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IAMGOLD defines initial resource for Monster Lake gold JV in Quebec

IAMGOLD Corp. on March 28 announced an initial resource estimate for the Monster Lake joint venture gold project in Quebec.

Using a cutoff of 3.5 g/t of gold and a gold price of US$1,300/oz, the property hosts inferred resources of 433,300 ounces contained within 1.1 million tonnes grading an average 12.14 g/t of gold.

The resource is contained in four discrete mineralized zones where geological and grade continuities have been demonstrated, and it has been estimated assuming an underground mining scenario, the company said.

The 325-Megane Zone, which is the most significant, is characterized by its high grade and remains open downplunge at depth.

"The structural setting suggests potential for additional mineralized zones along the major structural corridor identified on the project, and the presence of parallel mineralized structures with similar high grade veins to the 325-Megane lens is encouraging, making them compelling exploration targets," said Craig MacDougall, IAMGOLD's senior vice president for exploration.

The estimate for Monster Lake incorporated assays from 105 diamond drillholes variably spaced from 50 meters to 200 meters apart for a total of about 39,000 meters.

IAMGOLD holds an undivided 50% interest in the property and the right to earn a further 25% stake. Its joint venture partners in Monster Lake are TomaGold Corp. and Quinto Resources Inc.