Saoura yields gold for Iamgold, Ashanti

The first phase of drilling on the Saoura concession in Niger has identified a promising gold prospect, reports Iamgold (IMG-T).

Of the 33 reverse-circulation holes drilled on the Libiri prospect, 18 returned grades of more than 1 gram per tonne. The best results, all from the Central zone, include: 38 metres grading 2.12 grams gold from 14 to 52 metres; 52 metres grading 1.99 grams from surface; and 20 metres grading 2.88 grams from 29 to 49 metres. Higher-grade results include two 3-metre lengths grading 6.36 grams and 5.45 grams, respectively.

So far, trenching and drilling have uncovered three distinct zones of mineralization on Libiri. The Central zone, where gold is associated with brecciated quartz veins in mafic-to-ultramafic volcanics, has been drilled over a length of 350 metres and remains open along strike in both directions.

Mineralization intersected along strike to the northwest and southeast suggests the zone may extend for as far as 3.5 km. To test this hypothesis, Iamgold will resume drilling shortly.

The 1,400-sq.-km Saoura concession is being explored under a 3-year, US$38-million exploration partnership between Iamgold and Ashanti Goldfields (AGC-T). The partners will spend US$10 million this year to explore 10 concessions held in four West African countries.