Located in south-eastern Senegal, the 472.5 sq km Dalafin licence is positioned in the centre of the Birimian-age Kédougou-Kenieba gold belt that extends from eastern Senegal into western Mali and has already seen multiple major gold discoveries including Randgold Resources’ Massawa deposit (3.4 million oz Au) and Oromin Exploration’s Sabodala deposit (3 million oz Au) in Senegal, and Randgold’s Loulo (12 million oz Au) and Gounkoto projects (5.76 million oz Au) in Mali. IAMGOLD has the option to earn a 70% interest by spending US$8m.
The Company own 85% of Dalafin through its Senegal-registered joint-venture company Stratex EMC S.A., formed in partnership with private local company Energy & Mining Corporation S.A. (EMC) that holds the remaining 15%.
To date, four main geochemical targets, Faré, Baytilaye, Saroudia, and Madina Bafé, have been confirmed by a 33,408 metre RAB (Rotary Air Blast) and AC (Air Core) drilling programme.
Best results from a follow-up diamond and RC drilling programme at the Faré prospect include 3 m @ 10.47 g/t Au and 96 m @ 1.51 g/t Au (FADD-002), 19.5 m @ 1.08 g/t Au (FADD-021), 7 m @ 86.39 g/t Au (FARC-007), 7 m @ 1.64 g/t Su (FADD-013) and 23.5 m @ 1.41 g/t Au (FADD-023). Additional drilling at Faré South was undertaken in November-December 2014 and returned best intervals of 4.8 m @ 1.06 g/t Au (FADD-0026), 3 m @ 1.04 g/t Au and 5 m @ 0.78 g/t Au (FARC-0043), 2 m @ 1.26 g/t Au (FARC-0052), 1 m @ 4.39 g/t Au from 42 m (FARC-0053); and 2 m @1.07 g/t from 59 m (FARC-76). Potential for strike extension of the mineralisation to the north remains.
During Q1-2016, 1,136 soil samples were collected across four 250 m x 50 m grids in the vicinity of the Faré South Zone to assess possible SW-trending extensions, as well as the importance of a NNW-trending breccia zone identified during the Phase 2 RC drilling campaign. The most significant results yielded were from Grid 3, which clearly show south-westward extension of the Faré South anomaly (>30 ppb) by at least 750 metres and up to 600 m in width. A possible new gold anomaly (10-60 ppb) has also been identified in Grid 1, extending 1,250 m in a NW-SE direction, and this may correlate with NW-trending structures identified elsewhere in the licence area. Multiple, albeit less distinct, NE- and NW-trends are also evident in Grid 4, with a number of samples yielding 30-60 ppb and >60 ppb.
Trenching, mapping, and sampling at Madina Bafé has confirmed the presence of a 1.2 km by 30-45 m NE-striking mineralised zone in the south-east of the prospect. Mineralisation is hosted by sheeted tourmaline-quartz veins and quartz-tourmaline breccias with best results including 4.0 m @ 1.40 g/t Au (MBT-005), 6.0 m @ 0.86 g/t Au incl. 1.0 m @ 4.40 g/t Au (MBT-005),1.2 m @ 1.14 g/t Au (MTB-003) and 1.0 m @ 1.77 g/t Au. Mineralisation remains open to the east. RC and diamond drilling between trenches MBT-003 and MBT-004 has previously returned excellent intersections – including 9.6 m @ 16.08 g/t Au and 1.5 m @ 2.84 g/t Au – that are indicative of depth-continuity of the zone and of elevated gold contents.
IAMGOLD Option Agreement
In March 2018 the Company announced that it had signed an option earn-in agreement with a subsidiary of IAMGOLD under which IAMGOLD could earn into 51% of the Dalafin project by spending US$4m over four years and a further 39% (total 90%) by spending an additional US$4m over a subsequent two years. IAMGOLD’s initial programme will focus on the Madina Bafé prospect, which is located 12 km WSW of its 2.52 Moz Boto project, and will include 3,000m AC drilling to assess geochemical signature of the bedrock and define mineralised corridors, 2,000m RC drilling to test previously-defined mineralised trends and best AC anomalies, and 750m diamond drilling.