IAMGOLD Acquires Mines D’Or Orbec to Consolidate Quebec Land Position and Expand Gold Resources

IAMGOLD Corporation (NYSE:IAG) is one of the most buzzing stocks to buy with huge upside potential. On October 20, IAMGOLD Corporation signed a definitive agreement to acquire all outstanding common shares of Mines D’Or Orbec Inc. via a court-approved plan of arrangement. The goal of this transaction is to consolidate IAMGOLD’s land position in Quebec’s Chibougamau region by adding the highly prospective Muus Project, which is adjacent to its existing Nelligan and Monster Lake assets.

The Muus Project contributes 24,979 hectares/ha of mineral rights, expanding IAMGOLD’s total property in the immediate area to 38,403 ha. It is strategically located at the intersection of the Fancamp Deformation Zone/FDZ, which hosts the Monster Lake deposit, and the Guercheville Deformation Zone/GDZ, which hosts the Nelligan deposit.

IAMGOLD Acquires Mines D’Or Orbec to Consolidate Quebec Land Position and Expand Gold Resources

The combined Nelligan and Monster Lake Projects already hold estimated Measured and Indicated Mineral Resources of 3.2 million ounces of gold/Moz Au and Inferred Mineral Resources of 5.6 Moz Au. IAMGOLD intends to expand its exploration program in the region, focusing on further extending mineralization at Nelligan and Monster Lake, building upon the US dollar financial basis of the transaction.

IAMGOLD Corporation (NYSE:IAG), through its subsidiaries, operates as a gold producer and developer in Canada and Burkina Faso.

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Disclosure: None. This article is originally published at Insider Monkey.