Stock Symbol: AEM (NYSE and TSX)
TORONTO , Nov. 11, 2014 /CNW/ - Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) ("Agnico Eagle" or the "Company") has completed its 2014 exploration
activities at the high-grade Amaruq gold project, located approximately
50 kilometres northwest of the Meadowbank mine in Nunavut . The Company
last reported results from this project in its news release dated
September 29, 2014. Recent highlights include:
-
2014 drill program completed mid-October with a total of 144 holes (31,598 metres), including 60 holes (more
than 17,000 metres) in the Whale Tail zone
-
Multiple high-grade, wide intercepts west and east of Whale Lake - Regularly spaced holes west and east of Whale Lake have consistently
encountered high-grade gold mineralization in one to five horizons
between surface and more than 350 metres depth. The best recent
intercepts west of the lake were from hole IVR14-125A that intersected 7.6 grams per tonne ("g/t") gold (capped) over 23.2
metres estimated true width at 248 metres depth and hole IVR14-145 intersecting 8.2 g/t gold (capped) over 6.7 metres estimated true width
at 165 metres depth. The best intercept to date east of Whale Lake was
from hole IVR14-152 that intersected 10.8 g/t gold (capped) over 11.9 metres true width at
134 metres depth.
-
Whale Tail zone extended 200 metres farther to southwest, adding new
horizon -The last phase of the drill program has stretched the Whale Tail zone
over an additional 200 metres farther southwest for a total strike
length of approximately 1.2 kilometres. Hole IVR14-150 represents the farthest west intercept to date at Whale Tail,
intersecting 8.1 g/t gold (capped) over estimated true width of 12.1
metres at 14 metres depth. This drill hole also intersected what is
interpreted to be an additional (fifth) mineralized horizon, yielding
5.9 g/t gold (capped) over estimated true width of 5.4 metres at 226
metres depth, approximately 150 metres north of the previous
northernmost Whale Tail horizon.
-
Initial resource estimate expected in early 2015
"In just over a year, Amaruq has progressed from a new grassroots
exploration discovery to one of the Company's most exciting exploration
opportunities," said Sean Boyd , President and CEO of Agnico Eagle.
"With an initial resource estimate expected early next year, Amaruq has
the potential to significantly drive our Northern business platform,
especially our Nunavut operations. We look forward to an expanded
exploration program in 2015, which we hope will add further value,"
added Mr. Boyd.
The 408-square kilometre Amaruq property is located within Inuit Owned
Land, and Agnico Eagle acquired a 100% interest in April 2013 pursuant
to a mineral exploration agreement with Nunavut Tunngavik Incorporated.
The $10-million 2014 field program was concluded in mid-October, with a
total of 144 drill holes (31,598 metres) plus geophysics, field work
and camp construction to be in a position to expand activities in
2015. Assays of all drill samples have been received and incorporated
into the project database. While the focus in the latter half of the
year has been on Whale Tail, results from the I, V and R zones continue
to indicate significant gold-bearing zones that will receive more work
in the future. The I, V, R and Whale Tail zones are all open along
strike and at depth.
Expansion of Whale Tail Mineralized Zone
Exploration from July through October has focused on the Whale Tail zone
to the east and to the west of Whale Lake, drilling 60 holes (more than
17,000 metres) in a pattern of 70 metres by 70 metres to an average
depth of 250 metres below surface. This drill-hole spacing is close
enough to allow for the calculation of an initial resource estimate.
The results in this area show marked lateral continuity of between one
and possibly five mineralized horizons, with gold grades approximately
two to three times the gold grade mined year-to-date in 2014 (2.9 g/t)
at the Meadowbank mine. Each hole drilled along the 1,200-metre strike
length of the Whale Tail zone has intersected gold mineralization,
showing the economic potential of the zone. All intercepts reported
for the Amaruq project show capped grades over estimated true widths,
based on a preliminary geological interpretation that will be updated
as new information becomes available with further drilling.
Many of the most recent holes west of Whale Lake have stepped out from
the zone to intersect the mineralization at depth. These include hole IVR14-125A that intersected one horizon with 7.6 g/t gold over 23.2 metres at 248
metres depth. Hole IVR14-145 intersected four mineralized horizons: 8.2 g/t gold over 6.7 metres at
165 metres depth, 5.1 g/t gold over 3.8 metres at 182 metres depth, 3.8
g/t gold over 25.8 metres at 243 metres depth including 10.8 g/t gold
over 5.5 metres, and 6.9 g/t gold over 2.9 metres at 351 metres depth.
Two holes completing the drill pattern west of Whale Tail intersected
multiple horizons with good grade over wide widths. Hole IVR14-109 intersected four horizons, of which the first two were 13.7 g/t gold
over 5.3 metres at 107 metres depth, and 5.3 g/t gold over 13.4 metres
at 204 metres depth. Hole IVR14-141 intersected four horizons of which the second one was the best: 5.7 g/t
gold over 15.6 metres at 165 metres depth including 12.5 g/t gold over
4.6 metres.
Other drilling has stepped closer to the mineralization to focus on
shallower depths, such as hole IVR14-139 that intersected two horizons: 3.9 g/t gold over 5.4 metres at 13
metres depth, and 20.2 g/t gold over 5.2 metres at 26 metres depth.
One recent hole was directed to the north, in order to investigate the
region beneath Whale Lake, between the known mineralization to the east
and west of the lake. Hole IVR14-144 intersected 8.7 g/t gold over 7.8 metres at 339 metres depth (including
11.1 g/t gold over 4.4 metres). Additional drilling will be done in
winter from the lake ice in this area, to determine the full extent of
the mineralization between the east and west sides of the lake.
To the east of Whale Lake, two recent holes have each intersected two
mineralized horizons. Hole IVR14-152 intersected the best intercept to date in this region: 24.1 g/t gold
over 3.5 metres at 115 metres depth, and 10.8 g/t gold over 11.9 metres
at 134 metres depth. The other is hole IVR14-149 that intersected 16.5 g/t gold over 3.1 metres at 112 metres depth and
8.7 g/t gold over 3.0 metres at 131 metres depth.
Recent drilling has shown that Whale Tail extends another 200 metres in
a southwest direction, so the zone has a current total strike length of
approximately 1,200 metres. Hole IVR14-150 represents the farthest west intercept to date in the zone,
intersecting two horizons: 8.1 g/t gold over 12.1 metres at 14 metres
depth, as well as 5.9 g/t gold over 5.4 metres at 226 metres depth.
The latter intercept is interpreted to be a new mineralized horizon
located 150 metres north of any previous intercepts, opening up the
possibility of a new target horizon (a fifth horizon) in the Whale Tail
zone.
Additional information about these and other drill intersections is
included in the table below, while the drill collars are located on the
Amaruq project local geology map. The drill collar coordinates table
can be found in the Appendix of this news release.
[Amaruq Project - Local Geology]
Recent results from Whale Tail zone exploration drilling
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)*
|
IVR14-109
|
West
|
128.4
|
134.3
|
107
|
5.3
|
13.7
|
13.7
|
and
|
|
241.1
|
263.5
|
204
|
13.4
|
5.3
|
5.3
|
including
|
|
254.0
|
261.8
|
209
|
4.7
|
9.9
|
9.9
|
and
|
|
275.8
|
279.8
|
225
|
2.8
|
5.2
|
5.2
|
and
|
|
337.4
|
340.9
|
276
|
2.8
|
13.1
|
13.1
|
IVR14-114
|
West
|
46.0
|
49.2
|
34
|
3.2
|
6.0
|
6.0
|
and
|
|
59.8
|
63.3
|
43
|
3.2
|
5.4
|
5.4
|
and
|
|
243.5
|
247.7
|
169
|
3.1
|
9.1
|
9.1
|
IVR14-121A
|
West
|
30.7
|
34.9
|
23
|
3.8
|
4.8
|
4.8
|
and
|
|
43.7
|
49.8
|
33
|
5.8
|
4.9
|
4.9
|
IVR14-125A
|
West
|
325.0
|
363.7
|
248
|
23.2
|
7.6
|
7.6
|
including
|
|
339.0
|
344.0
|
245
|
3.0
|
14.9
|
14.9
|
including
|
|
351.0
|
358.0
|
256
|
4.2
|
10.4
|
10.4
|
IVR14-127
|
West
|
375.9
|
385.1
|
300
|
9.2
|
4.5
|
4.5
|
IVR14-130
|
|
185.2
|
193.2
|
150
|
5.6
|
5.6
|
5.6
|
and
|
|
258.0
|
261.5
|
206
|
2.8
|
39.2
|
24.6
|
IVR14-139
|
West
|
15.0
|
21.0
|
13
|
5.4
|
3.9
|
3.9
|
and
|
|
34.0
|
39.5
|
26
|
5.2
|
20.2
|
20.2
|
IVR14-141
|
West
|
158.5
|
163.0
|
128
|
3.4
|
13.1
|
13.1
|
and
|
|
195.0
|
221.0
|
165
|
15.6
|
5.7
|
5.7
|
including
|
|
204.8
|
212.5
|
166
|
4.6
|
12.5
|
12.5
|
and
|
|
241.5
|
246.6
|
192
|
3.1
|
6.5
|
6.5
|
and
|
|
284.7
|
289.8
|
228
|
3.1
|
6.5
|
6.5
|
IVR14-144
|
Central
|
400.0
|
415.5
|
339
|
7.8
|
8.7
|
8.7
|
including
|
|
404.0
|
412.8
|
339
|
4.4
|
11.1
|
11.1
|
IVR14-145
|
West
|
194.2
|
205.3
|
165
|
6.7
|
11.6
|
8.2
|
including
|
|
194.2
|
198.5
|
162
|
2.8
|
25.6
|
16.8
|
and
|
|
217.0
|
223.3
|
182
|
3.8
|
5.1
|
5.1
|
and
|
|
273.8
|
316.8
|
243
|
25.8
|
3.9
|
3.8
|
including
|
|
280.7
|
289.9
|
234
|
5.5
|
11.2
|
10.8
|
and
|
|
428.6
|
433.5
|
351
|
2.9
|
120.7
|
6.9
|
including
|
|
432.0
|
432.5
|
351
|
N.A.
|
1,175.0
|
60.0
|
IVR14-147
|
West
|
56.0
|
61.8
|
42
|
5.5
|
4.5
|
4.5
|
IVR14-148
|
West
|
76.4
|
81.0
|
56
|
3.2
|
8.3
|
8.3
|
IVR14-149
|
East
|
149.6
|
152.7
|
112
|
3.1
|
45.6
|
16.5
|
and
|
|
175.0
|
178.0
|
131
|
3.0
|
8.7
|
8.7
|
IVR14-150
|
West
|
9.0
|
26.3
|
14
|
12.1
|
8.1
|
8.1
|
and
|
|
277.3
|
284.5
|
226
|
5.4
|
5.9
|
5.9
|
IVR14-151
|
|
423.1
|
427.7
|
350
|
4.4
|
4.8
|
4.8
|
IVR14-152
|
East
|
137.4
|
141.1
|
115
|
3.5
|
24.1
|
24.1
|
and
|
|
156.6
|
168.5
|
134
|
11.9
|
19.8
|
10.8
|
including
|
|
156.6
|
159.8
|
130
|
3.2
|
58.5
|
25.2
|
IVR14-153
|
|
25.8
|
36.4
|
29
|
6.9
|
9.9
|
9.9
|
IVR14-155
|
West
|
192.8
|
197.8
|
148
|
3.0
|
33.8
|
22.5
|
and
|
|
244.7
|
261.0
|
192
|
10.6
|
4.7
|
4.7
|
including
|
|
253.5
|
261.0
|
195
|
4.9
|
7.2
|
7.2
|
and
|
|
392.7
|
396.0
|
300
|
3.0
|
9.8
|
9.8
|
* Holes at Amaruq use a capping factor of 60 g/t gold.
Initial Resource Estimate Expected Early 2015; Additional Drilling
Starting in March
An initial resource estimate based on the 2014 Whale Tail drill results
is anticipated in early 2015. Preliminary metallurgical testing is
being done on nine composite samples of mineralized drill core. Low-,
average- and high-grade composites were assembled from each of the
three main types of ore that have been identified, based on the
sulphide mineralogy and the host rock.
The exploration camp is expected to reopen in late February 2015 , with
winter drilling to start in March 2015 and completion of the camp
expansion to accommodate 60 personnel by late March 2015. As well, the
old Meadowbank exploration camp with an 80-person capacity is currently
being dismantled and is scheduled to be relocated to Amaruq by winter
road to allow room for further expansion of activities, if required.
Drilling and field work in 2015 including ground geophysics will again
focus on the Whale Tail zone, with additional investigation of the I, V
and R deposits and other known zones and targets described in the
Company's September 29, 2014 news release.
The collection of environmental baseline data from the Amaruq
exploration site area began in the second half of 2014. This
environmental baseline study could be used for the eventual permitting
of the Amaruq project. Permitting and preliminary engineering
activities have continued for the possible construction of an
all-weather exploration road linking the Amaruq exploration site to the
Meadowbank mine. This road would facilitate exploration activities such
as fuel, equipment and personnel transportation.
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company that has produced
precious metals since 1957. Its nine mines are located in Canada ,
Finland and Mexico , with exploration and development activities in each
of these regions as well as in the United States . The Company and its
shareholders have full exposure to gold prices due to its long-standing
policy of no forward gold sales. Agnico Eagle has declared a cash
dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at November
11, 2014 . Certain statements contained in this document 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 document, the words "anticipate", "expect", "estimate",
"forecast", "will", "planned", "should" and similar expressions are
intended to identify forward-looking statements or information.
Such statements include without limitation: estimates of mineral grades,
the estimated extent and timing of anticipated future exploration
activity; the results of future interpretation of geological
information; whether results thereof will lead to estimated reserves or
resources and the timing of such estimates; and the nature and timing
of permitting work and construction of a camp or road access to the
Amaruq project. Such forward-looking statements reflect the Company's
views as at the date of this document and are subject to certain risks,
uncertainties and assumptions, and undue reliance should not be placed
on such statements and information. 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 volatility of prices of gold and
other metals; uncertainty of mineral grades; cost of exploration and
development programs; governmental and environmental regulation; and
the volatility of the Company's stock price. 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, 2013 filed with Canadian
securities regulators and that are included in its Annual Report on
Form 40-F for the year ended December 31, 2013 ("Form 40-F") filed with
the U.S. Securities and Exchange Commission (the "SEC") as well as:
that there are no significant disruptions affecting operations; that
permitting and exploration at Amaruq proceeds on a basis consistent
with current expectations and plans; that Agnico Eagle's current
estimates of mineral grades are accurate; and that there are no
material delays in the timing for completion of the Amaruq exploration
project.
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 document, see the
Company's AIF, MD&A and Form 40-F, as well as the Company's other
filings with the Canadian securities regulators and the SEC. The
Company does not intend, and does not assume any obligation, to update
these forward-looking statements and information. For a detailed
breakdown of the Company's reserve and resource position see the
Company's Annual Information Form or Form 40-F.
Guy Gosselin , Vice-President Exploration for Agnico Eagle Mines Limited,
approved the scientific and technical information in this news release.
Mr. Gosselin verified the data disclosed in this news release,
including the sampling, analytical and testing data underlying the
information. Verification included a review and validation of the
applicable assay databases and reviews of assay certificates. Mr.
Gosselin is a P.Eng. with the Ordre ingenieurs du Quebec, and is a
qualified person as defined by NI 43-101.
Assay quality assurance and quality control system for the Amaruq
Project
The Quality Assurance / Quality Control (QA/QC) program used for the
Amaruq project is consistent with NI 43-101 and industry best
practices. All samples are assayed at an independent laboratory, ALS
Chemex (ALS) in Val-d'Or, Que. , with sample preparation at Thunder Bay,
Ont. , and Val-d'Or . A subset of samples (approximately 10%) is sent to
SGS laboratory in Vancouver, B.C. , for check-assaying.
All drill core samples (NQ size) are fine crushed to better than 70% of
the sample passing 2 mm. A sample split (rotary splitter) of up to 250
g is pulverized to better than 85% of the sample passing 75 microns.
Key components of the QA/QC program are: systematic insertion into the
sample stream of blank samples and standards; analyses of duplicate
samples, and confirmatory analyses by a second laboratory.
Approximately 12% of all samples submitted for analysis are control
samples. All control samples are inserted at a frequency of one
custom-prepared standard, one blank and one coarse duplicate for every
24 core samples.
Control standard failure is defined by a reported gold content outside
of a 2 standard deviation range of the reference standard certified
gold content. A failure of a control standard triggers an investigation
into the cause. A blank failure is defined by a reported gold content
above 3 times detection limit of the method.
All samples are assayed for gold by Fire Assay AA finish with a second
run by gravimetric finish (30 g) for those with gold grades above 3
g/t. Silver is also reported, and samples are aqua regia digested with
Atomic Absorption Spectroscopy finish.
Program design, management, and QA/QC are governed by Agnico Eagle's
exploration and reserves and resources development groups, of which
Daniel Doucet , Corporate Director of Reserve Development, is the
Company's Qualified Person. The QA/QC data verification has been
completed by Agnico Eagle's Mirela Saraci , P. Geo., Senior Geologist,
Geological Data and QAQC Protocol.
Appendix: Selected drill collar coordinates
Amaruq Project exploration drill collar coordinates
|
|
|
Drill collar coordinates*
|
Drill hole ID
|
UTM North
|
UTM East
|
Elevation
(metres
above sea
level)
|
Azimuth
|
Dip
(degrees)
|
Length
(metres)
|
IVR14-109
|
7255226.4
|
606635.7
|
160.4
|
324
|
-54
|
393
|
IVR14-114
|
7255147.9
|
606363.0
|
157.6
|
319
|
-47
|
351
|
IVR14-121A
|
7255285.6
|
606518.0
|
158.2
|
320
|
-46
|
162
|
IVR14-125A
|
7255111.2
|
606603.7
|
161.5
|
321
|
-43
|
450
|
IVR14-127
|
7255003.5
|
606376.5
|
157.7
|
321
|
-53
|
509
|
IVR14-130
|
7255073.7
|
606321.1
|
157.2
|
320
|
-52
|
405
|
IVR14-139
|
7255444.5
|
606634.6
|
153.8
|
323
|
-46
|
96
|
IVR14-141
|
7255340.6
|
606722.2
|
155.1
|
323
|
-53
|
441
|
IVR14-144
|
7255212.0
|
606758.4
|
155.8
|
354
|
-54
|
523
|
IVR14-145
|
7255264.1
|
606729.8
|
156.7
|
319
|
-57
|
447
|
IVR14-147
|
7255304.8
|
606430.4
|
155.8
|
316
|
-46
|
108
|
IVR14-148
|
7255262.6
|
606365.1
|
155.3
|
318
|
-46
|
141
|
IVR14-149
|
7255648.9
|
607118.8
|
157.4
|
320
|
-49
|
210
|
IVR14-150
|
7255210.4
|
606217.6
|
153.1
|
321
|
-53
|
303
|
IVR14-151
|
7255143.6
|
606624.3
|
161.2
|
321
|
-53
|
467
|
IVR14-152
|
7255598.8
|
607075.3
|
153.6
|
320
|
-57
|
243
|
IVR14-153
|
7255379.1
|
606520.8
|
155.1
|
141
|
-69
|
302
|
IVR14-155
|
7255102.9
|
606497.7
|
161.3
|
321
|
-50
|
432
|
* Coordinate System UTM Nad 83 zone 14
|
|
|
|
|
SOURCE Agnico Eagle Mines Limited