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    Iamgold’s Nelligan drilling: growth, plant concept and capex lens for mine planners

    October 28, 2026|

    Reviewed by Tom Sullivan

    Iamgold’s Nelligan drilling: growth, plant concept and capex lens for mine planners

    First reported on MINING.com

    30 Second Briefing

    Iamgold’s latest drilling at its Nelligan complex in Quebec has extended mineralisation, with hole NE-26-272 cutting 77 metres at 2.23 g/t gold from 692 metres at zone 36 and Monster Lake hole ML-26-318 returning 7.3 metres at 49.6 g/t from 32 metres depth. The company now plans 30,000 metres of drilling in 2026 and has budgeted about US$24 million (C$33.6 million), nearly half its exploration spend, for the Nelligan district. Nelligan already hosts 122 million indicated tonnes at 0.95 g/t and 151 million inferred tonnes at 0.96 g/t, underpinning a central plant concept integrating Nelligan, Monster Lake and Philibert within a 15 km radius.

    Technical Brief

    • Drill hole PB-26-581 at Philibert’s Arctic Fox depth extension intersected 29.3 m at 3.39 g/t from 468.1 m.
    • Monster Lake’s Megane zone has now been traced to 600 m vertical depth, supporting deeper underground potential.
    • Nelligan’s updated resource estimate is targeted within weeks, with a complex-wide exploration update due H1 2027.
    • Central plant concept combines Nelligan’s bulk-tonnage ore with higher-grade underground feed from Monster Lake.
    • Nelligan is positioned to complement existing operations at Côté Gold (Ontario), Westwood (Quebec) and Essakane (Burkina Faso).
    • Consolidation of Vanstar, Northern Superior and Orbec assets enables district-scale mine planning instead of stand-alone project optimisation.

    Our Take

    With Nelligan now hosting about 8.3 million oz. of combined indicated and inferred gold, it is starting to approach the scale of Iamgold’s Côté-Gosselin system, which our coverage shows was recently lifted to 20.34 million oz., signalling a deliberate build-out of large, lower-grade Canadian hubs in the portfolio.

    National Bank Financial and RBC Capital Markets have both featured in our recent Côté coverage and now reappear around Nelligan, indicating that the same analyst groups are likely to benchmark Nelligan’s 0.95–0.96 g/t resource against Côté’s operating performance when framing Iamgold’s long-term Canadian growth case.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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