Vancouver – Iamgold (IMG-T, IAG-N) has more than doubled inferred resources at its Westwood gold project located 40 km east of Rouyn-Noranda in Quebecs Abitibi region.
Based on about 140,000 metres of drilling in 182 holes, the company has tabled its revised estimate of 14.1 million inferred tonnes grading 7.3 grams gold per tonne (using a 3 gram gold cut-off grade) for about 3.3 million contained oz.
The 128% increase in contained gold over the 2004 estimate comes from the extensive drilling of on-strike extensions to three zones at Westwood with Iamgold pointing out that mineralization remains open to depth and along strike.
We are very pleased with the more than doubling of this resource and because of the potential size, we are now looking at Westwood as a new project, stated Joseph Conway, Iamgold president and CEO.
Westwood lies about 2.5 km east of the companys Doyon mine that produced 153,000 oz. gold in 2006. Exploration drift development from Doyon towards the Westwood deposit is allowing underground drilling.
In August, we will complete a scoping study on the viability of sinking a shaft from surface to access this mineralization, continued Conway. The company plans to spend more than US$5 million on its Westwood program in 2007.
Iamgold acquired the Doyon Division and Sleeping Giant mines in northwestern Quebec as part of its late-2006 merger with Cambior.
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