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Construction decision expected on Côté Gold in 2019

IAMGOLD undertaking feasibility study at Gogama gold project
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IAMGOLD-Cote-Lake-project_Cropped
IAMGOLD's Côté Lake gold project is located near Gogama, about halfway between Timmins and Sudbury. (Supplied photo)

IAMGOLD has announced a feasibility study is underway at its Côté Gold Project near Gogama, south of Timmins, and a construction decision should be made in the first half of 2019.

In a Feb. 12 news release, the company said as part of the feasibility work, a drilling program has been undertaken to:

  • improve the confidence classification of the existing Reserves and Resources;
  • convert Inferred Resources from the Prefeasibility Study for inclusion in the Feasibility Study Reserves and mine plan;
  • further geotechnical investigation of the pit and infrastructure areas; and 
  • condemnation of infrastructure, tailings storage and mine rock dump areas.

After completion of the work, the company said it would provide an updated reserve and resource report.

“Drilling being carried out as part of the Côté Gold feasibility study will not only improve our confidence in the existing reserves, but is also expected to permit the upgrade of inferred material to a higher resource category and ultimately support conversion into reserves,” said Stephen Letwin, IAMGOLD’s president and CEO, in the release.

Côté Gold has attributable indicated resources of 5.2 million ounces and inferred resources of 0.8 million ounces.

“Resources are lower than the resources announced last year, primarily as a result of the sale of 30 per cent of the IAMGOLD interest in Côté to Sumitomo Metal Mining as announced concurrently with the prefeasibility study results,” the company noted.

The Côté Gold project is located almost halfway between Timmins and Sudbury, about five kilometres west of Highway 144.