VANCOUVER (miningweekly.com) – Midtier gold producer Iamgold has reported a maiden resource estimate on the Monster Lake joint-venture property located 50 km southwest of Chibougamau, in Quebec.
The resource estimate comprises 1.11-million tonnes of inferred resources averaging 12.14 g/t gold for 433 300 oz of contained yellow metal.
According to Iamgold, which holds a 50% stake in the project, and is the operator, the mineralisation is held in four separate mineralised zones where geological and grade continuities have been demonstrated and has been estimated assuming an underground mining scenario.
The mineral resource estimate was based on assay results from 105 diamond drill holes variably spaced from 50 m to 200 m apart and totaling nearly 39 000 m. The drill hole data base comprises both historic and recent drill holes completed by the JV partners.
The most significant zone is the 325-Megane Zone, which is characterised by its high grade and remains open down plunge at depth. Iamgold believes there are more resources to be found along the identified shear structures and this will remain the focus of ongoing exploration programmes, the company advised.
Iamgold expects to drill about 7 500 m at Monster Lake this year, with the main objectives being definition drilling targeting the upper part of the 325-Megane Zone; testing for extensions along strike and at depth; and evaluation of newly discovered areas of mineralisation next to the 325-Megane zone along the Monster Lake structural corridor and in the Lower Shear zone.
The Monster Lake JV is also owned 45% by TomaGold and 5% by Quinto Resources.