Iamgold Corp (NYSE:IAG) recently announced Nelligan joint venture project 2018 results from its drilling program. The company announced the results of 12 diamond drill holes, covering 4,471 meters of an area at the site located 60 kilometers southwest of Chibougamau in Canada’s Quebec province. The company is yet to announce assay results for 20 drill holes scattered in an area of 8,889 meters. Iamgold will declare the reports once it receives the validated and compiled reports.
Iamgold designed Nelligan joint venture project 2018 drilling program for evaluation
The company designed this diamond drilling program this year for evaluating the resource potential of Renard Zone, a mineralization system discovered recently. Located to the north of Liam and Dan zones, the Nelligan joint venture project 2018 drilling intersects the hydrothermal altercation wide zones. The major characteristics of zone include variable carbonatization, phlogopite, sericite, and pervasive silicification.
The Senior Vice President, Exploration for Iamgold Craig MacDougall stated, “The 2018 exploration drilling program continues to delineate wide zones of alteration and mineralization, allowing us to advance a preliminary deposit model and evaluate the resource potential of this large hydrothermal system.” MacDougall further added that the results of the drilling program are encouraging. He stated that the company is optimistic that it can move forward with this project.
The company said that the primary objective of this 2018 drilling program is an evaluation of resource potential of the project so that it can declare resource estimate for an initial National Instrument 43-101.
Nelligan project details
The Nelligan joint venture project 2018 drilling site is a very small area located in the large Caopatina segment that belongs to the North Volcanic Zone of the Superior Province’s Abitibi Belt. Centered on the E-W Druillette synclinal it has Caopatina Formation sediments to the north and Obatogamau Formation volcanic rocks to the south. Granodioritic and tonalitic intrusions occupy the north and south property portions. The entire Nelligan drilling project comprises of a deformed zone and several structures.
The premarket for Iamgold went up by 3.8% after it revealed an updated resource and reserve estimate for its Suriname located Rosebel gold mine. The company will reveal more update on the drilling and Rosebel gold mine projects soon.