Open-pit mine development at Côté Lake is on hold, but IAMGOLD’s exploration program at the northeastern Ontario site continues to produce encouraging results.
The Toronto precious mineral explorer reports the discovery of a new gold zone at its Côté Gold Joint Venture Project at Gogama, located 125 kilometres southwest of Timmins.
The company has released results from a 7,400-metre drill program conducted in 2017-2018 that led to the discovery of the Gosselin Zone, situated 1.5 kilometres northeast of the Côté Gold Deposit.
The drill intercepts from the 14 holes are being called the most significant discovery of continuous gold mineralization encountered outside of the deposit.
One 350-metre hole yielded results of 15 metres grading 2.32 grams per tonne (g/t) and 91 metres grading 1.13 g/t.
Another round of drilling is underway near Three Ducks Lake to test for extensions of the Gosselin Zone under the lake and outline the potential size of this discovery.
"The Gosselin Zone is a new grassroots discovery, the result of our ongoing commitment to sustained exploration and an excellent group effort by the Côté Exploration team,” said IAMGOLD’s exploration vice-president Craig MacDougall, in a March 26 news release.
“With the completion of a positive feasibility study for the Côté Gold deposit in 2018, demonstrating a solid development opportunity with a long mine life and low production costs, this exploration success continues to add to our track record of resource expansion and further enhances the long term value of this exciting development project."