IAMGOLD provides exploration update for the Boto Gold Project, Senegal, West Africa

TSX: IMG    NYSE: IAG

TORONTO, Nov. 5, 2012 /PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") announced today an exploration update for its 100% owned Boto Gold Project in eastern Senegal, West Africa.  The Company is reporting assay results for 44 drill holes completed from December 2011 to July 2012.

Results from the 44 drill holes are provided in Tables 1 to 3, and include the following:

Boto 2 prospect;

  • Drill-hole DBDD-2078 : 58 metres grading 2.58 g/t gold
  • Drill-hole DBDD-2086 : 33 metres grading 3.04 g/t gold
  • Drill-hole DBDD-2116 : 49 metres grading 2.63 g/t gold
  • Drill-hole DBDD-2119 : 74 metres grading 1.80 g/t gold

Boto 4 prospect;

  • Drill-hole DBDD-2087 : 35 metres grading 2.65 g/t gold
  • Drill-hole DBDD-2090 : 41 metres grading 2.29 g/t gold

Boto 6 prospect;

  • Drill-hole DBDD-2098 : 17 metres grading 3.17 g/t gold
  • Drill-hole DBDD-2099 : 67 metres grading 1.18 g/t gold

Craig MacDougall, Senior Vice President, Exploration, stated, "We are very encouraged with the results of the 2012 drill program. They demonstrate good grades and confirm continuity at several of the zones discovered in previous exploration campaigns.  Geological modeling is in progress to assess the resource potential of the zones drilled. We will also evaluate the exploration potential for further extensions."

The drilling program has focused on the delineation of the Boto 2, 4 and 6 prospects which define a mineralized trend over a 4 kilometre strike length.  Drilling has intersected wide intervals of hydrothermal alteration and sulphide mineralization in variably brecciated metasedimentary host rocks.

Next Steps

Drilling was suspended in late July due to the annual rainy season and will resume in mid-November. The objective of further drilling is to: 1) infill the current drill spacing to confirm continuity of the geological model in advance of a resource estimate, and 2) expand existing mineralized zones with step out drill holes along strike and at depth.

Table 1

Boto Gold Project Drilling Results - Boto 2 Prospect
Hole # UTM WGS 84 Zone 29 AZ DIP  EOH   From  To  Length  Gold
  Easting Northing  Elevation      (m) (m) (m) (m) (g/t)
DBDD-2075   241871  1378980 165  115   -60  284 131  197  66 1.53
DBDD-2076 241916 1378959 164 115 -60 250 96 104 8 1.88
              110 119 9 2.09
              133 157 24 0.88
DBDD-2077 241961 1378938 163 115 -60 250 46 85 39 0.9
              99 113 14 1.17
              227 236 9 1.63
DBDD-2078 242007 1378917 162 115 -60 251 16 74 58 2.58
              80 82 2 1.43
              119 121 2 1.83
              221 232 11 1.15
DBDD-2079 241964 1378826 157 115 -60 251 152 155 3 1.19
              194 197 3 2.85
              215 236 21 0.72
DBDD-2080 241919 1378847 160 115 -60 250 170 172 2 8.78
              240 242 2 1.5
DBDD-2081 241874 1378868 162 115 -60 300 162 168 6 1.33
DBDD-2082 241828 1378890 164 115 -60 250 153 155 2 2.19
DBDD-2083 241922 1378736 153 115 -60 251 93 95 2 1.53
              124 148 24 1.23
DBDD-2084 241877 1378757 157 115 -60 250 136 143 7 1.12
              214 216 2 2.99
DBDD-2085 241908 1379183 165 115 -60 254 59 94 35 3.89
Including*             64 67 3 19.18
              104 106 2 1.35
              166 171 5 2.36
              222 241 19 1.44
DBDD-2086 241954 1379162 165 115 -60 251 33 66 33 3.04
Including*             45 47 2  13.63 
              130 134 4 1.78
              181 183 2 2.38
              196 218 22 1.39
DBDD-2103 241825 1379001 165 115 -60 250 160 163 3 1.14
              203 222 19 0.92
DBDD-2104 241780 1379022 165 115 -60 301 220 236 16 1.46
              244 249 5 1.74
              63 66 3 1.78
DBDD-2105 241801 1379068 165 115 -60 300 189 196 7 2.81
              210 218 8 1.04
              224 248 24 1.29
DBDD-2106 241846 1379047 165 115 -60 246 169 172 3 2.52
              179 190 11 0.75
              199 219 20 2.66
DBDD-2107 241892 1379026 165 115 -60 250 124 144 20 1.32
              164 189 25 0.93
DBDD-2108 241937 1379004 164 115 -60 250 44 96 52 1.26
              103 132 29 1.44
              143 155 12 1.13
DBDD-2109 241982 1378983 163 115 -60 251 22 41 19 6.5
Including*             35 39 4 18.98
              55 79 24 1.84
              100 110 10 1.39
              234 241 7 1.81
DBDD-2110 242028 1378962 162 115 -60 250 98 106 8 3.16
              121 128 7 1.3
              183 194 11 1.7
DBDD-2111 241804 1378956 165 115 -60 251 No significant intersection
DBDD-2112 241850 1378935  165 115 -60 250  149 154 5 1.27
              179 198 19 1.53
DBDD-2113 241895 1378914 163 115 -60 250 228 233 5 1.33
DBDD-2114 241940 1378893 162 115 -60 250 37 39 2 6.79
              66 70 4 2.36
              80 103 23 1.35
              113 122 9 1.02
              168 171 3 2.02
DBDD-2115 241985 1378872 160 115 -60 251 13 54 41 1.6
              67 78 11 0.98
              187 189 2 3.51
DBDD-2116 241913 1379071 166 115 -60 301 79 128 49 2.63
Including*             123 125 2 20.35
              141 191 50 1.28
DBDD-2117 241868 1379092 166 115 -60 250 137 149 12 0.62
              156 181 25 1.03
              194 215 21 1.13
              221 232 11 0.51
DBDD-2118 241822 1379113 166 115 -60 300 182 241 59 0.94
DBDD-2119 241777 1379134 166 115 -60 309 221 223 2 1.02
              232 306 74 1.8

Table 2

Boto Gold Project Drilling Results - Boto 4 Prospect
Hole # UTM WGS 84 Zone 29 AZ DIP  EOH   From  To  Length  Gold
  Easting Northing  Elevation      (m) (m) (m) (m) (g/t)
DBDD-2087   241847  1377616 131  115   -60  300 104  139  35 2.65
Including*             109 114 5  14.52 
              186 198 12 0.76
              267 270 3 3.11
              296 298 2 1.14
DBDD-2088 241893 1377594 131 115 -60 250 65 72 7 2.07
              84 88 4 1.21
              103 107 4 1.37
              125 133 8 3.31
              194 196 2 2.58
              247 250 3 2.46
DBDD-2089 241939 1377573 131 115 -60 251 21 31 10 1.2
              101 111 10 0.65
              192 204 12 2.25
DBDD-2090 241866 1377490 131 115 -60 251 70 75 5 1.3
              116 130 14 0.95
              137 178 41 2.29
              206 220 14 1.37
DBDD-2091 241793 1377406 132 115 -60 300 143 160 17 1.83
              224 229 5 2.44
              254 265 11 0.89
              87 90 3 1.25
DBDD-2092 241839 1377385 133 115 -60 250 192 219 27 1.71
              47 57 10 0.67
              72 75 3 1.19
              140 145 5 1.09
              151 159 8 2.55
              176 178 2 1
DBDD-2094 241811 1377280 134 115 -60 250 118 139 21 1.08
              179 183 4 1.27
DBDD-2095 241740 1377196 135 115 -60 300 133 155 22 1.29
              164 171 7 1.36
DBDD-2096 241784 1377176 135 115 -60 250 109 139 30 1
DBDD-2097 241828 1377155 135 115 -60 250 49 83 34 1.15
              115 127 12 0.6
              205 213 8 1.51
              240 251 11 0.52

Table 3

Boto Gold Project Drilling Results - Boto 6 Prospect
Hole # UTM WGS 84 Zone 29 AZ DIP EOH  From  To  Length  Gold
  Easting Northing  Elevation      (m) (m) (m) (m) (g/t)
DBDD-2098   241454   1375267  159  115   -60  300 147  164  17 3.17
              178 276 98  0.82 
DBDD-2099 241495 1375248 159 115 -60 251 128 195 67 1.18
DBDD-2100 241576 1375210 154 115 -60 200 65 99 34 0.97
              113 124 11 0.76
DBDD-2101 241467 1375200 159 115 -60 251 162 165 3 1.44
              186 188 2 1.6
              196 198 2 1.51
DBDD-2102 241549 1375161 151 115 -60  199.5  38 47 9 1.49
              127 131 4 1.25
  • Significant drill hole intercepts are calculated using a minimum down-hole length of 2 meters, a cut-off grade of 0.5 g/t Au, up to 5 metres of internal dilution and are uncapped.
  • *Higher grade sub-intervals are calculated using the same parameters but at a cut-off grade of 8.0 g/t Au.
  • The true widths of intersections are unknown at this time, but are interpreted to approximate the reported down-hole lengths.

To view "Figure 1: Drill Hole Plan Map", please click on http://files.newswire.ca/396/BotoDrillHoleMap.pdf

The Boto project comprises 236 square kilometres of exploration licenses located in eastern Senegal along the Senegal-Mali border.  The geological setting of the project area is similar to the world class Sadiola and Loulo gold districts in adjacent Mali, being underlain by highly prospective, Birimian-aged metasedimentary, volcanic and intrusive rocks -along a seven kilometre strike length of the Senegal-Mali Shear Zone.

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"). The sampling of, and assay data from, drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program designed to follow industry best practice. Drill core (HQ and NQ size) 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 are generally 1 metre in length. Samples are analyzed at the ALS Chemex Analytical Laboratory in Bamako, Mali, using a standard fire assay with a 50 gram charge with an Atomic Absorption (AA) finish.

Qualified Persons:
The information in this release was prepared under the supervision of Craig MacDougall, P.Geo., Senior Vice President, Exploration for IAMGOLD.  Mr. MacDougall is a Qualified Person as defined by National Instrument 43-101.

Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce.  IAMGOLD uses certain terms in this presentation, such as "measured," "indicated," or "inferred," which may not be consistent with the reserve definitions established by the SEC.  U.S. investors are urged to consider closely the disclosure in the IAMGOLD Annual Reports on Forms 40-F.  You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.shtml or by contacting the Investor Relations department.

Forward Looking Statement
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 (including, without limitation, statements regarding expected, estimated or planned gold and niobium production, cash costs, margin expansion, capital expenditures and exploration expenditures and statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "outlook", "guidance", "estimate", "believe", "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: changes in the global prices for gold, niobium, copper, silver or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; adverse changes in the Company's credit rating; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business.  With respect to development projects, IAMGOLD's ability to sustain or increase its present levels of gold production is dependent in part on the success of its projects.  Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.  Development projects have no operating history upon which to base estimates of future cash flows.  The capital expenditures and time required to develop new mines or other projects are considerable, and changes in costs or construction schedules can affect project economics.  Actual costs and economic returns may differ materially from IAMGOLD's estimates or IAMGOLD could fail to obtain the governmental approvals necessary for the operation of a project; in either case, the project may not proceed, either on its original timing or at all.

About IAMGOLD

IAMGOLD (www.iamgold.com) is a leading mid-tier gold mining company producing approximately one million ounces annually from five gold mines (including current joint ventures) on three continents. In the Canadian province of Québec, the Company also operates Niobec Inc., which produces more than 4.5 million kilograms of niobium annually, and owns a rare earth element resource close to its niobium mine. IAMGOLD is uniquely positioned with a strong financial position and extensive management and operational expertise.  To grow from this strong base, IAMGOLD has a pipeline of development and exploration projects and continues to assess accretive acquisition opportunities.  IAMGOLD's growth plans are strategically focused in certain regions in Canada, select countries in South America and Africa.

Please note:
This entire news release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through CNW Group's website at www.newswire.ca. 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 http://www.iamgold.com/French/Home/default.aspx

 

 

 

SOURCE IAMGOLD Corporation




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