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Update: Iamgold Reports Drilling Results From Its Boto Project In Senegal

IAMGOLD (IAG) just announced that its infill drilling efforts at its Boto Project have been yielding promising results. Highlights are as follows:

These results are incredibly promising considering that the overall grade of the indicated resource is 1.62 gpt. Investors can be confident that IAMGOLD will be able to expand the Boto resource through additional drilling, which will include 12,000 meters of additional drilling in order to complete the 50X50 meter infill delineation campaign. In completing this drilling, the company hopes to expand the 1.2+ million ounce resource on the massive 236 square kilometer property pictured below.

(Source: IAMGOLD's Presentation )

The Boto Project has long-term potential, but this is hardly going to drive the stock in the near term seeing that the company is already producing ~850,000 oz. of gold per year. The company's share price has come down as its projects are in higher-risk jurisdiction than many gold… Read More …