“It’s located next to the Sadiola Mine, and it’s a project that we’ve had in the company since 2003. We did drill campaigns there in 2003, 2004 and 2005. A little bit in 2006, but Zone 1, that’s the subject of today’s news release, had not been drilled since 2003.
“It’s next to a producing mine, and we have three discovery zones there. And, as I like to tell investors, these things get bigger, not smaller.
“We’re delighted with the results and not so much by the gold grade, although it’s very good in parts, but we’ve re-oriented the drills, and what we think we’re looking at is a much, much larger system than we originally thought in Zone 1. It carries gold grades throughout the sheer zone, and that’s the kind of thing we’re looking for.
It’s next to a producing mine, and we have three discovery zones there. And, as I like to tell investors, these things get bigger, not smaller—Scott Waldie
“We’ve completed drilling here at least until the rainy season ends in August or September. We might try to bring in a diamond drill in the next month or two, but that may be difficult. We’ll probably have to wait until the fall. But we plan to move straight into a large drill campaign in fourth quarter.
“We’ve been in Mali since 2002, and it’s just been fine. The business case histories are excellent; the infrastructure is good; and the support from the government is excellent. One thing is that most of the mines have to generate their own power, but that’s a given in that part of the world.”
Asked when a resource estimate might be scheduled, Waldie replies, “It’s too early to say. You could ask me that question perhaps in November.
“The project is next to a very large mine, and we think that notionally, back-of-envelope, we need about half a million ounces for a standalone project. Having said that, with Anglo [AngloGold Ashanti] and IAMGOLD as your neighbour, within trucking distance of their mill, it does speak to the project’s potential.
“The three pillars that the company’s built on are really our people, our properties and our performance. The discovery risk is gone, and what we’re really looking at here is building ounces.”
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