Toronto, Ontario--(Newsfile Corp. - February 5, 2020) - IAMGOLD Corporation (TSX: IMG) ("IAMGOLD" or the "Company") today announced an updated Mineral Resource estimate and filed a supporting National Instrument 43-101 ("NI 43-101") Technical Report for its 100% owned Pitangui Project, located approximately 110 kilometres northwest of the city of Belo Horizonte, in Minas Gerais State, Brazil. The estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards incorporated by reference in NI 43-101.
The updated mineral resource estimate, based on an underground mining scenario, comprises an Indicated Resource of 3.33 million tonnes grading 4.39 grams per tonne gold for 0.47 million contained ounces and anInferred Resource of 3.56 million tonnes grading 3.78 grams of gold per tonne for 0.43 million contained ounces, at a cut-off grade of 2.5 grams of gold per tonne (see Table 1 below). The updated estimate has converted 52% of the resources to an indicated category relative to the previously stated mineral resources (see news release dated February 19th, 2019).
Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated, "The São Sebastião gold deposit is hosted in a banded iron formation, for which the region is well known, and is an outstanding grass roots discovery made by our Brazilian exploration team who have continued to advance and improve the definition of resources since its discovery. Our ongoing exploration activities continues to target potential mineralized extensions and evaluate additional targets for new discoveries. I would also like to especially acknowledge the outstanding safety record achieved by this exploration team, having recently surpassed ten years without a recordable DART1 incident."
TABLE 1: MINERAL RESOURCE STATEMENT, PITANGUI PROJECT, BRAZIL
Effective Date: December 31, 2019
Classification Deposit Tonnes (000) Grade (g/t Au) Contained Ounces
Indicated São Sebastião 3,330 4.39 470
Inferred São Sebastião 3,559 3.78 433
1.CIM definitions (2014) were followed for classification of Mineral Resources.
2.Mineral Resources are estimated at a cut-off grade of 2.5 g/t Au.
3.Mineral Resources are estimated using a gold price of US$1,500 per ounce.
4.High grade capped assay values calculated: Biquinho 22 g/t Au, Pimentão 20 g/t Au, while Tomate did not require capping.
5.Bulk density of the mineralized zones, as determined from 30,505 measurements, varies from 3.03 g/cm3 to 3.25 g/cm3 for the three main mineralized domains (Biquinho, Pimentão, Tomate).
6.Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves.
Since its discovery, ongoing systematic delineation drilling has been completed on nominal 50 x 50 metre drill hole centres in the core of the deposit, and up to approximately 100 x 100 metre spacing in the deeper "down-plunge" areas of the deposit. The mineral resource estimate incorporates nearly 33,000 assay results from 216 diamond drill holes totalling 80,041 metres, and was completed by SRK Consulting (Canada) Inc. ("SRK").
The estimate was prepared using a block model constrained within a three-dimensional wire-frame ("mesh") geologic model of the principal mineralized domains (Tomate, Biquinho and Pimentão stratigraphically from top to bottom) hosted in banded iron formations ("BIF"), see Figure 1 below. The geologic model was constructed by IAMGOLD geologists and validated and modified (as necessary) by SRK into various mineralized subdomains. Values for gold were interpolated into 10m x 10m x 2m blocks (sub-celled to 5m x 5m x 1m sub-blocks) using ordinary kriging.
The resource estimate, assuming a long-term gold price of US$1,500 per ounce, was constrained by cost assumptions derived from comparable operating underground mines to support the CIM requirement that Mineral Resources have reasonable prospects for economic extraction. These assumptions, based on a 1,100 tonnes per day mining operation, include US$31.70 per tonne for mining, US$50.70 per tonne for processing and US$5.30 per tonne for general and administrative costs; with mining dilution assumed to be 20% and mining recovery 85%. Metallurgical recovery of 93% was also assumed based on previous preliminary metallurgical test work results.
1Days Away, Restricted, Transferred. The DART rate refers to the number of days away, restricted duty or job transfer incidents that occur per 100 employees.
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