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Joint Ventures

As part of its exploration strategy, IAMGOLD actively evaluates many exploration projects and when opportunities arise enters into Joint Ventures on compelling projects. Current Joint Ventures include:

Monster Lake, Quebec

Partner: Option Agreement with Toma Gold Corporation.

The Project: Located 50 kilometres southwest of Chibougamau, Quebec.

Highlights: A winter drilling program ended in April 2016 with the completion of just over 8,100 metres from 21 diamond drill holes targeting the Monster Lake Shear Zone (“MLSZ”), which is host to the 325-Megane zone.

Results reported included:

  • 1.2 metres grading 20.16 g/t Au
  •  0.7 metre grading 9.01 g/t Au and 5.5 metres grading 2.68 g/t Au 

Drilling is interpreted to have intersected a new, second zone along the MLSZ structure in an area located 200 to 400 metres to the north of the 325-Megane zone and requires additional drilling. Additionally, exploration activities continued throughout the latter portion of the year and involved geological and structural mapping, limited trenching and select geochemical surveys elsewhere on the property and in the immediate vicinity of the 325-Megane zone.

The accumulated drill results and mapping programs will guide the next diamond drilling program expected to continue in 2017 to better define and extend the known mineralization along the MLSZ, with the objective to estimate an initial mineral resource during the year.

Eastern Borosi, Nicaragua

Partner: Option Agreement with Calibre Mining Corporation.

The Project: Located in the Golden Triangle of Northeast Nicaragua.

Highlights: During 2016, just over 7,200 metres of diamond drilling were completed to drill test selected gold-silver vein systems. Encouraging assay results were reported by Calibre throughout the year from a number of vein systems, including: 5.6 metres grading 11.13 g/ t Au and 13.7 g/t Ag from the Main Blag vein system and assay results from the East Dome target which included intersections of 15.4 metres grading 1.21 g/t Au and 120.9 g/t Ag and 16.5 metres grading 2.27 g/t Au and 127.9 g/t Ag. Assay results were also reported from the first drill hole completed at the Veta Loca vein which returned 6.3 metres grading 10.15 g/t Au and 6.9 g/t Ag (see Calibre news releases for drill results from 2016).

A 7,000 metre diamond drilling program is planned for 2017 with the objective to evaluate the resource potential of the Guapinol, Riscos de Oro and East Dome veins. If the results are positive, they will be used to complete a National Instrument 43-101 resource estimate. In 2017, IAMGOLD expects to vest an initial 51% interest in the project, upon which, it may elect to enter the second Option to earn up to a 70% interest in the project by completing additional exploration expenditures totaling $4.5 million and making $450,000 in payments to Calibre Mining by May 26, 2020. 

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