Monday 16th December 2019 Font size:

IAMGOLD Announces Initial Drilling Results Testing the Underground Mining Potential at Its Saramacca Project, Suriname

Thursday, August 8th, 2019

IAMGOLD Corporation (TSX: IMG) (“IAMGOLD” or the “Company”) today announced results from an exploration drilling program completed on the Saramacca Joint Venture Project (the “Saramacca Project”), located 25 kilometres southwest of its Rosebel operation and 125 kilometres south of Paramaribo, Suriname. The Saramacca Project is a 70:30 joint venture between IAMGOLD’s Rosebel Gold Mines N.V. (“RGM”) and the Government of Suriname.

The Company is reporting assay results from fifteen diamond drill holes totaling 9,843 meters completed to test the main fault corridor as part of its 2018 – 2019 exploration drilling program to evaluate the underground resource potential of the Saramacca deposit. Along with these results, the Company is highlighting assay results from seven diamond drill holes totaling 2,233 metres which were completed as part of previous drilling campaigns to support various technical studies relating to the Saramacca development. These latter drill holes pierce below the current Mineral Reserve design pit and are therefore considered relevant to the evaluation of potential underground mineral resources.

The Company is also reporting results from twelve diamond and reverse circulation drill holes totaling 2,061 meters which intersected near surface mineralization on a secondary mineralized corridor to the northwest along strike of the Saramacca deposit. This area is being considered as a potential location for a portal for underground access.

The assay results are provided in Tables 1 to 3 below and include the following highlights (drill hole longitudinal sections are attached to this news release):

Saramacca Underground Potential:

  • Drill hole SMD-0067: 21.0 metres grading 6.05 g/t Au
    includes: 10.5 metres grading 9.72 g/t Au
  • Drill hole SMD-0068: 19.5 metres grading 5.62 g/t Au
  • Drill hole SMD-0069: 20.0 metres grading 5.77 g/t Au
    includes: 4.5 metres grading 10.86 g/t Au
  • Drill hole SMD-0071B: 22.7 metres grading 8.54 g/t Au
    includes: 9.0 metres grading 15.23 g/t Au
  • Drill hole SMRC-0008: 24.0 metres grading 9.67 g/t Au
    includes: 6.0 metres grading 26.41 g/t Au

Saramacca Secondary Structure:

  • Drill hole SMRC-0008: 6.0 metres grading 26.41 g/t Au
    and 6.0 metres grading 11.46 g/t Au
  • Drill hole SMD-0082: 4.5 metres grading 19.99 g/t Au
  • Drill hole SMD-0090A: 6.0 metres grading 10.19 g/t Au

Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: “The initial results from the drilling program to evaluate the potential for underground resources are very encouraging and justify additional diamond drilling to delineate mineral resources which could be extracted by underground mining methods. The drilling results along strike of the Saramacca deposit also continue to highlight the exploration potential to further expand the mineral resources at and along the Saramacca mineralized trend.”

The Saramacca Project (on a 100% basis), based on an open pit mining scenario, hosts estimated Proven and Probable Mineral Reserves totaling 1.5 million ounces of contained gold and Measured and Indicated Mineral Resources (inclusive of Reserves) totaling 1.8 million ounces of contained gold, and Inferred Mineral Resources totaling 0.3 million ounces of contained gold (see news releases dated September 23, 2018 and February 19, 2019). The Saramacca underground mining potential drilling program focused on confirming continuity of mineralization below the current Mineral Reserve design pit and to advance the delineation of potential underground mineral resources which could enhance the future economic upside of the project and the RGM operation. In addition, a secondary mineralization corridor was also discovered approximately 300 meters to the northwest of the design pit, in an area considered favorable for a potential portal installation due to a relatively thin saprolitic profile.

2018 – 2019 Exploration Program

The 2018 – 2019 underground potential exploration drilling program was designed to test whether high grade gold mineralization’s intersected within or in the immediate proximity of the current Saramacca pit design extends at depth.

The drilling program has confirmed the presence of a wide corridor of mineralization with approximate dimensions of 200 metres (strike), 15 metres (width) and 200 metres (depth) located below the reserve design pit (see Table 1 & 2). The discovery of a secondary mineralized corridor in an area being considered for the location of a portal also demonstrates the potential for further resource expansion (see Table 3). This secondary zone has been intersected in drilling for 300 meters along strike, over a variable width of 1 to 10 meters (width), extending to a depth of 200 meters (depth), and remains open in all directions.

The main mineralization corridor was targeted using drill hole spacing of approximately 70 metres, although the actual spacing varies from 15 metres to 100 metres (see Figure 1: longitudinal section below). The gold mineralization is generally confined within the main fault area, which is continuous from surface to a depth of more than 500 metres vertically, including about 400 metres into hard rock (below the Saprolitic profile). The secondary corridor has been drilled with a spacing varying from 50 to 100 meters (see Figure 2). The geometry, orientation and continuity of the secondary corridor is still under evaluation, but appears to follow the same northwest trend as the main deposit, with a sub-vertical dip.

The Saramacca main deposit has been delineated for at least two kilometres along strike (as constrained within the current resource pit design), and only a 300 meters strike length has been investigated at depth for potential underground resources.

Next Steps

Based on the encouraging results, the Company will continue a surface delineation drilling program in 2019 to better define the Saramacca deposit at depth in an effort to increase the geological model definition and evaluate the potential for underground mining at Saramacca. The Company will use the results of the drilling programs to support a concept study to demonstrate the economic viability of a potential underground development.
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