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IAMGOLD Exercises Its Option to Increase Its Ownership of the Nelligan Gold Project in Quebec to 75%
Toronto, Ontario--(Newsfile Corp. - December 11, 2019) - IAMGOLD Corporation (TSX: IMG) ("IA...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Exercises Its Option to Increase Its Ownership of the Nelligan Gold Project in Quebec to 75%Toronto, Ontario--(Newsfile Corp. - December 11, 2019) - IAMGOLD Corporation (TSX: IMG) (\"IAMGOLD\" or the \"Company\") today announced that it has exercised its option to increase its undivided interest in the Nelligan Joint Venture Project (\"Nelligan\" or the \"Project\"), by a further 24% to now hold an aggregate undivided interest of 75% in the property. Nelligan is held under an earn-in option to joint venture agreement (IAMGOLD: 75%, Vanstar Mining Resources Inc. (\"Vanstar\"): 25%) with IAMGOLD as the operator, located 60 kilometres southwest of Chibougamau, Quebec, Canada. The Project hosts Mineral Resources, on a 100% basis, comprised of pit constrained Inferred Resources, totalling 96,990,000 tonnes averaging 1.02 grams of gold per tonne for 3,193,900 ounces of contained gold (see news release dated October 22, 2019). Under the terms of the Option Agreement between IAMGOLD and Vanstar, the Company exercised its option to increase its ownership interest in the property from 51% to 75% by completing a mineral resource estimate as mentioned above and making the remaining cash payments totalling C$2.35 million.Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated, \"The exercise of the option to increase IAMGOLD's ownership to 75% consolidates our ownership in this new discovery and further supports our view of the favourable exploration potential for the discovery of additional resources. We look forward to continuing to work with Vanstar as we advance our exploration efforts on the Project.\"About the Nelligan Gold ProjectThe Project is underlain by a portion of the Caopatina segment belonging to the North Volcanic Zone of the Abitibi Belt of the Superior Province. The property is centered on the E-W Druillette syncline with sediments of the Caopatina Formation bounded to the north and to the south by volcanic rocks of the Obatogamau Formation. The Project is transected by numerous regional and local structures and deformation zones which can be important in the localization of gold mineralization.The Project hosts Mineral Resources, on a 100% basis, comprising pit constrained Inferred Resources totalling 96,990,000 tonnes averaging 1.02 grams of gold per tonne for 3,193,900 ounces of contained gold at...