The partner of Yorbeau Resources Inc. [YRB-TSX; YRBAF-OTC], IAMGOLD Corp. [IMG-TSX; IAG-NYSE], reported assay results from its 2021 exploration diamond drilling program completed on the Lac Gamble zone at the Rouyn gold project 4 km south of Rouyn-Noranda, Quebec, and approximately 45 km southwest of IAMGOLD’s Westwood operation.
The company is reporting assay results from seven diamond drill holes, totalling 1,826 metres completed as part of the winter 2021 drilling program. Drilling activities are also currently progressing on the Augmitto and Cinderella areas, located approximately 1-3 km west of the Lac Gamble zone, and results will be reported when received, validated and compiled.
Highlights from the Lac Gamble – Main zone included drill hole GA-21-779 that returned 7.7 metres grading 2.5 g/t gold, including 4.7 metres of 3.5 g/t gold. Drill hole GA-21-780 returned 5.0 metres of 5.5 g/t gold. Drill hole GA-21-782 returned 3.2 metres of 16.1 g/t gold, including 1.2 metres of 40.6 g/t gold.
In a separate press release on the current results, Craig MacDougall, executive vice-president, growth, IAMGOLD, stated: “Our drilling program at Lac Gamble earlier this year specifically targeted some selected areas for possible extensions, as well as to complete some initial geotechnical drill holes to assess rock quality in the context of a potential underground mining scenario. The results continue to strengthen our understanding of the deposit geology and geotechnical rock quality appears in line with our expectations from the initial assessment. Despite the recent challenges faced by a shortage of available drilling rigs in the region, we continue to make solid progress in our project evaluation.”
Assay results from the drilling programs will be integrated with the existing geological, geochemical and structural information to support the development and refinement of preliminary deposit models on the property to support a future potential maiden resource estimate.
The property covers a 12-km stretch of the Cadillac-Larder Lake Break and contains four known gold deposits along the six km Augmitto-Astoria corridor situated on the western portion of the property. Two of the four deposits, Astoria and Augmitto, benefit from established underground infrastructure and have been the subject of technical reports that include NI 43-101 resource estimates.
Under the terms of the option agreement, IAMGOLD can acquire a 100% interest in the project by completing remaining scheduled cash payments totalling $1.5-million and remaining exploration totalling approximately $3.7-million by December, 2022. By the end of the expenditure period, the company must complete a NI 43-101 resource estimate after which the company, at its election, can purchase a 100% interest in the project, subject to a 2% net smelter return, by paying Yorbeau the lesser of $15 per resource ounce or $30-million.