IAMGOLD seeks to connect the dots between its new Court gold open pit operation and the nearby Gosselin deposit, believing it is tied to one larger gold system just outside Gogama.
The Toronto gold mining company will release its fiscal 2024 fiscal third quarter operating results for Côté Island on October 15, suggesting a proposed district-scale mining complex could end up being just that. We announced some encouraging exploration results.
The court, located halfway between Timmins and Sudbury, began commercial production in early August.
The Gosselin deposit is located 3km northeast of Côté and could become the next mine within IAMGOLD’s 600 square kilometer property, 25km southwest of Gogama.
In February last year, Goslin Gold Estimates had 4.4 million ounces of indicated gold resources at an average grade of 0.85 grams per tonne gold, and 3 million ounces in the inferred category.
The company announced in an Oct. 15 news release that it has mapped several gold extensions that run south and west and extend deeper between the Gosselin and Court mines. This could indicate the continued presence of gold-bearing hydrothermal breccia between the two locations, IAMGOLD said.
This decision resulted from an ongoing 35,000 meter drilling program specifically designed to look for that link.
More than 31,000 meters of drilling has been recorded to date, and IAMGOLD this week presents 34 holes from revealed some analytical results.
“We believe Côté is just the beginning of what will become a mining district,” IAMGOLD President and CEO Renaud Adams said in a statement.
“The Gosselin exploration results (released October 15) highlight that the overall size and extent of the Kotes and Gosselins zones are yet to be defined, and indicate the possibility of a connection between the Kotes and Gosselins zones. Keep it open at depth in all directions.”
Together with the coat, the gold mineralization spans approximately 3.2 kilometers of strike length and remains open to depth in all directions, according to IAMGOLD. Deep excavation to a depth of 1,300 meters is still continuing.
On the gold production side, Cort produced 68,000 ounces during the quarter.
Côté remains at the lower end of its annual gold target (known in industry parlance as production guidance), set between 220,000 and 290,000 ounces for the year. Management expects to see “further improvement in operating results” during the fourth quarter.
IAMGOLD endured a number of difficulties due to cost overruns during the construction phase at Koteh, but mining activities are steadily improving with blasting, drilling and maintenance to increase production levels, the company said.
Barring some operational hurdles, the company expects the processing plant to reach 90% capacity by the end of this year and be fully operational by the end of 2025.
Since early October, the plant has been processing an average of 30,000 tonnes of mined material per day, about 83% of its capacity, and on October 14th it reached a record high of 40,900 tonnes. Ta.
Two electric excavators are in operation in the pit, along with 18 autonomous trucks, with three more expected to be introduced by the end of the year.
The Court Gold Mine is Toronto Gold Company’s only Canadian asset, among other mines in the United States and West Africa. This is a joint venture with Japan’s Sumitomo Metal Mining and is expected to become one of Canada’s largest gold mines once fully operational.
