Iamgold Reports Remaining Assay Results and Extends the Renard System to the WEST at the Nelligan GOLD Project, Quebec; Summer Drilling Program Underway
NEWS RELEASE
TSX: IMG NYSE: IAG
IAMGOLD REPORTS REMAINING ASSAY RESULTS AND EXTENDS THE RENARD SYSTEM TO THE
WEST AT THE NELLIGAN GOLD PROJECT, QUEBEC; SUMMER DRILLING PROGRAM UNDERWAY
Toronto, Ontario, August 11, 2020 – IAMGOLD Corporation (“IAMGOLD” or the “Company”) today
announced remaining assay results from its 2020 exploration diamond drilling program completed prior to
the suspension of activities last winter at its Nelligan joint venture project (IAMGOLD: 75%, Vanstar Mining
Resources Inc. (“Vanstar”): 25%), located 60 kilometres southwest of Chibougamau, Quebec, Canada.
The Company is reporting assay results from the remaining three (3) diamond drill holes totaling 1,278
metres completed as part of the winter 2020 drilling program. One hole failed to reach the expected target
zone due to mechanical problems. Drilling activities have resumed and assays will be reported when
received, validated and compiled.
The assay results reported herein are provided in Table 1 below and include the following highlights:
(A drill hole plan map is attached to this news release.)
Renard Zone:
Drill hole NE-20-157: 39.1 metres grading 2.14 g/t Au
includes: 4.5 metres grading 4.58 g/t Au
and includes: 11.5 metres grading 3.88 g/t Au
and 34.5 metres grading 1.85 g/t Au
includes: 1.5 metres grading 11.15 g/t Au
Renard West Zone:
Drill hole NE-20-158: 5.1 metres grading 2.81 g/t Au
and 8.5 metres grading 1.91 g/t Au
Liam Zone:
Drill hole NE-20-157: 16.4 metres grading 2.65 g/t Au
includes: 1.5 metres grading 20.1 g/t Au
The Nelligan Gold project (on a 100% basis) hosts Inferred Mineral Resources containing 3.2 million
ounces of gold grading 1.02 g/t Au (see news releases dated October 22, 2019 and February 18, 2020).
The 2020 diamond drilling program was designed to infill selected areas of the resource to improve
resource classification and evaluate potential resource extensions at depth and along strike.
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: “These results complement
results reported earlier from the 2020 diamond drilling program, completed before our activities were
suspended as directed by the Government of Quebec in response to the global COVID-19 crisis. These
additional results continue to confirm continuity of mineralization from infill holes in the resource area as
well as demonstrate that the mineralization and associated alteration system remains open along strike to
the west outside of the current modeled resource. This extension area requires additional drilling to assess
the resource potential which is an important objective of the remaining and future drilling programs. I also
page 2 of 6
commend our exploration team, who with the support of our contractors and suppliers, have successfully
resumed drilling activities under stringent COVID-19 safety protocols.”
Next Steps
The 2020 exploration drilling program was planned to involve the completion of approximately 8,000
metres focused on infill drilling to improve resource classification as well as step-out drilling to evaluate
potential resource extensions at depth and along strike. A total of 4,995 metres of diamond drilling were
completed up to the suspension of the program. A summer drilling campaign involving the completion of a
further 4,000 metres has commenced taking into consideration summer access conditions as well as the
implementation of safety protocols to prevent COVID-19 infections. Assay results from this phase of the
drilling program will be reported once they are all received, validated and compiled.
Additional metallurgical tests are also being planned to provide further information on the metallurgical
recoveries from the various zones of mineralization comprising the Mineral Resources of the Nelligan gold
deposit and to further refine the process flow sheet parameters. The geological, geochemical and
structural models have been updated and refined to assist the selection of representative metallurgical
samples and to support further deposit studies.
Regional exploration activities continue to define and evaluate other priority targets on the property with
focused geological mapping programs supported by geochemical and geophysical surveys as merited.
About the Nelligan Project
The Nelligan project is underlain by a portion of the Caopatina segment of the North Volcanic Zone of the
Abitibi Belt of the Superior Province. The property is centered on the E-W Druillette syncline with
sediments of the Caopatina Formation bounded to the north and to the south by volcanic rocks of the
Obatogamau Formation. The North and South portions of the property are occupied by granodioritic to
tonalitic intrusions. The project is transected by numerous regional and local structures and deformation
zones which can be important in the localization of gold mineralization.
Gold showings of the area are observed broadly as two styles of mineralization: 1) Quartz-sulphide vein
type, and 2) disseminated sulphide (pyrite) mineralization in hydrothermally altered units. Mineralization
observed on the Nelligan project is dominated by the latter and is characterized by hydrothermal alteration
of the host meta-sedimentry units displaying variable carbonatization, sericite, phlogopite and pervasive
silicification; and associated with widespread disseminated pyrite, varying from 1% to locally 15%, trace
molybdenite and occasionally fine grains of visible gold. Mineralization associated with the estimated
mineral resources has been intersected in drilling over a strike length of more than 1.0 kilometre, and to a
depth of over 350 vertical metres.
As at December 31, 2019, IAMGOLD reported (on a 100% basis) inferred mineral resources of 97.0 million
tonnes grading 1.02 g/t Au for 3.2 million contained ounces (see news releases dated October 22, 2019
and February 18, 2020).
The Nelligan Gold Project is held under an earn-in option to joint venture agreement with Vanstar
(IAMGOLD: 75%; Vanstar: 25%) where IAMGOLD has a further option to acquire an additional interest of
5%, to hold an 80% interest in the Nelligan project by completing and delivering a Feasibility Study.
Vanstar would then retain a 20% undivided non-contributory carried interest until the commencement of
commercial production, after which: (1) the 20% undivided interest becomes participating; and (2) Vanstar
will pay its attributable portion of the total development and construction costs to the commencement of
commercial production from 80% of its share of any ongoing distributions from the Joint Venture. Vanstar
will also retain a 1% NSR royalty on selected claims of the project.
Technical Information and Quality Control Notes
The drilling results contained in this news release have been prepared in accordance with National
Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects.
page 3 of 6
The "Qualified Person" responsible for the supervision of the preparation and review of this information is
Marie-France Bugnon, P. Geo., General Manager Exploration. Marie-France is considered a "Qualified
Person" for the purposes of NI 43-101 with respect to the technical information being reported on. The
technical information has been included herein with the consent and prior review of the above noted
Qualified Person. The Qualified person has verified the data disclosed, and data underlying the information
or opinions contained herein.
The design of the drilling program and interpretation of results is under the control of IAMGOLD’s
geological staff, including qualified persons employing strict protocols consistent with NI 43-101 and
industry best practices. The sampling of, and assay data from, the drill core is monitored through the
implementation of a quality assurance - quality control (QA-QC) program. Drill core (NQ size) is logged
and samples are selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project
site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from half a
metre to one and a half metres in length depending on the geological observations.
Half-core samples are packaged and transported in sealed bags to ALS Minerals Laboratory (“ALS”)
located in Val-d’Or, Québec. Samples are coarse crushed to a -10 mesh and then a 1,000 gram split is
pulverized to 95% passing -150 mesh. ALS processes analytical pulps directly at their facilities located in
Val-d’Or which is ISO / IEC 17025 certified by the Standards Council of Canada. Samples are analyzed
using a standard fire assay with a 50 gram charge with an Atomic Absorption (AA) finish. For samples that
return assay values over 5.0 grams per tonne, another pulp is taken and fire assayed with a gravimetric
finish. Core samples showing visible gold or samples which have returned values greater than 10.0 grams
per tonne are re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks and certified reference
standards in the sample sequence for quality control.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains forward -looking statements. All statements, other than of historical fact, that address acti vities,
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 use of the words “may”, “will”, “should”, “continue”,
“expect”, “anticipate”, “estimate”, “believe”, “prospective”, “significant”, “significant potential”, “substantial”, transfor mative”,
“intend”, “plan” 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 of the Company 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, among other things, without limitation, failure to meet expected, estimated or planned gold production, unexpected
increases in all-in sustaining costs or other costs, unexpected increases in capital expenditures and exploration expenditures,
variation in the mineral content within the material identified as Mineral Resources and Mineral Reserves from that predicted ,
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 and Canadian securities regulatory authorities. 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.
About IAMGOLD
IAMGOLD is a mid-tier mining company with three gold mines on three continents, including the Essakane
mine in Burkina Faso, the Rosebel mine in Suriname, and the Westwood mine in Canada. A solid base of
strategic assets is complemented by the Côté Gold de velopment project in Canada, the Boto Gold
development project in Senegal, as well as greenfield and brownfield exploration projects in various
countries located in West Africa and the Americas. On July 21, 2020, the Company, together with joint
venture partner Sumitomo Metal Mining Co. Ltd., announced the decision to proceed with the construction
of the Côté Gold Project.
page 4 of 6
IAMGOLD is committed to maintaining its culture of accountable mining through high standards of ESG
practices and employs approximately 5,000 people. IAMGOLD’s commitment is to Zero Harm, in every
aspect of its business. IAMGOLD is one of the companies on the JSI index.
IAMGOLD is listed on the Toronto Stock Exchange (trading symbol “IMG”) and the New York Stock
Exchange (trading symbol “IAG”).
For further information please contact:
Indi Gopinathan, VP, Investor Relations & Corporate Communications, IAMGOLD Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883
Philip Rabenok, Senior Analyst, Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942
Toll-free: 1-888-464-9999 [email protected]
Please note:
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/Home/default.aspx
page 5 of 6
Notes:
1. True widths are estimated at 76 to 94% of the core interval.
2. Drill hole intercepts are calculated with a lower cut of 0.50 g/t Au and may contain lower grade interval of up to 5 metres in
length. They are generally reported with a minimum g*m (or Metal factor) of 5.
3. Assays intervals are reported uncapped and capped at 30 g/t Au and high grade sub-intervals are highlighted.
.
Hole No. AZ DIP EOH from To Interval True Width
(1) Au (2) (3) NOTE
Easting Northing Elevation (°) (°) (m) (m) (m) (m) (m) (g/t)
NE-20-156 523274.00 5473748.90 372.50 330 -50 216.00 54.00 54.60 0.60 0.46 19.10
85.50 91.50 6.00 4.60 0.57
153.00 167.00 14.00 11.47 0.82 ZONE 36
180.00 184.50 4.50 3.90 1.61
NE-20-157 523155.10 5473653.90 373.20 330 -48 621.00 30.60 47.00 16.40 14.20 2.65 LIAM ZONE
Including (3) 40.50 42.00 1.50 1.41 20.10
55.00 59.50 4.50 3.45 1.14
166.50 168.70 2.20 1.80 3.15
180.00 187.50 7.50 6.50 1.26
213.00 217.50 4.50 3.90 1.13
255.70 281.00 25.30 21.91 1.33 ZONE 36
Including (3) 255.70 258.72 3.02 2.62 4.29
304.50 343.60 39.10 32.03 2.14 RENARD ZONE
Including (3) 315.00 319.50 4.50 3.69 4.58
Including (3) 325.50 337.00 11.50 9.42 3.88
365.00 368.00 3.00 2.30 1.90
391.00 393.33 2.33 1.91 3.73
409.20 412.50 3.30 2.53 1.54
436.50 457.86 21.36 16.36 1.68
Including (3) 444.00 457.86 13.86 10.62 2.28
465.00 499.50 34.50 26.43 1.85
Including (3) 466.50 468.00 1.50 1.15 11.15
510.00 517.50 7.50 5.75 1.08
552.00 562.50 10.50 8.04 0.77
586.50 604.50 18.00 13.79 0.65
615.00 621.00 6.00 4.91 4.59
Including (3) 619.50 621.00 1.50 1.23 12.85
NE-20-158 521827.00 5473760.80 375.10 335 -50 441.00 72.75 82.60 9.85 9.26 0.86 RENARD WEST ZONE
100.50 105.60 5.10 4.42 2.81
196.00 200.50 4.50 3.69 0.79
218.50 221.50 3.00 2.46 0.61
227.00 235.50 8.50 6.96 1.91
312.40 314.70 2.30 1.76 5.23
1 278.00
Table 1 Nelligan Project Drilling Results - 2020 Drilling program
UTM NAD83 Zone18
page 6 of 6
Figure 1: Nelligan drill hole plan map and highlighted 20 20 assay results.