IAMGOLD (NYSE: IAG, TSX: IMG) has announced an updated mineral resource estimate for its 100% owned Pitangui Project in Minas Gerais State, Brazil.
The estimate, based on an underground mining scenario, comprises an indicated resource of 3.33 million tonnes grading 4.39 grams per tonne gold for 0.47 million contained ounces and an inferred resource of 3.56 million tonnes grading 3.78 grams of gold per tonne for 0.43 million contained ounces, at a cut-off grade of 2.5 grams of gold per tonne.
The previous 2018 resource comprised an inferred 5.4 million tonnes at 4.7 grams per tonne.
“Its an outstanding grass roots discovery made by our Brazilian exploration team who have continued to advance and improve the definition of resources since its discovery”, said IAMGOLD senior vice president exploration Craig MacDougall.
He said ongoing exploration would continue to target potential extensions and new discoveries.
At market close Thursday, IAMGOLD’s stock was up nearly 4%.