IAMGOLD Corporation has provided an update from ongoing exploration activities at its newly optioned Monster Lake project located 50 kilometres southwest of Chibougamau, Quebec, Canada.
The company nitiated the current exploration program on the project at the end of 2013 pursuant to an Earn-In Agreement finalized with TomaGold Corporation (TSXV: LOT), in which IAMGOLD may earn a 50% interest in each of the Monster Lake , Winchester and Lac à l’eau jaune properties, collectively referred as the Monster Lake Project . To earn its interest IAMGOLD must complete scheduled cash payments and exploration expenditures totaling US$17.6 million over five years.
The company has completed a phase one diamond drilling program totalling 4,528 metres (nine holes) targeting the direct down-dip and lateral extensions of the 325-Megane mineralized zone previously drilled by TomaGold . Assay results have been received for five drill holes totalling 2,835 meters and include a 10.47 metres grading 11.55 g/t Au from 457.0 metres depth (including 48.90 g/t Au over 2.0 metres) in hole ML-14-108 (325-Megane Zone), an Intersection of a footwall zone grading 13.65 g/t Au over 3.77 metres from 636.86m depth, including 46.0 g/t Au over 1.1 metres in hole ML-14-110 (referred to as the Lower 325-Megane Zone)
The drilling to date has confirmed the presence of three sheared, altered and mineralized zones: the Upper 325-Megane Zone (new identified structure), the 325-Megane Zone previously outlined by TomaGold’s most recent drilling and the Lower 325-Megane Zone (tested only in a few areas by previous drilling). With the limited drilling completed to date, the three zones appear sub-parallel and are spaced approximately 100 metres apart. The targeted 325-Megane Zone is interpreted to be hosted within a regional shear zone that can be traced along strike within the current property.
“Our exploration program is targeting high grade mineralization and I am very encouraged with these initial results from only our first drilling program,” Craig MacDougall , Senior Vice President, Exploration for IAMGOLD said.
“Our exploration team continues to target possible extensions of the 325-Megane Zone and has already confirmed the presence of other mineralized zones. Work will continue to focus on identifying additional targets with potential for the discovery of new high grade zones.”
The Monster Lake project is underlain by Archean volcanic rocks of the Obatogamau Formation and is traversed by an important deformation corridor and gold-bearing mineralized structures. Historical drilling and recent success by TomaGold have identified at least a four-kilometre long mineralized structure hosting most of the gold surface showings and diamond drilling intersections, including the 325-Megane Zone.
The company’s approved 2014 exploration program for the Monster Lake project includes a minimum of 8,000 metres of diamond drilling. A summer mapping program is getting underway to help delineate and confirm priority targets in the central core of the Monster Lake property and in the regional extension of the deformation corridor on the Lac à l’eau jaune and Winchester properties. Further detailed assessment of historic gold occurrences will be carried out. The recently completed high resolution airborne magnetic survey will also help to develop a structural framework to identify target areas for further exploration.