IAMGOLD Corp. [IMG-TSX; IAG-NYSE] on Wednesday March 3 released assay results from 2020 exploration diamond drilling on the Astoria target area at the Rouyn Gold Project optioned from Yorbeau Resources Inc. [YRB-TSX].
The Rouyn Project is located 4.0 km south of Rouyn-Noranda, Quebec, and approximately 45 km south of IAMGOLD’s Westwood operation where mining was recently suspended following a seismic event that occurred in the underground mine.
The property covers a 12-km stretch of the Cadillac-Larder Break and contains four known gold deposits along the 6.0-km Augmitto-Astoria corridor on the western portion of the property. Two of the four deposits, Astoria and Augmitto, benefit from established underground infrastructure and have resource estimates.
The Lac Gamble Zone is between the Augmitto and Astoria deposits. The exploration target potential at Lac Gamble is interpreted to be between 400,000 and 600,000 ounces of gold grading between 7.0 and 8.5 g/t gold. Results will be integrated with existing data to support a future potential maiden resource estimate.
On Wednesday, IAMGOLD reported assay results from 11 diamond drill holes covering 5,950 metres drilled in the Astoria area, located approximately 1 km east of the Lac Gamble Zone. Drilling highlights include 7.6 metres grading 9.7 g/t gold, including 2.0 metres grading 29.3 g/t gold in the Astoria area – Upper Piche Zone.
“These results will be used to update our geological models and help guide our exploration program to continue to assess the resource potential for this area,” said IAMGOLD Executive Vice-President Craig MacDougall.
The objective of the Astoria area diamond drilling was to test selected targets proximal to known mineralization to evaluate for the presence and continuity of mineralized extension with potential to outline a resource.
Meanwhile, exploration has resumed at the Rouyn Project and a 14,000-metre drilling program is planned for this year to further delineate the Lac Gamble and Astoria zones. The program will also evaluate other selected targets.
IAMGOLD can acquire the project by paying $4 million and spending $9 million on exploration over four years. Exploration must include a minimum 20,000 metres of drilling within the first two years of the agreement. By the end of the expenditure period, IAMGOLD must complete a NI 43-101-compliant resource estimate, after which it can purchase a 100% interest in the project, subject to a 2% NSR, by paying Yorbeau the lesser of $15 per resource ounce or $30 million.