Agnico touts ‘exciting’ exploration work at Amaruq

VANCOUVER — It's not a market where producers discuss exploration stage plays very often, but Agnico Eagle Mines (TSX: AEM; NYSE: AEM) can't contain its excitement over the Amaruq gold prospect 50 km northwest of its Meadowbank mine in Nunavut. On Sept. 29 the company provided an update on the project, where it expects to invest around $9 million in 2014.

According to president and CEO Sean Boyd, Agnico's team saw the potential across Amaruq’s 408 km² concession package roughly four years ago – when the property was called IVR – but it took the intervening period to work out a deal.

Since the company began drilling in July 2013, a total of 30,000 metres have been completed over 142 drills holes, including 26,600 metres so far in 2014. Agnico's recent work has unveiled the potential for multiple mineralized zones within a 2-km-wide northeast-southwest corridor that can be traced along strike for at least 10 km. The company expects to table a maiden resource at the project by the end of the year.

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