lAMGOLD Reports Increase in Mineral Reserves and Resources at Existing Assets, with Increase in Resources at Gosselin
Press Release
Toronto, Ontario– February 15, 2024 – IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) (“IAMGOLD” or the “Company”) announces its updated Mineral Reserves and Mineral Resources statement as of December 31, 2023 prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). A summary table of the updated Mineral Resources and Reserves for the Company’s current assets, including attributable ounces accounting for ownership interest, can be found at the end of this news release.
Highlights
- Updated Gosselin Mineral Resource estimate (100% basis) of 4.4 million Indicated gold ounces in 161.3 million tonnes (“Mt”) at 0.85 grams per tonne gold (“g/t Au”), and 3.0 million Inferred ounces (123.9 Mt at 0.75 g/t Au). This represents an estimated increase of 1.1 million ounces in Indicated and 1.3 million ounces in Inferred, representing a 32% and 74% increase respectively. On an attributable basis (60.3%), the Gosselin Mineral Resource estimate is 2.7 million ounces Indicated and 1.8 million ounces Inferred.
- Proven and Probable (“P&P”) Mineral Reserves (100% basis) of current assets increased 12% to 11 million ounces of gold in 302 Mt at 1.14 g/t Au (7.8 million ounces attributable).
– The Westwood Mine Complex (“Westwood”) Mineral Reserves increased 109% to 1.2 million ounces (5.3 Mt at 7.14 g/t Au), as underground rehabilitation efforts over the course of the year allowed for the resumption of mining activities in previously closed zones.
- Measured and Indicated (“M&I”) Mineral Resources (100% basis) of current assets increased 16% to 25.9 million ounces of gold in 811.7 Mt at 0.99 g/t Au (18.3 million ounces attributable).
– Côté Gold Project (“Côté Gold” or “Côté”) M&I Mineral Resources (100% basis) increased 1.9 million ounces or 18% to 12.1 million ounces in 444.8 Mt at 0.84 g/t Au (7.3 million ounce attributable).
- Gold price assumptions for Mineral Reserves were updated to $1,400 per ounce from $1,300 per ounce; and for Mineral Resources to $1,700 per ounce from $1,500 per ounce.
“The IAMGOLD exploration and operating teams have done an exceptional job over the past year, ensuring that we have replaced more than we mined during a period when our focus and capital was directed towards the upcoming ramp up of Côté Gold,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD. “At Essakane our teams continue to uncover additional value while managing the safety constraints of our operating footprint, while at Westwood the growth in our reserves is a direct result of the tireless efforts of our teams and successes in the extensive redevelopment and rehabilitation of the mine.”
“The updated resource at Gosselin is very exciting as the value of this deposit to the Côté project is clear. Gosselin is a large-scale deposit sitting immediately adjacent to Côté, that when combined have an estimated Measured and Indicated Mineral Resource of 16.5 million ounces with an additional 4.2 million ounces of Inferred, putting the project in exclusive company of large-scale Canadian assets. This year we look forward to the continued drilling of Gosselin, targeting the potential connecting extensions of the breccias between the resource pits, as well drilling beneath the mineralized envelopes to test the depth extensions and give some insights into the ultimate potential of these highly prospective deposits.”
Mineral Reserves
| TABLE 1: MINERAL RESERVES (@100%) SUMMARY | |||||||||
| 2022 2 | 2023 | %▲ | |||||||
| Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | Tonnes | Grade | Ounces | |
| (000s) | (g/t) | (000s) | (000s) | (g/t) | (000s) | (000s) | (g/t) | (000s) | |
| Essakane 3 | |||||||||
| Proven (stockpile) | 21,413 | 0.67 | 464 | 20,047 | 0.65 | 417 | -6% | -3% | -10% |
| Probable (open pit) | 31,858 | 1.56 | 1,597 | 42,123 | 1.32 | 1,787 | 32% | -15% | 12% |
| Total | 53,270 | 1.20 | 2,061 | 62,170 | 1.10 | 2,204 | 17% | -8% | 7% |
| Westwood 4 | |||||||||
| Proven (underground) | 112 | 11.26 | 41 | 382 | 10.40 | 128 | 240% | -8% | 214% |
| Probable (underground) | 1361 | 10.83 | 474 | 2,982 | 10.65 | 1,021 | 119% | -2% | 116% |
| Subtotal | 1473 | 10.86 | 514 | 3,364 | 10.62 | 1,149 | 128% | -2% | 123% |
| Proven (Grand Duc) | 16 | 1.14 | 1 | 465 | 0.69 | 10 | 2807% | -39% | 900% |
| Probable (Grand Duc) | 1711 | 1.22 | 67 | 1460 | 1.17 | 55 | -15% | -4% | -18% |
| Subtotal | 1727 | 1.22 | 68 | 1,925 | 1.05 | 65 | 11% | -13% | -3% |
| Total | 3,200 | 5.66 | 582 | 5,289 | 7.14 | 1,214 | 65% | 26% | 109% |
| Côté Gold 3 | |||||||||
| Proven | 130,988 | 1.01 | 4,260 | 132,202 | 1.09 | 4,620 | 1% | 8% | 8% |
| Probable | 102,343 | 0.89 | 2,914 | 102,442 | 0.91 | 2,990 | 0% | 2% | 3% |
| Total | 233,331 | 0.96 | 7,174 | 234,644 | 1.01 | 7,610 | 1% | 5% | 6% |
| Total P&P Reserves 1 | 289,801 | 1.05 | 9,817 | 302,104 | 1.14 | 11,028 | 4% | 9% | 12% |
1. Figures may not add due to rounding.
2. 2022 Mineral Reserves estimated as of December 31, 2022, using a gold price of $1,300 per ounce for Essakane, Westwood and Cote Gold; and $1,350 per ounce for the Grand Duc satellite pit at Westwood.
3. 2023 Mineral Reserves estimated as of December 31, 2023, using a gold price of $1,400 per ounce for Essakane and Côté Gold.
4. Westwood (underground) Mineral Reserves have been estimated as of December 31, 2023 using a $1300 per ounce gold price and a 6.41g/t Au cut-off grade, The Grand Duc Mineral Reserves estimate is included in the Westwood Reserves estimate and have been estimated as of December 31, 2023 using a gold price of $1600 per ounce.
Proven and Probable Mineral Reserves, on a 100% basis for current assets, were estimated at 11.0 million ounces of gold (7.8 million ounces attributable) as of December 31, 2023, which was a 12% increase or 1.2 million ounces, from the year prior. Mineral Reserves at Essakane and Westwood increased 143,000 ounces and 632,000 ounces, respectively, for a combined 775,000 ounces, more than offsetting reserve depletion from mining of 453,000 ounces last year on a 100% basis.
IBF4
