Stock Symbol: AEM (NYSE and TSX)
(All amounts expressed in U.S. dollars unless otherwise
noted)
TORONTO, July 8, 2021 /PRNewswire/ - Agnico Eagle Mines
Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the
"Company") is pleased to provide an update on exploration
activities at several projects and select mine sites. The
Company's exploration focus remains on pipeline projects, near-mine
opportunities and mineral reserve and mineral resource replacement
and growth. Key exploration highlights during the first half
of 2021 include:
- Odyssey Underground Project at Canadian Malartic –
Infill drilling continues to return solid results in the core of
the East Gouldie deposit, with recent results returning up to 6.3
grams per tonne ("g/t") gold over 52.0 metres at 1,109 metres
depth, including 8.9 g/t gold over 21.0 metres at 1,102 metres
depth. The eastern extension of the deposit continues to be tested
and a new mineralized horizon was discovered approximately 400
metres south of the East Gouldie deposit and returning 3.5 g/t gold
over 8.6 metres at 2,103 metres depth, demonstrating the excellent
exploration upside for new discoveries in the vicinity of the
Odyssey Project
- Kirkland Lake Project – The conversion and expansion
drilling program at depth at the Upper Beaver deposit continues to
intersect significant high-grade mineralization, 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 metres at 1,190
metres depth
- Meliadine – Exploration and conversion drilling is
ramping up close to existing deposits and in the surrounding
region. Recent drilling at depth in the Pump deposit demonstrates
the excellent potential to increase mineral resources with
intercepts such as 22.6 g/t gold over 4.2 metres at 508 metres
depth, approximately 250 metres 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 metres at 93
metres depth
- Hope Bay – Activity is ramping up with a total of seven
drill rigs now operating on the Doris and Madrid deposits. Recent results at Doris
confirm the potential to expand the BTD Extension Zone (currently
being mined), with results including: 10.9 g/t gold over 2.5 metres
at 309 metres depth, potentially expanding the zone 100 metres
north of the current mineral reserve limits; and 12.0 g/t gold over
7.1 metres at 282 metres depth in the West Valley Zone, potentially
extending the zone along plunge by 75 metres 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
- Kittila – Exploration drilling in the Sisar Zone
continues to show the potential to significantly expand mineral
resources and mineral reserves at depth. Recent drilling has
provided the deepest intercept to date at the Kittila mine,
intersecting 10.7 g/t gold over 7.8 metres in the Sizar Zone at
1,957 metres depth and confirming that the Sisar Zone remains open
at depth and extends significantly below the current lower limit of
the mineral resources at 1,540 metres below surface
- Santa Gertrudis –
Exploration drilling of the Amelia deposit is extending and
validating the lateral continuity of high-grade gold and silver
intercepts, with highlights including 2.7 g/t gold and 11 g/t
silver over 33.9 metres at 395 metres depth, which includes 5.7 g/t
gold and 15 g/t silver over 8.3 metres at 402 metres depth
"Last year, the Company generated strong exploration results at
several of its key projects. As a result, in 2021, we
embarked on the most ambitious exploration program in Agnico
Eagle's 64-year history to investigate the full potential of
existing operations and key projects in the Company's
pipeline," said Sean Boyd,
Agnico Eagle's Chief Executive Officer. "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 mineralization 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," added Mr. Boyd.
Record exploration spending in 2021 – Based on
significant exploration results observed in 2020 at several
operating mines and pipeline projects, the Company initiated a
review of the full potential of its portfolio of assets and
increased its exploration budget in 2021 to approximately
$163 million (from $113 million in 2020), making it the largest
exploration budget in the Company's history (see the Company's news
release dated February 11, 2021 for a
breakdown of the exploration budget). An update on selected
exploration programs and budgets are set out in the sections
below.
Targeting replacement and growth of the Company's
Mineral Reserves and Mineral Resources from a record level at
year-end 2020 – Gold mineral reserves totaled 24.1 million
ounces of gold (348 million tonnes grading 2.15 g/t gold) as at
December 31, 2020. Gold
contained in measured and indicated mineral resources totaled 15.3
million ounces (341 million tonnes grading 1.40 g/t gold) and
inferred mineral resources totaled 23.4 million ounces (283 million
tonnes grading 2.57 g/t gold). See the Appendix for details
on the Company's Mineral Reserves and Mineral Resources.
ABITIBI REGION, QUEBEC AND
ONTARIO
Agnico Eagle is currently Quebec's largest gold producer with a 100%
interest in the LaRonde Complex (which includes the LaRonde and
LaRonde Zone 5 ("LZ5") mines) and the Goldex mine and a 50%
interest in the Canadian Malartic mine. The Company has a
multi-decade track record of exploration success in the Abitibi
region, building on the discovery in the 1980's of the world-class
LaRonde gold-rich polymetallic volcanic massive sulphide deposit
which has served as an operations and exploration hub that provides
operating synergies and allows for the sharing of technical
expertise.
LaRonde Complex
At the LaRonde Complex, the Company expects to spend
$14.1 million in 2021 to develop
three new exploration drifts (track drifts 9.0 and 215 and
exploration drift 291 west) from the LaRonde 3 infrastructure
towards the west below the LZ5 mine workings and for 39,800 metres
of drilling. Exploration is expected to focus on extensions to
LZ5, Zone 6, Zone 20N, the recently discovered Zone 20N Zn South,
and the extensions to the past producing Bousquet mine. The aim of
this drilling is to add new mineral reserves and mineral resources
to extend the mine life of the LaRonde Complex into the 2030's.
At the end of the second quarter of 2021, rehabilitation of
track drift 9.0, the enlargement of track drift 215 and the
development of exploration drift 290 had progressed as planned.
On track drift 9.0, the first drill station is close to
completion and a drill rig is expected to be mobilized in the third
quarter of 2021. The initial exploration drilling
program will target the down plunge of the historical
Bousquet Zone 3-1.
On track drift 215, the first drill station is expected to
be completed in the first quarter of 2022. The exploration
drilling program will test for extensions of mineralized zones
between two- and three-kilometres depth at the past producing
Bousquet Mine.
On exploration drift 290, a new drill platform was
completed in the second quarter of 2021. The exploration
drilling program is expected to start in 2022 and will test for
mineralization below three-kilometres depth at the past producing
Bousquet Mine.
Odyssey Underground Project at Canadian Malartic
In June 2014, Agnico Eagle and
Yamana Gold Inc. acquired Osisko Mining Corporation (now Canadian
Malartic Corporation) and created
Canadian Malartic GP (the
"Partnership", in which Agnico Eagle and Yamana each have an
indirect and direct 50% ownership interest) that owns and operates
the Canadian Malartic open pit mine on the Canadian Malartic Property, located near the town of
Malartic in the Province of Quebec.
Since the acquisition, the exploration strategy of the
Partnership around the mine has been directed to the consolidation
of adjacent properties and the compilation of the vast amount of
historical information of the historical underground mines within
the 12,568-hectare property package. This strategy led to the
discovery of the Odyssey North and Odyssey South deposits (with
mineral resources first declared as of December 2016), followed by the integration of
historical information with new drilling leading to the declaration
of initial mineral resources in the East
Malartic deposit as of December
2017 and finally the discovery of the East Gouldie deposit
in late 2018 (with initial mineral resources declared as of
December 2019).
In February 2021, the Partnership
approved the construction of the underground Odyssey Project,
located east of the current mining operation, upon completion of an
internal preliminary economic assessment. The
preliminary economic analysis estimated 410,000 ounces of gold
in indicated mineral resources (6.2 million tonnes grading 2.07 g/t
gold) and 6.9 million ounces of gold in inferred mineral resources
(75.9 million tonnes grading 2.82 g/t gold). See the Appendix
for a detailed breakdown of mineral resources by deposit. The
development of this project combines the exploitation of four main
mining zones by ramp and shaft: Odyssey North, Odyssey South,
East Malartic and East
Gouldie.
The Canadian Malartic Property
straddles the southern margin of the eastern portion of the Abitibi
Sub-Province. The deposits on the property are mainly located
along the contact between the Larder Lake–Cadillac Fault Zone and
the Pontiac Group metasedimentary rocks. The East Malartic, Odyssey North and Odyssey South
deposits are generally associated with massive porphyritic
intrusions with gold mineralization mostly located along the
sheared margins of the porphyries. The East Gouldie deposit
is located farther south, constrained in a west-trending
high-strain corridor within the Pontiac Group. The main ore
host at East Gouldie is a greywacke with 1% to 2% disseminated
pyrite and associated silica, sericite and carbonate
alteration.
East Gouldie Deposit Infill Program
During the first half of 2021, 10 drills were active for the
near-mine exploration and 3 drills for regional exploration.
The priority has been the reduction of drill spacing to 75
metres across the East Gouldie deposit. Exploration also
continued to test the lateral extensions of the East Gouldie
mineralized corridor and expand the mineral resources
envelope. During the first half of 2021, 46 new pierce points
totaling 58,365 metres (100% basis) were completed in the
near-mine East Gouldie definition drilling program.
Selected recent drill intercepts from the program are set out in
the table, composite longitudinal section and plan map
below.
Selected recent drill results from the East Gouldie deposit
and Chert Zone at Canadian Malartic
Drill hole
|
Zone*
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold
grade
(g/t)
(uncapped)
|
Gold
grade
(g/t)
(capped)**
|
MEX19-154WB
|
HG WZ
|
1,551.0
|
1,557.4
|
1,201
|
6.0
|
1.5
|
1.5
|
MEX19-154WC
|
East
Gouldie
|
1,538.3
|
1,596.0
|
1,109
|
52.0
|
7.7
|
6.3
|
including
|
HG WZ
|
1,538.3
|
1,561.6
|
1,102
|
21.0
|
11.7
|
8.9
|
including
|
S of HG WZ
|
1,565.2
|
1,572.0
|
1,110
|
6.1
|
6.2
|
6.1
|
including
|
S of HG WZ
|
1,574.5
|
1,596.0
|
1,116
|
19.1
|
5.9
|
5.4
|
MEX20-164WC
|
Chert
|
948.9
|
977.0
|
915
|
28.2+
|
6.1
|
6.1
|
and
|
Chert
|
981.0
|
988.0
|
935
|
7.0+
|
2.9
|
2.9
|
MEX20-164WD
|
Chert
|
897.2
|
975.0
|
890
|
77.9+
|
7.0
|
7.0
|
and
|
Chert
|
983.8
|
989.0
|
937
|
5.3+
|
1.9
|
1.9
|
and
|
HG WZ
|
1,862.0
|
1,872.1
|
1,688
|
8.5
|
4.9
|
4.9
|
and
|
S of HG WZ
|
1,889.0
|
1,899.0
|
1,709
|
8.4
|
2.0
|
2.0
|
MEX20-166W
|
S of HG SZ
|
1,691.0
|
1,704.0
|
1,344
|
12.2
|
2.6
|
2.6
|
MEX20-171WD
|
N of HG WZ
|
1,774.0
|
1,817.0
|
1,608
|
35.7
|
4.2
|
4.2
|
including
|
|
1,784.2
|
1,797.0
|
1,604
|
10.6
|
7.2
|
7.1
|
and
|
HG WZ
|
1,826.7
|
1,860.0
|
1,642
|
27.3
|
1.9
|
1.9
|
MEX20-172AWB
|
HG SZ
|
1,888.0
|
1,927.8
|
1,637
|
33.1
|
5.4
|
4.6
|
including
|
|
1,888.0
|
1,899.0
|
1,629
|
9.1
|
14.2
|
11.6
|
MEX20-172AWC
|
HG NZ
|
1,842.2
|
1,849.3
|
1,562
|
6.3
|
3.7
|
3.7
|
and
|
HG SZ
|
1,879.5
|
1,907.0
|
1,587
|
24.1
|
4.8
|
4.5
|
including
|
|
1,892.5
|
1,905.2
|
1,590
|
11.1
|
8.3
|
7.8
|
MEX20-180W
|
N of HG SZ
|
1,622.0
|
1,627.3
|
1,487
|
4.9
|
16.7
|
9.6
|
and
|
HG SZ
|
1,673.7
|
1,676.0
|
1,526
|
2.2
|
5.6
|
5.6
|
MEX20-182WA
|
HG NZ
|
1,608.0
|
1,629.0
|
1,329
|
18.5
|
5.7
|
5.1
|
including
|
|
1,611.5
|
1,617.7
|
1,327
|
5.5
|
14.2
|
12.1
|
and
|
HG SZ
|
1,671.8
|
1,685.5
|
1,370
|
11.9
|
1.3
|
1.3
|
MEX20-182WB
|
HG SZ
|
1,651.0
|
1,659.0
|
1,306
|
6.8
|
1.9
|
1.9
|
MEX20-186W
|
HG NZ
|
1,338.8
|
1,343.0
|
1,052
|
4.0
|
1.7
|
1.7
|
and
|
HG SZ
|
1,462.8
|
1,472.6
|
1,127
|
9.2
|
9.2
|
8.1
|
MEX20-191WB
|
N of HG SZ
|
1,556.9
|
1,563.0
|
1,405
|
5.6
|
6.5
|
6.5
|
and
|
HG SZ
|
1,571.4
|
1,579.0
|
1,417
|
6.9
|
1.9
|
1.9
|
MEX20-192W
|
N of HG WZ
|
1,797.6
|
1,813.7
|
1,645
|
13.0
|
1.7
|
1.7
|
and
|
HG WZ
|
1,821.0
|
1,830.8
|
1,661
|
7.9
|
1.8
|
1.8
|
MEX20-192WB
|
N of HG WZ
|
1,750.0
|
1,768.0
|
1,591
|
15.1
|
2.6
|
2.6
|
and
|
HG WZ
|
1,791.0
|
1,808.0
|
1,622
|
14.1
|
1.4
|
1.4
|
MEX20-193WC
|
N of HG SZ
|
1,733.0
|
1,744.0
|
1,544
|
9.2
|
4.4
|
2.9
|
and
|
HG SZ
|
1,748.4
|
1,773.0
|
1,563
|
20.4
|
3.9
|
3.8
|
including
|
|
1,755.4
|
1,761.0
|
1,561
|
4.6
|
8.1
|
7.7
|
and
|
S of HG SZ
|
1,782.0
|
1,795.0
|
1,587
|
10.8
|
2.8
|
2.8
|
MEX20-193WD
|
N of HG SZ
|
1,739.0
|
1,744.2
|
1,522
|
4.1
|
3.4
|
3.4
|
and
|
HG SZ
|
1,754.8
|
1,770.3
|
1,539
|
12.4
|
8.8
|
8.2
|
and
|
S of HG SZ
|
1,774.1
|
1,780.9
|
1,550
|
5.4
|
3.7
|
3.7
|
MEX20-195EXT
|
HG NZ
|
1,574.0
|
1,606.0
|
1,237
|
26.8
|
6.1
|
5.8
|
including
|
|
1,583.0
|
1,588.0
|
1,234
|
4.2
|
12.0
|
10.5
|
and
|
S of HG SZ
|
1,685.0
|
1,695.0
|
1,284
|
7.9
|
3.0
|
3.0
|
MEX20-195EXTW
|
HG NZ
|
1,536.3
|
1,546.5
|
1,174
|
9.9
|
3.3
|
3.3
|
and
|
S of HG SZ
|
1,639.0
|
1,650.9
|
1,232
|
11.3
|
6.5
|
6.5
|
MEX21-196ZB
|
HG NZ
|
1,287.7
|
1,291.3
|
1,125
|
3.4
|
4.9
|
4.6
|
and
|
HG SZ
|
1,347.0
|
1,352.1
|
1,166
|
4.7
|
11.2
|
9.0
|
RD20-4674
|
East Gouldie
Ext
|
2,230.6
|
2,236.6
|
1,826
|
4.5
|
1.8
|
1.8
|
including
|
|
2,231.8
|
2,233.7
|
1,826
|
1.7
|
3.8
|
3.8
|
and
|
New -
Unknown
|
2,634.6
|
2,645.0
|
2,103
|
8.6
|
3.5
|
3.5
|
RD21-4680A++
|
East Gouldie
Ext
|
2,262.0
|
2,274.2
|
1,995
|
10.9
|
2.7
|
2.7
|
including
|
|
2,262.0
|
2,270.1
|
1,993
|
7.2
|
3.1
|
3.1
|
*Zones recognized at
the East Gouldie deposit include: High-Grade West Zone ('HGWZ');
High-Grade North Zone ('HGNZ'); High-Grade South Zone ('HGSZ');
North of High-Grade West Zone ('HGWZ'); South of HGWZ; and Between
HGNZ and HGSZ.
|
**Results from the
East Gouldie deposit use a capping factor of 15 g/t
gold.
|
+Core
length; true thickness unknown.
|
++Previously reported on April 29,
2021.
|
[Canadian Malartic Mine – Geology Plan Map]
[Canadian Malartic Mine – Composite Longitudinal
Section]
Recent definition drilling results in the East Gouldie deposit
continue to confirm the grade, width and overall shape of the
orebody and are consistent with previously reported intercepts used
for mineral resources estimation. Recent results in the Chert
Zone also suggest the potential to add additional mineral resources
between the East Malartic and East
Gouldie deposits. The size and shape of the Chert Zone is not
well understood yet, but recent results of drill hole MEX20-164WD,
returning 7.0 g/t gold over 77.9 metres core length at 890 metres
depth, warrant additional investigation.
Regional Exploration
The Canadian Malartic property, together with the Rand Malartic
and Midway properties, consists of one contiguous block for a total
area of 12,568.4 hectares that straddles the Cadillac Larder Lake
Fault Zone over 16 kilometres.
As part of the regional exploration program at Canadian
Malartic, up to three rigs drilled 20 drill holes totalling 16,086
metres (100% basis) during the first six months of 2021.
On the Rand Malartic property, located immediately adjacent to the
east of the Canadian Malartic mine property, the testing of deep
targets is under way including the eastern extension of the Odyssey
and East Gouldie deposits. Exploration is also ongoing around
the former East Amphi Mine, located 3 kilometres northwest of the
Canadian Malartic pit, where past production totaled 468,400 tonnes
at 3.96 g/t gold for nearly 60,000 ounces of gold.
Rand Malartic
As reported in the Company's news release dated April 29, 2021, drilling from surface at the Rand
Malartic property has identified the potential extension of the
East Gouldie deposit in drill hole RD21-4680A, which encountered a
wide gold-mineralized intercept 970 metres east of the easternmost
drill hole completed to date into the East Gouldie mineralized
envelope (previously reported hole MEX20-180), and approximately
1,150 metres from the current eastern limit of the East Gouldie
mineral resources reported at year-end 2020.
Hole RD21-4680A intersected 2.7 g/t gold over 10.9 metres at
1,995 metres depth, including 3.1 g/t over 7.2 metres at 1,993
metres depth along the down-plunge eastern projection of the
current mineral resources at East Gouldie. To further support
the interpretation of an eastern extension to the East Gouldie
deposit, hole RD20-4674 was extended to infill the large gap and
intersected 1.8 g/t gold over 4.5 metres at 1,826 metres depth,
including 3.8 g/t gold over 1.7 metres at 1,826 metres depth near
the expected location of the East Gouldie horizon and 315 metres
west and above the RD21-4680A discovery. Hole RD20-4674 was
also extended further south to begin the investigation for
potential parallel zones south of the currently known
deposits. A new zone was intercepted in hole RD20-4674,
approximately 400 metres south of the East Gouldie deposit, that
returned 3.5 g/t gold over 8.6 metres at 2,103 metres depth.
It appears nearly parallel to the East Gouldie Zone with similar
mineralization and alteration characteristics representing a
promising target to continue to investigate and further
demonstrating the potential to make additional new discoveries in
proximity to the planned underground mine infrastructure.
East Amphi
Recent work suggests that the mineralization remains open at
depth below the historical underground mine, with hole EA21-4197
intersecting 2.0 g/t gold over an estimated true width of 29.8
metres at 544 metres depth. The zone consists of quartz veins
or silica flooding with coarse-grained pyrite and occasional
visible gold in talc-chlorite schist. This broad mineralized
zone is comprised of several higher-grade sub-zones.
Additional drilling will be considered to expand this zone.
Exploration Program in 2021
At Canadian Malartic in 2021, the Company expects to spend
$11.9 million (50% basis) for 141,400
metres (100% basis) of exploration and conversion drilling focused
on continued development of the East Gouldie deposit. The
plan is to continue reducing the drill spacing to 75 metres across
the East Gouldie deposit — including a small area at 40 metres
spacing to help evaluate the minimum drill spacing required for the
estimation of indicated mineral resources. Drilling will also
continue to explore the East Gouldie Corridor extensions.
The first underground drill rig is planned to be mobilized in
early July in the Odyssey Project ramp, and it will mainly be
dedicated to the conversion of inferred mineral resources to
indicated mineral resources at Odyssey South.
The Company expects to spend a further $3.2 million (50% basis) on 32,000 metres (100%
basis) of exploration drilling in 2021 to test other regional
targets at Canadian Malartic, including the Rand Malartic property,
to target the Odyssey and East Gouldie eastern extensions and the
East Amphi property.
Kirkland Lake Project – 2021 Drilling Focused on Infilling
and Expanding Mineral Resources at Upper Beaver Deposit
The 100% owned Kirkland Lake
project in northeastern Ontario
covers approximately 25,506 hectares (approximately 35 kilometres
long by 17 kilometres wide) in the prolific Kirkland Lake mining district.
The Upper Beaver deposit is located in the north-east area of
the Company's Kirkland Lake
property. Gold deposits in the Kirkland Lake district are genetically and
spatially related to major regional structures, most notably the
east-west trending Cadillac-Larder Lake Deformation Zone and the
northeast-trending Main Break. The Upper Beaver deposit is
atypical when compared to other deposits in the district but shows
similar characteristics to those hosted in Temiskaming-age
intrusions.
The Upper Beaver deposit is a gold-copper rich orebody that
contains both vein and replacement-style mineralization. It
extends from surface to approximately two kilometres below
surface and remains open at depth. Gold mineralization occurs
either as free/visible gold that is relatively common throughout
the deposit or associated with sulphides. Copper
mineralization occurs predominantly as chalcopyrite and
occasionally as bornite in disseminations or in stringers/stockwork
veinlets.
During the second quarter of 2021, 49 holes (18,560 metres) were
completed at Upper Beaver, for a total of 116 holes (39,574 metres)
during the first half of 2021. Selected recent intercepts
from deep drilling at the Upper Beaver deposit are set out in the
table and composite longitudinal section below. The drill
hole coordinates are set out in the Appendix of this news
release.
Selected recent exploration drill results from the Upper
Beaver deposit at the Kirkland
Lake project
Drill hole
|
Zone
|
From
(metres)
|
To
(metres)
|
Depth of
mid-
point
below
surface
(metres)
|
Estimated
true width
(metres)*
|
Gold
grade
(g/t)
(uncapped)
|
Gold grade
(g/t)
(capped)**
|
Copper
grade
(%)
(uncapped)
|
Shallow conversion
program
|
KLUB20-358E
|
Shallow
Basalts
|
295.5
|
300.0
|
203
|
4.5
|
10.2
|
10.2
|
0.07
|
KLUB20-618
|
Shallow
Basalts
|
32.5
|
65.0
|
36
|
22.8
|
3.1
|
3.1
|
0.10
|
including
|
|
32.5
|
39.7
|
27
|
5.0
|
7.1
|
7.1
|
0.28
|
KLUB20-629
|
Shallow
Basalts
|
33.3
|
71.0
|
43
|
32.8
|
1.9
|
1.9
|
0.21
|
and
|
|
113.0
|
124.0
|
97
|
9.6
|
3.3
|
3.3
|
0.13
|
KLUB20-632
|
Shallow
Basalts
|
256.0
|
272.2
|
190
|
12.4
|
3.2
|
3.2
|
0.22
|
and
|
Shallow
Basalts
|
288.0
|
304.3
|
212
|
11.5
|
4.8
|
4.8
|
0.15
|
KLUB20-641A
|
Shallow
Basalts
|
203.0
|
213.1
|
152
|
8.7
|
2.5
|
2.5
|
0.99
|
and
|
Shallow
Basalts
|
304.7
|
313.3
|
223
|
6.5
|
3.6
|
3.6
|
0.18
|
KLUB21-696
|
Shallow
Basalts
|
340.5
|
350.2
|
276
|
7.7
|
3.6
|
3.6
|
0.04
|
KLUB21-717
|
Shallow
Basalts
|
359.5
|
371.0
|
258
|
9.7
|
2.7
|
2.7
|
0.07
|
and
|
Shallow
Basalts
|
376.5
|
384.8
|
269
|
7.0
|
12.3
|
6.6
|
0.23
|
KLUB21-718
|
Porphyry
Zone
|
208.5
|
214.8
|
171
|
4.2
|
4.8
|
4.8
|
0.09
|
and
|
Porphyry
Zone
|
244.0
|
249.9
|
199
|
4.2
|
17.2
|
8.2
|
0.07
|
and
|
Porphyry
Zone
|
276.0
|
306.5
|
234
|
21.0
|
2.3
|
2.3
|
0.28
|
KLUB21-723
|
Porphyry
Zone
|
196.9
|
206.0
|
142
|
6.8
|
4.3
|
4.3
|
0.33
|
KLUB21-726
|
Q zones
|
147.0
|
151.0
|
106
|
3.3
|
7.4
|
7.4
|
0.13
|
Deep conversion
program
|
KLUB20-163W10
|
FW Zone
|
1,309.8
|
1,315.0
|
1,211
|
3.7
|
9.0
|
9.0
|
0.06
|
KLUB20-163W11
|
FW Zone
|
1,260.0
|
1,272.2
|
1,156
|
9.0
|
22.6
|
14.4
|
0.66
|
KLUB21-163W12+
|
FW Zone
|
1,296.8
|
1,343.6
|
1,212
|
33.2
|
27.7
|
13.8
|
0.63
|
including
|
|
1,296.8
|
1,314.0
|
1,199
|
12.2
|
62.6
|
28.1
|
0.97
|
including
|
|
1,323.7
|
1,331.3
|
1,219
|
5.4
|
21.3
|
13.3
|
0.70
|
KLUB21-163W15
|
FW Zone
|
1,245.0
|
1,257.0
|
1,134
|
9.5
|
16.9
|
13.0
|
0.38
|
KLUB21-163W16
|
Porphyry
Zone
|
1,236.5
|
1,256.1
|
1,138
|
14.7
|
4.6
|
4.6
|
0.16
|
including
|
|
1,243.5
|
1,251.0
|
1,140
|
5.6
|
9.0
|
9.0
|
0.15
|
and
|
FW Zone
|
1,292.0
|
1,313.0
|
1,190
|
14.8
|
21.7
|
21.2
|
0.67
|
KLUB21-307W11
|
Porphyry
Zone
|
1,621.9
|
1,627.5
|
1,424
|
4.8
|
13.8
|
13.8
|
0.97
|
*Estimated true width
values are preliminary.
|
**Holes in the
shallow basalts and crown pillar at the Upper Beaver deposit use a
capping factor of 30 g/t gold. Holes in the Deep East
Porphyry and Footwall zones of the Upper Beaver deposit use a
capping factor of 90 g/t gold.
+Previously reported on April 29,
2021.
|
[Upper Beaver Deposit at Kirkland Lake Project – Composite
Longitudinal Section and Geology Plan Map]
Shallow Conversion Program
Significant new intersects were encountered in all areas of the
Upper Beaver deposit at shallow levels ranging from near surface to
less than 300 metres vertical depth. The shallow portion of
the deposit is mostly hosted by basaltic volcanic rocks and is
characterized by multiple phases of cross-cutting veins and
veinlets forming a stacking of multiple zones. The Company's
selection of mineralized intersects includes a variety of different
settings ranging from wide, lower-grade gold intervals to narrow,
higher-grade veins, with variable copper content. Most
mineralized zones are steeply-dipping (50-70°), strike northeast to
north-northeast, and are controlled by quartz-carbonate veining or
chalcopyrite-magnetite disseminated mineralization and
veinlets.
Drill hole KLUB21-718 is representative of the shallow portion
of the deposit with three significant intercepts within a 100-metre
envelope of 4.8 g/t gold and 0.09% copper over 4.2 metres at 171
metres depth; 8.2 g/t gold and 0.07% copper over 4.2 metres at 199
metres depth; and 2.3 g/t gold and 0.28% copper over 21.0 metres at
234 metres depth, demonstrating the stacked nature of the
interpreted zones within the shallow levels of the deposit.
Deep Conversion Program
Conversion and expansion of mineral resources at depth,
especially within the Footwall Zone, has been the main focus of
deep drilling at Upper Beaver in 2021. In the Company's news
release dated April 29, 2021, the
Company announced the most significant intercept to date at the
Kirkland Lake project with hole
KLUB21-163W12 returning 28.1 g/t gold (capped) and 0.97% copper
over 12.2 metres at 1,199 metres depth within a wider zone
returning 13.8 g/t gold (capped) and 0.63% copper over 27.7 metres
at 1,212 metres depth.
Follow-up drilling around this interval has extended the high
grade mineralization footprint above the current mineral resources
outline of the Footwall Zone, as demonstrated by multiple
significant new intercepts including drill hole KLUB21-163W16,
which returned 21.2 g/t gold (capped) and 0.67% copper over 14.8
metres at 1,190 metres depth.
Robust gold intersections obtained so far in 2021 within the
Footwall Zone are expected to have a significant impact on size and
potentially average grade of this zone in the next mineral reserve
and mineral resource estimate update. These positive drill
results will be incorporated in an internal technical study which
is now expected in 2022.
Exploration Plans for 2021
Approximately 52,200 metres of drilling are planned at the
Kirkland Lake project this year,
with the conversion program at Upper Beaver remaining the focus.
Regional exploration programs will also continue over
different areas of the large land package owned by Agnico Eagle in
the Kirkland Lake district.
The main areas of interest will be the Upper Canada, Munro, Skead and Bidgood properties. The
Company anticipates drilling between 10,000 and 15,000 metres on
conceptual geological and structural interpretations as well as
geophysical targets.
NUNAVUT REGION
Agnico Eagle has identified Nunavut as a politically attractive and stable
jurisdiction with enormous geological potential. With the
Company's Meliadine mine and Meadowbank Complex (including the
Amaruq satellite deposit), together with the recently acquired Hope
Bay mine and other exploration projects, Nunavut is a strategic operating platform that
builds on the Company's established infrastructure, access roads,
procurement synergies and the region's tremendous geological
potential, with the ability to generate strong gold production and
cash flows over several decades.
Meliadine – Significant Exploration Results from Pump Deposit
at Depth; Shallow High-Grade Mineralized Intercepts at Aquarius
Target in Regional Exploration
Mine Site Conversion and Exploration Drilling Updates
The Meliadine property includes seven gold deposits, six of
which are part of the current mine plan. Tiriganiaq is the
largest of the deposits with a strike length of approximately 3.0
kilometres at surface and a known depth of 812 metres.
Detailed exploration drill results at Meliadine were last
reported in the Company's news release dated February 11, 2021.
Exploration during the first half of 2021 at the
Meliadine mine site and nearby areas focused on infilling
inferred mineral resources at depth in the Wesmeg deposit (9 holes
totalling 2,960 metres) and deep exploration drilling at the Pump
deposit (11 holes totalling 7,250 metres) where conversion and
extension of the mineral resources returned positive results which
are presented below.
Recent exploration highlights from the Meliadine property are
set out in the table and composite longitudinal section
below. The drill holes coordinates are presented in the
Appendix.
Selected recent exploration drill results from the Pump
deposit and regional exploration at Meliadine
Drill hole
|
Lode
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold grade
(g/t)
(uncapped)
|
Gold grade
(g/t)
(capped*)
|
M21-3239
|
Pump North
|
287.5
|
290.4
|
260
|
2.5
|
4.5
|
4.5
|
M21-3239
|
Pump South
|
468.0
|
473.4
|
412
|
4.4
|
8.5
|
8.5
|
M21-3240
|
Pump North
|
157.4
|
161.2
|
146
|
3.4
|
9.7
|
5.7
|
and
|
Pump South
|
493.0
|
496.7
|
431
|
3.0
|
4.5
|
4.5
|
M21-3243
|
Pump South
|
439.8
|
442.8
|
383
|
2.5
|
57.4
|
17.0
|
M21-3253
|
Pump North
|
241.6
|
248.0
|
210
|
5.1
|
18.0
|
18.0
|
M21-3254
|
Pump South
|
456.4
|
460.6
|
399
|
3.6
|
3.2
|
3.2
|
M21-3255
|
Pump North
|
246.1
|
249.5
|
218
|
2.9
|
6.8
|
6.8
|
and
|
Pump South
|
438.5
|
443.2
|
382
|
3.9
|
14.1
|
14.1
|
M21-3256
|
Pump North
|
254.9
|
259.0
|
238
|
4.1
|
6.9
|
6.9
|
M21-3258
|
Pump South
|
580.3
|
585.4
|
508
|
4.2
|
44.9
|
22.6
|
M21-3271
|
Pump North
|
409.8
|
434.4
|
368
|
20.0
|
3.9
|
3.9
|
and
|
Pump South
|
607.4
|
611.5
|
519
|
3.2
|
8.7
|
8.7
|
M21-3262
|
Aquarius**
|
123.6
|
127.4
|
93
|
3.5
|
21.7
|
21.7
|
M21-3263
|
Aquarius**
|
31.0
|
35.1
|
25
|
3.8
|
2.8
|
2.8
|
and
|
Aquarius**
|
62.5
|
64.9
|
47
|
2.3
|
7.6
|
7.6
|
*A capping factor of
40 g/t gold is used at the Pump deposit.
|
**Holes drilled at
the Aquarius target in regional exploration at
Meliadine.
|
[Meliadine Mine – Plan Map & Pump Composite Longitudinal
Section]
During the first half of 2021, exploration drilling was focused
on the Pump deposit testing both the Pump North and Pump South
lodes.
Approximately 8,079 metres of drilling have been completed at
Pump to date in 2021. Drilling at Pump South returned
positive results, including: hole M21-3255, which intersected 14.1
g/t gold over 3.9 metres at 382 metres depth; and hole M21-3239,
which intersected 8.5 g/t gold over 4.4 metres at 412 metres depth
and extended Pump South by 80 metres depth along the plunge.
Approximately 120 metres to the west, hole M21-3243 intersected 9.6
g/t gold over 5.1 metres at 383 metres depth, identifying the
extension of the main ore shoot towards the west. Deeper
down-plunge in the same shoot, hole M21-3258 intersected 22.6 g/t
gold over 4.2 metres at 508 metres depth and hole M21-3271
intersected 8.7 g/t gold over 3.2 metres at 519 metres depth 250
metres away from the current mineral resources outline at
Pump. On its way to the Pump South target, this drill hole
also intersected the deep extension of the Pump North
deposit that returned 3.9 g/t gold over 20.0 metres at 368
metres depth.
Regional Exploration
Regional exploration resumed at Meliadine in the second quarter
of 2021, including at the Aquarius prospect, located 15 kilometres
southeast of the Meliadine mine and 3 kilometres northwest of the
Discovery deposit. Aquarius lies in a sedimentary sequence
and is hosted within a folded banded iron formation ("BIF") north
of the Pyke fault. The BIF is injected with quartz-chlorite
veins mineralized with pyrrhotite, arsenopyrite and visible
gold. The gold mineralization is found within the veins and
throughout the BIF. This geological setting is similar to the
Discovery deposit. Current drilling at Aquarius has targeted
both the North Limb and South Limb of the folded BIF.
The 2021 drill program is following up on two reconnaissance
drill holes drilled in 2020 that returned 13.0 g/t gold over 3.9
metres and 1.5 g/t gold over 12.4 metres, only 600 metres east
of the historical showing. Initial drilling in 2021 at the
Aquarius prospect returned 21.7 g/t gold over 3.5 metres at 93
metres depth in hole M21-3262 in the North Limb of the folded
BIF. Hole M21-3263 intersected 2.8 g/t gold over 3.8 metres
at 25 metres depth in the North Limb of the BIF followed by 7.6 g/t
gold over 2.3 metres at 47 metres depth in the South Limb.
Additional drilling is warranted to test the extensions of the
mineralization in both the North and South limbs laterally and at
depth. The next round of drilling, totalling approximately
2,000 metres, is expected to start in August
2021.
Overall at Meliadine in 2021, the Company expects to spend
$8.3 million for 44,000 metres of
capitalized drilling with a focus on conversion at the Tiriganiaq,
Normeg and Wesmeg deposits, as well as exploration drilling of the
Tiriganiaq, Wesmeg, Pump, F-Zone and Wolf deposits. The
Company expects to spend an additional $1.5
million for 7,000 metres of regional exploration drilling on
the wider Meliadine property.
Hope Bay – Ramping Up of Exploration Activity; Drilling
Prioritizes Doris and Madrid Deposits in Initial Phase of
Program
On February 2, 2021 the Company
completed its acquisition of TMAC Resources Inc. ("TMAC") which
holds a 100% interest in the Hope Bay mine in Nunavut. The
181,677-hectare property hosts two 80 km long greenstone belts
(Hope Bay and Elu) where the Company sees tremendous potential to
validate and further increase the historical mineral reserves and
mineral resources.
The Hope Bay project has seen significant
historical exploration activity, including more than one million
metres of drilling with approximately 90% of the drilling occurring
on the established deposits of Doris, Madrid and Boston. As a result, the
project hosts a large historical mineral resource of 1.6 million
tonnes of measured mineral resources grading 9.5 g/t gold (481,000
ounces of gold), 20.2 million tonnes of indicated mineral resources
grading 7.2 g/t gold (4.7 million ounces of gold) and 10.9 million
tonnes of inferred mineral resources grading 6.1 g/t gold
(2.1 million ounces of gold), as at December
31, 2019. The historical measured and indicated
mineral resources include historical proven mineral reserves of
99,000 tonnes grading 4.1 g/t gold (13,000 ounces of gold) and
historical probable mineral reserves of 16.8 million tonnes grading
6.5 g/t gold (3.5 million ounces of gold).
The Company is ramping up delineation, conversion and
exploration drilling programs at the Hope Bay property using three
rigs from underground and four rigs at surface. At the
northern end of the Hope Bay greenstone belt, the Doris deposit is
currently in production and the operation hosts all of Hope Bay's
mining, processing and camp facilities. The Madrid deposit is located 8 kilometres south
of the Doris mine and can be accessed year-round by road.
Approximately 65 kilometres farther south is the Boston deposit, which also has an exploration
camp and exploration ramp infrastructure.
In the first half of 2021, 260 holes were drilled totalling
43,460 metres on the Hope Bay property at the Doris and
Madrid deposits, including
drilling completed by TMAC in 2021 prior to its acquisition by the
Company.
Doris Deposit Exploration
At the Doris deposit, three drill rigs are operating underground
delineating and exploring the BTD Zone and West Valley Zone
extensions and initiating infill drilling in the DCN Zone in
preparation for production activities, while one surface drill rig
is testing the northern extension of the BTD Zone.
The Doris deposit consists of north-south trending, structurally
controlled quartz veins in sheared and altered mafic volcanic
rocks. Gold occurs in the veins both as disseminations and in
association with pyrite. Veins typically range from a few
centimetres to several metres in width and the veins can be traced
for up to 3.0 kilometres along strike. The Company believes
there is good potential to extend the deposit along strike to the
north and to add to the mineral resources at Doris beneath the
diabase dike with continued drilling on the BTD Extension, BTD
Connector/West Valley and BTD Central zones.
Selected recent drill intercepts from the Doris deposit are set
out in the table and composite longitudinal section below.
The drill coordinates are set out in the Appendix.
Selected recent drill results from the Doris deposit at Hope
Bay
Drill hole
|
Location
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold
grade
(g/t)
(uncapped)
|
Gold
grade
(g/t)
(capped)*
|
DBE21-50272
|
BTD Ext
|
133.8
|
142.0
|
338
|
6.0
|
5.1
|
5.1
|
DBE21-50286
|
BTD Ext
|
58.0
|
62.3
|
367
|
3.1
|
18.1
|
17.8
|
DBE21-50287
|
BTD Ext
|
56.8
|
62.0
|
367
|
2.2
|
16.0
|
16.0
|
DBE21-50288
|
BTD Ext
|
51.0
|
54.0
|
368
|
1.9
|
4.0
|
4.0
|
and
|
BTD Ext
|
56.0
|
59.0
|
367
|
2.3
|
5.7
|
5.7
|
DBE21-50328
|
BTD Ext West
Limb
|
434.8
|
437.8
|
309
|
2.5
|
44.7
|
10.9
|
DBE21-50329
|
BTD Ext
|
55.0
|
58.2
|
367
|
1.5
|
10.6
|
10.6
|
DBE21-50331
|
BTD Ext
|
35.5
|
39.0
|
374
|
2.2
|
5.6
|
5.6
|
DCN21-50210
|
Doris
Central
|
27.8
|
33.2
|
134
|
5.2
|
26.6
|
20.2
|
and
|
Doris
Central
|
44.5
|
47.7
|
142
|
2.7
|
11.0
|
11.0
|
DCN21-50211
|
Doris
Central
|
33.0
|
36.0
|
124
|
2.8
|
6.6
|
5.7
|
and
|
Doris
Central
|
79.8
|
83.3
|
133
|
3.3
|
10.0
|
10.0
|
DCN21-50212
|
Doris
Central
|
22.5
|
26.0
|
127
|
3.4
|
7.2
|
7.2
|
and
|
Doris
Central
|
44.0
|
51.2
|
136
|
6.3
|
4.6
|
4.6
|
and
|
Doris
Central
|
83.7
|
87.3
|
150
|
2.5
|
6.2
|
6.2
|
DCN21-50213A
|
Doris
Central
|
28.1
|
31.9
|
132
|
3.0
|
113.0
|
5.9
|
and
|
Doris
Central
|
48.3
|
54.5
|
142
|
4.9
|
6.4
|
6.4
|
DCN21-50214
|
Doris
Central
|
23.4
|
26.9
|
132
|
3.3
|
5.6
|
5.6
|
and
|
Doris
Central
|
35.4
|
41.4
|
139
|
5.5
|
5.6
|
5.6
|
DCN21-50216
|
Doris
Central
|
23.0
|
27.5
|
133
|
4.5
|
4.0
|
4.0
|
and
|
Doris
Central
|
67.3
|
70.6
|
157
|
2.8
|
19.4
|
19.4
|
DCN21-50217
|
Doris
Central
|
78.9
|
82.3
|
119
|
3.3
|
7.9
|
7.9
|
DCN21-50218
|
Doris
Central
|
60.0
|
65.0
|
132
|
4.8
|
15.5
|
12.3
|
DCN21-50219
|
Doris
Central
|
23.1
|
27.0
|
128
|
3.8
|
17.4
|
17.4
|
and
|
Doris
Central
|
63.0
|
67.0
|
145
|
3.8
|
14.6
|
14.6
|
DCN21-50222
|
Doris
Central
|
25.0
|
33.1
|
135
|
7.6
|
5.6
|
5.6
|
and
|
Doris
Central
|
37.3
|
40.7
|
141
|
2.9
|
4.5
|
4.5
|
and
|
Doris
Central
|
76.8
|
80.0
|
163
|
2.6
|
3.6
|
3.6
|
DCN21-50226
|
Doris
Central
|
71.9
|
76.0
|
270
|
4.0
|
7.5
|
7.5
|
DCN21-50240
|
Doris
Central
|
40.6
|
45.0
|
153
|
4.0
|
26.1
|
18.4
|
DCN21-50241
|
Doris
Central
|
38.4
|
55.7
|
157
|
11.8
|
6.8
|
6.6
|
and
|
Doris
Central
|
89.3
|
107.0
|
199
|
9.0
|
3.8
|
3.8
|
DCN21-50242
|
Doris
Central
|
45.0
|
48.0
|
156
|
2.4
|
36.3
|
12.3
|
and
|
Doris
Central
|
53.5
|
56.9
|
163
|
2.6
|
14.0
|
14.0
|
and
|
Doris
Central
|
96.0
|
103.7
|
199
|
6.2
|
23.5
|
18.9
|
DCN21-50268
|
Doris
Central
|
96.0
|
105.1
|
236
|
8.2
|
10.8
|
8.6
|
DCN21-50277
|
West
Valley
|
25.8
|
34.4
|
282
|
7.1
|
34.0
|
12.0
|
DCN21-50307
|
Doris
Central
|
69.5
|
75.5
|
229
|
5.7
|
10.9
|
10.9
|
DCN21-50310
|
Doris
Central
|
63.9
|
67.4
|
252
|
3.4
|
85.6
|
28.0
|
DCN21-50389
|
Doris
Central
|
37.0
|
40.3
|
100
|
1.9
|
24.2
|
16.1
|
*Results from the
Doris deposit at Hope Bay use a capping factor of 50 g/t
gold.
|
[Doris Deposit at Hope Bay Mine – Composite Longitudinal
Section]
The surface exploration at Doris North is targeting the BTD
Zone's northern extension including the fold hinge and limbs in the
volcanic sequence that hosts the high-grade zone in quartz veins at
the contact of mafic volcanic rock.
Drill hole DBE-21-50328 has confirmed the extension of the BTD
Zone by 100 metres north of the current mineral resources limit,
intersecting 10.9 g/t gold over 2.5 metres on the west limb at 309
metres depth. This hole is located 150 metres south of the
historical holes DC-1, DC-2 and DC-5 that were highlighted by TMAC
in a news release dated August 19,
2019. With these new results, the Company sees potential to
extend the BTD Extension Zone farther north and additional drilling
is currently being planned to follow up on these positive
results.
Underground infill drilling in the DCN Zone to date has
confirmed historical grades and zone geometry and has identified
the potential down-plunge extension of the West Valley Zone
parallel and to the west of the DCN Zone. Hole DCN21-50277
intersected 12.0 g/t gold (34.0 g/t uncapped) over 7.1 metres at
282 metres depth, representing a 75 metre step-out from the current
mineral resources limit and the mineralized structure remains open
laterally and at depth. These new results could significantly
expand the current West Valley Zone mineral reserves and mineral
resources.
Madrid Deposit Exploration
Three drill rigs are currently operating at Madrid, mostly targeting the Naartok West
Zone. So far in 2021, a total of 14,028 metres in 56 holes
were completed at Madrid on the
Naartok West and Naartok East zones. In the Madrid area, several mineralized zones have
been delineated within a north-south trending package of sheared
and altered mafic volcanic, gabbroic and ultramafic rocks.
The gold mineralization typically occurs with pyrite in
quartz-carbonate stockworks with a strong silicification and
albitization.
Drilling in the shallow portion of the Madrid deposit is testing the area around the
ramp portal in the Naartok West Zone to delineate the upper portion
of the deposit while investigating potential parallel structures in
the hanging wall and footwall of the main ore zone.
Selected recent drill intercepts from definition drilling on
Naartok West Zone at the Madrid deposit are set out in the
table and composite longitudinal section below. The drill
coordinates are set out in the Appendix.
Selected recent drill results from Naartok West Zone at
Madrid deposit at Hope Bay
Drill hole
|
Location
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold grade
(g/t)
(uncapped)
|
Gold grade
(g/t)
(capped)*
|
NWS21-80037
|
NW Main
|
49.5
|
55.5
|
47
|
4.6
|
9.0
|
9.0
|
and
|
NW Main
|
100.5
|
113.00
|
85
|
11.8
|
9.0
|
9.0
|
NWS21-80038A
|
NW Main
|
99.9
|
110.5
|
92
|
9.4
|
2.9
|
2.9
|
and
|
NW Main
|
114.5
|
136.3
|
108
|
17.4
|
7.9
|
7.9
|
NWS21-80039
|
NW HW/NW Main/NW
FW
|
135.4
|
143.0
|
132
|
4.9
|
8.6
|
8.6
|
and
|
NW HW/NW Main/NW
FW
|
146.0
|
150.0
|
140
|
3.1
|
9.0
|
9.0
|
and
|
NW HW/NW Main/NW
FW
|
241.5
|
245.0
|
221
|
2.9
|
11.3
|
5.6
|
NWS21-80042
|
NW HW/NW Main/NW
FW
|
63.1
|
66.6
|
55
|
3.0
|
19.9
|
19.8
|
and
|
NW HW/NW Main/NW
FW
|
90.0
|
118.51
|
81
|
26.0
|
12.3
|
10.7
|
NWS21-80043
|
NW Main
|
116.0
|
125.0
|
103
|
8.0
|
3.8
|
3.8
|
NWS21-80046
|
NW Main
|
75.6
|
99.8
|
74
|
22.1
|
7.1
|
7.1
|
NWS21-80047
|
NW Main
|
85.0
|
90.6
|
80
|
4.9
|
15.8
|
15.8
|
NWS21-80049
|
NW Main
|
137.8
|
157.2
|
148
|
11.0
|
7.0
|
7.0
|
NWS21-80066
|
NW Main
|
87.2
|
96.5
|
81.9
|
8.6
|
5.1
|
5.1
|
NWS21-80074
|
NW Main
|
105.3
|
110.7
|
105
|
5.0
|
24.6
|
13.2
|
NWS21-80077
|
NW Main
|
85.0
|
105.4
|
90
|
18.6
|
11.0
|
10.0
|
*Results from the
Madrid deposit at Hope Bay use a capping factor of 50 g/t
gold.
|
[Madrid Deposit at Hope Bay Mine – Composite Longitudinal
Section]
Results in the Naartok West Zone are returning intercepts in
line with expectations in the main mineralized zone and are
identifying the potential to add mineral resources within the
footwall and the hanging wall of the main ore zone, where
historical and recent intercepts suggest continuity of
mineralization and locally significant high grade values that
warrant additional investigation.
Exploration Plan and Budget
The Company expects to spend $16.2
million for 69,600 metres of drilling at the Hope Bay
property in 2021, including $5.5
million for 29,800 metres of delineation drilling to support
production at the Doris mine and $10.7
million for 39,800 metres of drilling on exploration targets
around the Doris and Madrid and
other regional targets along the Hope Bay greenstone belt.
The Company continues to evaluate exploration priorities and metres
allocated on each program and may adjust the allocation of drilling
during the course of 2021.
A review of the historical estimates for mineral reserves and
mineral resources at Hope Bay is under way. The Hope Bay
project was not included in the Company's 2020 year-end mineral
reserve and mineral resource estimate considering the timing of the
acquisition on February 2, 2021.
The Hope Bay project has been subject to a significant amount of
diamond drilling both by TMAC and previous operators. For
further details on the historical estimates of mineral reserves and
mineral resources at Hope Bay, refer to the Appendix of this news
release.
There is also excellent exploration potential at a regional
scale within the Hope Bay and Elu greenstone belts. The
majority of historical and recent exploration has focused on
defining and expanding the known deposits. However, to date,
over 90 regional exploration targets have been defined by surface
mapping and sampling, and geophysical and geochemical surveys.
FINLAND
Agnico Eagle's Kittila mine in Finland is the largest primary gold producer
in Europe and hosts the Company's
largest mineral reserves. The expansion of the Kittila mill to
2.0 million tonnes per annum was completed in the fourth quarter of
2020. An underground shaft is under construction and is
expected to be commissioned in 2022. Exploration activities
continue to expand the mineral reserves and mineral resources at
the Kittila mine. Near mine exploration remains the main focus as
the deposit remains open at depth and laterally. The large,
19,213 hectare Kittila property hosts additional parallel
structures that have similarities to the Suurikuusikko main
break.
Kittila – Drilling Confirms and Extends Main and Sisar
Zones in Suuri, Roura and Rimpi
Areas
The Kittila mine and the Suurikuusikko property are hosted by
Proterozoic rocks of the Svecofennian province. The geology
and metallogeny of this area are similar to the Canadian Shield or
the Birimian Shield of West Africa. The orogenic
Suurikuusikko gold deposit (Kittila mine) is located within the
Paleoproterozoic Central Lapland Greenstone Belt which was
metamorphosed and deformed during the 1.91-1.80 Ga Svecofennian
orogenic events. Gold mineralization is refractory with the
gold occurring mainly within arsenopyrite and pyrite.
Originally discovered in 1986 by the Geological Survey of
Finland,100% of the Kittila property was acquired by Agnico Eagle
through the acquisition of Riddarhyttan Resources AB in 2005.
Production started in 2008 using open pit mining and, since
2012, all of the Kittila ore has been mined from underground
operations.
The 2021 exploration and conversion program plans for 74,500
metres of drilling that aims to further explore and expand
Kittila's mineral reserve and mineral resource potential. A
main focus is to demonstrate the economic potential of the Sisar
Zone as a new mining horizon at Kittila below the current mineral
resources limit at 1,540 metres depth to assess the full potential
of the project.
During the first half of 2021 at the Kittila mine, exploration
drilling totaled 15 holes (9,519 metres) and conversion drilling
totaled 57 holes (16,890 metres).
Selected recent drill results from the Kittila mine are set out
in the table and composite longitudinal section below. The
drill coordinates are set out in the Appendix.
Selected recent drill results from the Main and Sisar zones
in the Suuri, Roura and Rimpi areas at the Kittila mine
Drill hole
|
Zone
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold grade
(g/t)
(uncapped)
|
RIE20-608
|
Sisar
Central
|
287.0
|
293.0
|
1,128
|
5.1
|
4.1
|
RIE20-613
|
Sisar Top
|
254.0
|
266.0
|
1,085
|
10.9
|
5.2
|
RIE20-615
|
Sisar Top
|
236.0
|
239.5
|
1,084
|
3.2
|
3.9
|
RIE20-700B
|
Sisar Deep
|
765.0
|
771.0
|
1,556
|
4.6
|
3.7
|
RIE20-700C
|
Sisar Deep
|
791.0
|
797.0
|
1,615
|
4.6
|
6.0
|
RIE21-700
|
Sisar Deep
|
1,037.0
|
1,053.6
|
1,843
|
12.6
|
5.0
|
and
|
Sisar Deep
|
1,087.0
|
1,095.0
|
1,862
|
6.4
|
3.0
|
RIE21-700C
|
Sisar Deep
|
1,146.0
|
1,152.5
|
1,945
|
4.6
|
3.6
|
and
|
Sisar Deep
|
1,168.2
|
1,179.0
|
1,957
|
7.8
|
10.7
|
and
|
Sisar Deep
|
1,196.0
|
1,200.3
|
1,968
|
3.1
|
4.1
|
ROD21-700B
|
Main Roura
|
252.0
|
259.2
|
1,187
|
3.0
|
2.9
|
and
|
Sisar
Central
|
531.0
|
543.0
|
1,397
|
6.6
|
4.5
|
including
|
|
531.0
|
537.6
|
1,395
|
3.6
|
5.9
|
RUG20-527
|
Main Roura
|
150.0
|
171.4
|
1,064
|
17.1
|
5.1
|
including
|
|
158.0
|
170.7
|
1,065
|
10.2
|
7.2
|
RUG20-529
|
Main Roura
|
166.3
|
195.0
|
930
|
27.1
|
7.1
|
and
|
Main Roura
|
198.5
|
203.0
|
923
|
4.2
|
6.0
|
RUG20-530
|
Main Roura
|
197.0
|
221.0
|
910
|
21.2
|
4.7
|
including
|
|
199.0
|
207.0
|
912
|
7.1
|
6.3
|
RUG20-531
|
Main Roura
|
182.0
|
197.0
|
954
|
13.5
|
4.0
|
and
|
Main Roura
|
232.7
|
237.7
|
940
|
4.5
|
4.2
|
[Kittila Mine – Composite Longitudinal Section]
The first results from the deep exploration campaign around
previously reported hole ROD15-704D (reported in February 2016) at approximately 1,900 metres
depth were received in the second quarter of 2021. Hole
RIE21-700C was targeted along the gold trend to the north and
approximately 60 metres beneath hole ROD15-704D and it intersected
three parallel mineralized sub-zones in the Sizar Zone with the
middle intersection returning 10.7 g/t gold over 7.8 metres at
1,957 metres depth. This most recent drill hole is the
deepest drilled to date at the Kittila mine. These results
show that there is potential to expand the mineral resources at
least 400 metres below the current vertical limit at 1,540 metres
depth. Additional drilling is under way to further assess the
potential of the deposit at depth.
Conversion drilling continued in the Roura area with positive
results from several drill holes: hole RUG20-527 intersected 5.1
g/t gold over 17.1 metres at 1,064 metres depth; hole RUG20-529
intersected 7.1 g/t gold over 27.1 metres at 930 metres depth; hole
RUG20-530 intersected 4.7 g/t gold over 21.2 metres at 910 metres
depth; and hole RUG20-531 intersected 4.0 g/t gold over 13.5 metres
at 954 metres depth. These holes demonstrate successful
conversion drilling in the plunge of the Main Zone.
In exploration drilling in the Sizar Zone, hole RIE20-608
intersected 4.1 g/t gold over 5.1 metres at 1,128 metres depth,
hole RIE20-613 intersected 5.2 g/t gold over 10.9 metres at 1,085
metres depth and hole RIE20-615 intersected 3.9 g/t gold over 3.2
metres at 1,084 metres depth. These intercepts confirm and
extend the Sisar Zone mineral resources at this depth in the Rimpi
area and confirm that the Sisar Zone mineralization continues north
in the Rimpi area.
The ongoing conversion and exploration program is expected to
result in a positive conversion of mineral resources to mineral
reserves and add new mineral resources as exploration continues
below the current mineral resources limit at 1,540 to 2,100 metres
below surface around hole ROD15-704D in the contact area between
Roura and Rimpi. This deep target area has good potential and
is open at depth. The objective is to complete six to seven
new intercepts in this area at depth before the end of the
year.
Santa Gertrudis –
Exploration Remains Focused on Extending Mineralized Structures of
the Amelia, El Toro and
Santa Teresa zones; Proof of
Concept Drilling Ongoing at New Targets
Agnico Eagle acquired its 100% interest in the Santa Gertrudis gold property in November
2017. The 44,145-hectare property is located approximately
180 kilometres north of Hermosillo in Sonora, Mexico. Located in the
Basin and Range physiographic province, Santa Gertrudis is characterized by
mineralization styles that include structurally controlled,
Carlin-style and low-sulphidation, with gold-silver deposits on the
property hosted in Cretaceous-age sedimentary lithologies of
the Bisbee group.
The property was the site of historic heap-leach operations that
produced approximately 565,000 ounces of gold at a grade of 2.1 g/t
gold between 1991 and 2000. The property has substantial
surface infrastructure including pre-stripped pits, haul roads,
water sources, and several buildings.
Drill results for the Santa
Gertrudis project were last reported in the Company's news
release dated February 11, 2021.
During the first half of 2021, drilling at Santa Gertrudis totaled 63 holes (27,693
metres) focused on advancing the Amelia, Santa Teresa, El
Toro and other zones.
Recent exploration drilling highlights from the Santa Gertrudis project are set out in the
table and local geology map below. The drill coordinates are
set out in the Appendix.
Selected recent exploration drill results from the Amelia,
Santa Teresa and El Toro zones at the Santa Gertrudis project
Drill hole
|
Area
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold grade
(g/t)
(uncapped)
|
Gold
grade (g/t)
(capped)*
|
Silver
grade
(g/t)
(uncapped)
|
Silver
grade(g/t)
(capped)*
|
SGE20-407
|
Amelia
|
269.6
|
278.5
|
206
|
8.0
|
6.7
|
6.6
|
6
|
6
|
SGE21-422
|
Amelia
|
386.7
|
390.4
|
291
|
3.6
|
7.4
|
7.4
|
20
|
20
|
and
|
Amelia
|
485.0
|
491.0
|
335
|
5.8
|
2.4
|
2.4
|
8
|
8
|
and
|
Amelia
|
559.0
|
578.0
|
378
|
18.1
|
2.0
|
2.0
|
6
|
6
|
SGE21-426
|
Amelia
|
424.5
|
429.4
|
373
|
4.0
|
4.7
|
4.7
|
25
|
25
|
and
|
Amelia
|
444.0
|
480.2
|
395
|
33.9
|
2.7
|
2.7
|
11
|
11
|
including
|
|
468.4
|
477.0
|
402
|
8.3
|
5.7
|
5.7
|
15
|
15
|
including
|
|
485.3
|
490.2
|
414
|
4.5
|
4.4
|
4.4
|
14
|
14
|
SGE21-429
|
Amelia
|
146.0
|
151.1
|
19
|
5.0
|
6.6
|
6.6
|
4
|
4
|
SGE21-431
|
Santa
Teresa
|
117.4
|
132.4
|
145
|
13.0
|
1.4
|
1.4
|
9
|
9
|
SGE21-437
|
Santa
Teresa
|
36.0
|
42.0
|
19
|
5.5
|
1.3
|
1.3
|
5
|
5
|
SGE21-440
|
El Toro
|
363.0
|
374.0
|
347
|
9.5
|
4.0
|
4.0
|
1
|
1
|
SGE21-441
|
El Toro
|
201.7
|
211.0
|
195
|
8.3
|
3.3
|
3.3
|
3
|
3
|
SGE21-444
|
El Toro
|
294.2
|
298.0
|
270
|
3.0
|
2.6
|
2.6
|
1
|
1
|
and
|
El Toro
|
305.3
|
309.9
|
282
|
4.0
|
1.3
|
1.3
|
2
|
2
|
*Holes use a capping
factor of 25 g/t gold and 1,000 g/t silver. The cut-off grade
used for these intervals is 0.3 g/t gold in oxide material and 1.0
g/t gold in sulphide material. The minimum estimated true
width is 3.0 metres.
|
[Santa Gertrudis Project – Local Geology Map]
The Amelia deposit contains almost half of the Santa Gertrudis project's mineral resource
estimated as of December 31, 2020
(see the Company's news release dated February 11, 2021 for details on current mineral
resources). The drilling campaign this year at Amelia is
focused on delineating and expanding the deposit. Hole
SGE20-407 in the central portion of the deposit intersected 6.6 g/t
gold over 8 metres at 206 metres depth in oxide and, approximately
180 metres to the northeast, hole SGE21-422 intersected 7.4 g/t
gold and 20 g/t silver over 3.6 metres at 291 metres depth.
Located 85 metres west of hole SGE21-422, hole SGE21-426 in Amelia
intersected three known structures that returned 4.7 g/t gold and
25 g/t silver over 4 metres at 373 metres depth and a wider
structure of 2.7 g/t gold and 11 g/t silver over 33.9 metres at 395
metres depth (including 5.7 g/t gold and 15 g/t silver over 8.3
metres at 402 metres depth).
Delineation drilling will continue for the remainder of the year
at Amelia to infill the mineral resources at both shallow and deep
levels and along the high-grade shoot.
In the central part of the property at the El Toro deposit, deep drilling to target high
grade feeder mineralization is ongoing to follow up on drill hole
SGE20-394 that was previously reported on February 11, 2021, and intersected 3.4 g/t gold
over 7.2 metres at 254 metres depth. Located 55 metres
northeast of hole SGE20-394, hole SGE21-440 intersected 4.0
g/t gold over 9.5 metres at 347 metres depth. Located 85
metres southeast of hole SGE21-440, hole SGE21-444 intersected 2.6
g/t gold over 3 metres at 270 metres depth. Located 105
metres southeast of hole SGE21-444, hole SGE21-441 intersected 3.3
g/t gold over 8.3 metres at 195 metres depth. Follow up
drilling will be carried out over the balance of 2021.
The Santa Teresa Zone, located 3.2 kilometres south of the
Amelia deposit and 3.3 kilometres northwest of the El Toro deposit, contains shallow oxide
mineralization under a small historical pit. The Company's
drill holes have tested the parallel structures along 600 metres of
strike. Hole SGE21-431 intersected 1.4 g/t gold and 9 g/t
silver over 13 metres at 145 metres depth. Located 222 metres
southwest of hole SGE20-431, hole SGE21-437 intersected 1.3 g/t
gold and 5 g/t silver over 5.5 metres at 19 metres depth.
Exploration at Santa Teresa is
currently focused on extending the mineralization for another 500
metres along strike to the northeast and approximately 150 metres
below surface. An initial mineral resource estimate for
Santa Teresa is planned to be
completed by year-end.
Exploration for oxide and sulphide mineralization will continue
in the Amelia, El Toro,
Santa Teresa zones, and in the new
La Leona target that is located west of Amelia. Exploration
work carried out by the Company on the property in recent years is
also demonstrating a potential to increase mineral resources by
applying new concepts near the property's historical
deposits. The Company will conduct drilling at the
Central and Centauro targets to test these concepts.
Metallurgical drilling and studies will also be performed during
the year to evaluate different recovery techniques for the oxide
and sulphide deposits.
Exploration is ongoing at Santa
Gertrudis with $11 million
budgeted for 30,000 metres of drilling in 2021, focused on
expanding the mineral resources, testing new targets and continuing
metallurgical studies.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing
precious metals from operations in Canada, Finland and Mexico. It has a pipeline of
high-quality exploration and development projects in these
countries as well as in the United
States and Colombia.
Agnico Eagle is a partner of choice within the mining
industry, recognized globally for its leading environmental, social
and governance practices. The Company was founded in 1957 and
has consistently created value for its shareholders, declaring a
cash dividend every year since 1983.
Further Information
For further information regarding Agnico Eagle, contact Investor
Relations at info@agnicoeagle.com or call (416) 947-1212.
Forward-Looking Statements
The information in this news release has been prepared as at
July 8, 2021. Certain
statements contained in this news release constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" under the provisions of Canadian
provincial securities laws and are referred to herein as
"forward-looking statements". When used in this news release,
the words "anticipate", "could", "estimate", "expect", "forecast",
"future", "plan", "possible", "potential", "will" and similar
expressions are intended to identify forward-looking
statements. Such statements include, without limitation:
statements regarding anticipated future exploration; the estimated
timing and conclusions of technical studies and evaluations; the
methods by which ore will be extracted or processed; statements
concerning the Company's expansion plans at Kittila, and the
Odyssey project, including the timing, funding, completion and
commissioning thereof and production therefrom; statements about
the Company's plans at the Hope Bay mine; statements concerning
projected exploration, including costs and other estimates upon
which such projections are based; statements regarding timing and
amounts of expenditures; estimates of future mineral reserves and
mineral resources; statements regarding the projected development
of certain ore deposits, including estimates of exploration,
development and production and other capital costs and estimates of
the timing of such exploration, development and production or
decisions with respect to such exploration, development and
production; the effect of drill results and other factors on future
mineral reserves and mineral resources; and statements regarding
anticipated trends with respect to the Company's operations,
exploration and the funding thereof. Such statements reflect
the Company's views as at the date of this news release and are
subject to certain risks, uncertainties and assumptions, and undue
reliance should not be placed on such statements.
Forward-looking statements are necessarily based upon a number of
factors and assumptions that, while considered reasonable by Agnico
Eagle as of the date of such statements, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. The material factors and assumptions used in
the preparation of the forward looking statements contained herein,
which may prove to be incorrect, include, but are not limited to,
the assumptions set forth herein and in management's discussion and
analysis ("MD&A") and the Company's Annual Information Form
("AIF") for the year ended December 31,
2020 filed with Canadian securities regulators and that are
included in its Annual Report on Form 40-F for the year ended
December 31, 2020 ("Form 40-F") filed
with the U.S. Securities and Exchange Commission (the "SEC") as
well as: that governments, the Company or others do not take
additional measures in response to the COVID-19 pandemic or
otherwise that, individually or in the aggregate, materially affect
the Company's ability to operate its business; that cautionary
measures taken in connection with the COVID-19 pandemic do not
affect productivity; that measures taken relating to, or other
effects of, the COVID-19 pandemic do not affect the Company's
ability to obtain necessary supplies and deliver them to its mine
sites and exploration sites; that there are no significant
disruptions affecting operations; that production, permitting,
development, expansion and the ramp up of operations at each of
Agnico Eagle's properties proceeds on a basis consistent with
current expectations and plans; that the relevant metal prices,
foreign exchange rates and prices for key mining and construction
supplies will be consistent with Agnico Eagle's expectations; that
Agnico Eagle's current estimates of mineral reserves, mineral
resources, mineral grades and metal recovery are accurate; that
there are no material delays in the timing for completion of
ongoing growth projects; that seismic activity at the Company's
operations at LaRonde, Goldex and other properties is as expected
by the Company; that the Company's current plans to optimize
production are successful; and that there are no material
variations in the current tax and regulatory environment.
Many factors, known and unknown, could cause the actual results to
be materially different from those expressed or implied by such
forward looking statements. Such risks include, but are not
limited to: the extent and manner to which COVID-19, and measures
taken by governments, the Company or others to attempt to reduce
the spread of COVID-19, may affect the Company, whether directly or
through effects on employee health, workforce productivity and
availability (including the ability to transport personnel to the
Meadowbank Complex, Meliadine mine and the Hope Bay mine which
operate as fly-in/fly-out camps), travel restrictions, contractor
availability, supply availability, ability to sell or deliver gold
dore bars or concentrate, availability of insurance and the cost
thereof, the ability to procure inputs required for the Company's
operations and projects or other aspects of the Company's business;
uncertainties with respect to the effect on the global economy
associated with the COVID-19 pandemic and measures taken to reduce
the spread of COVID-19, any of which could negatively affect
financial markets, including the trading price of the Company's
shares and the price of gold, and could adversely affect the
Company's ability to raise capital; the volatility of prices of
gold and other metals; uncertainty of mineral reserves, mineral
resources, mineral grades and mineral recovery estimates;
uncertainty of future production, project development, capital
expenditures and other costs; foreign exchange rate fluctuations;
financing of additional capital requirements; cost of exploration
and development programs; seismic activity at the Company's
operations, including the LaRonde Complex and Goldex mine; mining
risks; community protests, including by First Nations groups; risks
associated with foreign operations; governmental and environmental
regulation; the volatility of the Company's stock price; and risks
associated with the Company's currency, fuel and by-product metal
derivative strategies. For a more detailed discussion of such
risks and other factors that may affect the Company's ability to
achieve the expectations set forth in the forward-looking
statements contained in this news release, see the AIF and MD&A
filed on SEDAR at www.sedar.com and included in the Form 40-F filed
on EDGAR at www.sec.gov, as well as the Company's other filings
with the Canadian securities regulators and the SEC. Other
than as required by law, the Company does not intend, and does not
assume any obligation, to update these forward-looking
statements.
Notes to Investors Regarding the Use of Mineral
Resources
The mineral reserve and mineral resource estimates contained in
this news release have been prepared in accordance with The
Canadian Securities Administrators' NI 43-101. These
standards are similar to those used by SEC Industry Guide No. 7, as
interpreted by the SEC staff. However, the definitions in NI
43-101 differ in certain respects from those under SEC Industry
Guide 7. Accordingly, mineral reserve and mineral resource
information contained in this news release may not be comparable to
similar information disclosed by United
States companies. Under the SEC's Industry Guide 7,
mineralization may not be classified as a "reserve" unless the
determination has been made that the mineralization could be
economically and legally produced or extracted at the time the
reserve determination is made.
For United States reporting
purposes, the SEC has adopted amendments to its disclosure rules
(the "SEC Modernization Rules") to modernize the mining property
disclosure requirements for issuers whose securities are registered
with the SEC under the United States Securities Exchange Act of
1934, as amended (the "Exchange Act"), which became effective
February 25, 2019. The SEC
Modernization Rules more closely align the SEC's disclosure
requirements and policies for mining properties with current
industry and global regulatory practices and standards, including
NI 43-101, and replace the historical property disclosure
requirements for mining registrants that were included in SEC
Industry Guide 7. Issuers must begin to comply with the SEC
Modernization Rules in their first fiscal year beginning on or
after January 1, 2021, though
Canadian issuers that report in the
United States using the Multijurisdictional Disclosure
System ("MJDS") may still use NI 43-101 rather than the SEC
Modernization Rules when using the SEC's MJDS registration
statement and annual report forms.
As a result of the adoption of the SEC Modernization Rules, the
SEC now recognizes estimates of "measured mineral resources",
"indicated mineral resources" and "inferred mineral
resources." In addition, the SEC has amended definitions of
"proven mineral reserves" and "probable mineral reserves" in the
SEC Modernization Rules, with definitions that are substantially
similar to those used in NI 43-101.
United States investors are
cautioned that while the SEC now recognizes "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources", investors should not assume that any part or all of the
mineral deposits in these categories will ever be converted into a
higher category of mineral resources or into mineral
reserves. These terms have a great amount of uncertainty as
to their economic and legal feasibility. Under Canadian
regulations, estimates of inferred mineral resources may not form
the basis of feasibility or pre-feasibility studies, except in
limited circumstances. Investors are cautioned not to
assume that any "measured mineral resources", "indicated mineral
resources", or "inferred mineral resources" that the Company
reports in this news release are or will be economically or legally
mineable.
Further, "inferred mineral resources" have a great amount of
uncertainty as to their existence and as to their economic and
legal feasibility. It cannot be assumed that any part or all
of an inferred mineral resource will ever be upgraded to a higher
category.
The mineral reserve and mineral resource data set out in this
news release are estimates, and no assurance can be given that the
anticipated tonnages and grades will be achieved or that the
indicated level of recovery will be realized. The Company
does not include equivalent gold ounces for by-product metals
contained in mineral reserves in its calculation of contained
ounces and mineral reserves are not reported as a subset of mineral
resources.
Scientific and Technical Information
The scientific and technical information contained in this news
release related to exploration activities has been approved by Guy
Gosselin, Eng. and P.Geo., Senior Vice-President, Exploration, who
is a "Qualified Person" for the purposes of NI 43-101.
The scientific and technical information relating to Agnico
Eagle's mineral reserves and mineral resources contained herein
(other than the Canadian Malartic mine) has been approved by
Dyane Duquette, P.Geo., Corporate
Director, Reserves Development of the Company; relating to mineral
reserves and mineral resources at the Canadian Malartic mine and
other Partnership projects such as the Odyssey project, has been
approved by Sylvie Lampron, Eng., Senior Project Mine Engineer at
Canadian Malartic Corporation (for
engineering) and Pascal Lehouiller,
P.Geo., Senior Resource Geologist at Canadian Malartic Corporation (for geology), each of whom
is a "Qualified Person" for the purposes of NI 43-101.
Note Regarding Drill Results Tables
The pierce points for the drill results in this news release are
shown on accompanying composite longitudinal sections. When
the drill results for a project are not displayed graphically in
three dimensions in the news release, the drill collar coordinates
for each hole are set out in a table in the Appendix.
Intercepts reported show uncapped and capped grades when
appropriate over estimated true widths, based on geological
interpretation that is being updated as new information becomes
available with further drilling.
APPENDIX
Detailed Mineral Reserve and Mineral Resource at
December 31, 2020
|
|
|
MINERAL RESERVES
|
|
|
|
As of December 31, 2020
|
OPERATION
|
PROVEN
|
PROBABLE
|
PROVEN &
PROBABLE
|
GOLD
|
Mining
Method
|
Ownership
|
000 Tonnes
|
g/t
|
000 Oz Au
|
000 Tonnes
|
g/t
|
000 Oz Au
|
000 Tonnes
|
g/t
|
000 Oz Au
|
LaRonde
|
Underground
|
100%
|
4,338
|
5.11
|
712
|
10,828
|
6.53
|
2,272
|
15,166
|
6.12
|
2,984
|
LaRonde Zone
5
|
Underground
|
100%
|
5,155
|
2.09
|
346
|
6,601
|
2.08
|
442
|
11,756
|
2.08
|
788
|
LaRonde Complex Total
|
9,493
|
3.47
|
1,058
|
17,429
|
4.84
|
2,713
|
26,922
|
4.36
|
3,772
|
Canadian
Malartic
|
Open Pit
|
50%
|
25,370
|
0.85
|
696
|
36,068
|
1.31
|
1,518
|
61,438
|
1.12
|
2,214
|
Goldex
|
Underground
|
100%
|
942
|
2.45
|
74
|
21,179
|
1.53
|
1,040
|
22,121
|
1.57
|
1,115
|
Akasaba
West
|
Open Pit
|
100%
|
-
|
|
-
|
5,413
|
0.85
|
147
|
5,413
|
0.85
|
147
|
Amaruq
|
Open Pit
|
100%
|
950
|
2.06
|
63
|
18,920
|
3.72
|
2,261
|
19,870
|
3.64
|
2,324
|
Amaruq
|
Underground
|
100%
|
-
|
|
-
|
3,316
|
5.29
|
564
|
3,316
|
5.29
|
564
|
Amaruq Total
|
|
|
950
|
2.06
|
63
|
22,236
|
3.95
|
2,825
|
23,186
|
3.87
|
2,888
|
Meadowbank
|
Open Pit
|
100%
|
34
|
2.34
|
3
|
-
|
|
-
|
34
|
2.34
|
3
|
Meadowbank Complex Total
|
983
|
2.07
|
65
|
22,236
|
3.95
|
2,825
|
23,220
|
3.87
|
2,891
|
Meliadine
|
Open Pit
|
100%
|
181
|
4.10
|
24
|
5,460
|
4.70
|
826
|
5,640
|
4.68
|
850
|
Meliadine
|
Underground
|
100%
|
1,288
|
7.28
|
301
|
14,342
|
6.23
|
2,874
|
15,629
|
6.32
|
3,175
|
Meliadine Total
|
1,468
|
6.89
|
325
|
19,801
|
5.81
|
3,700
|
21,270
|
5.89
|
4,025
|
Upper
Beaver
|
Underground
|
100%
|
-
|
|
-
|
7,992
|
5.43
|
1,395
|
7,992
|
5.43
|
1,395
|
Hammond
Reef
|
Open Pit
|
100%
|
-
|
|
-
|
123,473
|
0.84
|
3,323
|
123,473
|
0.84
|
3,323
|
Kittila
|
Underground
|
100%
|
2,999
|
4.23
|
408
|
27,434
|
4.15
|
3,659
|
30,433
|
4.16
|
4,067
|
Pinos
Altos
|
Open Pit
|
100%
|
62
|
0.88
|
2
|
3,605
|
1.26
|
146
|
3,667
|
1.25
|
148
|
Pinos
Altos
|
Underground
|
100%
|
2,691
|
2.21
|
191
|
7,105
|
2.36
|
539
|
9,796
|
2.32
|
731
|
Pinos Altos Total
|
2,753
|
2.18
|
193
|
10,710
|
1.99
|
685
|
13,463
|
2.03
|
878
|
La India
|
Open Pit
|
100%
|
89
|
0.35
|
1
|
11,939
|
0.66
|
255
|
12,029
|
0.66
|
256
|
Totals
|
|
|
44,098
|
1.99
|
2,821
|
303,675
|
2.18
|
21,261
|
347,773
|
2.15
|
24,082
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVER
|
Mining
Method
|
Ownership
|
000 Tonnes
|
g/t
|
000 Oz Ag
|
000 Tonnes
|
g/t
|
000 Oz Ag
|
000 Tonnes
|
g/t
|
000 Oz Ag
|
LaRonde
|
Underground
|
100%
|
4,338
|
15.59
|
2,173
|
10,828
|
18.81
|
6,548
|
15,166
|
17.89
|
8,722
|
Pinos
Altos
|
Open Pit
|
100%
|
62
|
13.24
|
27
|
3,605
|
33.68
|
3,904
|
3,667
|
33.34
|
3,931
|
Pinos
Altos
|
Underground
|
100%
|
2,691
|
54.31
|
4,698
|
7,105
|
49.28
|
11,257
|
9,796
|
50.66
|
15,956
|
Pinos Altos Total
|
subtotal
|
|
2,753
|
53.38
|
4,725
|
10,710
|
44.03
|
15,162
|
13,463
|
45.94
|
19,886
|
La India
|
Open Pit
|
100%
|
89
|
1.38
|
4
|
11,939
|
3.01
|
1,155
|
12,029
|
3.00
|
1,159
|
Totals
|
|
|
7,180
|
29.90
|
6,902
|
33,478
|
21.24
|
22,865
|
40,658
|
22.77
|
29,767
|
|
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
Mining
Method
|
Ownership
|
000 Tonnes
|
%
|
tonnes Cu
|
000 Tonnes
|
%
|
tonnes Cu
|
000 Tonnes
|
%
|
tonnes Cu
|
LaRonde
|
Underground
|
100%
|
4,338
|
0.21
|
9,291
|
10,828
|
0.28
|
29,826
|
15,166
|
0.26
|
39,117
|
Akasaba
West
|
Open Pit
|
100%
|
-
|
|
-
|
5,413
|
0.48
|
25,891
|
5,413
|
0.48
|
25,891
|
Upper
Beaver
|
Underground
|
100%
|
-
|
|
-
|
7,992
|
0.25
|
19,980
|
7,992
|
0.25
|
19,980
|
Totals
|
|
|
4,338
|
0.21
|
9,291
|
24,233
|
0.31
|
75,696
|
28,571
|
0.30
|
84,987
|
|
|
|
|
|
|
|
|
|
|
|
|
ZINC
|
Mining
Method
|
Ownership
|
000 Tonnes
|
%
|
tonnes Zn
|
000 Tonnes
|
%
|
tonnes Zn
|
000 Tonnes
|
%
|
tonnes Zn
|
LaRonde
|
Underground
|
100%
|
4,338
|
0.53
|
22,894
|
10,828
|
0.85
|
92,560
|
15,166
|
0.76
|
115,454
|
Totals
|
|
|
4,338
|
0.53
|
22,894
|
10,828
|
0.85
|
92,560
|
15,166
|
0.76
|
115,454
|
|
|
|
MINERAL RESOURCES - As of December 31,
2020
|
OPERATION
|
MEASURED
|
INDICATED
|
MEASURED & INDICATED
|
INFERRED
|
GOLD
|
Mining
Method
|
Ownership
|
000 Tonnes
|
g/t
|
000 Oz Au
|
000 Tonnes
|
g/t
|
000 Oz Au
|
000 Tonnes
|
g/t
|
000 Oz Au
|
000 Tonnes
|
g/t
|
000 Oz Au
|
LaRonde
|
Underground
|
100%
|
-
|
|
-
|
4,904
|
3.55
|
560
|
4,904
|
3.55
|
560
|
6,369
|
4.54
|
931
|
LaRonde Zone
5
|
Underground
|
100%
|
-
|
|
-
|
12,218
|
1.98
|
776
|
12,218
|
1.98
|
776
|
15,130
|
2.88
|
1,399
|
LaRonde Complex Total
|
-
|
|
-
|
17,122
|
2.43
|
1,336
|
17,122
|
2.43
|
1,336
|
21,499
|
3.37
|
2,330
|
Canadian
Malartic
|
Open Pit
|
50%
|
149
|
0.55
|
3
|
538
|
0.59
|
10
|
686
|
0.58
|
13
|
3,532
|
0.74
|
85
|
Canadian
Malartic
|
Underground
|
50%
|
-
|
|
-
|
2,028
|
1.42
|
92
|
2,028
|
1.42
|
92
|
156
|
1.52
|
8
|
Canadian Malartic Total
|
149
|
0.55
|
3
|
2,566
|
1.24
|
103
|
2,715
|
1.21
|
105
|
3,688
|
0.78
|
92
|
Odyssey
|
Underground
|
50%
|
-
|
|
-
|
1,000
|
1.90
|
61
|
1,000
|
1.90
|
61
|
13,853
|
2.05
|
913
|
East
Malartic
|
Underground
|
50%
|
-
|
|
-
|
5,658
|
2.03
|
368
|
5,658
|
2.03
|
368
|
43,444
|
1.91
|
2,669
|
East
Gouldie
|
Underground
|
50%
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
31,469
|
3.17
|
3,209
|
Goldex
|
Underground
|
100%
|
12,360
|
1.86
|
739
|
19,247
|
1.53
|
944
|
31,607
|
1.66
|
1,683
|
24,812
|
1.49
|
1,191
|
Akasaba
West
|
Open Pit
|
100%
|
-
|
|
-
|
4,870
|
0.63
|
98
|
4,870
|
0.63
|
98
|
-
|
|
-
|
Zulapa
|
Open Pit
|
100%
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
391
|
3.14
|
39
|
Meadowbank
|
Open Pit
|
100%
|
-
|
|
-
|
1,145
|
2.46
|
90
|
1,145
|
2.46
|
90
|
4
|
2.06
|
0
|
Amaruq
|
Open Pit
|
100%
|
-
|
|
-
|
7,022
|
2.53
|
570
|
7,022
|
2.53
|
570
|
886
|
2.65
|
75
|
Amaruq
|
Underground
|
100%
|
-
|
|
-
|
6,571
|
4.28
|
904
|
6,571
|
4.28
|
904
|
7,924
|
4.70
|
1,198
|
Amaruq Total
|
-
|
|
-
|
13,593
|
3.37
|
1,474
|
13,593
|
3.37
|
1,474
|
8,810
|
4.50
|
1,273
|
Meadowbank Complex
Total
|
|
-
|
|
-
|
14,738
|
3.30
|
1,564
|
14,738
|
3.30
|
1,564
|
8,814
|
4.49
|
1,274
|
Meliadine
|
Open Pit
|
100%
|
-
|
|
-
|
6,917
|
3.00
|
668
|
6,917
|
3.00
|
668
|
816
|
4.23
|
111
|
Meliadine
|
Underground
|
100%
|
81
|
3.66
|
10
|
11,779
|
3.83
|
1,452
|
11,860
|
3.83
|
1,461
|
11,451
|
5.94
|
2,186
|
Meliadine Total
|
81
|
3.66
|
10
|
18,697
|
3.53
|
2,120
|
18,777
|
3.53
|
2,129
|
12,267
|
5.82
|
2,297
|
Hammond
Reef
|
Open Pit
|
100%
|
47,063
|
0.54
|
819
|
86,304
|
0.53
|
1,478
|
133,367
|
0.54
|
2,298
|
-
|
|
-
|
Upper
Beaver
|
Underground
|
100%
|
-
|
|
-
|
3,636
|
3.45
|
403
|
3,636
|
3.45
|
403
|
8,688
|
5.07
|
1,416
|
AK Project
|
Underground
|
100%
|
-
|
|
-
|
1,268
|
6.51
|
265
|
1,268
|
6.51
|
265
|
2,373
|
5.32
|
406
|
Anoki-McBean
|
Underground
|
100%
|
-
|
|
-
|
1,868
|
5.33
|
320
|
1,868
|
5.33
|
320
|
2,526
|
4.70
|
382
|
Upper
Canada
|
Open Pit
|
100%
|
-
|
|
-
|
2,006
|
1.62
|
104
|
2,006
|
1.62
|
104
|
1,020
|
1.44
|
47
|
Upper
Canada
|
Underground
|
100%
|
-
|
|
-
|
8,433
|
2.28
|
618
|
8,433
|
2.28
|
618
|
17,588
|
3.21
|
1,816
|
Upper Canada Total
|
-
|
|
-
|
10,439
|
2.15
|
722
|
10,439
|
2.15
|
722
|
18,608
|
3.11
|
1,863
|
Kittila
|
Open Pit
|
100%
|
-
|
|
-
|
229
|
3.41
|
25
|
229
|
3.41
|
25
|
373
|
3.89
|
47
|
Kittila
|
Underground
|
100%
|
4,748
|
2.44
|
372
|
17,999
|
2.51
|
1,452
|
22,747
|
2.49
|
1,824
|
11,620
|
3.77
|
1,408
|
Kittila Total
|
4,748
|
2.44
|
372
|
18,228
|
2.52
|
1,477
|
22,976
|
2.50
|
1,849
|
11,993
|
3.77
|
1,454
|
Kuotko
|
Open Pit
|
100%
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
284
|
3.18
|
29
|
Kylmäkangas
|
Underground
|
100%
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
1,896
|
4.11
|
250
|
Barsele
|
Open Pit
|
55%
|
-
|
|
-
|
3,178
|
1.08
|
111
|
3,178
|
1.08
|
111
|
2,260
|
1.25
|
91
|
Barsele
|
Underground
|
55%
|
-
|
|
-
|
1,158
|
1.77
|
66
|
1,158
|
1.77
|
66
|
13,552
|
2.10
|
914
|
Barsele
Total
|
-
|
|
-
|
4,335
|
1.27
|
176
|
4,335
|
1.27
|
176
|
15,811
|
1.98
|
1,005
|
Pinos
Altos
|
Open Pit
|
100%
|
-
|
|
-
|
1,734
|
0.81
|
45
|
1,734
|
0.81
|
45
|
468
|
1.18
|
18
|
Pinos
Altos
|
Underground
|
100%
|
-
|
|
-
|
15,701
|
1.66
|
837
|
15,701
|
1.66
|
837
|
3,090
|
1.86
|
185
|
Pinos Altos Total
|
-
|
|
-
|
17,436
|
1.57
|
882
|
17,436
|
1.57
|
882
|
3,558
|
1.77
|
203
|
La India
|
Open Pit
|
100%
|
9,781
|
0.87
|
274
|
1,309
|
0.73
|
31
|
11,091
|
0.85
|
305
|
419
|
0.55
|
7
|
Tarachi
|
Open Pit
|
100%
|
-
|
|
-
|
22,665
|
0.40
|
294
|
22,665
|
0.40
|
294
|
6,476
|
0.33
|
68
|
Chipriona
|
Open Pit
|
100%
|
-
|
|
-
|
1,266
|
1.08
|
44
|
1,266
|
1.08
|
44
|
12,799
|
0.68
|
278
|
El Barqueño
Gold
|
Open Pit
|
100%
|
-
|
|
-
|
8,834
|
1.16
|
331
|
8,834
|
1.16
|
331
|
9,628
|
1.13
|
351
|
Santa
Gertrudis
|
Open Pit
|
100%
|
-
|
|
-
|
5,778
|
0.60
|
111
|
5,778
|
0.60
|
111
|
19,691
|
1.18
|
746
|
Santa
Gertrudis
|
Underground
|
100%
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
7,980
|
3.43
|
879
|
Santa Gertrudis Total
|
-
|
|
-
|
5,778
|
0.60
|
111
|
5,778
|
0.60
|
111
|
27,671
|
1.83
|
1,625
|
Totals
|
|
|
74,182
|
0.93
|
2,216
|
267,264
|
1.53
|
13,130
|
341,446
|
1.40
|
15,346
|
282,965
|
2.57
|
23,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SILVER
|
Mining
Method
|
Ownership
|
000 Tonnes
|
g/t
|
000 Oz Ag
|
000 Tonnes
|
g/t
|
000 Oz Ag
|
000 Tonnes
|
g/t
|
000 Oz Ag
|
000 Tonnes
|
g/t
|
000 Oz Ag
|
LaRonde
|
Underground
|
100%
|
-
|
|
-
|
4,904
|
21.39
|
3,372
|
4,904
|
21.39
|
3,372
|
6,369
|
23.98
|
4,911
|
Kylmäkangas
|
Underground
|
100%
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
1,896
|
31.11
|
1,896
|
Pinos
Altos
|
Open Pit
|
100%
|
-
|
|
-
|
1,734
|
16.45
|
917
|
1,734
|
16.45
|
917
|
468
|
42.00
|
632
|
Pinos
Altos
|
Underground
|
100%
|
-
|
|
-
|
15,701
|
44.18
|
22,303
|
15,701
|
44.18
|
22,303
|
3,090
|
50.41
|
5,008
|
Pinos Altos Total
|
-
|
|
-
|
17,436
|
41.42
|
23,221
|
17,436
|
41.42
|
23,221
|
3,558
|
49.31
|
5,640
|
La India
|
Open Pit
|
100%
|
9,781
|
5.37
|
1,690
|
1,309
|
4.04
|
170
|
11,091
|
5.22
|
1,860
|
419
|
3.09
|
42
|
Chipriona
|
Open Pit
|
100%
|
-
|
|
-
|
1,266
|
49.81
|
2,028
|
1,266
|
49.81
|
2,028
|
12,799
|
75.59
|
31,104
|
El Barqueño
Silver
|
Open Pit
|
100%
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
4,393
|
124.06
|
17,523
|
El Barqueño
Gold
|
Open Pit
|
100%
|
-
|
|
-
|
8,834
|
4.73
|
1,343
|
8,834
|
4.73
|
1,343
|
9,628
|
16.86
|
5,218
|
Santa
Gertrudis
|
Open Pit
|
100%
|
-
|
|
-
|
5,778
|
4.39
|
816
|
5,778
|
4.39
|
816
|
19,691
|
1.90
|
1,200
|
Santa
Gertrudis
|
Underground
|
100%
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
7,980
|
25.39
|
6,515
|
Santa Gertrudis
Total
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
27,671
|
8.67
|
7,715
|
Totals
|
|
|
9,781
|
5.37
|
1,690
|
39,528
|
24.35
|
30,950
|
49,309
|
20.59
|
32,640
|
66,733
|
34.51
|
74,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COPPER
|
Mining
Method
|
Ownership
|
000 Tonnes
|
%
|
Tonnes Cu
|
000 Tonnes
|
%
|
Tonnes Cu
|
000 Tonnes
|
%
|
Tonnes Cu
|
000 Tonnes
|
%
|
Tonnes Cu
|
LaRonde
|
Underground
|
100%
|
-
|
|
-
|
4,904
|
0.13
|
6,371
|
4,904
|
0.13
|
6,371
|
6,369
|
0.27
|
17,352
|
Akasaba
West
|
Open Pit
|
100%
|
-
|
|
-
|
4,870
|
0.37
|
18,246
|
4,870
|
0.37
|
18,246
|
-
|
|
-
|
Upper
Beaver
|
Underground
|
100%
|
-
|
|
-
|
3,636
|
0.14
|
5,135
|
3,636
|
0.14
|
5,135
|
8,688
|
0.20
|
17,284
|
Chipriona
|
Open Pit
|
100%
|
-
|
|
-
|
1,266
|
0.03
|
404
|
1,266
|
0.03
|
404
|
12,799
|
0.13
|
16,670
|
El Barqueño
Gold
|
Open Pit
|
100%
|
-
|
|
-
|
8,834
|
0.19
|
16,400
|
8,834
|
0.19
|
16,400
|
9,628
|
0.22
|
21,152
|
Totals
|
|
|
-
|
|
-
|
23,511
|
0.20
|
46,555
|
23,511
|
0.20
|
46,555
|
37,484
|
0.19
|
72,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ZINC
|
Mining
Method
|
Ownership
|
000 Tonnes
|
%
|
Tonnes Zn
|
000 Tonnes
|
%
|
Tonnes Zn
|
000 Tonnes
|
%
|
Tonnes Zn
|
000 Tonnes
|
%
|
Tonnes Zn
|
LaRonde
|
Underground
|
100%
|
-
|
|
-
|
4,904
|
0.81
|
39,560
|
4,904
|
0.81
|
39,560
|
6,369
|
1.96
|
124,660
|
Chipriona
|
Open Pit
|
100%
|
-
|
|
-
|
1,266
|
1.31
|
16,569
|
1,266
|
1.31
|
16,569
|
12,799
|
0.81
|
103,906
|
Totals
|
-
|
|
-
|
6,171
|
0.91
|
56,129
|
6,171
|
0.91
|
56,129
|
19,168
|
1.19
|
228,566
|
Mineral reserves are not a subset of mineral
resources. Tonnage amounts and contained metal amounts set
out in this table have been rounded to the nearest thousand, so
aggregate amounts may differ from column totals. Mineral
reserves are in-situ, taking into account all mining recoveries,
before mill or heap leach recoveries.
In prior periods, mineral reserves for all properties were
typically estimated using historic three-year average metals prices
and foreign exchange rates in accordance with the SEC
guidelines. These guidelines require the use of prices that
reflect current economic conditions at the time of mineral reserve
determination, which the Staff of the SEC has interpreted to mean
historic three-year average prices. Given the current
commodity price environment, Agnico Eagle uses price assumptions
that are below the three-year averages.
Assumptions used for the December 31, 2020 mineral reserves estimate at
all mines and advanced projects reported by the
Company
|
Metal prices
|
Exchange rates
|
|
Gold
(US$/oz)
|
Silver
(US$/oz)
|
Copper
(US$/lb)
|
Zinc
(US$/lb)
|
C$ per
US$1.00
|
Mexican peso per US$1.00
|
US$ per €1.00
|
Operations and
projects
|
$1,250
|
$17
|
$2.75
|
$1.00
|
$1.30
|
MXP18.00
|
EUR1.15
|
Hammond
Reef
|
$1,350
|
Not
applicable
|
Not
applicable
|
Not
applicable
|
$1.30
|
Not
applicable
|
Not
applicable
|
Upper
Beaver
|
$1,200
|
Not
applicable
|
$2.75
|
Not
applicable
|
$1.25
|
Not
applicable
|
Not
applicable
|
NI 43-101 requires mining companies to disclose mineral
reserves and mineral resources using the subcategories of "proven
mineral reserves", "probable mineral reserves", "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources". Mineral resources that are not mineral reserves
do not have demonstrated economic viability.
A mineral reserve is the economically mineable part of a
measured and/or indicated mineral resource. It includes
diluting materials and allowances for losses, which may occur when
the material is mined or extracted and is defined by studies at
pre-feasibility or feasibility level as appropriate that include
application of modifying factors. Such studies demonstrate
that, at the time of reporting, extraction could reasonably be
justified. The mineral reserves presented in this news
release are separate from and not a portion of the mineral
resources.
Modifying factors are considerations used to convert
mineral resources to mineral reserves. These include, but are
not restricted to, mining, processing, metallurgical,
infrastructure, economic, marketing, legal, environmental, social
and governmental factors.
A proven mineral reserve is the economically mineable part
of a measured mineral resource. A proven mineral reserve
implies a high degree of confidence in the modifying factors.
A probable mineral reserve is the economically mineable part of an
indicated and, in some circumstances, a measured mineral
resource. The confidence in the modifying factors applying to
a probable mineral reserve is lower than that applying to a proven
mineral reserve.
A mineral resource is a concentration or occurrence of
solid material of economic interest in or on the Earth's crust in
such form, grade or quality and quantity that there are reasonable
prospects for eventual economic extraction. The location,
quantity, grade or quality, continuity and other geological
characteristics of a mineral resource are known, estimated or
interpreted from specific geological evidence and knowledge,
including sampling.
A measured mineral resource is that part of a mineral
resource for which quantity, grade or quality, densities, shape and
physical characteristics are estimated with confidence sufficient
to allow the application of modifying factors to support detailed
mine planning and final evaluation of the economic viability of the
deposit. Geological evidence is derived from detailed and
reliable exploration, sampling and testing and is sufficient to
confirm geological and grade or quality continuity between points
of observation. An indicated mineral resource is that part of
a mineral resource for which quantity, grade or quality, densities,
shape and physical characteristics are estimated with sufficient
confidence to allow the application of modifying factors in
sufficient detail to support mine planning and evaluation of the
economic viability of the deposit. Geological evidence is
derived from adequately detailed and reliable exploration, sampling
and testing and is sufficient to assume geological and grade or
quality continuity between points of observation. An inferred
mineral resource is that part of a mineral resource for which
quantity and grade or quality are estimated on the basis of limited
geological evidence and sampling. Geological evidence is
sufficient to imply but not verify geological and grade or quality
continuity.
Investors are cautioned not to assume that part or all
of an inferred mineral resource exists, or is economically or
legally mineable.
A feasibility study is a comprehensive technical and
economic study of the selected development option for a mineral
project that includes appropriately detailed assessments of
applicable modifying factors, together with any other relevant
operational factors and detailed financial analysis that are
necessary to demonstrate, at the time of reporting, that extraction
is reasonably justified (economically mineable). The results
of the study may reasonably serve as the basis for a final decision
by a proponent or financial institution to proceed with, or
finance, the development of the project. The confidence level
of the study will be higher than that of a pre-feasibility
study.
Historical Mineral Reserve and Mineral Resource at Hope
Bay
The Hope Bay Project has been subject to a significant
amount of diamond drilling both by TMAC and previous
operators. A NI 43-101 technical report published by TMAC on
March 30, 2020, titled "NI 43-101
Technical Report On The Hope Bay Property, Nunavut, Canada" set out estimated mineral
reserves and mineral resources at Hope Bay. While the Company
reviewed this historical estimate as part of its due diligence
investigation of TMAC and believes it to be relevant and reliable,
a qualified person has not done sufficient work to classify the
historical estimate as current mineral resources or mineral
reserves and the Company is not treating the historical estimate as
current mineral resources or mineral reserves. TMAC's
technical report contained measured mineral resources of 0.48
million ounces of gold (1.6 million tonnes grading 9.5 g/t gold)
and indicated mineral resources of 4.69 million ounces (20.2
million tonnes grading 7.2 g/t gold). Contained within the
measured and indicated mineral resources were proven mineral
reserves of 0.01 million ounces (0.1 million tonnes grading 4.1 g/t
gold) and probable mineral reserves of 3.53 million ounces (16.8
million tonnes at 6.5 g/t gold). In addition, there was also
inferred mineral resources of 2.13 million ounces (10.9 million
tonnes at 6.1 g/t gold). The mineral reserve estimate above
was prepared using an average long-term gold price of US$1,325 per ounce, a C$/US$ exchange rate of
1.34 and a cut-off grade of 4.0 g/t gold for longhole stopes, 3.0
g/t gold for incremental development ore required for mining and
2.0 g/t gold for the Madrid North crown pillar surface
mining. The mineral resource estimate above was prepared
using an average long-term gold price of US$1,500 per ounce, a C$/US$ exchange rate of
1.34 and a block cut-off grade of 3.5 g/t gold.
Additional Information
Additional information about each of the Company's material
mineral projects that is required by NI 43-101, sections 3.2 and
3.3 and paragraphs 3.4(a), (c) and (d), as well as other
information, can be found in Technical Reports, which may be found
at www.sedar.com. Other important operating information can
be found in the Company's AIF, MD&A and Form 40-F.
Property/Project
name and location
|
Date of most
recent Technical Report (NI 43-101) filed
on SEDAR
|
LaRonde, LaRonde Zone
5 & Ellison, Quebec, Canada
|
March 23,
2005
|
Canadian Malartic,
Quebec, Canada
|
March 25,
2021
|
Kittila, Kuotko and
Kylmakangas, Finland
|
March 4,
2010
|
Meadowbank Gold
Complex including the Amaruq Satellite Mine Development, Nunavut,
Canada
|
February 14,
2018
|
Meliadine, Nunavut,
Canada
|
February 11,
2015
|
EXPLORATION DRILL COLLAR COORDINATES
Meliadine
|
Drill Collar
Coordinates*
|
Drill hole
|
UTM North
|
UTM East
|
Elevation
(metres above
sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
M21-3239
|
6987114
|
540247
|
61
|
201
|
-67
|
516
|
M21-3240
|
6987163
|
540181
|
62
|
202
|
-67
|
558
|
M21-3243
|
6987081
|
540127
|
62
|
204
|
-65
|
465
|
M21-3253
|
6987034
|
540522
|
62
|
216
|
-66
|
501
|
M21-3255
|
6987062
|
540307
|
62
|
199
|
-65
|
561
|
M21-3258
|
6987272
|
540170
|
62
|
201
|
-68
|
630
|
M21-3262
|
6982618
|
552464
|
68
|
198
|
-47
|
168
|
M21-3263
|
6982591
|
552401
|
67
|
199
|
-47
|
87
|
M21-3271
|
6987347
|
540121
|
62
|
203
|
-67
|
681
|
*Coordinate System
NAD 1983 UTM Zone 17N
|
Hope
Bay
|
Drill Collar
Coordinates*
|
Drill hole
|
UTM North
|
UTM East
|
Elevation
(metres above
sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
DBE21-50272
|
7560277
|
433953
|
-342
|
96
|
21
|
196
|
DBE21-50329
|
7560173
|
433997
|
-343
|
122
|
17
|
109
|
DBE21-50286
|
7560173
|
433996
|
-341
|
105
|
15
|
97
|
DBE21-50287
|
7560173
|
433997
|
-343
|
120
|
16
|
90
|
DBE21-50288
|
7560172
|
433996
|
-341
|
135
|
15
|
90
|
DBE21-50328
|
7560376
|
433817
|
46
|
90
|
-62
|
553
|
DBE21-50331
|
7560172
|
433996
|
-341
|
128
|
13
|
109
|
DCN21-50216
|
7557747
|
433801
|
-78
|
89
|
-36
|
130
|
DCN21-50268
|
7557790
|
433742
|
-226
|
114
|
18
|
148
|
DCN21-50307
|
7557737
|
433755
|
-201
|
90
|
11
|
120
|
DCN21-50310
|
7557737
|
433755
|
-202
|
95
|
-8
|
115
|
DCN21-50389
|
7557654
|
433801
|
-76
|
56
|
24
|
67
|
DCN21-50210
|
7557655
|
433802
|
-78
|
115
|
-32
|
102
|
DCN21-50211
|
7557749
|
433802
|
-77
|
60
|
-11
|
112
|
DCN21-50212
|
7557749
|
433802
|
-78
|
60
|
-22
|
110
|
DCN21-50213A
|
7557747
|
433801
|
-77
|
63
|
-30
|
133
|
DCN21-50214
|
7557748
|
433801
|
-78
|
74
|
-33
|
129
|
DCN21-50217
|
7557747
|
433802
|
-77
|
92
|
0
|
96
|
DCN21-50218
|
7557747
|
433802
|
-77
|
92
|
-13
|
97
|
DCN21-50219
|
7557747
|
433802
|
-78
|
92
|
-26
|
111
|
DCN21-50222
|
7557746
|
433801
|
-78
|
104
|
-37
|
128
|
DCN21-50226
|
7557790
|
433741
|
-227
|
90
|
-3
|
138
|
DCN21-50240
|
7557656
|
433802
|
-78
|
84
|
-57
|
133
|
DCN21-50241
|
7557656
|
433802
|
-78
|
99
|
-57
|
135
|
NWS21-80037
|
7550533
|
433126
|
49
|
167
|
-45
|
280
|
NWS21-80038A
|
7550533
|
433126
|
49
|
168
|
-53
|
289
|
NWS21-80039
|
7550533
|
433126
|
49
|
170
|
-63
|
297
|
NWS21-80042
|
7550533
|
433126
|
49
|
182
|
-45
|
275
|
NWS21-80043
|
7550533
|
433126
|
49
|
181
|
-52
|
147
|
NWS21-80046
|
7550517
|
433080
|
45
|
162
|
-44
|
136
|
NWS21-80047
|
7550517
|
433080
|
45
|
162
|
-50
|
140
|
NWS21-80049
|
7550517
|
433080
|
45
|
184
|
-67
|
183
|
NWS21-80066
|
7550522
|
433235
|
41
|
175
|
-45
|
132
|
NWS21-80074
|
7550522
|
433235
|
41
|
146
|
-55
|
148
|
NWS21-80077
|
7550522
|
433235
|
41
|
197
|
-50
|
138
|
*Coordinate System
NAD 1983 UTM Zone 13N
|
Kittila
|
Drill Collar
Coordinates*
|
Drill hole
|
UTM North
|
UTM East
|
Elevation
(metres above
sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
RIE20-608
|
7538910
|
2558714
|
-817
|
75
|
-20
|
407
|
RIE20-613
|
7538910
|
2558714
|
-816
|
77
|
-11
|
332
|
RIE20-615
|
7538909
|
2558714
|
-816
|
91
|
-11
|
333
|
RIE20-700B
|
7539078
|
2558620
|
-859
|
90
|
-59
|
1,020
|
RIE20-700C
|
7539078
|
2558620
|
-859
|
90
|
-59
|
1,050
|
RIE21-700
|
7538639
|
2558645
|
-778
|
90
|
-75
|
1,278
|
ROD21-700B
|
7538148
|
2558721
|
-750
|
90
|
-60
|
873
|
RIE21-700C
|
7538639
|
2558645
|
-778
|
90
|
-75
|
1,377
|
RUG20-527
|
7537955
|
2558695
|
-777
|
95
|
-26
|
298
|
RUG20-529
|
7537862
|
2558681
|
-788
|
103
|
27
|
268
|
RUG20-530
|
7537861
|
2558681
|
-788
|
115
|
28
|
310
|
RUG20-531
|
7537861
|
2558681
|
-789
|
114
|
18
|
267
|
*Coordinate System
NAD 1983 UTM Zone 17N
|
Santa
Gertrudis
|
Drill Collar
Coordinates*
|
Drill hole
|
UTM North
|
UTM East
|
Elevation
(metres above
sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
SGE-20-407
|
3392555
|
542375
|
1,325
|
180
|
-60
|
402
|
SGE-21-422
|
3392710
|
542515
|
1,345
|
180
|
-52
|
600
|
SGE-21-426
|
3392690
|
542430
|
1,340
|
180
|
-65
|
576
|
SGE-21-429
|
3392447
|
542312
|
1,291
|
180
|
-50
|
426
|
SGE-21-431
|
3389861
|
539876
|
1,118
|
140
|
-60
|
210
|
SGE-21-437
|
3389653
|
539786
|
1,118
|
140
|
-50
|
220
|
SGE-21-440
|
3389280
|
543689
|
1,424
|
260
|
-70
|
636
|
SGE-21-441
|
3389161
|
543836
|
1,417
|
265
|
-70
|
618
|
SGE-21-444
|
3389223
|
543750
|
1,425
|
260
|
-70
|
600
|
*Coordinate System
UTM WGS84 12N
|
View original
content:https://www.prnewswire.com/news-releases/agnico-eagle-provides-an-update-on-exploration-results-for-h1-2021-discovery-of-a-new-mineralized-horizon-400m-south-of-east-gouldie-deposit-additional-high-grade-gold-copper-in-footwall-zone-at-upper-beaver-in-kirkland-lake-ex-301328299.html
SOURCE Agnico Eagle Mines Limited