02:17 PM EST, 12/12/2018 (MT Newswires) -- Iamgold (IAG) US-listed shares rose as much as 7.1% in Wednesday trading after the Toronto-based gold miner unveiled an initial mineral resource estimate for the Gossey satellite deposit, located 15 kilometres northwest of its Essakane operation in Burkina Faso.

The estimate was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum definition standards, Iamgold said in a statement.

The resource estimate comprises 10.5 million tonnes of indicated resources averaging 0.87 grams of gold per tonne for 291,000 ounces and 2.9 million tonnes of inferred resources averaging 0.91 grams of gold per tonne for 85,000 ounces.

More than 70% of the delineated resources are contained within shallow, soft, saprolite and transition hosted mineralization.

"The initial resource estimate reported for the Gossey deposit confirms the prospectivity of the Gossey - Korizena trend to host significant gold mineralization," Iamgold executive Craig MacDougall said in a statement.

The company's U.S.-listed shares rose 5.8% to $3.45 at 2:12 pm ET in New York on Wednesday.

Price: 3.45, Change: +0.19, Percent Change: +5.83