Iamgold announces maiden resource for West African project
TORONTO (miningweekly.com) – Canadian gold miner Iamgold on Monday announced a maiden National Instrument 43-101-compliant resource estimate for its Boto gold project, in eastern Senegal.
The miner said the discovery of the new Malikoundi zone in 2012, had significantly expanded its exploration-drilling programme, culminating in the first mineral resource estimate for the project.
The resource estimate, which includes resources calculated for the Boto 2, 4, 5 and 6 deposits, as well as the new Malikoundi deposit, comprised 22-million tonnes of indicated resources averaging 1.62 g/t gold for 1.14-million ounces, and 1.9-million tonnes of inferred resources averaging 1.35 g/t for 81 000 oz.
A significant portion of the estimate derived from the newly discovered Malikoundi deposit which, overall, displayed higher grades than most of the previously discovered zones, Iamgold stated.
"The Malikoundi discovery is a testament to the effort and persistence of the exploration team to take this project to the next level and is the cornerstone of the current resource estimate. With several of the deposits, including Malikoundi, still open along strike and at depth, we plan to continue the drill programme with the goal of expanding the existing mineral resource inventory,” senior VP for exploration Craig MacDougall said.
The mineral resource incorporated assay results from 423 diamond- and reverse-circulation drill holes totalling 56 832 m. A preliminary openpit optimisation algorithm was run on the estimated grade block model to constrain the resource and to support the Canadian Institute of Mining, Metallurgy and Petroleum requirement that mineral resources have 'reasonable prospects for economic extraction'.
The resource estimate assumed a long-term gold price of $1 500/oz.
Iamgold said only mineralisation contained within the preliminary pit shell was included in the resource estimate.
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