Published on: 1/23/2013 10:21:49 AM Print | Font Sizes:  Normal Text Large Text

IAMGOLD updates mineral resources


By: Northern Ontario Business staff

IAMGOLD Corp. has announced a mineral resource update for its Cote Gold project, located halfway between Timmins and Sudbury.

The vast majority of the project's mineral resources are now classified as indicated. The updated resource estimate represents a 114 per cent increase in indicated resources from the previous estimate.

“The resource update for Cote Gold demonstrates significantly higher confidence in both the geological and gold grade continuity of the deposit and reaffirms our decision to acquire this project,” IAMGOLD's president and CEO, Steve Letwin, said in a press release.

The new resource estimate consists of an indicated resource of 269 million tonnes averaging 0.88 grams of gold per tonne for 7.61 million ounces, and an inferred resource of 44 million tonnes averaging 0.74 grams of gold per tonne for 1.04 million ounces.

A positive attribute of the Cote Gold deposit is its accessibility for open-pit mining. The deposit locally outcrops at surface and based on the extensive drilling program to date, the depth of the barren overburden averages 5.8 metres.

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