IAMGOLD Corp (USA) (NYSE:IAG) reported the first mineral resource projection in accordance with the “CIM” Definition Standards put in place by reference in “NI 43-101” for the Saramacca deposit based around 25 kilometers from its Rosebel business in Suriname.
The resource projection constitutes 14.4 million tonnes of specified resources averaging 2.20 grams of gold/tonne for 1.022 million ounces as well as 13.6 million tonnes of contingent resources averaging 1.18 grams of gold/tonne for 518,000 ounces. Around 60% of the resources are enclosed within shallow, saprolite hosted and softer laterite mineralization. The Saramacca deposit continues to be open along strike in either directions and at depth and has notable potential for expansion.
Steve Letwin, the CEO and President of IAMGOLD, reported that the initial NI 43-101 resource projection for Saramacca validates the meaning of this gold discovery, and complements to the considerable resource increase stated at Rosebel just over a month earlier. With a deposit that continues to be open, their transformative plan to consolidate potential land packages around Rosebel remains to add notable value for company shareholders.
Craig MacDougall, the SVP, Exploration for IAMGOLD, expressed that the preliminary resource projection announced for the Saramacca deposit is the culmination of a remarkable effort by their support and exploration teams, who have worked relentlessly to develop the project since the start of exploration activities in September 2016.
These preliminary results surpass their projections and they are thrilled about the prospect to further expand the prevailing resources and to perform additional discoveries on the asset. He appreciate the efforts of the exploration team for the safely-completed and well-executed exploration program leading to recent announcement. The company will file the supporting NI 43-101 technical Report on SEDAR no later than 45 days following the date of this release.
In the last trading session, the stock price of IAMGOLD declined 0.29% to close the day at $6.91.