Agnico Eagle Mines (TSX: AEM; NYSE: AEM) is off to a strong start in this year’s exploration program at its promising Amaruq gold discovery, located 50 km northwest of its Meadowbank gold mine in western Nunavut, 300 km west of Hudson Bay.
The 1,147 km2, wholly owned Amaruq property hosts three small gold zones named I, V and R that had Agnico’s interest until July 2013, when its exploration team discovered the Whale Tail zone, 350 metres south of the three small zones, on either side of Whale Lake.
Agnico realized the discovery’s importance, and the $1.5 million budgeted for exploration at Amaruq in 2014 ballooned to $9 million. In September – only two months on from the Whale Tail discovery – Agnico’s vice-chairman and CEO Sean Boyd was already describing Amaruq as “the most exciting thing we have on the go from an exploration standpoint.”
By the time the 2014 drilling campaign ended in October, Agnico had drilled 144 infill and step out holes totalling 31,600 metres, mostly into the Whale Tail zone.
After this, Agnico released a maiden resource in February of 1.5 million oz of gold in 6.6 million tonnes grading 7.07 g/t Au, with 1.4 million oz in the Whale Tail deposit and the rest in the I, V and R zones.
Read the complete article at NorthernMiner.com/news/agnico-grows-amaruq