IAMGOLD Awarded Discovery of the Year for Nelligan Gold Project by Association De L'exploration Minière Du Québec

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[{"type":"text","content":"IAMGOLD Awarded Discovery of the Year for Nelligan Gold Project by Association De L'exploration Minière Du QuébecToronto, Ontario--(Newsfile Corp. - October 25, 2019) -  IAMGOLD Corporation (TSX: IMG) (\"IAMGOLD\" or the \"Company\") is pleased to announce that its Nelligan Gold Project (\"Nelligan\" or the \"Project\") was awarded the Discovery of the Year by the Association de l'Exploration Minière du Québec (\"AEMQ\") at its XPLOR 2019 Reconnaissance Gala on October 23, 2019. The Project is a joint venture between IAMGOLD: 51%, and Vanstar Mining Resources (\"Vanstar\"): 49%. \"The IAMGOLD team worked very hard to achieve this major result, and to advance Nelligan to the completion of a first 43-101 compliant resource, announced earlier this week. I would like to thank our exploration team for safely carrying out our work over the last 3 years, our collaborators who helped advance the Project and supported our field programs, and also our contractors who provided us with critical diamond drilling and analytical services. Finally, I would like to thank our partner Vanstar, for giving IAMGOLD the opportunity to be its exploration partner on the Project,\" commented Craig MacDougall, Senior Vice-President, Exploration. He added, \"The initial resource estimate reported for Nelligan marks an important milestone. The discovery of the Renard zone builds on the initial discoveries made by Vanstar, with the advancement from an initial grassroots discovery of the Renard zone to the declaration of a sizable mineral resource in just three years.\"The Nelligan Gold Project is located located 60 kilometres southwest of Chibougamau, Quebec, Canada and is held under an earn-in option to joint venture agreement with Vanstar. The Company currently holds an undivided 51% interest in the property, and holds an option to earn a further 24% undivided interest in exchange for cash payments totaling C$2,750,000 to Vanstar and the delivery of an NI 43-101 compliant Resource Estimate and Technical Report before March 2022. Once vested to an undivided 75% interest, IAMGOLD will have a further option to acquire an additional interest of 5%, to hold an 80% interest in the Project by completing and delivering a Feasibility Study. The initial mineral resource estimate, on a 100-per-cent basis, shows a pit-constrained inferred reso...

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