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IAMGOLD punches above its weight in exploration, the
result of a talented group of geoscientists and a commitment
that begins at the Board level. Our goal is to find low-cost,
long-life deposits with the potential to produce more than
150,000 ounces of gold annually.
We have a focused exploration program, targeting West
Africa, portions of the Guyana Shield, the Canadian Shield,
and the more prospective gold terranes in Peru, Brazil and Colombia. West Africa remains both highly prospective and
under-explored and a focal point of our greenfield efforts.
Essakane, in particular, presents substantial opportunities
for exploration. It's a secure, district-scale land package with
defined exploration targets and significant drill intercepts
just beyond the gate of a world-class deposit – representing
many years of excellent value.
With gold prices setting new record highs throughout 2010
and expectations for continued high prices in the next few
years, we remain committed to greenfield exploration and
near-mine resource delineation programs at our existing sites.
In 2010, we invested $86 million in exploration projects,
drilling a record 300-plus kilometres. Of the total investment,
56% was for near-mine exploration at existing sites and 44%
for greenfield exploration – a solid balance that speaks to the
remaining potential of our operating sites and our
commitment to organic growth.
Building on our solid results for 2010, we will invest
$92 million in our exploration program in 2011, with $48.5 million for
near-term exploration and development and
$43.5 million for greenfield projects.
We will continue to pursue near-mine exploration
opportunities near Rosebel, extending the limits of the
known resources and testing new concepts. We are planning
an aggressive 95,000-metre drill program in 2011 to follow
up on additional targets in the vicinity of known deposits.
And at our Charmagne gold discovery, 16 kilometres north
of the Rosebel mine, we expect to complete a preliminary
concept study in the first quarter of 2011 that will underpin
the technical basis for a constrained in-pit inferred resource.
With our greenfields program we are planning a
record 118,000 metres of drilling, as well as a further
46,000-plus metres of air core drilling at Essakane.
Our primary objectives at Essakane are to expand the
northern limits of the current main zone resource beyond
the Gorouol River and to examine newly identified targets
for oxide resources.
With an aggregate land position exceeding 20,000 square
kilometres, excluding the joint ventures that we don't
operate, there is substantial room to grow in a very
competitive environment where access to large prospective
land positions is becoming increasingly rare.
Michael Donnelly
Senior Vice President,
Exploration
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Aggressive Programs for Advanced Exploration Projects
Kalana Project in Mali (joint venture with Avnel Gold Mining Limited) |
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| The exploration group achieved
a significant exploration
milestone with the development
of a predictive geologic model. |
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Kalana Project in Mali (a joint venture with Avnel Gold Mining LImited) |
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The exploration group achieved a significant exploration milestone with the development of a predictive geologic model. Significant gold mineralization has been intersected beyond the limits of the small, high-grade underground mine operation and on the Kalanako satellite zone, approximately 3 kilometres northeast of Kalana. Systematic drilling in 2011 amounting to 34,500 metres is designed to develop a resource estimate.
In addition, in December 2010, the Company entered into an option agreement to acquire an initial 51% interest in a 147- square-kilometre concession package immediately south of the Kalana Mine Permit, effectively consolidating an impressive 534-square-kilometre land package. A detailed airborne magnetic survey by the Company revealed regional structural controls on gold mineralization extending southwards from Kalana through the 20-kilometre-long land package.
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Siribaya Project in Mali (joint venture with Merrex Gold) |
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| Drilling to date has focused
on 4 kilometres of an 8- to 9-kilometre gold mineralized structural corridor hosting an established resource. |
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Siribaya Project in Mali (joint venture with Merrex Gold) |
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Drilling to date has focused on 4 kilometres of an 8- to 9-kilometre gold mineralized structural corridor hosting an established resource.
In 2011, a minimum 17,000 metres of drilling is planned to test the mineralization on wide-spaced sections. |
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| Acquisition and exploration of projects with an established resource within a large land package is a key strategic driver for our exploration group, and both advanced projects fit squarely within that aim. |
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| IAMGOLD 2010 Exploration Program |
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| IAMGOLD 2010 Exploration Program |
Metres |
$ Millions |
| Near-mine exploration and development |
48.7 |
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Rosebel |
94,000+ |
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Essakine - resource delineation drilling |
40,000+ |
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Essakine - near-mine exploration |
30,000+ |
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| Greenfield exploration |
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37.6 |
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16 projects |
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10 countries in Africa and the Americas |
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| Total |
86.3 |
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