Feb 6 2015
TomaGold Corporation - IAMGOLD Corporation today provided an update from its ongoing exploration program at its optioned Monster Lake project located 50 kilometres southwest of Chibougamau, Quebec, Canada. The company is reporting assay results from a further 17 diamond drill holes totaling 8,233 metres completed at the end of the 2014 exploration program.
The assay results are provided in Table 1 below and include the following highlights:
(A drill hole plan map and longitudinal section is attached to this news release.)
325 - Megane Zone:
- Drillhole ML14-130: 9.18 metres grading 46.33 g/t gold,
- Includes: 2.2 metres grading 182.8 g/t gold
- Drillhole ML14-131: 3.42 metres grading 18.68 g/t gold
- Drillhole ML14-132: 7.1 metres grading 6.74 g/t gold
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated, "Our first exploration program completed in 2014 on this project has delivered encouraging results by successfully extending the high grade 325 - Megane zone at depth below previous drilling where it remains open. In addition our exploration program has identified several new gold-bearing structures and a number of target areas for further exploration."
During 2014, the Company conducted a multi-phase diamond drilling program totaling 12,761 metres. This news release reports the assay results of the final 17 of the 26 drill holes in the program. The 2014 drilling program was designed to test the direct down-dip and lateral extensions of the 325-Megane mineralized zone, as well as areas along strike within the interpreted structural corridor referred to as the Monster Lake Shear Zone ("MLSZ").
Concurrent with the 2014 drilling program, exploration activities also included data compilation and processing, a ground geophysical survey, geological mapping and selected outcrop stripping and sampling. Highlights of this work include the discovery of several new surface gold showings thought to represent a possible extension of the MLSZ located along the west limb of a prominent fold. Results from surface channel sampling of outcrops exposed in shallow trenches cut perpendicular to the observed trend, include: 1.25 metres grading 16.3 g/t Au, 0.30 metres grading 4.53 g/t Au and 0.60 metres grading 2.09 g/t Au in Trench 7; and 1.0 metres grading 2.83 g/t Au and 1.0 metre grading 2.09 g/t Au in Trench 9. These new showings have not been previously drill tested and represent priority targets for follow up.
Next Steps
In 2015, an initial 5,000 metre, winter diamond drilling program is planned which is designed to test selected target areas along the main MLSZ structure to take advantage of the winter access conditions. Further drilling is also planned on the 325-Megane zone to test the continuation of lateral and down-plunge extensions. Drilling is expected to commence in the coming weeks.
About the Monster Lake Project
The Monster Lake project is underlain by Archean volcanic rocks of the Obatogamau Formation and is traversed by an important deformation corridor and associated gold-bearing mineralized structures. Historical drilling and recent success by TomaGold have identified at least a four kilometre long structural corridor along which most of the known gold occurrences discovered to date on the property are associated, including the 325-Megane Zone.
Pursuant to an earn-in agreement finalized with TomaGold Corporation, IAMGOLD may earn a 50% interest in each of the Monster Lake, Winchester and Lac à l'Eau Jaune properties, collectively referred to as the Monster Lake Project, by completing scheduled cash payments and exploration expenditures totaling US$17.6 million over five and half years.
A table and maps are available at the following address: http://media3.marketwire.com/docs/990819e.pdf