Excitement is building for Agnico Eagle Mines
(TSX: AEM; NYSE: AEM) at its Amaruq gold project, 300 km west of Hudson Bay, as exploration geologists unveil a robust mineralized system that can be traced for 2.3 km and counting, adding momentum to one of Canada’s fastest growing greenfield discoveries.
A new resource upgrade at the project’s Whale Tail and IVR deposits tallies 3.3 million oz. gold in 16.9 million inferred tonnes grading 6.05 grams gold per tonne – up 67% from an estimate in December 2015, and a 120% increase since its first resource figure in 2014.
For Guy Gosselin, Agnico’s vice-president of exploration, the upgrade is likely only a glimpse of what’s to come, considering the potential he sees around the greenstone-hosted deposit.
“The beauty of this system is that we can easily track the sulphidized parts of it in geophysics,” he says in an interview, noting strong, continuous magnetic and electromagnetic signatures across the deposits. “We can trace these signatures from Whale Tail to beneath Mammoth Lake, where it extends at least another 4 km, so we’re quite optimistic and excited.”
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