(Kitco News) - IAMGOLD (TSX: IMG) (NYSE: IAG) today announced an updated mineral resource estimate for the Nelligan JV project, located 60 kilometres southwest of Chibougamau, Quebec, Canada.
According to a company press release, relative to the 2019 mineral resource estimate, updated Nelligan mineral resources have increased by 92% in tonnage, with a 15% decline in gold grades, for an overall gain of 63% in metal content, and consist of 72.2 million tonnes of indicated mineral resources averaging 0.85 g/t Au for 1.97 million ounces of gold, and 114.1 million tonnes of inferred mineral resources averaging 0.88 g/t Au for 3.24 million ounces of gold.
Importantly, the company said that additional infill drilling completed from 2020 to 2022 and refinement of the deposit and structural models contributed to the conversion of 62% of inferred mineral resources to an indicated mineral resource category relative to the 2019 mineral resource estimate.
The company also noted that resource estimation process has identified a number of areas with potential for resource expansion along strike, at depth and in areas where drill hole spacing remains too wide to classify resources at this time, adding that these areas will be assessed to guide future resource delineation drilling programs.
The Nelligan gold project is held under an earn-in option to joint venture agreement with Vanstar (IAMGOLD: 75%; Vanstar: 25%) where IAMGOLD has a further option to acquire an additional interest of 5%, to hold an 80% interest in the Nelligan project by completing and delivering a feasibility study.
IAMGOLD is an intermediate gold producer and developer based in Canada with three operating mines in North America, South America and West Africa. The company is building the large-scale, long life Côté Gold project in Canada in partnership with Sumitomo Metals & Mining of Japan, which is expected to commence production in early 2024.
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