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IAMGOLD Provides Updated Resource Estimate for Pitangui Project in Brazil

Mining News - Published on Wed, 12 Feb 2020

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IAMGOLD Corporation announced an updated Mineral Resource estimate and filed a supporting National Instrument 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 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 an Inferred 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."

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Posted By : Rabi Wangkhem on Wed, 12 Feb 2020
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