IAMGOLD Reports Progress at Cote Gold Mine

SEATTLE (Scrap Monster):   IAMGOLD Corporation has provided an operational update for the Côté Gold Mine, including third-quarter production figures and advancements in the Gosselin zone drilling program. In the third quarter of 2024, the Côté Gold Mine produced 68,000 ounces of gold on a 100% basis, with 41,000 ounces attributable to IAMGOLD's 60.3% interest. This marks a significant increase in production over the previous quarter.

The processing plant is advancing towards its year-end goal, operating at 90% of its 36,000 tonnes per day design throughput rate. The plant reached a daily throughput high of 40,900 tonnes, surpassing the design capacity by 14%. Post third quarter, the plant continued to perform well, averaging 30,000 tonnes per day, or 83% of the design rate. An additional secondary crusher is planned for the second half of next year to increase capacity and redundancy, with an estimated cost of $20 million.

Exploration at the Gosselin zone, adjacent to the primary Côté zone, has yielded promising assay results, suggesting the potential for the two zones to connect. Notable intersections include 368.8 meters at 0.96 grams per tonne gold and 235.0 meters at 2.70 grams per tonne gold. These findings indicate that the overall size and scope of the zones are yet to be defined, as they remain open at depth in all directions.

Renaud Adams, President and CEO of IAMGOLD, expressed pride in the third-quarter progress and the potential for Côté to become one of Canada's largest gold mines. The company maintains its production guidance at the lower end of the 220,000 to 290,000 ounces range for Côté Gold, with a focus on achieving 90% throughput by year-end.

 Courtesy: www.investing.com