NELLIGAN PROPERTY JV
Partner: Earn-in option agreement with Vanstar Mining Resources Inc.
The Project: The Nelligan Gold Project, located 60 kilometres southwest of Chibougamau, Quebec, and 15 kilometres south of our Monster Lake Project, is held under an earn-in option to joint venture agreement with Vanstar. As of December 2019, the Company has exercised its option to increase its undivided interest in the Nelligan Joint Venture Project by a further 24% to now hold an aggregate undivided interest of 75% in the property. Nelligan is held under an earn-in option to joint venture agreement (IAMGOLD: 75%, Vanstar Mining Resources Inc.: 25%).
Effective October 22, 2019, reported mineral resources, on a 100% basis, comprised 96,990,000 tonnes averaging 1.02 grams of gold per tonne for 3,193,900 ounces of contained gold. A supporting NI 43-101 Technical Report was filed on SEDAR on December 4, 2019.
Nelligan is one of Quebec’s largest gold projects containing approximately 3.2 million ounces of gold. The project is located 60 kilometres southwest of Chibougamau, Quebec, and is located within 50 km of significant infrastructure, including electricity, railroads, a workforce, an airport, and other services. The property consists of a total of 158 mining map-designated cells and covers 8,216 hectares. The ore body presents itself in a vast auriferous hydrothermal system and is open along strike to the west and at depth.
Property Agreement
- Joint venture is owned 75% by IAMGOLD and 25% by Vanstar
- IAMGOLD can acquire an additional 5% (80% total) by completing a feasibility study at its expense.
- Vanstar would retain a 20% undivided non-contributory carried interest until commencement of commercial production and a 1% NSR on the 8 original claims
- IAMGOLD funds development through to production
Resource Estimate
Mineral resource estimate for the Nelligan project at a cut-off grade of 0.5 g/t for an open pit mining scenario.
| Resource Category | Zones | Tonnage (t) | Grade (g/t Au) | Gold Ounces (oz) |
|---|---|---|---|---|
| Inferred | Dan | 1,525,000 | 1.00 | 48,900 |
| Liam | 2,939,000 | 1.47 | 139,100 | 139,100 |
| 36 | 809,000 | 0.87 | 22,500 | 22,500 |
| Renard | 91,716,000 | 1.01 | 2,983,400 | 2,983,400 |
| Total | 96,990,000 | 1.02 | 3,193,900 | 3,193,900 |
43-101 Technical Report - October 22, 2019 (View PDF)
To date, over $15M has been invested in the Nelligan project since 2013.
