All monetary figures are expressed in U.S.
dollars.
TORONTO, July 7, 2015 /PRNewswire/ - IAMGOLD
Corporation ("IAMGOLD" or the "Company") today provided an
update from ongoing exploration at the Company's wholly-owned
Pitangui gold project in Brazil.
Assay results have been received for a further 24 diamond drill
holes totalling 9,802 metres from a total of 61 drill holes
totalling 22,406 metres completed on the São Sebastião deposit as
part of an ongoing delineation drilling program initiated in 2014.
A drill hole location plan is provided with this news
release.
The drilling results are provided in Table 1 below, and include
the following highlights:
- Drillhole FJG-084: 11.93 metres grading 5.59 g/t
gold
Including:
2.24 metres grading 14.80 g/t
gold
- Drillhole FJG-086: 7.65 metres grading 5.25 g/t
gold
11.98 metres grading 6.84 g/t
gold
Including:
3.45 metres grading 17.02 g/t
gold
- Drillhole FJG-088: 7.38 metres grading 8.12 g/t
gold
- Drillhole FJG-105: 7.61 metres grading 9.78 g/t
gold
Including:
4.35 metres grading 16.56 g/t
gold
Craig MacDougall, Senior Vice
President, Exploration for IAMGOLD, stated, "The planned
infill delineation drilling program is nearing completion and the
results we are reporting further confirm the continuity of the
targeted zones, intersecting thicker intervals of high grade
mineralization. We look forward to reporting the final assay
results and incorporating them into a revised resource estimate
targeted for completion by year end."
Pitangui Gold Project, Brazil
The Pitangui project, located approximately 110 kilometres
northwest of the city of Belo
Horizonte in Minas Gerais State, Brazil, comprises approximately 180 square
kilometres of exploration licenses and license applications
covering the Archean aged Pitangui greenstone belt. Current
mineral resources for the São Sebastião deposit comprise an
estimated inferred resource of 4.07 million tonnes grading 4.88
grams of gold per tonne for 0.64 million contained ounces
(effective January 9, 2014; see news
release dated April 9, 2014).
Gold mineralization is hosted by a series of parallel and
complexly folded horizons of banded iron formation ('BIF')
separated by mafic volcanic and minor sedimentary units within the
lower greenstone belt stratigraphy. Within the iron
formations, gold mineralization is associated with sulphide
replacement of primary magnetite bands, characterized by the
presence of pyrrhotite and lesser amounts of arsenopyrite, pyrite,
and chalcopyrite. Drilling to date has identified two main
mineralized horizons, referred to as "Biquinho" and "Pimentoa",
that occur approximately 100 metres apart vertically.
Several active mining operations in the Brazilian Iron
Quadrangle exploit gold deposits of a comparable age, host rock
type and mineralization style. Examples include AngloGold
Ashanti's Cuiabá and Lamego deposits.
Next Steps
The planned infill delineation drilling program is now largely
completed pending a final permit to allow drill pad access in an
area covering a potential up plunge extension over a 200m gap
located to the southeast of the main area of infill drilling.
Remaining assay results will be reported once they are received and
validated. These results will be incorporated in an updated
resource model due for completion by year end.
Ongoing exploration will now focus on the follow up of
conductive targets identified from a 660 line kilometre heli-borne
VTEM (Versatile Time Domain Electro-Magnetic) survey completed in
late 2014. The targets are similar to the conductive anomaly
associated with the São Sebastião deposit and will be prioritized
for evaluation in future drilling programs.
Technical Information and Quality Control Notes
The Pitangui project drilling results contained in this news
release have been prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects. The sampling
and analysis of drill core is monitored through the implementation
of a quality assurance - quality control program designed to follow
industry best practice. Drill core (HQ and NQ size) samples were
selected by IAMGOLD geologists and cut lengthwise with a diamond
saw at the project site. Half of the core is retained on site for
future reference. Sample intervals range between 0.4 and 1.0 metres
in length. Samples were prepared at the ACME Analytical Laboratory
in Vespasiano, Brazil, shipped to
ACME Analytical Laboratory in Vancouver,
Canada (by ACME) and assayed for gold using a standard fire
assay procedure and an atomic absorption finish (ACME codes G601
and G610).
Qualified Persons
The information in this news release was prepared under the
supervision of and reviewed and verified by Craig MacDougall, P.Geo., SVP, Exploration for
IAMGOLD. Mr. MacDougall is a Qualified Person as defined by
National Instrument 43-101.
Notes to Investors Regarding the Use of Resources
Cautionary Note to Investors Concerning Estimates of
Indicated and Inferred Resources
This news release uses the term "indicated resources". We advise
investors that while that term is recognized and required by
Canadian regulations, the United States Securities and Exchange
Commission (the "SEC") does not recognize it. Investors are
cautioned not to assume that any part or all of mineral deposits in
this category will ever be converted into reserves.
This news release also uses the term "inferred resources". We
advise investors that while this term is recognized and required by
Canadian regulations, the SEC does not recognize it. "Inferred
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally mineable.
Cautionary Note to U.S. Investors
The SEC limits disclosure for U.S. reporting purposes to
mineral deposits that a company can economically and legally
extract or produce. IAMGOLD uses certain terms in this news
release, such as "measured," "indicated," or "inferred," which may
not be consistent with the reserve definitions established by the
SEC. U.S. investors are urged to consider closely the
disclosure in the IAMGOLD Annual Reports on Forms 40-F. You can
review and obtain copies of these filings from the SEC's website at
http://www.sec.gov/edgar.shtml or by contacting the Investor
Relations department.
The Canadian Securities Administrators' National Instrument
43-101 ("NI 43-101") requires mining companies to disclose reserves
and resources using the subcategories of "proven" reserves,
"probable" reserves, "measured" resources, "indicated" resources
and "inferred" resources. Mineral resources that are not mineral
reserves do not demonstrate economic viability.
A mineral reserve is the economically mineable part of a
measured or indicated mineral resource demonstrated by at least a
preliminary feasibility study. This study must include adequate
information on mining, processing, metallurgical, economic and
other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified. A mineral reserve
includes diluting materials and allows for losses that may occur
when the material is mined. A proven mineral reserve is the
economically mineable part of a measured mineral resource
demonstrated by at least a preliminary feasibility study. A
probable mineral reserve is the economically mineable part of an
indicated, and in some circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility study.
A mineral resource is a concentration or occurrence of
natural, solid, inorganic material, or natural, solid fossilized
organic material, including base and precious metals in or on the
Earth's crust in such form and quantity and of such a grade or
quality that it has reasonable prospects for economic extraction.
The location, quantity, grade, geological characteristics and
continuity of a mineral resource are known, estimated or
interpreted from specific geological evidence and knowledge. A
measured mineral resource is that part of a mineral resource for
which quantity, grade or quality, densities, shape and physical
characteristics are so well established that they can be estimated
with confidence sufficient to allow the appropriate application of
technical and economic parameters, to support production planning
and evaluation of the economic viability of the deposit. The
estimate is based on detailed and reliable exploration, sampling
and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes that are spaced closely enough to confirm both geological and
grade continuity. An indicated mineral resource is that part of a
mineral resource for which quantity, grade or quality, densities,
shape and physical characteristics can be estimated with a level of
confidence sufficient to allow the appropriate application of
technical and economic parameters to support mine planning and
evaluation of the economic viability of the deposit. The estimate
is based on detailed and reliable exploration and testing
information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are
spaced closely enough for geological and grade continuity to be
reasonably assumed. An inferred mineral resource is that part of a
mineral resource for which quantity and grade or quality can be
estimated on the basis of geological evidence and limited sampling
and reasonably assumed, but not verified, geological and grade
continuity. The estimate is based on limited information and
sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes. Mineral
resources which are not mineral reserves do not have demonstrated
economic viability. Investors are cautioned not to assume that part
or all of an inferred resource exists, or is economically or
legally mineable.
Forward Looking Statement
This news release contains forward-looking statements. All
statements, other than of historical fact, that address activities,
events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements regarding expected, estimated or
planned gold production, cash costs, margin expansion, capital
expenditures and exploration expenditures and statements
regarding the estimation of mineral resources, exploration
results, potential mineralization, potential mineral resources and
mineral reserves) are forward-looking statements. Forward-looking
statements are generally identifiable by use of the words "may",
"will", "should", "continue", "expect", "anticipate", "estimate",
"believe", "intend", "plan" or "project" or the negative of these
words or other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's ability to
control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things, without limitation, failure to
meet expected, estimated or planned gold production, cash costs,
margin expansion, capital expenditures and exploration expenditures
and failure to establish estimated mineral resources, the
possibility that future exploration results will not be consistent
with the Company's expectations, changes in world gold markets and
other risks disclosed in IAMGOLD's most recent Form 40-F/Annual
Information Form on file with the United States Securities and
Exchange Commission and Canadian provincial securities regulatory
authorities. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement.
About IAMGOLD
IAMGOLD (www.iamgold.com) is a mid-tier mining company with four
operating gold mines on three continents. A solid base of strategic
assets in North and South America
and West Africa is complemented by
development and exploration projects and continued assessment of
accretive acquisition opportunities. IAMGOLD is in a strong
financial position with extensive management and operational
expertise.
Please note:
This entire news release may be accessed via fax, e-mail,
IAMGOLD's website at www.iamgold.com and through CNW Group's
website at www.newswire.ca. All material information on IAMGOLD can
be found at www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce communiqué,
veuillez consulter le
http://www.iamgold.com/French/accueil/default.aspx.
Table 1: Pitangui Project Drilling
Results
Hole#
|
Córrego Alegre
UTM, Zone 23S
|
AZ
|
DIP
|
EOH
|
ZONE
|
From
|
To
|
Length
|
Gold
|
|
Easting
|
Northing
|
Elevation
|
|
|
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
FJG83
|
533987
|
7818463
|
819
|
-60
|
-60
|
464.09
|
|
No significant
result
|
FJG84
|
534233
|
7817987
|
792
|
-60
|
-60
|
399.87
|
Tomate
|
23.89
|
26.53
|
2.64
|
3.30
|
|
|
|
|
|
|
|
Upper
Biquinho
|
133.62
|
136.64
|
3.02
|
5.84
|
|
|
|
|
|
|
|
Lower
Biquinho
|
148.61
|
156.82
|
8.21
|
3.59
|
Including
|
|
|
|
|
|
|
|
148.61
|
150.82
|
2.21
|
6.88
|
|
|
|
|
|
|
|
|
154.93
|
156.82
|
1.89
|
7.02
|
|
|
|
|
|
|
|
Upper
Pimentão
|
236.73
|
246.63
|
9.90
|
3.11
|
Including
|
|
|
|
|
|
|
|
241.12
|
246.04
|
4.92
|
5.22
|
|
|
|
|
|
|
|
Middle
Pimentão
|
255.56
|
258.75
|
3.19
|
3.46
|
|
|
|
|
|
|
|
Lower
Pimentão
|
315.32
|
327.25
|
11.93
|
5.59
|
Including
|
|
|
|
|
|
|
|
315.32
|
317.56
|
2.24
|
14.80
|
|
|
|
|
|
|
|
|
318.77
|
324.47
|
5.70
|
5.38
|
FJG85
|
533640
|
7818259
|
809
|
-60
|
-60
|
600.00
|
Biquinho
|
311.16
|
313.42
|
2.26
|
7.79
|
FJG86
|
534245
|
7817927
|
805
|
-60
|
-60
|
367.17
|
Biquinho
|
119.90
|
127.55
|
7.65
|
5.25
|
Including
|
|
|
|
|
|
|
|
119.90
|
121.87
|
1.97
|
6.47
|
|
|
|
|
|
|
|
|
124.63
|
127.55
|
2.92
|
8.40
|
|
|
|
|
|
|
|
Upper
Pimentão
|
224.94
|
236.92
|
11.98
|
6.84
|
Including
|
|
|
|
|
|
|
|
228.79
|
232.24
|
3.45
|
17.02
|
|
|
|
|
|
|
|
Lower
Pimentão
|
257.36
|
262.61
|
5.25
|
3.18
|
Including
|
|
|
|
|
|
|
|
259.10
|
261.92
|
2.82
|
5.35
|
FJG87
|
534248
|
7818580
|
812
|
-60
|
-60
|
514.48
|
Biquinho
|
439.12
|
442.06
|
2.94
|
4.05
|
FJG88
|
534213
|
7817881
|
804
|
-60
|
-60
|
358.00
|
Upper
Biquinho
|
90.41
|
95.63
|
5.22
|
3.50
|
Including
|
|
|
|
|
|
|
|
93.74
|
95.63
|
1.89
|
8.06
|
|
|
|
|
|
|
|
Middle
Biquinho
|
111.14
|
118.52
|
7.38
|
8.12
|
|
|
|
|
|
|
|
Lower
Biquinho
|
125.19
|
128.80
|
3.61
|
4.54
|
|
|
|
|
|
|
|
Upper
Pimentão
|
214.29
|
217.86
|
3.57
|
5.19
|
|
|
|
|
|
|
|
Lower
Pimentão
|
262.23
|
263.33
|
1.10
|
9.80
|
FJG89
|
534129
|
7818604
|
821
|
-60
|
-60
|
531.02
|
|
No significant
result
|
FJG90
|
534228
|
7817846
|
816
|
-60
|
-60
|
354.01
|
Biquinho
|
104.98
|
107.90
|
2.92
|
3.04
|
|
|
|
|
|
|
|
Upper
Pimentão
|
210.90
|
213.22
|
2.32
|
4.60
|
FJG91
|
534237
|
7818431
|
788
|
-60
|
-60
|
594.35
|
Upper
Biquinho
|
368.76
|
372.03
|
3.27
|
3.37
|
FJG92
|
534298
|
7817932
|
810
|
-60
|
-60
|
330.93
|
Biquinho
|
116.47
|
127.10
|
10.63
|
3.68
|
Including
|
|
|
|
|
|
|
|
118.89
|
124.39
|
5.50
|
5.03
|
|
|
|
|
|
|
|
Lower
Pimentão
|
269.95
|
272.41
|
2.46
|
3.33
|
FJG93
|
534330
|
7817902
|
813
|
-60
|
-60
|
309.59
|
Biquinho
|
109.74
|
111.81
|
2.07
|
6.22
|
|
|
|
|
|
|
|
Pimentão
|
223.72
|
225.88
|
2.16
|
6.13
|
FJG94
|
534312
|
7818500
|
796
|
-60
|
-60
|
449.95
|
Upper
Biquinho
|
387.60
|
389.67
|
2.07
|
3.61
|
|
|
|
|
|
|
|
Lower
Biquinho
|
409.39
|
412.38
|
2.99
|
3.88
|
FJG95
|
534375
|
7818000
|
801
|
-60
|
-60
|
371.51
|
|
No significant
result
|
FJG96
|
534417
|
7817974
|
801
|
-60
|
-60
|
234.76
|
Biquinho
|
144.00
|
146.00
|
2.00
|
8.77
|
FJG97
|
534333
|
7818385
|
779
|
-60
|
-60
|
385.63
|
Biquinho
|
329.00
|
334.89
|
5.89
|
4.58
|
FJG98
|
534407
|
7818460
|
797
|
-60
|
-60
|
438.92
|
|
No significant
result
|
FJG99
|
534372
|
7817935
|
809
|
-60
|
-60
|
319.37
|
Pimentão
|
243.14
|
247.72
|
4.58
|
4.32
|
FJG100
|
534382
|
7818567
|
810
|
-60
|
-60
|
510.99
|
|
No significant
result
|
FJG101
|
534306
|
7817999
|
797
|
-60
|
-60
|
352.26
|
|
No significant
result
|
FJG102
|
534290
|
7818067
|
787
|
-60
|
-60
|
429.17
|
Upper
Biquinho
|
179.56
|
181.98
|
2.42
|
4.97
|
|
|
|
|
|
|
|
Lower
Biquinho
|
212.31
|
216.18
|
3.87
|
6.32
|
Including
|
|
|
|
|
|
|
|
212.31
|
214.25
|
1.94
|
11.98
|
FJG103
|
534320
|
7818637
|
806
|
-60
|
-60
|
496.20
|
|
No significant
result
|
FJG104
|
534235
|
7817583
|
855
|
-60
|
-60
|
284.50
|
Biquinho
|
181.18
|
185.35
|
4.17
|
3.78
|
FJG105
|
534237
|
7818061
|
788
|
-60
|
-60
|
420.17
|
Tomate
|
46.4
|
48.47
|
2.07
|
3.16
|
|
|
|
|
|
|
|
Biquinho
|
175.04
|
182.65
|
7.61
|
9.78
|
Including
|
|
|
|
|
|
|
|
177.65
|
182.00
|
4.35
|
16.56
|
FJG106
|
534235
|
7817583
|
855
|
-77
|
-77
|
285.02
|
Biquinho
|
208.67
|
210.88
|
2.21
|
7.65
|
- Drill hole intercepts are calculated using a minimum downhole
length of 2 meters, a cut-off grade of 1.0 g/t gold, are uncapped
and may include up to 5 metres of internal dilution.
- Higher grade sub-intervals are highlighted. Intercepts are
calculated using a minimum downhole length of 1 meter, are uncapped
and do not include internal dilution.
- The true widths of intersections are unknown at this time, but
are interpreted to approximate the reported downhole lengths.
SOURCE IAMGOLD Corporation