Agnico reports positive mid-year results from biggest-ever exploration initiative

The Canadian company budgeted a record $163-million for exploration this year, following significant exploration results observed in 2020 at several operating mines and pipeline projects.

“At mid-year, we are continuing to see positive results from this initiative, with drilling encountering a new parallel gold zone at East Gouldie, significant high-grade mineralisation that further expands the Footwall zone at Upper Beaver, and results confirming the potential to expand the Doris deposit at Hope Bay.

“In addition, we continue to generate significant exploration results at key production assets such as Kittila and Meliadine," said Boyd.

At the East Gouldie deposit of the Odyssey underground project at Canadian Malartic, recent results returned up to 6.3 g/t gold over 52 m at 1 109 m depth, including 8.9 g/t over 21 m at 1 102 m depth. The eastern extension of the deposit continues to be tested and a new mineralized horizon was discovered about 400 m south of the East Gouldie deposit and returned 3.5 g/t gold over 8.6 m at 2 103 m depth, demonstrating the excellent exploration upside for new discoveries in the vicinity of the Odyssey project.

At Kirkland Lake, the conversion and expansion drilling programme at depth at the Upper Beaver deposit intersected significant high-grade mineralisation, further expanding the Footwall zone. The new results include highlight intercepts such as 21.2 g/t gold and 0.67% copper over 14.8 m at 1 190 m depth.

Exploration and conversion drilling at Meliadine is ramping up close to existing deposits and in the surrounding region. Recent drilling at depth in the Pump deposit demonstrated the excellent potential to increase mineral resources with intercepts such as 22.6 g/t gold over 4.2 m at 508 m depth, about 250 m below the current mineral resource envelope. Regional exploration has resumed between the Tiriganiaq and Discovery deposits, encountering interesting results on the Aquarius occurrence such as 21.7 g/t gold over 3.5 m at 93 m depth.

At the recently acquired Hope Bay, Agnico has seven rills operating on the Doris and Madrid deposits. Recent results at Doris confirm the potential to expand the BTD extension zone, with results including: 10.9 g/t gold over 2.5 m at 309 m depth, potentially expanding the zone 100 m north of the current mineral reserve limits; and 12.0 g/t gold over 7.1 m at 282 m depth in the West Valley zone, potentially extending the zone along plunge by 75 m from the current mineral reserve outline. The results confirm the potential to expand zones currently being mined at Doris while drilling is ramping up at Madrid.

Agnico Eagle’s mineral reserves stood at a record 24.1-million ounces of gold at the end of 2020. Contained in-measured and indicated mineral resources totalled 15.3-million ounces and inferred mineral resources totalled 23.4-million ounces.