IAMGOLD Corp (USA)(NYSE:IAG) Issues Diamond Drilling Results


IAMGOLD Corp (USA)(NYSE:IAG) issued additional drilling updates from its Boto Gold Project in West Africa. The posted assay updates are from the remaining 22 diamond drill holes, coming at 2,842 meters, completed at the Malikoundi North extension and Malikoundi deposit. The firm’s current drilling plan had commenced in Q4 2016 after seasonal rains, and moved into Q1 2017.

Craig MacDougall, the SVP, Exploration of IAMGOLD, reported that with the latest round of drilling report now in hand from their drilling plan at the Malikoundi deposit, they are working to revise the resource model for application in their current technical assessment of the project. The drilling activities are focused on targeting probable resource expansions at the Boto 6 and Boto 5 deposits.

The updates

The Boto project constitutes 236 square kilometers of exploration approvals based in eastern Senegal closer to the Senegal-Mali border. In addition, the geological setting of the respective project area is similar to the Loulo and Sadiola gold districts in nearby Mali, being triggered by highly potential, Birimian-aged metasedimentary, intrusive and volcanic rocks along a 7-kilometre strike distance of the Senegal-Mali Shear Zone.

IAMGOLD reported that as of December 31, 2016, the assignment hosts an implied resource of 27.7 million tonnes closer to 1.8 grams of gold a tonne for 1.56 million ounces and an incidental resource of 2.9 million tonnes closer to 1.3 grams of gold a tonne for 125,000 ounces. A detailed report can be found in the press release pertaining resources and reserves being published in February.

The drilling data from Malikoundi will be put into a revised resource setup for the Boto project.  Diamond drilling measures continue on the property aiming additional mineral resources laterally known mineralized trends related with the Boto 4-6 and Boto 5 deposits.

In the last trading session, the stock price of IAMGOLD gained 0.22% to close the day at $4.51.

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