Iamgold to acquire interest in Saramacca property in Suriname

1 September 2016 (Last Updated September 1st, 2016 18:30)

Iamgold has signed an agreement with the Government of Suriname to acquire an interest in the Saramacca property to help define a 43-101 compliant mineral resource within the next 24 months.

Iamgold has signed an agreement with the Government of Suriname to acquire an interest in the Saramacca property in a bid to define a 43-101 compliant mineral resource within the next 24 months.

Also known as Anomaly M, the Saramacca property is located in the Republic of Suriname, 30km south-west of the Rosebel mill and immediately south-east of the Sarafina property optioned to Iamgold.  

Iamgold president and CEO Steve Letwin said: "I believe the addition of this property to Rosebel's mineral inventory will go a long way to supporting our future mining operations in Suriname. 

"Adding resources that extend the life of the existing infrastructure at our mines is one of the most cost-effective ways to achieve growth."

"Adding resources that extend the life of the existing infrastructure at our mines is one of the most cost-effective ways to achieve growth."

Golden Star has explored the property since the 1990s, with exploration later performed as a joint venture between the company and Newmont. 

The primary focus was on discovery and delineation of Anomaly M, which was the subject of successive auger and diamond drilling programmes.

More than 50 diamond drill holes and 200 auger holes have been completed in the anomaly area.

The discovery has an exploration target potential ranging between eight million and 40 million tonnes grading between 1g/t Au and 1.8g/t Au for potentially 500,000 to 1.4 million contained ounces of gold.

Saramacca will require significant future exploration to advance to a resource stage.

There is no guarantee that the exploration target will result in a mineral resource being defined.