Iamgold has identified new gold traces at its Monster Lake joint venture project, 50km south-west of Chibougamau, Quebec, Canada. 

The findings were part of the winter 2017 drilling programme related to the final 14 drill holes at the project.

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The company declared assay results from the drill holes, totalling just over 5,400m, from 25 diamond drill holes completed at the start of this year, amounting to 10,657m.

Continuity of high-grade mineralisation associated with the Megane zone was determined through the assay results.

According to the company, the drill hole NL17-197 returned 67.42g/t gold over an area covering 3.5m, including 203.31g/t over 1.2m.

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Meanwhile, hole ML17-198B returned 80.28g/t gold over 5m, comprising 208.41g/t over 1.8m and the lower shear zone returned 39.48 g/t gold over 1.6m, including 66.5g/t over 0.9m, in hole ML17-199. 

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"The drilling programme has continued to identify new areas of gold mineralisation along the main shear and associated with parallel structures."

Iamgold exploration senior-vice president Craig MacDougall said: "With all assay results now in hand from our winter campaign, we are working to revise the deposit model to better understand the resource potential of the Megane Zone. 

“Importantly, the drilling programme has continued to identify new areas of gold mineralisation along the main shear and associated with parallel structures, again reinforcing our view of the favourable potential for the discovery of additional mineralised zones."

The company indicated that further drill testing is required at new areas of mineralisation to the north of Megane Zone to explore the potential of the area.

In the coming weeks, it will carry out a 1,600m diamond drilling programme to test the gold bearing structures, specifically targeting the lower zone as well as complete additional infill holes at the Megane zone. 

Iamgold holds a 50% stake in the Monster Lake project, and has an option to increase its stake to 75%.