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Preliminary Economic Assessment for Northern Dynasty’s Pebble Project Completed: Robust Projected Financial Results, Excellent Optionality and Important Benefits for Alaska

Evaluates a Proposed Project and three potential Expansion Scenarios for the Pebble copper-gold-molybdenum-silver-rhenium projectProject is expected to…

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Evaluates a Proposed Project and three potential Expansion Scenarios for the Pebble copper-gold-molybdenum-silver-rhenium project

Project is expected to add substantially to the Alaskan economy and provide the U.S. with an important supply of copper and other metals to help meet its low-carbon economy goals.

Pebble Performance Dividend and Right of Way payments offer additional benefits to local residents and create economic diversification in the region

VANCOUVER, BC / ACCESSWIRE / October 25, 2021 / Northern Dynasty Minerals Ltd. (TSX:NDM; NYSE American:NAK) (“Northern Dynasty” or the “Company”) announces, further to the Company’s September 9, 2021 news release, that it has filed the “Preliminary Economic Assessment NI 43-101 Technical Report, Pebble Project, Alaska, USA” (“2021 PEA”) at www.sedar.com. The technical report and an executive summary will also be posted on the Company’s website at www.northerndynastyminerals.com. The PEA Technical Report will also be filed on EDGAR later this week. U.S. dollars and U.S. standard units are used unless otherwise indicated. All results are post-tax. Unless otherwise noted, all figures are based on forecast long-term metal prices.

The 2021 PEA provides production, financial and cost estimates for its proposed Pebble Project (the “Proposed Project”) in Southwest Alaska as described in the Pebble Project permit application and its amendments.

Key Projected Results for Proposed Project[1]

  • 20 years of open pit mining with a processing rate of 180,000 tons per day (“Tpd”)
  • At forecast long-term[2] metal prices, Internal Rate of Return (“IRR”) of 15.7% and Net Present Value at 7% discount rate (“NPV7“)[3] of $2.3 billion
  • At prevailing[4] metal prices, IRR of 23.7% and NPV7 of $4.7 billion
  • Life-of-mine (“LOM”) metal production for this scenario: 6.4 billion lb copper; 7.4 million oz gold; 300 million lb molybdenum; 37 million oz silver; and 230,000 kg rhenium
  • Average annual metal production: 320 million lb copper; 368,000 oz gold; 15 million lb molybdenum; 1.8 million oz silver and 12,000 kg rhenium
  • Average co-product C1 Copper Cost of $1.65/lb CuEq and Gold Cash Cost of $753/oz AuEq; average by-product C1 Copper Cost of $0.69/lb and Gold Cash Cost of ($1,148)/oz
  • Average annual Net Smelter Return (“NSR”) of $1.6 billion and LOM NSR of $32 billion

The 2021 PEA also examines three potential mine expansion scenarios, each with a mine life that could reach more than 100 years, and potential scenarios for gold recovery that could form the basis for future permit applications and review. The Project could potentially provide more than $8 billion to the Southwest Alaska region through the Pebble Performance Dividend and the Lake and Peninsula Borough severance tax over the life of the potential expansion scenarios. This is in addition to the benefits that could flow from the existing and possible future agreements with Alaska Native Village Corporations.

“The 2021 PEA forecasts strong economics for the Proposed Project and also demonstrates significant optionality for future potential developments,” said Northern Dynasty President and CEO Ron Thiessen. “We have made a significant investment in the design of this project to ensure it can be built and operated with industry-leading environmental safeguards while generating significant financial returns over multiple decades. It has never been about the Pebble Mine Project or the Bristol Bay Fishery; it has always been about the Bristol Bay Fishery and the Pebble Mine Project. We look forward to more engagement, in the near future, on the expansive and financially rewarding opportunities for the communities and the residents of Western Alaska resulting from a potential Pebble Mine development.”

The Proposed Project detailed in the 2021 PEA is consistent with the Project Description in the Pebble EIS, as published by the U.S. Army Corps of Engineers (“USACE”) in July 2020. It does not include an onsite gold plant. The Proposed Project recently underwent a comprehensive review by the USACE. This review culminated in their publishing of a Final Environmental Impact Statement (“FEIS”) on July 24, 2020, which positively concluded – among other things – that the Proposed Project would “not have measureable effects” on fisheries in Southwest Alaska. The USACE subsequently issued a negative Record of Decision for the Project based, in part, on potential impacts to the fishery. Pebble Limited Partnership has filed an administrative appeal of the Record of Decision, arguing in part that the findings of potential impacts to the fishery were not adequately substantiated.

As mentioned above, the 2021 PEA also examines three potential mine expansion scenarios, each with a mine life that could reach more than 100 years, and potential scenarios for gold recovery that could form the basis for future permit applications and review. These potential expansion scenarios were modelled on a mine development concept submitted by Northern Dynasty’s 100%-owned U.S.-based subsidiary Pebble Limited Partnership (“Pebble Partnership”) to the USACE during federal permitting in response to the federal agency’s Request for Information (“RFI”) about future potential mine development scenarios. For the Proposed Project and the potential expansion scenarios, the 2021 PEA also considers the impact of each on financial results of third parties owning and financing the construction of key transportation and power infrastructure, as is commonly the case in Alaska. It is assumed these third parties would either construct the facilities through their own resources or they would be included in overall project construction management. The Pebble Partnership would lease, operate and maintain the facilities as part of overall mine operations, with lease payments set to provide a market rate of return to lessors. Details of the results for the potential expansion and gold recovery scenarios are provided in the technical report and summarized in the Company’s September 9, 2021 news release.

With the exception of the Proposed Project, all development scenarios evaluated in the 2021 PEA are presented to demonstrate the optionality inherent in the polymetallic Pebble deposit by presenting a broad range of potential pathways for future mine development. Neither Northern Dynasty nor the Pebble Partnership has proposed or intends to propose any of these potential expansion scenarios in the near-term for regulatory approval. Any future development options beyond the Proposed Project would require extensive federal, state and local permitting processes and approvals before proceeding, which would be in addition to the initial permits and approvals required for the Proposed Project and, very importantly, in consultation with the people and communities of Western Alaska, as well as the State agencies.

“While the forecasted economics of this project are impressive, what I’m most excited about is how this is a game-changer for the local population who suffer from a lack of employment and diverse economic activity, and the opportunity to live in the region and apply advanced education, through high-paying jobs. The Project could potentially provide more than $8 billion to the Southwest Alaska region through the Pebble Performance Dividend and the Lake and Peninsula Borough severance tax over the life of the potential expansion scenarios. This is in addition to the other significant benefits that could flow from the existing and possible future agreements with Alaska Native Village Corporations. It also has the potential to add substantially to the Alaska economy, and might provide the U.S. with substantial amounts of domestically-produced copper, silver and gold, which it will need to help achieve its low carbon energy future,” Mr. Thiessen added.

The 2021 PEA has been prepared within the guidelines established by National Instrument 43-101 (“NI 43-101”) to disclose the current costs estimates and potential financial results for the Pebble Project. The Company is a “foreign issuer” under the U.S. Exchange Act and entitled to file continuous disclosure reports with the U.S. Securities and Exchange Commission under the Multi-Jurisdictional Disclosure System (“MJDS”) between Canada and the United States, and to provide disclosure on our mineral properties, including the Pebble Project, in accordance with NI 43-101 disclosure standards and CIM Definition Standards. For this reason, information contained in this news release in respect of the Pebble project may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

The 2021 PEA is based on an August 2020 mineral resource estimate (see Northern Dynasty news release dated August 20, 2020). The 2021 PEA is preliminary in nature, and includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no assurance that the 2021 PEA will be realized, or that the project economics will be achieved. Mineral Resources that are not mineral reserves do not have demonstrated economic viability, and there is no assurance that the Pebble Project mineral resources will ever be upgraded to reserves. The 2021 PEA assumes that the Proposed Project will ultimately be able to obtain the required permits from the USACE and state of Alaska authorities to enable development of the Proposed Project. Neither the 2021 PEA, nor the mineral resource estimates on which the 2021 PEA is based, have been adjusted for any risks that (i) the Pebble Partnership may not be able to successfully appeal the record of decision issued by the USACE on November 25, 2020 denying the granting of the required permit under the Clean Water Act (“CWA”), or (ii) any action that may be taken by the EPA in order to reinstate the process of a CWA Section 404(c) determination for the waters of the Bristol Bay, each of which could adversely impact the ability of the Proposed Project to proceed. In addition, the 2021 PEA does not account for any additional capital or operating costs that may be necessary to obtain the required federal or state permits, should adjustments to the operating or environmental mitigation plans be required to be made in order to secure the required permits.

Stephen Hodgson, P.Eng, a qualified person who is not independent of Northern Dynasty has reviewed and approved the scientific, technical, and economic information contained in this news release.

About Northern Dynasty Minerals Ltd.

Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty’s principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 2,402 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project, an initiative to develop one of the world’s most important mineral resources.

For further details on Northern Dynasty and the Pebble Project, please visit the Company’s website at www.northerndynastyminerals.com or contact Investor services at (604) 684-6365 or within North America at 1-800-667-2114. Review Canadian public filings at www.sedar.com and U.S. public filings at www.sec.gov.

Ronald W. Thiessen
President & CEO

U.S. Media Contact:
Dan Gagnier, Gagnier Communications (646) 569-5897

Forward Looking Information and other Cautionary Factors

This release includes certain statements that may be deemed “forward-looking statements” under the United States Private Securities Litigation Reform Act of 1995 and under applicable provisions of Canadian provincial securities laws. All statements in this release, other than statements of historical facts, which address permitting, development and production for the Pebble Project are forward-looking statements. These include statements regarding (i) the mine plan for the Pebble Project, the financial results of the 2021 PEA, including net present value and internal rates of return, and the ability of the Pebble Partnership to secure the financing to proceed with the development of the Pebble Project, including any stream financing and infrastructure outsourcing, (ii) the social integration of the Pebble Project into the Bristol Bay region and benefits for Alaska, (iii) the political and public support for the permitting process, (iv) the ability to successfully appeal the negative Record of Decision and secure the issuance of a positive Record of Decision by the U.S. Army Corps of Engineers and the ability of the Pebble Project to secure all required federal and state permits, (v) the right-sizing and de-risking of the Pebble Project, including any determination to pursue any of the expansion scenarios for the Pebble Project or to incorporate a gold plant, (vi) the design and operating parameters for the Pebble Project mine plan, including projected capital and operating costs, (vii) exploration potential of the Pebble Project, (viii) future demand for copper and gold and the metals prices assumed for the financial projections including the 2021 PEA, (ix) the potential addition of partners in the Pebble Project, and (x) the ability and timetable of NDM to develop the Pebble Project and become a leading copper, gold and molybdenum producer. Although NDM believes the expectations expressed in these forward-looking statements are based on reasonable assumptions, such statements should not be in any way be construed as guarantees that the Pebble Project will secure all required government permits, establish the commercial feasibility of the Pebble Project, achieve the required financing or develop the Pebble Project. Such forward-looking statements or information related to this Preliminary Economic Assessment include but are not limited to statements or information with respect to the mined and processed material estimates; the internal rate of return; the annual production; the net present value; the life of mine; the capital costs, operating costs estimated for each of the Proposed Project and three Expansion Scenarios for the Pebble Project; and other costs and payments for the proposed infrastructure for the Pebble Project (including how, when, where and by whom such infrastructure will be constructed or developed); projected metallurgical recoveries; plans for further development, and securing the required permits and licenses for further studies to consider expansion of the operation; and market price of precious and base metals; or other statements that are not statement of fact.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by NDM as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Assumptions used by NDM to develop forward-looking statements include the assumptions that (i) the Pebble Project will obtain all required environmental and other permits and all land use and other licenses without undue delay, and that the EPA will not ultimately make a CWA Section 404(c) determination that is adverse to the Pebble Project, (ii) any feasibility studies prepared for the development of the Pebble Project will be positive, (iii) NDM’s estimates of mineral resources will not change, and NDM will be successful in converting mineral resources to mineral reserves, (iv) NDM will be able to establish the commercial feasibility of the Pebble Project, and (v) NDM will be able to secure the financing required to develop the Pebble Project. The likelihood of future mining at the Pebble Project is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including (i) obtaining necessary mining and construction permits, licenses and approvals without undue delay, including without delay due to third party opposition or changes in government policies, (ii) finalization of the mine plan for the Pebble Project, (iii) the completion of feasibility studies demonstrating that any Pebble Project mineral resources that can be economically mined, (iv) completion of all necessary engineering for mining and processing facilities, (v) the inability of NDM to secure a partner for the development of the Pebble Project, and (vi) receipt by NDM of significant additional financing to fund these objectives as well as funding mine construction, which financing may not be available to NDM on acceptable terms or on any terms at all. NDM is also subject to the specific risks inherent in the mining business as well as general economic and business conditions, such as the current uncertainties with regard to COVID-19. Investors should also consider the risk factors identified in its Annual Information Form for the year ended December 31, 2020, as filed on SEDAR and included in the Company’s annual report on Form 40-F filed by the Company with the SEC on EDGAR.

The National Environment Policy Act Environmental Impact Statement process requires a comprehensive “alternatives assessment” be undertaken to consider a broad range of development alternatives, the final project design and operating parameters for the Pebble Project and associated infrastructure may vary significantly from that currently contemplated. As a result, the Company will continue to consider various development options and no final project design has been selected at this time, and no determination has been made to pursue any of the expansion options identified in the PEA.

For more information on the Company, Investors should review the Company’s filings with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.

[1] Results include infrastructure outsourcing and gold streaming

[2] Long-term metal prices: copper $3.50/lb; gold $1,600/oz; molybdenum $10/lb; silver $22/oz; rhenium $1,500/kg

[3] Net Present Value is calculated using a 7% discount rate, given the polymetallic nature of the Pebble deposit and the large contributions of gold to total project revenues.

[4] Prevailing metal prices: copper $4.25/lb; gold $1,800/oz; molybdenum $18/lb; silver $24/oz; rhenium $1,600/kg

SOURCE: Northern Dynasty Minerals Ltd.

View source version on accesswire.com:
https://www.accesswire.com/669414/Preliminary-Economic-Assessment-for-Northern-Dynastys-Pebble-Project-Completed-Robust-Projected-Financial-Results-Excellent-Optionality-and-Important-Benefits-for-Alaska





Today’s News

Dynacor Announces October 2021 Sales of US$16.8 Million (C$20.9 Million), an Increase of 51% Compared to October 2020 and Annual Cumulative Sales of US$162.4 Million (C$203.2 Million) in 2021

MONTREAL, Nov. 30, 2021 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX-DNG) (Dynacor or the "Corporation"), an international gold ore industrial corporation…

MONTREAL, Nov. 30, 2021 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX-DNG) (Dynacor or the “Corporation”), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announced its monthly sales of US$16.8 million (unaudited) (C$20.9 million) (1) for October 2021, a US$5.7 million (+51%) increase compared to October 2020.

The average selling price of gold per ounce in October was US$1,772.

Total sales to date in 2021 amount to US$162.4 million (C$203.2. million) compared to US$74.1 million (C$99.1 million) in 2020, an increase of 119%.

The Corporation announced in September its revised financial guidance with projected sales of between US$185 and $190 million for 2021 (see, September 22, press release DYNACOR INCREASES SALES AND EARNINGS GUIDANCE BY APPROXIMATELY 25% and 35% RESPECTIVELY).

In September, the Corporation recorded extraordinary sales of US$25.8 million (CA$32.7 million) with exports of over 14,000 AuEq oz, which included sales from prior periods of production.

(1)   US$ sales are converted into CA$ using the average monthly exchange rate for the concerned month or months

ABOUT DYNACOR

Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department.

The corporation intends to expand its processing operations in other jurisdictions as well.

Dynacor produces environmental and socially responsible gold through its PX IMPACT® gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium to our customer and strategic partner for this PX IMPACT® gold. The premium provides direct investment to develop health and education projects for our artisanal and small-scale miner’s communities.

Dynacor is listed on the Toronto Stock Exchange (DNG).

FORWARD-LOOKING INFORMATION

Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.

Shares Outstanding: 38 883 244

Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold

PDF available: http://ml.globenewswire.com/Resource/Download/d371ea42-9f01-4e9f-9b8c-3c6d66001d3d

CONTACT: CONTACT: For more information, please contact:

Director, Shareholder Relations
Dale Nejmeldeen
Dynacor Gold Mines Inc.
T: 514-393-9000 #230
E: [email protected]




Author: Author

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Today’s News

IAMGOLD Releases High Grade Infill Drill Results at the Diakha-Siribaya Gold Project in Mali

Toronto, Ontario–(Newsfile Corp. – November 30, 2021) – IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") is pleased to announce…

Toronto, Ontario–(Newsfile Corp. – November 30, 2021) – IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (“IAMGOLD” or the “Company”) is pleased to announce results from its 2021 exploration infill drilling program completed at the Diakha deposit on its wholly owned Diakha-Siribaya Gold project located in western Mali along the borders with Senegal and Guinea.

Highlights include:

Diamond Drill Holes (refer to Table 1 below)

  • 12 meters (“m”) at 9.32 grams per tonne gold (“g/t Au”) in drill hole SRD21-284 from 284 m including
    • 3 m at 27.15 g/t Au from 284 m
  • 13 m at 11.20 g/t Au in drill hole SRD21-303 from 277 m including
    • 2 m at 67.98 g/t Au from 279 m
  • 10 m at 11.70 g/t Au in drill hole SRD21-305 from 164 m including
    • 4 m at 27.63 g/t Au from 169 m
  • 17 m at 2.17 g/t Au in drill hole SRD21-300 from 177 m, followed by a separate interval of:
    • 20 m at 5.47 g/t Au from 269 m including
    • 7 m at 11.74 g/t Au from 282 m
  • 20 m at 5.40 g/t Au in drill hole SRD21-308 from 108 m including
    • 1 m at 69.34 g/t Au from 114 m
  • 13 m at 4.12 g/t Au in drill hole SRD21-307 from 224 m including
    • 1 m at 17.40 g/t Au from 225 m and
    • 2 m at 13.40 g/t Au from 233 m
  • 15 m at 3.91 g/t Au in drill hole SRD21-311 from 242 m including
    • 3 m at 13.06 g/t Au from 246 m and
    • 1 m at 11.40 g/t Au from 251 m

Reverse Circulation (“RC”) Drill Holes (refer to Table 2 below)

  • 16 m at 14.00 g/t Au in drill hole SRD21-891 from 89 m including
    • 3 m at 41.95 g/t Au from 99 m
  • 20 m at 1.97 g/t Au in drill hole SRD21-883 from 43 m, including
    • 1 m at 21.89 g/t Au from 48 m, followed by a separate interval of:
    • 27 m at 2.12 g/t Au from 75 m including
    • 3 m at 6.52 g/t Au from 76 m and
    • 1m at 21.31 g/t Au from 101 m
  • 12 m at 4.19 g/t Au in drill hole SRD21-889 from 108 m including
    • 2 m at 18.84 g/t Au from 117 m
  • 32 m at 1.97 g/t Au in drill hole SRD21-907 from 88 m including
    • 1 m at 16.40 g/t Au from 89 m
  • 11 m at 4.96 g/t Au in drill hole SRD21-848 from 55 m including
    • 1 m at 39.80 g/t Au from 65 m
  • 24 m at 2.23 g/t Au in drill hole SRD21-882 from 43 m including
    • 2 m at 17.01 g/t Au from 54 m

Craig MacDougall, Executive Vice President, Growth for IAMGOLD, stated: “We are very pleased with the results of our 2021 exploration program, which have helped to demonstrate continuity of mineralization between previously completed drill holes and better delineate the distribution and controls on high grade mineralized structures within the known resource.”

“The data from this program will help improve the current deposit model and support the completion of an updated mineral resources estimation as we continue to advance towards our objective of increasing total indicated resources to above 1.5 million ounces.”

In 2021, the Company completed a combined 19,952 meters in 131 diamond and RC drill holes with 22,328 assay samples (including QA/QC samples) submitted for analysis. The main objective of the drilling program was to infill and increase confidence in the current resources estimate for the Diakha deposit.

Diakha-Siribaya Gold Project

The Diakha-Siribaya project is wholly-owned by IAMGOLD and consists of eight contiguous exploration permits which cover a total area of 596.5 square kilometres, located in the Kédougou-Kéniéba inlier of the West African Craton region of western Mali along the borders with Senegal and Guinea.

Gold mineralization is hosted within highly prospective, Birimian-aged metasedimentary, volcanic and intrusive rocks proximal to the Senegal-Mali Shear Zone. At Diakha, the largest deposit discovered to date, gold mineralization occurs within an albitized sandstone unit similar to that hosting IAMGOLD’s Boto Gold deposit located approximately 10 kilometres to the north along strike.

The current mineral resources estimate for the Diakha deposit (on a 100% basis using a $1,500 per ounce gold price) comprises 15.9 million tonnes of indicated resources averaging 1.20 grams of gold per tonne for 615,300 ounces of gold and 18.2 million tonnes of inferred resources averaging 1.62 grams of gold per tonne for 947,500 ounces (see news releases dated January 30, 2019 and February 17, 2021).

Next Steps

The drilling data from the 2021 exploration program is currently being incorporated into a revised deposit model to support the completion of an updated mineral resources estimate targeted for completion in the first half of 2022.

Figure 1 – Diakha-Siribaya – Diakha deposit drill hole surface plan and highlighted 2021 assays

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6077/105661_219a68a1247b3952_001full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2021/11/ff12ec7d747ae78fd1835ea3cae4c638.jpg

Figure 2 – Diakha-Siribaya – Diakha deposit longitudinal section and highlighted 2021 assay results

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6077/105661_219a68a1247b3952_002full.jpg

Table 1 – Diakha Drilling Results – 2021 Diamond Drilling Program
Hole No. UTM WGS84 Zone 29N AZ DIP EOH From To Core Interval (1) Au (2)
Easting Northing Elevation (°) (°) (m) (m) (m) (m) (g/t)
SRD21-275 240663 1369113 158 113 -58 320.0 163.0 165.0 2.0 3.33
196.0 214.0 18.0 1.51
including 201.0 205.0 4.0 3.94
267.0 270.0 3.0 6.54
including 268.0 270.0 2.0 9.04
SRD21-276 240660 1369062 161 115 -52 301.0 134.0 137.0 3.0 0.80
252.0 256.0 4.0 6.98
including 255.0 256.0 1.0 18.57
SRD21-277 240670 1369218 161 115 -59 350.0 152.0 155.0 3.0 17.89
including 153.0 154.0 1.0 50.15
SRD21-278 240622 1369134 157 115 -59 270.0 214.0 223.0 9.0 9.16
including 216.0 217.0 1.0 23.10
including 219.0 223.0 4.0 11.82
SRD21-279 240583 1369100 156 115 -55 323.0 303.0 305.0 2.0 3.10
SRD21-280 240598 1369254 158 115 -61 320.0 277.0 282.0 5.0 3.71
SRD21-281 240586 1369205 158 115 -60 338.1 291.0 294.0 3.0 2.27
SRD21-282 240642 1369293 160 115 -59 295.5 171.0 174.0 3.0 3.54
SRD21-283 240757 1369071 169 115 -58 218.0 143.0 151.0 8.0 8.15
including 144.0 147.0 3.0 10.57
including 148.0 151.0 3.0 10.81
157.0 162.0 5.0 1.33
197.0 207.0 10.0 1.04
SRD21-284 240718 1369254 163 115 -61 325.0 203.0 207.0 4.0 2.26
including 206.0 207.0 1.0 6.20
226.0 233.0 7.0 2.01
including 226.0 227.0 1.0 9.22
239.0 252.0 13.0 1.72
including 250.0 252.0 2.0 8.35
284.0 296.0 12.0 9.32
including 284.0 287.0 3.0 27.15
303.0 305.0 2.0 6.89
SRD21-285 240691 1368948 159 115 -49 240.0 46.0 48.0 2.0 1.21
170.0 183.0 13.0 1.92
including 176.0 180.0 4.0 4.46
198.0 206.0 8.0 1.75
including 200.0 201.0 1.0 4.21
223.0 225.0 2.0 0.55
SRD21-286 240765 1369234 165 115 -60 255.0 23.0 26.0 3.0 0.87
124.0 128.0 4.0 2.20
134.0 149.0 15.0 1.22
including 138.0 139.0 1.0 7.41
217.0 225.0 8.0 1.42
SRD21-287 240684 1368614 157 115 -61 160.0 148.0 151.0 3.0 0.89
SRD21-288 240968 1369139 194 115 -70 200.0 50.0 54.0 4.0 0.55
177.0 186.0 9.0 2.33
including 177.0 179.0 2.0 5.98
196.0 199.0 3.0 0.93
SRD21-289 240794 1368833 166 115 -54 140.0 73.0 75.0 2.0 1.86
112.0 116.0 4.0 0.96
SRD21-290 240875 1369291 170 115 -64 155.0 36.0 40.0 4.0 0.98
66.0 68.0 2.0 0.86
85.0 90.0 5.0 2.73
SRD21-291 240769 1368902 178 115 -50 187.8 61.0 63.0 2.0 1.20
SRD21-292 240934 1369095 203 115 -63 220.0 33.0 52.0 19.0 1.09
SRD21-293 240774 1368954 183 115 -76 207.5 29.0 36.0 7.0 2.75
including 30.0 31.0 1.0 13.62
133.0 150.0 17.0 2.75
including 133.0 134.0 1.0 5.56
including 145.0 146.0 1.0 6.78
SRD21-294 240956 1369031 205 115 -63 181.0 104.0 111.0 7.0 2.36
including 109.0 110.0 1.0 7.31
150.0 168.0 18.0 1.88
including 154.0 158.0 4.0 5.50
SRD21-295 240994 1369347 177 115 -68 169.8 113.0 116.0 3.0 2.55
SRD21-296 240844 1369193 173 115 -59 180.0 89.0 95.0 6.0 0.70
SRD21-297 241004 1369452 175 115 -66 180.0 35.0 37.0 2.0 2.85
52.0 56.0 4.0 0.87
117.0 119.0 2.0 0.98
SRD21-298 240844 1369253 171 115 -51 184.6 95.0 97.0 2.0 1.93
102.0 112.0 10.0 1.18
including 104.0 105.0 1.0 8.55
SRD21-299 240840 1369527 164 115 -60 180.0 1.0 3.0 2.0 0.70
21.0 25.0 4.0 0.70
80.0 90.0 10.0 1.04
123.0 125.0 2.0 1.99
136.0 140.0 4.0 2.51
including 137.0 138.0 1.0 6.00
SRD21-300 240738 1369301 163 115 -58 298.0 58.0 63.0 5.0 1.53
177.0 194.0 17.0 2.17
including 178.0 180.0 2.0 6.40
including 191.0 192.0 1.0 6.85
269.0 289.0 20.0 5.47
including 277.0 278.0 1.0 11.67
including 282.0 289.0 7.0 11.74
294.0 298.0 4.0 0.86
SRD21-301 240754 1369539 161 115 -55 180.0 7.0 10.0 3.0 0.72
75.0 78.0 3.0 1.54
178.0 180.0 2.0 5.23
SRD21-302 240739 1369520 161 115 -64 280.0 30.0 32.0 2.0 0.60
78.0 86.0 8.0 0.63
94.0 96.0 2.0 1.62
104.0 111.0 7.0 0.65
234.0 236.0 2.0 0.73
267.0 271.0 4.0 0.76
SRD21-303 240698 1369321 161 115 -65 366.4 277.0 290.0 13.0 11.20
including 279.0 281.0 2.0 67.98
323.0 333.0 10.0 1.83
including 327.0 328.0 1.0 10.40
350.0 352.0 2.0 1.38
SRD21-304 240651 1369561 158 115 -61 390.7 2.0 5.0 3.0 0.70
60.0 62.0 2.0 0.68
119.0 121.0 2.0 1.89
184.0 204.0 20.0 0.81
208.0 210.0 2.0 1.08
224.0 227.0 3.0 1.53
340.0 344.0 4.0 3.05
350.0 371.0 21.0 1.79
including 353.0 354.0 1.0 22.49
SRD21-305 240735 1369329 162 115 -55 211.8 56.0 59.0 3.0 2.77
including 57.0 58.0 1.0 5.18
164.0 174.0 10.0 11.70
including 169.0 173.0 4.0 27.63
195.0 200.0 5.0 1.22
SRD21-306 240655 1369453 159 115 -62 390.0 228.0 246.0 18.0 0.55
309.0 312.0 3.0 0.63
339.0 341.0 2.0 3.28
SRD21-307 240763 1369453 163 115 -52 247.8 51.0 69.0 18.0 0.60
90.0 92.0 2.0 0.99
100.0 110.0 10.0 1.11
including 107.0 108.0 1.0 5.90
144.0 156.0 12.0 0.76
224.0 237.0 13.0 4.12
including 225.0 226.0 1.0 17.40
including 233.0 235.0 2.0 13.40
SRD21-308 240755 1369322 163 115 -55 184.8 91.0 102.0 11.0 0.58
108.0 128.0 20.0 5.40
including 114.0 115.0 1.0 69.34
143.0 152.0 9.0 1.03
173.0 180.0 7.0 1.33
SRD21-309 240742 1369352 162 115 -58 195.5 45.0 56.0 11.0 0.92
SRD21-310 240776 1369313 164 115 -55 170.0 16.0 18.0 2.0 0.72
76.0 98.0 22.0 2.07
including 76.0 79.0 3.0 8.49
SRD21-311 240735 1369630 161 115 -56 300.0 26.0 31.0 5.0 0.76
83.0 86.0 3.0 3.36
158.0 160.0 2.0 2.29
182.0 186.0 4.0 0.64
242.0 257.0 15.0 3.91
including 246.0 249.0 3.0 13.06
including 251.0 252.0 1.0 11.40
263.0 267.0 4.0 1.44
SRD21-312 240937 1369535 172 115 -45 92.0 28.0 30.0 2.0 2.01
61.0 63.0 2.0 0.63
SRD21-313 240679 1369659 158 115 -61 371.0 13.0 15.0 2.0 1.44
120.0 122.0 2.0 2.72
133.0 135.0 2.0 1.94
142.0 148.0 6.0 2.25
235.0 257.0 22.0 0.59
280.0 285.0 5.0 18.73
304.0 306.0 2.0 6.27
SRD21-314 240848 1369643 162 115 -61 200.0 134.0 140.0 6.0 2.00
including 139.0 140.0 1.0 8.46
SRD21-315 240673 1369711 156 115 -56 360.6 111.0 119.0 8.0 0.62
152.0 154.0 2.0 7.44
250.0 255.0 5.0 8.41
286.0 289.0 3.0 1.20
SRD21-316 240616 1369743 154 114 -59 411.3 166.0 177.0 11.0 1.05
191.0 193.0 2.0 1.08
240.0 243.0 3.0 2.83
SRD21-317 240881 1369672 162 116 -69 180.0 67.0 76.0 9.0 4.22
including 75.0 76.0 1.0 21.25
127.0 130.0 3.0 3.84
140.0 144.0 4.0 1.51

 

Notes:

  1. The true widths of intersections are unknown at this time, but are interpreted to approximate the reported downhole lengths.
  2. Drillhole intercepts are calculated using a minimum downhole length of two (2) meters, a cut-off grade of 0.5 g/t gold, and may include up to four (4) metres of internal dilution.
  3. Assays are reported uncut, but high grade sub-intervals are highlighted.
Table 2 – Diakha Drilling Results – 2021 RC Drilling Program
Hole No. UTM WGS84 Zone 29N AZ DIP EOH From To Core Interval (1) Au (2)
Easting Northing Elevation (°) (°) (m) (m) (m) (m) (g/t)
SRC21-841 240799 1368401 164 115 -58 108 47.0 49.0 2.0 0.54
97.0 102.0 5.0 0.58
SRC21-842 240818 1368443 162 115 -59 84 37.0 40.0 3.0 1.07
47.0 51.0 4.0 1.18
SRC21-843 240777 1368459 161 115 -59 142 33.0 41.0 8.0 0.99
115.0 124.0 9.0 1.04
SRC21-844 240748 1368410 166 115 -59 120 98.0 100.0 2.0 0.57
SRC21-845 No Significant results
SRC21-846 No Significant results
SRC21-847 240720 1368548 158 115 -53 150 76.0 87.0 11.0 0.98
97.0 99.0 2.0 0.93
140.0 142.0 2.0 1.14
SRC21-848 240764 1368528 159 115 -54 120 55.0 66.0 11.0 4.96
Including 65.0 66.0 1.0 39.80
80.0 83.0 3.0 0.82
SRC21-849 240730 1368593 158 115 -61 102 57.0 59.0 2.0 0.67
87.0 90.0 3.0 0.57
SRC21-850 No Significant results
SRC21-851 No Significant results
SRC21-852 240535 1368735 155 115 -60 108 72.0 75.0 3.0 0.54
82.0 84.0 2.0 1.39
SRC21-853 240531 1368791 153 115 -60 120 69.0 73.0 4.0 1.40
78.0 80.0 2.0 0.68
85.0 87.0 2.0 2.21
SRC21-854 240572 1368772 153 115 -60 84 56.0 58.0 2.0 1.49
66.0 68.0 2.0 2.86
SRC21-855 240508 1368855 152 115 -60 132 108.0 110.0 2.0 0.87
SRC21-856 240545 1368894 153 115 -60 114 52.0 54.0 2.0 11.41
62.0 68.0 6.0 0.58
SRC21-857 240524 1368962 153 115 -55 126 72.0 79.0 7.0 1.24
101.0 106.0 5.0 0.99
SRC21-858 240690 1368661 157 115 -61 146 137.0 145.0 8.0 1.54
Including 138.0 139.0 1.0 6.02
SRC21-859 240735 1368640 156 115 -58 96 44.0 52.0 8.0 1.02
74.0 78.0 4.0 7.49
Including 77.0 78.0 1.0 20.11
SRC21-860 240749 1368682 153 106 -59 102 32.0 52.0 20.0 0.95
70.0 72.0 2.0 1.80
SRC21-861 No Significant results
SRC21-862 240829 1368595 155 115 -61 78 59.0 74.0 15.0 0.85
SRC21-863 240833 1368650 150 115 -62 72 18.0 21.0 3.0 0.57
SRC21-864 No Significant results
SRC21-865 240832 1368688 148 102 -58 66 23.0 28.0 5.0 1.05
56.0 58.0 2.0 2.05
SRC21-866 240798 1368706 148 102 -60 108 7.0 13.0 6.0 0.80
SRC21-867 240757 1368740 148 115 -60 108 34.0 42.0 8.0 1.12
71.0 75.0 4.0 1.41
SRC21-868 240797 1369300 166 115 -55 138 129.0 131.0 2.0 5.32
SRC21-869 240817 1369289 167 115 -55 120 5.0 7.0 2.0 6.06
89.0 91.0 2.0 1.36
SRC21-870 240798 1369325 166 115 -57 142 29.0 42.0 13.0 0.81
55.0 61.0 6.0 1.24
69.0 84.0 15.0 0.74
102.0 105.0 3.0 4.19
131.0 135.0 4.0 2.58
SRC21-871 No Significant results
SRC21-872 240850 1369084 186 115 -55 132 46.0 50.0 4.0 4.20
Including 49.0 50.0 1.0 12.80
SRC21-873 240861 1368857 196 115 -69 132 67.0 69.0 2.0 1.61
SRC21-874 240983 1368968 205 115 -61 132 63.0 84.0 21.0 1.17
Including 73.0 74.0 1.0 9.48
SRC21-875 241002 1369013 206 115 -66 132 52.0 56.0 4.0 3.28
SRC21-876 241069 1369034 208 115 -55 72 22.0 25.0 3.0 4.42
SRC21-877 241043 1369105 208 115 -70 124 74.0 81.0 7.0 1.55
SRC21-878 241086 1369085 209 115 -55 66 15.0 19.0 4.0 3.03
SRC21-879 241074 1369199 210 115 -84 126 72.0 74.0 2.0 1.94
88.0 96.0 8.0 0.97
101.0 117.0 16.0 0.82
SRC21-880 241018 1369228 191 115 -63 144 52.0 65.0 13.0 1.26
80.0 85.0 5.0 0.51
SRC21-881 240879 1369345 169 115 -59 132 38.0 41.0 3.0 1.05
57.0 65.0 8.0 6.25
Including 58.0 59.0 1.0 43.34
116.0 119.0 3.0 1.57
SRC21-882 240831 1369370 166 115 -60 120 26.0 34.0 8.0 0.85
43.0 67.0 24.0 2.23
Including 54.0 56.0 2.0 17.01
81.0 87.0 6.0 0.75
102.0 104.0 2.0 3.72
SRC21-883 240837 1369421 166 115 -63 120 17.0 21.0 4.0 1.23
43.0 63.0 20.0 1.97
Including 48.0 49.0 1.0 21.89
75.0 102.0 27.0 2.12
Including 76.0 79.0 3.0 6.52
Including 101.0 102.0 1.0 21.31
SRC21-884 240886 1369395 168 115 -60 132 56.0 58.0 2.0 27.72
84.0 86.0 2.0 0.59
SRC21-885 240990 1369403 173 115 -60 162 113.0 131.0 18.0 1.60
Including 123.0 124.0 1.0 7.58
SRC21-886 241036 1369269 192 115 -55 120 22.0 30.0 8.0 1.05
62.0 70.0 8.0 0.57
90.0 94.0 4.0 0.84
SRC21-887 241042 1369435 179 115 -60 120 39.0 44.0 5.0 0.85
62.0 68.0 6.0 2.10
Including 63.0 64.0 1.0 5.87
116.0 120.0 4.0 1.11
SRC21-888 240910 1369441 169 115 -61 90 10.0 17.0 7.0 1.09
24.0 45.0 21.0 2.43
Including 30.0 31.0 1.0 8.96
Including 36.0 37.0 1.0 20.34
SRC21-889 240854 1369466 166 115 -60 150 8.0 12.0 4.0 0.80
57.0 63.0 6.0 2.69
Including 60.0 62.0 2.0 6.83
80.0 86.0 6.0 3.30
Including 83.0 84.0 1.0 14.34
108.0 120.0 12.0 4.19
Including 117.0 119.0 2.0 18.84
130.0 147.0 17.0 2.08
Including 144.0 145.0 1.0 8.96
SRC21-890 240836 1369506 164 115 -55 108 3.0 14.0 11.0 1.61
Including 8.0 9.0 1.0 9.24
40.0 42.0 2.0 0.81
52.0 59.0 7.0 0.57
76.0 84.0 8.0 0.61
SRC21-891 240795 1369523 163 115 -55 150 89.0 105.0 16.0 14.00
99.0 102.0 3.0 41.95
SRC21-892 240929 1369653 166 115 -58 126 0.0 2.0 2.0 1.13
9.0 11.0 2.0 0.66
70.0 72.0 2.0 1.16
78.0 82.0 4.0 0.77
86.0 92.0 6.0 0.88
103.0 119.0 16.0 1.03
SRC21-893 241014 1370109 155 115 -55 66 30.0 32.0 2.0 1.67
SRC21-894 240972 1370127 155 115 -55 120 105.0 108.0 3.0 0.93
SRC21-895 240964 1370025 156 115 -56 102 62.0 66.0 4.0 2.54
81.0 85.0 4.0 0.57
SRC21-896 240923 1369873 159 115 -59 84 49.0 51.0 2.0 3.95
68.0 77.0 9.0 1.12
SRC21-897 240824 1370088 157 115 -58 54 2.0 6.0 4.0 0.75
11.0 21.0 10.0 0.63
33.0 47.0 14.0 1.09
SRC21-898 No Significant results
SRC21-899 240836 1369973 160 115 -58 90 1.0 6.0 5.0 0.55
SRC21-900 240827 1369919 161 115 -57 78 0.0 3.0 3.0 0.73
SRC21-901 No significant results
SRC21-902 240734 1369963 158 115 -60 138 47.0 50.0 3.0 0.89
SRC21-903 240727 1369908 158 115 -58 138 8.0 12.0 4.0 10.24
40.0 45.0 5.0 0.72
113.0 116.0 3.0 0.50
SRC21-904 240508 1369980 148 115 -55 96 18.0 32.0 14.0 1.37
52.0 56.0 4.0 0.81
61.0 66.0 5.0 3.96
Including 62.0 63.0 1.0 15.61
SRC21-905 240792 1369991 160 115 -58 120 0.0 5.0 5.0 0.64
45.0 53.0 8.0 1.06
74.0 76.0 2.0 1.55
SRC21-906 240821 1370028 159 115 -62 78 0.0 9.0 9.0 0.76
SRC21-907 240775 1370050 158 115 -63 120 42.0 44.0 2.0 0.70
82.0 84.0 2.0 1.67
88.0 120.0 32.0 1.97
Including 89.0 90.0 1.0 16.40
SRC21-908 240732 1370069 156 115 -62 60 6.0 8.0 2.0 0.81
SRC21-909 No Significant results
SRC21-910 240471 1370748 141 115 -55 102 52.0 63.0 11.0 1.02
SRC21-911 240509 1370732 141 115 -55 72 21.0 26.0 5.0 1.23
35.0 42.0 7.0 0.61
54.0 59.0 5.0 1.03
SRC21-912 240721 1370133 154 115 -54 72 24.0 27.0 3.0 1.18
SRC21-913 240481 1370636 151 115 -60 100 58.0 61.0 3.0 0.87
74.0 83.0 9.0 0.64
SRC21-914 240687 1370153 151 115 -58 120 6.0 8.0 2.0 1.41
17.0 20.0 3.0 0.76
31.0 37.0 6.0 0.57
58.0 60.0 2.0 0.79
82.0 87.0 5.0 1.18
93.0 96.0 3.0 1.84
SRC21-915 240763 1370169 156 115 -59 102 14.0 16.0 2.0 0.84
SRC21-916 240494 1370690 149 115 -73 108 50.0 60.0 10.0 1.53
Including 51.0 52.0 1.0 7.76
84.0 86.0 2.0 1.99
SRC21-917 240518 1370620 151 115 -59 72 25.0 27.0 2.0 1.23
42.0 51.0 9.0 1.05
SRC21-918 No Significant results
SRC21-919 240567 1370313 142 115 -60 42 0.0 5.0 5.0 0.95
10.0 19.0 9.0 0.88
SRC21-920 240717 1370190 151 114 -59 108 19.0 24.0 5.0 0.52
56.0 65.0 9.0 0.90
SRC21-921 No Significant results
SRC21-922 240717 1370190 151 113 -60 84 25.0 27.0 2.0 0.92
42.0 46.0 4.0 1.06
51.0 54.0 3.0 1.18
SRC21-923 240712 1370245 154 114 60 126 34.0 37.0 3.0 0.82
42.0 48.0 6.0 0.60
112.0 116.0 4.0 1.10
SRC21-924 240788 1370268 156 115 -58 60 1.0 4.0 3.0 0.66
10.0 35.0 25.0 0.76
39.0 43.0 4.0 0.58
SRC21-925 No Significant results
SRC21-926 240813 1370309 155 112 -60 42 0.0 10.0 10.0 0.82
SRC21-927 No Significant results
SRC21-928 240802 1370373 155 115 -58 90 53.0 56.0 3.0 0.63

 

Notes:

  1. The true widths of intersections are unknown at this time, but are interpreted to approximate the reported downhole lengths.
  2. Drillhole intercepts are calculated using a minimum downhole length of two (2) meters, a cut-off grade of 0.5 g/t gold, and may include up to four (4) metres of internal dilution.
  3. Assays are reported uncut, but high grade sub-intervals are highlighted.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are generally identifiable by, but not limited to, the use of the words “may”, “will”, “should”, “would”, “continue”, “expect”, “expected”, “budget”, “forecast”, “anticipate”, “estimate”, “believe”, “intend”, “appear” “plan”, “schedule”, “guidance”, “outlook”, “potential”, “plans”, “targeted”, “focused”, or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, differences in the mineral content within the material identified as mineral resources or mineral reserves from that predicted, the failure to accurately estimate mineral resources or mineral reserves, unexpected increases in capital expenditures, operating expenditures and exploration expenditures, changes in development or mining plans due to changes in logistical, technical or other factors, the possibility that future exploration results will not be consistent with the Company’s expectations, changes in world gold markets and other risks disclosed in IAMGOLD’s most recent Form 40-F/Annual Information Form on file with the United States Securities and Exchange Commission at www.sec.gov/edgar.shtml and Canadian securities regulatory authorities at www.sedar.com, which are incorporated herein. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.

CAUTIONARY NOTE TO U.S. INVESTORS REGARDING DISCLOSURE OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

The mineral resource and reserve estimates contained in this news release have been prepared in accordance with NI 43-101. These standards are similar to those used by the United States Securities and Exchange Commission (the “SEC”) Industry Guide No. 7, as interpreted by the SEC staff. However, the definitions in NI 43-101 differ in certain respects from those under Industry Guide 7. Accordingly, mineral resource and reserve information contained in this news release may not be comparable to similar information disclosed by United States companies. Under the SEC’s Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.

As a result of the adoption of amendments to the SEC’s disclosure rules (the “SEC Modernization Rules”), which more closely align its disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and which became effective on February 25, 2019, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended definitions of “proven mineral reserves” and “probable mineral reserves” in its amended rules, with definitions that are substantially similar to those used in NI 43-101. Issuers must begin to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021, though Canadian issuers that report in the United States using the Multijurisdictional Disclosure System (“MJDS”) may still use NI 43-101 rather than the SEC Modernization Rules when using the SEC’s MJDS registration statement and annual report forms.

United States investors are cautioned that while the SEC now recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under the SEC Modernization Rules, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances.

Investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources”, or “inferred mineral resources” that the Company reports in this news release are or will be economically or legally mineable. Further, “inferred mineral resources” have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.

QUALIFIED PERSONS, TECHNICAL INFORMATION AND QUALITY CONTROL NOTES

The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

Philippe Biron, P. Geo., Regional Senior Geologist, West Africa for IAMGOLD responsible for the supervision of the preparation, verification and review of the technical information in this release. Mr. Biron is a “qualified person” (a “QP”) for the purposes of NI 43-101 with respect to the technical information being reported on in this release.

The information in this news release was reviewed and approved by Craig MacDougall, P.Geo., Executive Vice President, Growth for IAMGOLD. Mr. MacDougall is a QP for the purposes of NI 43-101. The technical information has been included herein with the consent and prior review of the above noted QPs.

The sampling of, and assay data from, drill core and RC chips are monitored through the implementation of a quality assurance/quality control program designed to follow industry best practice. Rock chips from RC drilling are collected at the rig site, at one meter intervals, under the direct supervision of IAMGOLD geologists and field technicians. Samples are riffle split to obtain two 3 kilogram samples. One sample is retained for reference purposes and the other is sent for assay. Drill core (HQ and NQ size) samples were selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site, drill core sample intervals are systematically one meter in length. Half of the core is retained at the site for reference purposes, while the other half is sent to the laboratory for prep and analysis.

The samples were assayed at the SGS Minerals Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50-gram charge and an Atomic Absorption finish (FAA505). All samples returning values greater than 10.0 grams per tonne of gold were re-assayed using a gravimetric finish (FAG505).

About IAMGOLD

IAMGOLD is a mid-tier gold mining company operating in three regions globally: North America, South America and West Africa. Within these regions the Company is developing high potential mining districts that encompass operating mines and construction, development and exploration projects. The Company’s operating mines include Essakane in Burkina Faso, Rosebel (including Saramacca) in Suriname and Westwood in Canada. A solid base of strategic assets is complemented by the Côté Gold construction project in Canada, the Boto Gold development project in Senegal, as well as greenfield and brownfield exploration projects in various countries located in the Americas and West Africa.

IAMGOLD employs approximately 5,000 people. IAMGOLD is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD (www.iamgold.com) is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG) and is one of the companies on the JSI index1.

1 Jantzi Social Index (“JSI”). The JSI is a socially screened market capitalization-weighted common stock index modeled on the S&P/TSX 60. It consists of companies which pass a set of broadly based environmental, social and governance rating criteria.

IAMGOLD Contact Information

Graeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883

Philip Rabenok, Manager, Investor Relations
Tel: 416 933 5783 | Mobile: 647 967 9942

Toll-free: 1 888 464 9999
[email protected]

This entire news release may be accessed via fax, e-mail, IAMGOLD’s website at www.iamgold.com and through Newsfile’s website at www.newsfilecorp.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le www.iamgold.com/French/accueil/default.aspx.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105661







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Summary of High-Grade Drill Intercepts in the C-9 and C-10 Veins at the New Polaris Project in BC

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CANA) summarizes the expanding number of high-grade…

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CANA) summarizes the expanding number of high-grade drill intercepts that define two hanging-wall veins, the C-9 and C-10 Veins, which are separate from the C-West Main Vein (“CWM”). Most of the current gold resources are located in the CWM Vein so the recent drilling in the C-9 and C-10 Veins should help expand the current gold resources.

The Company’s on-going 24,000 meter (m), 47 hole drill program is progressing well at its 100% owned New Polaris Gold project located in northwestern British Columbia, 100 kilometers (km) south of Atlin and 60 km northeast of Juneau, Alaska. Drilling is expected to be completed by year-end and assays are anticipated monthly but final assays could take until late March due to the backlog of samples at all commercial laboratories in Canada.

Several drill holes of this infill drill program have returned significant intercepts of gold mineralization in two hanging-wall veins of the CWM Vein system. Combined with holes previously drilled in 1995 and 2006, the number of intercepts to date include nine in the C-9 vein and thirteen in the C-10 vein. Highlights of the intercepts are shown in Table 1 below. All the drill hole collar information is provided in Table 2 and the mineralized intercepts from both veins in Table 3.

Table 1: C-9 and C-10 Veins Highlight Intercepts:

Vein

Hole No:

Down-Hole Depth: m

Length (m) *

Au g/t

C-9

P95C42

318.6

3.8

13.7

C-9

06-1859E2

297.5

1.6

14.9

C-9

21-1844E3

414.4

8.9

11.0

C-9

21-1905E2

353.6

9.9

8.10

C-10

06-1813E2

313.3

1.6

12.7

C-10

06-1859E2

336.2

2.1

15.6

C-10

21-1844E3

438.7

3.0

14.5

C-10

21-1890E1

343.0

8.4

17.1

C-10

21-1905E2

380.9

17.8

11.1

* Based on the current spacing of the drill hole intercepts the exact attitude of these veins remains open to interpretation, so the true widths have not been calculated at this time.

Scott Eldridge, CEO and Director, said “The rising number of thick, high grade drill intercepts in the C-9 and C-10 veins from this year’s infill drill program is bringing about a rethinking of the economic potential of the other parallel veins in the stacked C vein system. The C-9 and C-10 occur in the southeast lower quadrant of the CWM drill area just west of the No. 1 Fault (See Drill Hole Location Map and Cross Section).

The C-10 vein is the most developed interpretation so far, now extending over 150 m along trend by more than 100 m down dip with downhole thicknesses up to 17.8 m. The downhole intercept of 11.1 gpt Au over 17.8 m is one of the widest mineralized intervals drilled at New Polaris to date. The C-9 has slightly fewer drill intersections but also extends over 150 meters by 100 m with a drilled thickness of up to 9.9 meters.”

Based on the current spacing of the drill hole intercepts the exact attitude of these veins remains open to interpretation, so the true widths have not been calculated at this time. The C-9 and C-10 mineralized horizons were observed in at least two more drill holes that have been logged and sampled and are now awaiting assays. Seven additional drill holes are planned to infill the CWM vein in the coming months that should also intersect the C-9 and C-10 veins to expand as well as infill the area of the current drill intercepts. Once the drilling is completed and all assay results are received, the drill holes that intercept the C-9 and C-10 veins can be included in the next resource estimate for New Polaris.

Infill Holes to Upgrade Inferred Resources to Indicated Resources

The current drill program is designed primarily to in-fill drill the Inferred Resources of the CWM vein system within the currently defined resources in the PEA*. The infill drill holes range in depth from 300 to 650 m and are designed to provide greater density of drill intercepts (20 – 25 m spacing) in areas of Inferred Resources between 150 and 600 m below surface. The improved drill density will be used to upgrade parts of the Inferred Resources to Indicated Resources for inclusion in a future feasibility study.

*The New Polaris resource is contained within a preliminary economic assessment (“PEA”) report which was prepared by Moose Mountain Technical Services in the format prescribed by NI43-101 Standards of Disclosure for Mineral Projects, and filed on Sedar April 18, 2019.

New Polaris Overview

Canagold’s flagship asset is the 100% owned New Polaris Gold Mine project located in northwestern British Columbia about 100 kilometers south of Atlin, BC and 60 kilometers northeast of Juneau, Alaska. The property consists of 61 contiguous Crown-granted mineral claims and one modified grid claim covering 850 hectares. New Polaris lies within the Taku River Tlingit First Nations traditional territory. Canagold is committed to providing employment and business opportunities that help support the local economies in the vicinity of its exploration projects.

The New Polaris gold deposit is an early Tertiary, mesothermal gold-bearing vein system occupying shear zones cross-cutting late Paleozoic andesitic volcanic rocks. It was mined by underground methods from 1938 to 1942, and again from 1946 to early 1951, producing approximately 245,000 oz gold from 740,000 tonnes of ore at an average grade of 10.3 gpt gold. Three main veins (“AB, C and Y”) were mined to a maximum depth of 150 m and have been traced by drilling for up to 1,000 m along strike and up to 800 m down dip, still open for expansion. The gold occurs dominantly in finely disseminated arsenopyrite within quartz-carbonate stock-work veins and altered wall-rocks. Individual mineralized zones extend up to 250 meters in length and 14 meters in width. Average widths more commonly range from 2 to 5 meters.

Qualified Person

Garry Biles, P.Eng, President & COO for Canagold Resources Ltd, is the Qualified Person who reviewed and approved the contents of this news release.

Drill Core Sampling and Quality Assurance – Quality Control Program

Drill core is geologically logged to identify the gold mineralized zones that are allocated unique sample number tickets and marked for cutting using a purpose-built diamond blade rock saw. Half core samples are collected in labelled bags and the other half remains in the original core box stored on site. Quality control (QC) samples including certified reference material standards, blanks and duplicates are inserted into the sample sequence at intervals of one in ten on a rotating basis to monitor laboratory performance and provide quality assurance (QA) of the assay results. Several sample bags are transported together in rice bags with unique numbered security tags attached and labelled with Company and lab contact information to ensure sample security and chain of custody during shipment to the lab.

The samples are submitted to the ALS Geochemistry lab in Whitehorse, YT for preparation and assaying. The entire sample is crushed to 70% passing -2 millimeters and a 250 gram aliquot is split and pulverized to 85% passing -75 microns. Analysis for gold is by 30 gram fire assay and gravimetric finish. A suite of 30 other elements including arsenic, antimony, sulfur and iron are analyzed by aqua-regia digestion Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES). ALS Canada Ltd. is accredited by the Standards Council of Canada and is an ISO/IEC 9001:2015 and 17025:2017 certified analytical laboratory in North America.

“Scott Eldridge”

Scott Eldridge, Chief Executive Officer

CANAGOLD RESOURCES LTD.

About CanagoldCanagold Resources Ltd. is a growth-oriented gold exploration company focused on generating superior shareholder returns by discovering, exploring and developing strategic gold deposits in North America. Canagold shares trade on the TSX: CCM and the OTCQB: CRCUF.

For More Information – Please contact: Knox Henderson, VP Corporate Development
Toll Free: 1-877-684-9700 Tel: (604) 604-416-0337 Cell: (604) 551-2360
Email: [email protected] Website: www.canagoldresources.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Statements contained in this news release that are not historical facts are forward-looking information that involves known and unknown risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements with respect to the future performance of Canagold, and the Company’s plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “has proven”, “expects” or “does not expect”, “is expected”, “potential”, “appears”, “budget”, “scheduled”, “estimates”, “forecasts”, “at least”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will be taken”, “occur” or “be achieved”.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others risks related to the uncertainties inherent in the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company’s ability to continue as a going concern; the Company’s ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Table 2: Drill Hole Collar Information

Hole ID

Mine East

Mine North

Elevation

Dip

Azimuth

Final Depth

P95C40

1966.0m

575.8m

17.1m

-83°

355°

787m

P95C42

1861.7m

571.5m

17.1m

-78°

000°

673m

P95C43

1861.7m

571.5m

17.1m

-80°

340°

752m

06-1813E2

1813.2m

739.2m

16.1m

-82°

356°

351m

06-1813E3

1813.8m

682.5m

16.3m

-82°

355°

417m

06-1859E2

1859.3m

685.0m

16.8m

-85°

355°

461m

21-1783E5

1765.0m

610.0m

17.6m

-70°

348°

461m

21-1859E1

1859.9m

637.7m

19.6m

-72°

355°

425m

21-1844E1

1840.8m

691.9m

19.7m

-72°

355°

362m

21-1844E2

1844.9m

518.0m

17.6m

-74°

340°

548m

21-1844E3

1843.9m

517.2m

17.6m

-78°

344°

584m

21-1890E1

1882.3m

590.3m

19.7m

-69°

348°

491m

21-1890E2

1881.4m

585.2m

19.7m

-78°

350°

500m

21-1905E2

1910.2m

571.6m

17.6m

-78°

334°

521m

Table 3: C-9 and C-10 Veins All Intercepts:

Vein

Hole No:

Down-Hole Depth: m

Length (m)

Au g/t

C-9

P95C40

479.7

0.7

11.6

C-9

P95C42

318.6

3.8

13.7

C-9

P95C43

338.3

2.1

5.98

C-9

06-1859E2

297.5

1.6

14.9

C-9

21-1844E2

392.9

4.0

2.15

C-9

21-1844E3

414.4

8.9

11.0

C-9

21-1859E1

312.7

4.6

3.41

C-9

21-1890E2

333.2

0.6

4.92

C-9

21-1905E2

353.6

9.9

8.10

C-10

P95C40

493.8

15.1

6.36

C-10

P95C42

352.6

1.1

7.18

C-10

P95C43

345.9

11.1

5.13

C-10

06-1813E2

313.3

1.6

12.7

C-10

06-1813E3

332.6

1.0

6.29

C-10

06-1859E2

336.2

2.1

15.6

C-10

21-1783E5

365.0

1.3

9.94

C-10

21-1844E1

306.1

0.4

9.55

C-10

21-1844E3

438.7

3.0

14.5

C-10

21-1859E1

367.4

1.2

3.92

C-10

21-1890E1

343.0

8.4

17.1

C-10

21-1890E2

368.0

4.3

7.25

C-10

21-1905E2

380.9

17.8

11.1

Composites were calculated from length weighted Au sample interval results. The exact attitude of these veins remains open to interpretation, so the true widths have not been calculated at this time. Grade capping and cut-off have not been applied.

SOURCE: Canagold Resources Ltd.

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https://www.accesswire.com/675197/Summary-of-High-Grade-Drill-Intercepts-in-the-C-9-and-C-10-Veins-at-the-New-Polaris-Project-in-BC







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