IAMGOLD - Executive Vice President & CFO, Carol Banducci
Executive Vice President & CFO, Carol Banducci
Source: The Financial Post
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  • IAMGOLD (IMG) has begun exploring the Anik gold project in Quebec, through its partnership with TSXV-listed Kintavar Exploration (KTR)
  • Initial field work will consist of additional till surveys, following up from Kintavar’s own recent exploration across the property
  • IAMGOLD will also examine and characterise drill ores from the previous program, while examining various trenches on the site
  • Results from the exploration will contribute to the property’s upcoming drill program, which is expected to commence sometime this winter
  • IAMGOLD (IMG) is up 2.03 per cent and is trading at C$5.26 per share

IAMGOLD (IMG) has begun exploring the Anik gold project in Quebec, through its partnership with TSXV-listed Kintavar Exploration (KTR).

Located in close to the town of Chibougamau, the property covers around 5,400 hectares along the Opawica-Guercheville deformation corridor.

Initial field work will consist of additional till surveys, following up from Kintavar’s own recent exploration across the property. IAMGOLD will also examine and characterise drill ores from the previous program, while also examining various trenches along the property.

After IAMGOLD’s upcoming exploration finalises, results will be collated with the existing data to highlight potential targets for a planned drill program, which is expected to commence sometime this winter.

Commenting on the new work, Kiril Mugerman, President and CEO of Kintavar, said IAMGOLD’s technical team are seasoned professionals that understand the region’s geology very well.

“They have experience and firsthand knowledge with both the Nelligan and Monster Lake projects and their expertise will be a major benefit in advancing the Anik gold project.

“We are confident that this fall exploration program will help define new priority targets for the upcoming drill program expected to begin this winter,” he added.

The news follows a difficult quarter for the company, with share dropping around 25 per cent, after the company’s released a quarterly report marred with a coronavirus related production shortfall.

COVID-19 restrictions hit the company’s Westwood and Rosebel mining operations hardest, with second quarter production falling almost 30,000 ounces to 155,000 ounces. Despite the drop in production, the company’s second quarter gross profit jumped to C$56.3 million compared to just $6.6 million in last year’s same quarter.

IAMGOLD (IMG) is up 2.03 per cent and is trading at $5.26 per share at 1:07pm EDT.

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