IAMgold Stratex International

IAMgold (IMG.TO, IAG) has now completed its preliminary studies (which included a review of the historical core and chip samples and a mapping program) at the Dalafin gold project in Senegal, and is now in the final stages of mobilizing a drill rig to test the Madina Bafé gold prospect on the southern part of the exploration license. The Dalafin project is currently owned by Stratex International (STI.L).

The drill program will consist of three different parts. A first 3,000 meters of air core drilling will be completed in a stunning 570 holes (indicating an average depth of 5-6 meters per hole) to have a closer look at the bedrock in an attempt to define mineralized corridors. This will be followed up by 2,000 meters of RC drilling to follow up on those corridors, as well as 750 meters of diamond core drilling to test the mineralization at depth and along strike.

IAMgold’s work program is part of a US$8M earn-in deal whereby IAMgold could earn a 70% stake in the Dalafin gold project (a first 51% could already be earned after completing an initial US$4M of expenditures on the property). IAMgold is the natural contender for the Dalafin project, as it’s contiguous with its own Boto gold project which contains 2.5 million ounces of gold at 1.61 g/t gold.

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The author has no position in any of the stocks mentioned. Please read the disclaimer

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