Kuya Silver Corp. press release

IAMGOLD Announces Assay Results from 2024 Nelligan Drilling Program

2024-10-23

CSE - Canadian National Stock Exchange · Silver · Lead · Zinc · Gold · Copper · Cobalt · Canada · Drill Results

All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.

Toronto, Ontario--(Newsfile Corp. - October 23, 2024) - IAMGOLD Corporation(NYSE: IAG) (TSX: IMG) ("IAMGOLD" or the "Company") is pleased to announce assay results from the 2024 drilling program completed at its Nelligan Project (100% owned by IAMGOLD) confirming the extension of the mineralized zones of the deposit. In addition, the Company has provided an updated mineral resource estimate for the Monster Lake Project (100% IAMGOLD) in order to refresh the 2018 NI 43-101 technical report. Both projects are located in the Chibougamau region in central Quebec, Canada.

Highlights of the Neligan drilling program:

Zone 36:

46.1 metres ("m") at 1.08 grams per tonne gold ("g/t Au"), including 6.3 m at 2.60 g/t Au in hole NE-24-222; 18.8 m at 3.26 g/t Au,including 4.0 m at 8.05 g/t Au and 1.3 m at 10.8 g/t Au in hole NE-24-224; 18.5 m at 1.23 g/t Au and 37.0 m at 1.38 g/t Au,including 1.5 m at 8.86 g/t Au in hole NE-24-225A; 48.8 m at 1.48 g/t Au,including 7.5 m at 2.90 g/t Au and including 6.8 m at 2.73 g/t Au in hole NE-24-228; 29.5 m at 1.19 g/t Au, 28.0 m at 1.62 g/t Au and 36.1 m at 1.63 g/t Au, including 1.5 m at 17.90 g/t Au in hole NE-24-233.

Renard Zone:

25.5 m at 2.12 g/t Au, including 1.5 m at 10.9 g/t Au in drill hole NE-24-224; 35.2 m at 2.54 g/t Au, including 1.5 m at 7.18 g/t Au and 1.5 m at 9.22 g/t Au in drill hole NE-24-225A; 23.5 m at 4.02 g/t Au, including 6.5 m at 7.51 g/t Au and 4.0 m at 8.05 g/t Au in drill hole NE-24-227A; 29.0 m at 2.79 g/t Au, including 1.0 m at 29.4 g/t Au in drill hole NE-24-228; 17.5 m at 5.18 g/t Au, including 1.5 m at 18.5 g/t Au and 1.1 m at 19.6 g/t Au in drill hole NE-24-230C; 32.9 m at 2.75 g/t Au, including 3.0 m at 7.05 g/t Au and 0.8 m at 11.7 g/t Au in drill hole NE-24-233; 34.5 m at 2.57 g/t Au, including 1.7 m at 10.9 g/t Au in drill hole NE-24-235A.

Footwall Zone:

19.0 m at 5.15 g/t Au,including 1.5 m at 48.0 g/t Au, and 28.5 m at 0.90 g/t Au in drill hole NE-24-222; 43.0 m at 2.28 g/t Au, including 3.0 m at 7.70 g/t Au and23.5 m at 2.31 g/t Au, including 1.5 m at 13.25 g/t Au in drill hole NE-24-223A; 25.5 m at 1.92 g/t Au, including 1.5 m at 7.89 g/t Au, 9.0 m at 7.25 g/t Au, including 1.5 m at 38.8 g/t Au and 31.5 m at 1.50 g/t Auin drill hole NE-24-225A; 11.9 m at 5.70 g/t Au, including 1.5 m at 31.2 g/t Au, 19.1 m at 3.09 g/t Au, including 1.0 m at 20.0 g/t Au and including 0.9m at 19.9 g/t Au, and 54.5 m at 0.95 g/t Au, including 9.0 m at 1.35 g/t Au in drill hole NE-24-226B; 22.5 m at 3.85 g/t Au, including 3.0 m at 22.0 g/t Au, 18.0 m at 0.98 g/t Auand 25.5 m at 1.28 g/t Auin drill hole NE-24-228; 7.0 m at 4.81 g/t Au, including 1.0 m at 26.1 g/t Au, and 39.0 m at 1.27 g/t Au, including 6.0 m at 3.07 g/t Au in drill hole NE-24-231A; 26.0 m at 2.91 g/t Au, including 1.0 m at 36.7 g/t Au and including 1.5 m at 13.1 g/t Au, and 23.5 m at 1.41 g/t Au, including 1.5 m at 6.98 g/t Au in drill hole NE-24-233.

Highlights of the updated Monster Lake Mineral Resource Estimate:

An updated Mineral Resource estimate for Monster Lake was completed to refresh the 2018 NI 43-101 technical report. An updated NI 43-101 report will be filed on SEDAR within 45 days of this news release. Indicated Mineral Resources: 239,000 tonnes averaging 11.0 g/t Au for 84,200 ounces of gold; and Inferred Mineral Resources:1,053,000 tonnes averaging 14.4 grams g/t Au for 488,500 ounces of gold Monster Lake Mineral Resource estimate saw an upgrade of 84,200 ounces from previous inferred into new indicated resources and a 32% increase in inferred resources.

Monster Lake continues to have potential for future resource expansion.

Renaud Adams, President and Chief Executive Officer of IAMGOLD, stated: "IAMGOLD has a long legacy of exploration success, which has been overshadowed with our recent successes at Côté Gold and the growth of the Gosselin Zone. Meanwhile, our exploration teams have continued to prudently conduct targeted value-added exploration activities, including the expansion of Nelligan and the Chibougamau District. 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. Our current priority continues to be the safe and stable ramp up and growth of Côté Gold, while we look forward to the updated Mineral Resource estimate for Nelligan early next year to build off the current estimate of approximately 2 million Indicated gold ounces and 4 million ounces of Inferred Mineral Resources."

Commenting on the Chibougamau Camp exploration progresses, Marie-France Bugnon, Vice President, Exploration for IAMGOLD, stated: "I want to congratulate our Quebec exploration team for their significant progress into the assessment of our Chibougamau district exploration portfolio. The assay results released today confirm the extension of the mineralized sequence in the eastern down-plunge of the Nelligan deposit. In addition, the increasing widths of the Footwall Zone are encouraging and highlight the potential for growth at depth of the gold mineralized system where some holes return better than average grade and widths. We believe that the exploration potential for Nelligan is wide open. On Monster Lake, the Mineral Resource estimate allows for an updated version of the NI 43-101 technical report to be filed. The estimate incorporates few additional drilling results obtained from 2018 to 2021 drilling programs and yet highlights the high-grade nature of the main gold-bearing shear-hosted quartz vein system. Future exploration programs will continue to test priority areas similar to the Megane zone."

Nelligan Drilling Program Results

IAMGOLD is reporting assay results from seventeen (17) diamond drill holes totaling 13,476.8 metres completed as part of the 2024 exploration program on Nelligan between February 4 and July 25, 2024. This total includes fifteen holes completed in the resource area of the Nelligan deposit and two exploration holes testing targets in the northern portion of the Nelligan property. Few holes were recollared due to excessive deviation. Please refer to the plan map and sections for drill hole locations outlined in Figures 1, 2 and 3 below. In addition, the full assay results are provided in Table 1 at the end of this news release.

The 2024 diamond drilling program was designed to expand the deposit in the eastern part at depth of the deposit and complete some in-fill drilling in selected areas to improve resource classification from inferred to indicated. Mineralization associated with the estimated Mineral Resources has been intersected over a strike length of more than 1.8 kilometres and to a depth of 350 to over 500 vertical metres. The mineralized system of Renard remains open along strike and at depth.

An exploration target located to the north of the currently defined Mineral Resource area was tested for the presence of additional zones of mineralization, and while altered and sheared volcano-sedimentary rocks were intersected, results were not significant.

[](https://images.newsfilecorp.com/files/6077/227435_82df220f74c22af8_001full.jpg)

Figure 1 -Nelligan 2024 drill hole surface plan

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[](https://images.newsfilecorp.com/files/6077/227435_82df220f74c22af8_002full.jpg)

Figure 2 -Nelligan Long Vertical Cross section through Renard and Footwall Zones

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[](https://images.newsfilecorp.com/files/6077/227435_82df220f74c22af8_003full.jpg)

Figure 3 -Cross Section for holes NE-24-224 and NE-24-226B

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Next Steps

The 2024 diamond drilling program has successfully extended the Nelligan deposit in its shallow plunging extension to the East (below 500 metres vertical depth) and has confirmed the increasing width of the Footwall Zone forming the north part of the deposit mineralized sequence. These results are currently incorporated into the deposit model and will support an updated Mineral Resource estimate anticipated for year-end Mineral Resources disclosure.

The next phases of diamond drilling will aim to complete a set of infill and/or expansion drilling depending on the updated Mineral Resources Estimate results and to continue to improve resources classification. Technical studies will continue to advance metallurgical testing and other engineering studies.

Regional exploration activities and future exploration programs will continue and will be guided by the ongoing incorporation and compilation of field exploration data to refine geological, geochemical and structural models to help identify and prioritize additional targets for evaluation on the larger project land package.

About the Nelligan Deposit

The Nelligan project is underlain by a portion of the Caopatina segment of the North Volcanic Zone of the Abitibi Belt of the Superior Province. The property is centered on the E-W Druillette syncline with sediments of the Caopatina Formation bounded to the north and to the south by volcanic rocks of the Obatogamau Formation. The North and South portions of the property are occupied by granodioritic to tonalitic intrusions. The project is transected by numerous regional and local structures and deformation zones which can be important in the localization of gold mineralization.

Gold showings of the area are observed broadly as two styles of mineralization: 1) Quartz-sulphide vein type, and 2) disseminated sulphide (pyrite) mineralization in hydrothermally altered units. Mineralization observed on the Nelligan deposit is dominated by the latter and is characterized by hydrothermal alteration of the host meta-sedimentary units displaying variable carbonatization, sericite, phlogopite and pervasive silicification; and associated with widespread disseminated pyrite, varying from 1% to locally 15%, trace molybdenite and occasionally fine grains of visible gold.

As of December 31, 2023, estimated Mineral Resources at the Nelligan deposit are comprised of 74.5 million tonnes of Indicated resources grading 0.84 grams of gold per tonne for 2.0 million ounces of contained gold and 142.6 million tonnes of Inferred resources grading 0.85 grams of gold per tonne for 3.9 million ounces of contained gold.

Monster Lake Update Mineral Resources Estimate

IAMGOLD is also reporting an updated Mineral Resource estimate for the Monster Lake project.

The Mineral Resource estimate for the Monster Lake project (using a US$1,800 per ounce gold price) comprises:

239,000 tonnes of indicated Mineral Resources averaging 11.0 g/t Au for 84,200 ounces of gold; and 1,053,000 tonnes of inferred Mineral Resources averaging 14.4 g/t Au for 488,500 ounces of gold.

The estimate was completed following the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards incorporated by reference in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The estimate also follows the CIM MRMR Best Practice Guidelines (2019).

Relative to the 2018 initial mineral resources estimate which comprised 1,109,700 tonnes of inferred resources averaging 12.14 grams of gold per tonne for 433,300 contained ounces (see news releases dated March 28, 2018), the current updated Mineral Resources increased by 84,200 ounces in the Indicated Resources and by 55,200 ounces in Inferred Resources, with an increased gold price of US$1,800 per ounce (compared to US$1,500 per ounce in 2018), and an increased calculated cut-off grade from 3.5 g/t Au to 4.1 g/t Au due to increasing mining costs compared to 2018.

IAMGOLD will file an updated NI 43-101 technical report for Monster Lake on SEDAR at www.sedar.comwithin 45 days of the date of this news release.

| ` Mineral Resources Statement - Monster Lake Gold Project as at July 16, 2024 | | | | | Underground Mineral Resource (at 4,1 g/t Au cut-off) | | | | | Classification | Tonnes | Grade | Ounces | | (t) | (g/t Au) | (oz Troy Au) | | | Indicated | 239 000 | 11,0 | 84 200 | | Inferred | 1 053 000 | 14,4 | 488 500 |

Notes:

(1) These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction ("RPEEE"). (2) The independent and qualified persons for the mineral resource estimate, as defined by NI 43-101, are Martin Perron, P.Eng., Audrey Lapointe, P.Geo., and Simon Boudreau, P.Eng. (InnovExplo), and the effective date of the estimate is July 16, 2024. (3) The resource estimate incorporates assay results from 420 diamond drill holes recorded on the entire property and is based on a compilation of historical holes and 161 recent diamond drill holes completed by IAMGOLD, including 51 diamond drill holes (for 17,724 metres) since end of 2017. (4) The estimation encompasses thirteen (13) lenses and a dilution envelope using LeapFrog Geo and interpolated using Isatis Neo. (5) 1.0-m composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of zero when not assayed. High-grade capping on composites (supported by statistical analysis) was set between 10.0 and 175.0 g/t Au for high-grade envelopes and 5.0 g/t Au for the dilution envelope. (6) The estimate was completed using a sub-block model in Isatis Neo, with a parent block size of 5m x 5m x 5m (X,Y,Z) and a sub-block size of 1.25m x 1.25m x 1.25m (X,Y,Z). (7) Grade interpolation was obtained by the Ordinary Kriging (OK) method using hard boundaries. (8) Density values of 2.88 to 2.95 g/cm3 were assigned to all mineralized zones. (9) Mineral resources were classified as Indicated and Inferred. Indicated resources are defined for blocks were estimated if the 3 holes closest to the block have an average distance < 30 m, and there is reasonable geological and grade continuity. The inferred category is defined for blocks estimated if the 3 holes closest to the block have an average distance < 50 m and if the block was not classified as Indicated and there is reasonable geological and grade continuity. (10) The MRE is locally constrained and meet the RPEEE requirement by applying constraining volumes to all blocks (selective underground long-hole extraction scenario) using Deswik Mineable Shape Optimizer (DSO). (11) The RPEEE requirement is satisfied by having a cut-off grade based on reasonable parameters for an underground extraction scenario. The estimate is presented for potential underground scenarios (realized in Deswik) over a minimum width of 2 m for blocks 20 m high by 20 m long at a cut-off grade of 4.1 g/t Au for the long-hole method. Cut-off grades reflect the currently defined geometry and dip of the mineralized envelopes. The underground cut-off grade was calculated using the following parameters: mining cost = CA$150.00/t; processing & transport cost = CA$97.87/t; G&A cost = CA$25.00/t; selling costs = CA$5.00/t; gold price = US$1,800/oz; USD/CAD exchange rate = 1.25 and mill recovery = 94%. (12) Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.). (13) The number of metric tons (tonnes) was rounded to the nearest thousand, following the recommendations in NI 43-101. The metal contents are presented in troy ounces (tonnes x grade / 31.10348) rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects. (14) The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the Mineral Resources Estimate.

Next Steps

The resource estimation process has identified a number of areas with potential for resource expansions at depth and along strike in areas where drill hole spacing remains too wide. These areas will be evaluated. The exploration field activities results are continuously compiled to refine the geological and structural model to help identify and prioritize various regional targets developed from targeting exercises to guide future drilling programs.

About the Monster Lake Project

The Monster Lake project is located 50 kilometres southwest of Chibougamau, Quebec, and is underlain by Archean volcanic rocks of the Obatogamau Formation, which are traversed by an important deformation corridor with associated gold-bearing mineralized structures. Exploration to date has traced this prospective structural shear zone system for at least 4 kilometres along strike, along which several gold prospects have been discovered and a Mineral Resource delineated at the 325-Megane Zone.

The Company holds a 100% interest in the Monster Lake project.

[](https://images.newsfilecorp.com/files/6077/227435_82df220f74c22af8_004full.jpg)

Figure 4: Longitudinal sections of the Monster Lake Megane Zone resource block models with gold grade distribution and UG constraining volumes (DSO).

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QUALIFIED PERSON AND TECHNICAL INFORMATION

The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

The mineral resource estimate, including verification of the data disclosed, has been completed by InnovExplo Inc., following NI 43-101 and CIM Estimation Best Practice Guidelines. The resource estimate was prepared by Martin Perron, P.Eng. Director Geology, Audrey Lapointe, P.Geo., Senior Geologist and Simon Boudreau, P.Eng., Senior Mining Engineer, all being independent "qualified person", as defined by NI 43-101 (a "QP"). Each of them has reviewed and approved the contents of this news release.

The QPs responsible for the planning, supervision and execution of the diamond drilling programs and construction of the geological models and review of the technical information in this news release are Shana Dickenson, P. Geo., Senior District Geologist, Adrien Zamparutti P. Geo., Senior Project Geologist, and Maxime Douëllou P. Geo., Project Geologist. Each of Ms. Dickenson, Mr. Zamparutti and Mr. Douëllou is a QP for the purposes of NI 43-101 with respect to the technical information being reported on in this news release. The technical information has been included herein with the consent and prior review of the above noted QPs.

The information in the news release was also reviewed and approved by Marie-France Bugnon, P.Geo. Vice-President, Exploration for IAMGOLD, which is also a QP.

The design of the drilling programs and interpretation of results is under the control of IAMGOLD's geological staff, including QPs employing strict protocols consistent with NI 43-101 and industry best practices. The sampling of, and assay data from, the drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program. Drill core (NQ size) is logged and samples are selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from 0.5 to 1.5 metres in length depending on the geological observations. Half-core samples are packaged and transported in sealed bags to ALS Minerals Laboratory ("ALS") located in Val-d'Or, Québec. A formal chain-of-custody procedure was adopted for security of samples until their delivery at the laboratory. Samples are coarse crushed to a -10 mesh and then a 1,000 gram split is pulverized to 95% passing -150 mesh. ALS processes analytical pulps directly at their facilities located in Val-d'Or which is ISO / IEC 17025 certified by the Standards Council of Canada. Samples are analyzed using a standard fire assay with a 50 gram charge with an Atomic Absorption (AA) finish. For samples that return assay values over 5.0 grams per tonne, another pulp is taken and fire assayed with a gravimetric finish. Core samples showing visible gold or samples which have returned values greater than 10.0 grams per tonne are re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks and certified reference standards in the sample sequence for quality control. In accordance with recommendations from our on-going QA-QC program, additional check analyses are underway at a secondary (umpire) laboratory.