mining and Exploration)

Toronto-based Iamgold (TSE: IMG) has released assay results from its 2019 diamond drilling program at the Gosselin zone, part of the Cote gold joint venture about halfway between Timmins and Sudbury. Iamgold holds 70% of the project and Sumitomo Metal Mining the remaining 30%.

News of the Gosselin zone discovery was published in March 2019. The 2019 program included 14 NQ sized holes, 13 of which were drilled from the ice of Three Ducks Lake, and the other one was land-based.

Highlights of the program include:

  • Hole GOS19-17: 342.5 metres at 0.98 g/t gold, including 225.0 metres at 1.34 g/t, including 1.05 metres at 110.0 g/t;
  • Hole GOS19-20: 134.0 metres grading 1.10 g/t gold, including 35.5 metres at 1.92 g/t;
  • Hole GOS19-23: 248.3 metres grading 1.33 g/t gold, including 1.0 metre at 168.0 g/t;
  • Hole GOS19-24: 412.0 metres grading 1.28 g/t gold, including 221.4 metres at 1.47 g/t, including 1.06 metre at 95.0 g/t; and
  • Hole GOS19-27: 245.0 metres grading 0.85 g/t gold, including 1.0 metre at 31.8 g/t.

Senior VP Craig MacDougall said Iamgold is very encouraged by the long intersects. The extension of the Gosselin zone near surface and along strike to the southwest towards the Young-Shannon zone has been confirmed.

Iamgold says the drill results and the results of this summer’s mapping and channel sampling will be used to create a preliminary geologic model for the Gosselin and  Young-Shannon zones. This information will help select future drilling targets for an eventual maiden resource estimate for both zones.

The Cote project already has 90.2 million tonnes of proven and probable reserves grading 1.0 g/t gold and containing about 3.0 million ounces. The reserves are included in 171.9 million measured tonnes at 1.0 g/t gold and 183.5 million indicated tonnes at 0.8 g/t, together containing almost 10 million ounces. of gold. The inferred resource is 112.8 million tonnes at 0.7 g/t gold for 2.4 million ounces.

(This article first appeared in the Canadian Mining Journal)

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