Diamond drilling has started at the Rouyn property, which midtier miner Iamgold is funding through an option agreement with explorer Yorbeau Resources.
The companies in December signed a definitive agreement, whereby Iamgold has the option to acquire a 100% interest in Yorbeau's Rouyn property in Quebec by making an initial cash payment of C$1-million, followed by cumulative cash payments of C$4-million and funding exploration expenditures to the value of C$9-million over a four-year period, including no less than 20 000 m of diamond drilling within the first two years.
The Rouyn Property is located about 4 km south of the city of Rouyn-Noranda, Quebec. The property covers a 12-km stretch of the Cadillac-Larder Lake Break. Two drill rigs are in operation and the planned drilling involves a minimum of 15 000 m, with the goal of converting well established exploration potential into mineral resources, initially at the lac Gamble zone and subsequently at the Astoria deposit.
The Astoria deposit already benefits from significant underground infrastructure including a 515-m-deep shaft and over 5 km of lateral workings.