IAMGOLD Corporation (TSX: IMG) has released new assay results from its 2024 drilling program at the Nelligan Project in Quebec, revealing significant extensions of the gold-bearing zones, adding momentum to the company’s exploration efforts in this highly prospective mining district.

The Nelligan Project, fully owned by IAMGOLD, is located in the prolific Abitibi gold belt in Quebec. As part of the 2024 drilling program, the company completed 17 diamond drill holes, totaling 13,476.8 meters. These efforts aimed to expand the known mineralized zones, particularly in the Renard, Footwall, and Zone 36 areas.

The Footwall Zone, one of the project’s key areas, yielded back assay results: Hole NE-24-222 intersected 19.0 meters at 5.15 g/t gold, with a high-grade section of 1.5 meters at 48.0 g/t gold. This zone, located to the north of the main Nelligan deposit, is becoming a focus for future exploration efforts due to its widening as drilling extends deeper.

In Zone 36, significant results included 46.1 meters at 1.08 grams per tonne (g/t) of gold, including a higher-grade section of 6.3 meters at 2.60 g/t in drill hole NE-24-222. Similarly, in the Renard Zone, drill hole NE-24-230C revealed 17.5 meters at 5.18 g/t, with a peak of 18.5 g/t in a 1.5-meter interval. These results suggest that gold mineralization remains open along strike and at depth, providing opportunities for further resource growth.

IAMGOLD’s exploration strategy has focused on in-fill drilling to upgrade resources from inferred to indicated status, as well as testing deeper extensions of the deposit. The company plans to integrate these results into an updated mineral resource estimate by the end of the year.

“The results today from Nelligan demonstrate the potential for expansion of what is a large-scale asset located in a great mining jurisdiction of Canada. We believe that the exploration potential for Nelligan is wide open,” said CEO Renaud Adams.

In addition to its progress at Nelligan, IAMGOLD also released an updated mineral resource estimate for the nearby Monster Lake Project. This project, located in the same Chibougamau region, is another high-grade gold asset for the company.

The update incorporates data from drilling conducted between 2018 and 2021, identifying 239,000 tonnes averaging 11.0 g/t gold for 84,200 ounces of gold of indicated resources, and 1,053,000 tonnes averaging 14.4 g/t gold for 488,500 ounces of gold of inferred resources.

This update reflects a 32% increase in inferred resources, signaling continued growth potential at Monster Lake. The high-grade nature of the deposit, particularly in the Megane zone, remains a strong asset for the company’s portfolio.

Both Nelligan and Monster Lake are located in the Chibougamau District of central Quebec, a region known for its mining-friendly regulations and rich geological potential.

The results from the 2024 Nelligan drilling program will be incorporated into an updated resource estimate, expected by the end of the year. The company also plans to continue technical studies, including metallurgical testing and engineering evaluations, to support the eventual development of the Nelligan deposit.

Meanwhile, at Monster Lake, exploration will focus on identifying additional high-priority targets in areas similar to the Megane zone.

IAMGOLD last traded at $8.44 on the TSX.

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