Stock Symbol: (NYSE and TSX)
(All amounts expressed in U.S. dollars unless
otherwise noted)
TORONTO, Nov. 2, 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
growth. Key exploration highlights during the third quarter
of 2021 include:
- LaRonde Complex – Exploration is focused on developing
three new exploration drifts and drilling extensions of
LaRonde Zone 5 ("LZ5"), Zone 6, Zone
20N and mineralized zones beneath the past producing Bousquet mine.
Drilling the extension of the recently discovered 20N Zinc South
Zone at depth near the East mine has resulted in the deepest
intercept to date in the zone, which returned 9.3 grams per tonne
("g/t") gold, 114 g/t silver, 0.9% copper and 2.6% zinc over 4.6
metres at 3,464 metres depth. Drilling also shows potential for the
westward extension of LZ5 mineralization, including 1.9 g/t gold
over 20.0 metres at 527 metres depth
- Odyssey Underground Project at Canadian Malartic –
Infill drilling continues to return wide, high-grade intersections
in the core of the East Gouldie deposit, with recent results of 6.8
g/t gold over 41.4 metres at 1,069 metres depth, including 10.2 g/t
gold over 21.7 metres at 1,064 metres depth. The eastern extension
of the deposit continues to be tested, with the easternmost hole
drilled to date returning 6.3 g/t gold over 4.8 metres at 1,989
metres depth on the adjacent Rand Malartic property 1.5 kilometres
east of the current mineral resource, further demonstrating the
excellent potential to significantly grow the size of the East
Gouldie deposit
- Kirkland Lake Project – Conversion and expansion
drilling at the Upper Beaver deposit continues to intersect
significant high-grade mineralization, further expanding the
Footwall and Porphyry zones at depth. Recent results include a
highlight intercept grading 8.7 g/t gold and 0.81% copper over 18.2
metres at 1,435 metres depth in the East Porphyry Zone
- Meliadine – Conversion and exploration drilling
at the Meliadine mine is confirming and expanding high grade gold
mineralization. Shallow high-grade intercepts include 10.6 g/t gold
over 3.1 metres at 158 metres depth in the Normeg deposit and 7.0
g/t gold over 8.8 metres at 218 metres depth in the Wesmeg
deposit
- Meadowbank – Exploration at Amaruq has focused on the
area between the Whale Tail and IVR underground mineral resources,
with highlights such as 26.6 g/t gold over 2.6 metres at 247 metres
depth, demonstrating the potential for conversion to mineral
resources near the planned underground mine infrastructure.
Drilling in the western extension of the Mammoth Zone intersected
4.4 g/t gold over 36.4 metres at 264 metres depth and the zone
remains open at depth beneath Mammoth Lake
- Hope Bay – More than 71,000 metres of drilling have been
completed year to date with seven drill rigs now operating on the
Doris and Madrid deposits. Recent
results at Doris confirm the potential to expand the BTD Extension
Zone and the West Valley Zone along plunge, and highlights include
32.0 g/t gold over 3.2 metres at 319 metres depth, and 19.1 g/t
gold over 8.0 metres at 302 metres depth, respectively. At
Madrid, exploration drilling has
identified a new zone in Naartok West with results including 10.3
g/t gold over 5.9 metres at 247 metres depth and 6.6 g/t gold over
8.3 metres at 283 metres depth
- Kittila – In a new target below the shaft currently
under construction, exploration drilling returned 12.8 g/t gold
over 3.1 metres at 1,209 metres depth in the Main Zone and 3.3 g/t
gold over 3.5 metres at 1,390 metres depth in the Sisar Zone. These
first two holes drilled into the target demonstrate that the Main
and Sisar zones extend into this area in proximity to planned
underground mining infrastructure
- Santa Gertrudis –
Exploration drilling of the Amelia deposit is extending the deposit
at depth; oxide mineralization at the Santa Teresa deposit continues to grow along
strike; and new high-grade mineralization has been discovered at
the Centauro target, with highlights of 5.8 g/t gold and 9 g/t
silver over 15.0 metres at 252 metres depth, which includes 14.9
g/t gold and 14 g/t silver over 3.9 metres at 255 metres depth and
a second intercept returning 15.1 g/t gold and 13 g/t silver over
5.8 metres at 279 metres depth
"Strong drill results continue to demonstrate significant
exploration upside at several of our mines and key pipeline
projects. The 2021 exploration program is the most
ambitious in Agnico Eagle's 64-year history, as we investigate the
full potential of existing operations and key projects in the
Company's pipeline," said Sean
Boyd, Agnico Eagle's Chief Executive Officer. "We are
continuing to see positive results from this initiative, with
significant extension of the East Gouldie deposit, high-grade
mineralization at Upper Beaver that we expect to have a meaningful
impact on the project update in 2022, and results confirming the
potential to expand the Doris deposit and make a new discovery near
the Madrid deposit at Hope Bay.
In addition, we continue to generate significant exploration
results at key producing assets including LaRonde, 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 is set out in the sections
below.
Targeting growth of the Company's Mineral Reserves and
Mineral Resources at year-end 2021 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 as at December 31, 2020.
Exploration Results Conference Call and Webcast at
11:00 AM (E.D.T.)
Agnico Eagle's senior management will host a conference call
this morning, Tuesday, November 2,
2021 at 11:00 AM
(E.D.T.) to discuss the Company's exploration
results.
Via Webcast:
A live audio webcast of the conference call will be available on
the Company's website www.agnicoeagle.com.
Via Telephone:
For those preferring to listen by telephone, please dial
416-764-8659 or toll-free 1-888-664-6392. To ensure your
participation, please call approximately five minutes prior to the
scheduled start of the call.
Replay Archive:
Please dial 416-764-8677 or toll-free 1-888-390-0541, access
code 540563#. The conference call replay will expire on
December 2, 2021.
The webcast, along with presentation slides, will be archived
for 180 days on the Company's website.
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 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
to the Company's nearby mines and allows for the sharing of
technical expertise.
LaRonde Complex – Three Underground Development Drifts
Progressing Westward from LaRonde 3 Infrastructure; Drilling
Extends Newly Discovered 20N Zinc South Zone Below 3,100 Metres
Depth; Drilling Shows Potential for Westward Extension of LZ5
Mineralization
At the LaRonde Complex, the Company expects to spend
$14.1 million in 2021 to drill 39,800
metres and to develop, extend or rehabilitate three new exploration
drifts on levels 9, 215 and 290 West from the LaRonde 3
infrastructure towards the west below the LZ5 mine workings.
On track drift 9, the first drill station is now complete and a
drill rig was mobilized to the station in the third quarter of
2021. The exploration drilling program from track drift 9 is
first targeting the down-plunge extension of the historical
Bousquet Zone 3-1.
On level 215 exploration drift, the first drill station is
expected to be completed in the first quarter of 2022. The
exploration drilling program from level 215 exploration
drift will test for extensions of mineralized zones between
one and three kilometres depth, first beneath the past-producing
Bousquet 2 mine and then eventually beneath the past-producing
Bousquet 1 mine and LZ5 mine workings as the drift is advanced to
the west.
On exploration drift 290 West, development is progressing well.
The exploration drilling program from this drift is expected
to start in 2022 and will test for mineralization below three
kilometres depth from LaRonde's West mine, first testing beneath
the past-producing Bousquet 2 mine and then beneath the
past-producing Bousquet 1 mine and LZ5 mine workings as the drift
is advanced to the west in the coming years.
Exploration drilling is focused on extensions to LZ5, Zone 6,
Zone 20N and mineralization at the past producing Bousquet mine, as
well as extensions to the recently discovered 20N Zinc South Zone
located below 3,100 metres depth near the East mine.
At the Penna Shaft, exploration drilling is focused on Zone 6
and Zone 20N as well as extensions to the recently discovered 20N
Zinc South Zone located below 3,100 metres depth near the East
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 2030s.
Detailed exploration drill results from the LaRonde Complex were
last reported in the Company's news release dated October 28, 2020.
Selected recent drill results from the 20N Zinc South Zone from
the East mine area of LaRonde 3 (below level 311) and Zone 5 at the
LZ5 Mine are set out in the table and composite longitudinal map
below. Drill hole collar coordinates are in the Appendix.
Recent selected exploration drill results from 20N Zinc South
Zone in the East mine area of LaRonde 3 (below Level 311) and from
Zone 5 at LZ5 Mine
Drill hole
|
From
(metres)
|
To
(metres)
|
Depth of
midpoint
below
surface
(metres)
|
Estimated
true width
(metres)
|
Gold
grade (g/t)
(capped)*
|
Silver
grade (g/t)
(capped)*
|
Copper
grade (%)
|
Zinc
grade
(%)
|
Lead
grade
(%)
|
LR-284-01
|
607.8
|
611.2
|
3,126
|
2.8
|
0.5
|
41
|
0.04
|
11.89
|
1.4
|
LR-317-04
|
583.3
|
589.6
|
3,464
|
4.6
|
9.3
|
114
|
0.92
|
2.55
|
-
|
BZ-2021-01
|
620.4
|
653.0
|
527
|
20.0
|
1.9
|
2
|
-
|
-
|
-
|
BZ-2021-02
|
574.0
|
596.0
|
456
|
15.0
|
2.1
|
2
|
-
|
-
|
-
|
BZ-2021-03
|
643.0
|
687.0
|
561
|
27.0
|
1.5
|
2
|
-
|
-
|
-
|
*Holes for the 20N
Zinc South Zone and LZ5 mine use a capping factor of 30 g/t gold
and 1,000 g/t silver. The copper, zinc and lead values in
this table are uncapped.
|
[LaRonde Complex – Composite Longitudinal
Section]
Highlights from recent exploration drilling in the 20N Zinc
South Zone include hole LR-317-04, which returned 9.3 g/t gold, 114
g/t silver, 0.92% copper and 2.55% zinc over 4.6 metres at 3,464
metres depth approximately 80 metres beneath the mineral resource
defined at the end of 2020; and hole LR-284-01, which returned 0.5
g/t gold, 41 g/t silver and 11.89% zinc over 2.8 metres at 3,126
metres depth approximately 80 metres east of the mineral
resource.
In the shallow, western portion of the LZ5 mine's Zone 5
deposit, highlights from recent drilling include 1.9 g/t gold over
20.0 metres at 527 metres depth in hole BZ-2021-01; 2.1 g/t gold
over 15.0 metres at 456 metres depth in hole BZ-2021-02; and 1.5
g/t gold over 27.0 metres at 561 metres depth in hole
BZ-2021-03. These wide and low-grade intercepts show the
potential for the westward extension of Zone 5 mineral reserves and
mineral resources onto the Company's 100%-owned Ellison property
immediately adjacent to the infrastructure at the LZ5 mine.
Odyssey Underground Project at Canadian Malartic – Infill
drilling at East Gouldie Deposit Continues to Yield Strong
Intercepts; Regional Exploration Confirms 1.5 kilometre Eastern
Extension of East Gouldie at Depth
In February 2021, the Canadian
Malartic General Partnership (the "Partnership"), the operator of
the Canadian Malartic Mine, approved the construction of the
underground Odyssey project, located east of the current mining
operation, upon completion of an internal preliminary economic
assessment. The results of this study were incorporated into
the technical report for the Canadian Malartic operation titled "NI
43-101 Technical Report, Canadian Malartic Mine, Québec,
Canada" (the "CM Report").
The CM Report was filed on SEDAR on March
25, 2021.
On a 100% basis, the preliminary economic analysis includes
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) that represent a fraction of the Odyssey Project's year-end
2020 total of 859,000 ounces of gold in the indicated category
(13.3 million tonnes grading 2.0 g/t gold) and 13.6 million ounces
of gold in the inferred category (177.5 million tonnes grading 2.4
g/t gold). 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 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.
In October 2021, the Canadian
Malartic exploration team was presented with the "Discovery of the
Year" Award at the Quebec Mineral Exploration Association virtual
2021 Xplor Convention in recognition for the discovery of the East
Gouldie deposit of the Odyssey mine in September 2018. The
discovery of East Gouldie at depth has significantly changed the
Odyssey project by ensuring its economic viability and making it
possible that, only three years after discovery, the Partnership
completed the casting of a 93-metre headframe for the Odyssey
mine.
During the third quarter of 2021, 12 surface drills and one
underground drill were active in the near-mine exploration program
and three drills were active in regional exploration. The
priority this year remains to continue reducing the drill spacing
to 75 metres across the East Gouldie deposit — including a small
area at 40 metres spacing to evaluate the adequate drill
spacing required to upgrade the current inferred mineral resources
to indicated mineral resources. Exploration also continued to
test the lateral, eastward extension of the East Gouldie
mineralized corridor and expand the mineral resources
envelope. During the first nine months of 2021, 82,184 metres
(100% basis) were drilled in the East Gouldie
deposit's definition and exploration drilling program, adding
69 new pierce points in the deposit.
An additional 12,942 metres (100% basis) were drilled during the
first nine months of 2021 into the Odyssey Internal and Odyssey
South deposits from surface and from underground, with a focus on
mineral resource development and conversion of the Odyssey South
deposit.
Selected recent drill intercepts from the program are set out in
the table, plan map and composite longitudinal section below.
Selected recent drill results from the Odyssey, Jupiter and
East Gouldie deposits at Canadian Malartic
Drill hole
|
Deposit
or Zone
|
From
(metres)
|
To
(metres)
|
Depth of midpoint
below
surface
(metres)
|
Estimated
true width
(or core
length*)
(metres)
|
Gold
grade
(g/t)
(uncapped)
|
Gold
grade
(g/t)
(capped)**
|
MEV21-209
|
Odyssey
Internal
|
297.0
|
301.0
|
262
|
4.0*
|
18.6
|
7.3
|
and***
|
Odyssey
Internal
|
306.0
|
315.0
|
272
|
9.0*
|
61.4
|
8.4
|
and
|
Odyssey
Internal
|
647.0
|
654.2
|
569
|
7.2*
|
5.6
|
5.4
|
MEV21-213R
|
Odyssey
Internal
|
103.0
|
117.0
|
91
|
14.0*
|
1.5
|
1.5
|
and
|
Jupiter
|
581.0
|
597.0
|
492
|
7.1
|
3.5
|
3.4
|
and
|
Odyssey
Internal
|
723.1
|
734.0
|
608
|
10.9*
|
1.3
|
1.3
|
and
|
Odyssey
Internal
|
1,043.0
|
1,049.0
|
868
|
6.0*
|
2.1
|
2.1
|
MEX21-197Z
|
East
Gouldie
|
1,879.6
|
1,898.0
|
1,675
|
16.2
|
2.1
|
2.1
|
and
|
East
Gouldie
|
2,027.0
|
2,049.3
|
1,768
|
19.2
|
2.3
|
2.3
|
MEX21-197ZA
|
East
Gouldie
|
1,994.0
|
2,010.0
|
1,691
|
14.3
|
1.1
|
1.1
|
MEX21-198
|
East
Gouldie
|
1,775.6
|
1,805.0
|
1,628
|
25.0
|
5.2
|
5.2
|
MEX21-198Z
|
East
Gouldie
|
1,765.1
|
1,794.0
|
1,594
|
24.6
|
2.7
|
2.7
|
MEX21-198ZA
|
East
Gouldie
|
1,748.0
|
1,781.0
|
1,595
|
27.3
|
1.2
|
1.2
|
and
|
East
Gouldie
|
1,800.0
|
1,812.7
|
1,629
|
10.5
|
6.7
|
6.7
|
MEX21-199
|
East
Gouldie
|
1,379.0
|
1,393.5
|
1,133
|
14.0
|
4.6
|
4.6
|
|
East
Gouldie
|
1,467.3
|
1,488.8
|
1,187
|
20.7
|
1.8
|
1.8
|
MEX21-199Z
|
East
Gouldie
|
1,369.0
|
1,394.0
|
1,093
|
24.0
|
3.5
|
3.5
|
|
East
Gouldie
|
1,507.5
|
1,511.9
|
1,159
|
4.2
|
3.3
|
3.3
|
MEX21-199ZB
|
East
Gouldie
|
1,372.2
|
1,384.5
|
1,096
|
12.1
|
6.6
|
6.1
|
|
East
Gouldie
|
1,499.3
|
1,512.0
|
1,155
|
12.5
|
1.2
|
1.2
|
MEX21-200***
|
East
Gouldie
|
1,011.9
|
1,053.0
|
866
|
20.2
|
3.0
|
3.0
|
MEX21-201
|
East
Gouldie
|
1,597.4
|
1,607.0
|
1,279
|
9.4
|
2.7
|
2.7
|
and
|
East
Gouldie
|
1,612.5
|
1,631.0
|
1,292
|
18.1
|
1.2
|
1.2
|
and
|
East
Gouldie
|
1,636.0
|
1,655.0
|
1,308
|
18.6
|
1.0
|
1.0
|
MEX21-202
|
East
Gouldie
|
1,787.0
|
1,807.5
|
1,588
|
20.5
|
2.1
|
2.1
|
and
|
East
Gouldie
|
1,813.0
|
1,819.0
|
1,598
|
6.0
|
2.7
|
2.7
|
and
|
East
Gouldie
|
1,825.0
|
1,827.4
|
1,604
|
2.4
|
8.9
|
2.7
|
MEX21-203R
|
East
Gouldie
|
1,681.0
|
1,691.8
|
1,462
|
10.0
|
2.2
|
2.2
|
and
|
East
Gouldie
|
1,696.4
|
1,700.2
|
1,471
|
3.5
|
14.1
|
14.1
|
and
|
East
Gouldie
|
1,719.4
|
1,747.0
|
1,496
|
25.5
|
7.9
|
7.9
|
including
|
|
1,728.1
|
1,739.6
|
1,497
|
10.6
|
14.5
|
14.5
|
MEX21-203RZ
|
East
Gouldie
|
1,703.0
|
1,732.5
|
1,452
|
28.4
|
4.3
|
4.3
|
MEX21-204
|
unknown
|
485.0
|
488.7
|
438
|
3.6*
|
7.6
|
7.2
|
|
East
Gouldie
|
1,705.2
|
1,747.0
|
1,462
|
35.9
|
7.1
|
5.4
|
MEX21-205
|
East
Gouldie
|
1,038.0
|
1,046.7
|
979
|
6.9
|
3.9
|
3.6
|
|
East
Gouldie
|
1,184.9
|
1,191.5
|
1,112
|
5.3
|
2.4
|
2.4
|
MEX21-206
|
East
Gouldie
|
1,702.3
|
1,750.5
|
1,490
|
41.9
|
1.6
|
1.6
|
MEX21-207
|
East
Gouldie
|
1,723.0
|
1,786.3
|
1,543
|
58.5
|
3.9
|
3.7
|
MEX21-207W
|
East
Gouldie
|
1,710.0
|
1,757.3
|
1,569
|
40.9
|
4.8
|
4.8
|
and***
|
East
Gouldie
|
1,784.0
|
1,807.0
|
1,620
|
19.9
|
2.1
|
2.1
|
MEX21-208
|
East
Gouldie
|
1,509.0
|
1,553.1
|
1,069
|
41.4
|
6.8
|
6.8
|
including
|
|
1,510.0
|
1,531.9
|
1,064
|
21.7
|
10.2
|
10.2
|
MEX21-208Z
|
East
Gouldie
|
1,511.0
|
1,523.0
|
1,091
|
10.4
|
2.5
|
2.5
|
|
East
Gouldie
|
1,554.0
|
1,567.6
|
1,122
|
11.9
|
2.5
|
2.5
|
|
East
Gouldie
|
1,577.0
|
1,583.4
|
1,135
|
5.6
|
3.2
|
3.2
|
MEX21-208ZA
|
East
Gouldie
|
1,342.0
|
1,348.9
|
966
|
6.6
|
2.5
|
2.5
|
MEX21-210***
|
Odyssey
Internal
|
498.0
|
509.0
|
470
|
11.0*
|
5.2
|
5.2
|
and
|
East
Gouldie
|
1,697.0
|
1,710.8
|
1,498
|
13.0
|
3.9
|
3.9
|
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
horizon
|
2,634.6
|
2,645.0
|
2,103
|
8.6
|
3.5
|
3.5
|
RD21-4678
|
East Gouldie
Ext
|
2,087.4
|
2,093.0
|
1,989
|
4.8
|
6.3
|
6.3
|
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
|
RD21-4680A
(new)
|
new
horizon
|
2,691.0
|
2,697.4
|
2,303
|
5.0
|
1.9
|
1.9
|
EA21-4196
|
East Amphi
|
565.8
|
568.6
|
470
|
1.7
|
14.1
|
8.3
|
EA21-4197
|
East Amphi
|
579.9
|
637.4
|
544
|
29.8
|
2.0
|
2.0
|
Zones recognized
within the East Gouldie deposit include: High-Grade West,
High-Grade North, High-Grade South, North of High-Grade West, South
of High-Grade West, Between High-Grade North and High-Grade South,
and East Gouldie Extension. The new horizon is 400 metres
south of, and parallel to, East Gouldie.
|
*Core length; true
width undetermined.
|
**Results from the
East Gouldie deposit use a capping factor of 20 g/t
gold.
|
***Reanalysis pending
for holes MEV21-209, MEX21-200, MEX21-207W and
MEX21-210.
|
+
Previously reported on July 8, 2021.
|
++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 the previously reported intercepts
used for mineral resources estimation.
Highlights from infill drilling at the East Gouldie deposit
during the third quarter of 2021 include: hole MEX21-208, which was
drilled into the shallower, western portion of the deposit, and
intersected 6.8 g/t gold over 41.4 metres at 1,069 metres depth,
including 10.2 g/t gold over 21.7 metres at 1,064 metres depth; and
hole MEX21-203R, which was drilled into the central core of the
deposit, and intersected 7.9 g/t gold over 25.5 metres at 1,496
metres depth, including 14.5 g/t gold over 10.6 metres at 1,497
metres depth.
Approximately 160 metres east of the current East Gouldie
mineralized envelope, hole MEX21-202 intersected 2.1 g/t gold over
20.5 metres at 1,588 metres depth, further confirming that gold
mineralization extends and plunges at depth to the east from the
mineral resources at East Gouldie.
In July 2021, a drill rig was
mobilized in the Odyssey project ramp, where it will primarily be
dedicated to the conversion of inferred mineral resources to
indicated mineral resources at the Odyssey South deposit.
Recent underground drill results in the Odyssey Internal Zone
and the Jupiter Zone continue to demonstrate the potential to add
mineral resources in close proximity to the Odyssey North and
Odyssey South deposits. Drill hole MEV21-209 intersected
mineralization in this internal zone and returned 8.4 g/t gold over
9.0 metres (core length, assay reanalysis pending) at 359 metres
depth. The mineralized intersections from the internal zones
are hosted within the porphyry 12 intrusive body between the
Odyssey South and Odyssey North deposits and they demonstrate the
potential for additional near-surface mineral resources to be added
in the future in proximity to the planned infrastructure of the
Odyssey project.
Regional Exploration
The Canadian Malartic property, together with the East Amphi,
Fournière, Midway, Piché-Harvey, Rand Malartic
and Camflo properties, form one contiguous block for a total
area of 13,516 hectares that straddles the Cadillac Larder Lake
Fault Zone over 16 kilometres.
As part of the regional exploration program at Canadian
Malartic, three rigs drilled 20 drill holes totalling 16,086 metres
(100% basis) during the first nine 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
ongoing, including the eastern extensions of the Odyssey and East
Gouldie deposits.
Rand Malartic
As reported in the Company's news releases dated April 29, 2021, and July
8, 2021, drilling from surface at the Rand Malartic property
identified the extension of the East Gouldie deposit in drill holes
RD21-4680A and RD20-4674. These holes encountered wide
gold-mineralized intercepts up to 970 metres east of the
easternmost drill hole drilled to date in 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. The
drilling also intersected a new, sub-parallel gold-mineralized
horizon located approximately 400 metres south of the East Gouldie
Extension zone.
New results from the regional program in the third quarter of
2021 include hole RD21-4678, which intersected 6.3 g/t gold over
4.8 metres at 1,989 metres depth in the East Gouldie Extension zone
within the Rand Malartic property, which now extends the zone up to
approximately 1.5 kilometres east of the East Gouldie mineral
resource. This hole represents the easternmost intersection
of the East Gouldie Extension zone to date.
Another highlight is hole RD21-4680A, which first intersected
the East Gouldie Extension as reported in the Company's
July 8, 2021 news release, and then
was extended during the third quarter of 2021 and intersected the
new horizon approximately 400 metres south of the East Gouldie
deposit, grading 1.9 g/t gold over 5.0 metres at 2,303 metres
depth. The intersection represents the second hole to pierce
this new mineralized horizon at a depth 200 metres deeper and
approximately 225 metres to the east of the first hole
RD20-4674 thus confirming the horizon's status as a
target that warrants further exploration.
All intervals in the East Gouldie Extension and the new horizon
consist of sheared metasedimentary rocks of the Pontiac Group, with
pyrite mineralization associated with sericite, carbonate and
chlorite alteration.
East Amphi
In the first nine months of 2021, the Partnership drilled 7,886
metres on the East Amphi property, located three 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.
The current program is designed to test the lateral and vertical
extension of the mineralized zone under the former East Amphi mine
and it has already identified several new zones such as the Nessie
and Kraken zones.
Hole EA21-4196 returned 8.3 g/t gold over 1.7 metres at 470
metres depth in a high-grade interval 100 metres on strike with the
Nessie Zone. Hole EA21-4197 returned 2.0 g/t gold over 29.8
metres at 544 metres depth, with one interval potentially being the
northwestern extension of the Kraken target, located 100 metres
from its discovery interval.
The historical residual mineral resources at East Amphi are
being re-assessed in light of the most recent drilling results for
the long-term optionality they could provide for the Partnership's
operations, considering the processing capacity that will become
available as mine production transitions from the Canadian Malartic
open pits towards the Odyssey underground project.
Camflo
In June 2021, the Partnership
completed the acquisition for $5.4
million of the historic Camflo, property located
approximately one kilometre northeast of the Canadian Malartic
property.
The Partnership is compiling historic data from the site as a
first step in determining the potential for the property to host
near-surface, low-grade mineralization suitable for open-pit mining
and the potential for deep extensions of the historical mine area
as well as new targets on the rest of the property.
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 additional regional exploration budget was increased from
$3.2 million (50% basis) to
$4.4 million (50% basis) to drill
additional pierce points into the newly defined eastern extension
of the East Gouldie deposit. The regional targets at Canadian
Malartic include 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 at Shallow
and Deeper Depths in Preparation for Technical Evaluation in
2022
The 100% owned Kirkland Lake
project in northeastern Ontario
covers 25,506 hectares (approximately 35 kilometres long by 17
kilometres wide) in the prolific Kirkland
Lake mining district.
Approximately 57,000 metres of drilling were completed during
the first nine months of 2021 at the Kirkland Lake project, with a focus on
conversion and expansion drilling at the Upper Beaver deposit in
the north-east of the property. Regional exploration is also
ongoing over different areas of the large land package owned by
Agnico Eagle in the Kirkland Lake
district, including Upper Canada,
Munro, Skead and Bidgood
areas.
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 first nine months of 2021 at Upper Beaver, 147 holes
totalling 50,196 metres were drilled in both the shallow conversion
program between surface and 500 metres depth and the conversion and
expansion drilling at depths between 800 and 1,500 metres that
targeted the Porphyry, Footwall and Gap zones.
Selected recent intercepts from drilling at the Upper Beaver
deposit are set out in the table, plan map and composite
longitudinal section below.
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
|
KLUB21-518E
|
499-Footwall
|
530.0
|
541.0
|
483
|
7.8
|
11.1
|
7.5
|
1.02
|
KLUB21-706
|
East South
contact zone
|
265.5
|
270.4
|
197
|
3.2
|
13.6
|
9.7
|
0.04
|
KLUB21-718
|
North
Contact
|
45.0
|
58.5
|
42
|
6.8
|
8.8
|
8.8
|
0.00
|
incl.
|
North
Contact
|
45.0
|
51.3
|
39
|
3.2
|
16.0
|
16.0
|
0.01
|
KLUB21-727
|
West
Porphyry
|
83.9
|
87.6
|
81
|
3
|
25.4
|
10.2
|
0.57
|
and
|
West
Porphyry
|
135.1
|
139.1
|
121
|
3.2
|
111.8
|
6.1
|
0.04
|
KLUB21-732
|
Q Zone
|
181.5
|
198.0
|
153
|
9.9
|
2.8
|
2.8
|
0.61
|
incl.
|
Q Zone
|
184.0
|
187.5
|
150
|
2.1
|
7.8
|
7.8
|
1.12
|
KLUB21-738
|
Q Zone
|
50.7
|
67.1
|
36
|
9.4
|
8.8
|
8.8
|
0.20
|
KLUB21-740
|
East
Porphyry
|
332.0
|
346.0
|
265
|
10.3
|
6.1
|
5.2
|
0.14
|
KLUB21-747
|
Q Zone
|
24.5
|
37.7
|
18
|
10.1
|
2.1
|
2.1
|
0.20
|
KLUB21-749A
|
Q Zone
|
268.0
|
273.5
|
208
|
4.2
|
27.9
|
10.2
|
0.04
|
KLUB21-750
|
499-Footwall
|
441.0
|
454.1
|
390
|
6.6
|
5.5
|
5.5
|
0.06
|
KLUB21-752
|
East
Porphyry
|
299.5
|
309.5
|
275
|
7
|
9.3
|
5.4
|
0.76
|
incl.
|
East
Porphyry
|
299.5
|
304.0
|
272
|
3.2
|
19.1
|
10.5
|
0.58
|
KLUB21-754
|
East
Porphyry
|
237.5
|
242.0
|
204
|
3.2
|
20.5
|
17.6
|
0.00
|
KLUB21-755
|
North
Contact
|
121.6
|
131.3
|
118
|
8.2
|
11.3
|
10.6
|
0.17
|
incl.
|
North
Contact
|
124.6
|
127.9
|
118
|
2.8
|
26.1
|
24.1
|
0.00
|
KLUB21-757
|
West
Porphyry
|
229.6
|
247.0
|
174
|
14.3
|
15.5
|
5.3
|
0.16
|
incl.
|
West
Porphyry
|
237.9
|
244.5
|
176
|
5.4
|
38.9
|
12.2
|
0.06
|
KLUB21-758
|
East
Porphyry
|
346.0
|
363.0
|
259
|
10.9
|
5.0
|
5.0
|
0.06
|
and
|
East
Porphyry
|
412.0
|
425.5
|
306
|
10.2
|
2.7
|
2.7
|
0.65
|
and
|
East
Porphyry
|
452.0
|
461.0
|
331
|
7.6
|
10.9
|
10.2
|
1.45
|
KLUB21-758W1
|
East
Porphyry
|
442.2
|
459.4
|
328
|
15.6
|
5.9
|
5.0
|
0.87
|
incl.
|
East
Porphyry
|
453.9
|
459.4
|
332
|
5.0
|
13.0
|
10.3
|
1.44
|
and
|
499-Footwall
|
553.5
|
558.3
|
401
|
3.1
|
88.5
|
20.1
|
0.04
|
KLUB21-760A
|
East
Porphyry
|
324.0
|
339.0
|
265
|
12.8
|
5.3
|
5.3
|
0.11
|
and
|
499-Footwall
|
560.0
|
564.5
|
453
|
2.8
|
18.4
|
11.1
|
0.44
|
KLUB21-762A
|
499-Footwall
|
643.0
|
652.6
|
517
|
8.4
|
4.3
|
4.3
|
0.93
|
incl.
|
499-Footwall
|
645.2
|
649.0
|
516
|
3.3
|
8.9
|
8.9
|
1.33
|
Deep conversion
program
|
KLUB21-137W1
|
Porphyry
|
872.9
|
884.0
|
852
|
7.8
|
4.0
|
4.0
|
0.00
|
incl.
|
Porphyry
|
872.9
|
874.9
|
847
|
1.4
|
17.2
|
17.2
|
0.00
|
and
|
156-Footwall
|
973.6
|
978.5
|
944
|
2.9
|
3.3
|
3.3
|
0.09
|
KLUB21-163W17
|
Footwall
|
1,267.0
|
1,285.0
|
1,147
|
12.8
|
3.2
|
3.2
|
0.40
|
incl.
|
Footwall
|
1,274.5
|
1,285.0
|
1,150
|
7.5
|
4.6
|
4.6
|
0.21
|
KLUB21-307W12
|
Porphyry
|
1,615.0
|
1,636.1
|
1,421
|
18.3
|
3.6
|
3.6
|
0.13
|
incl.
|
Porphyry
|
1,625.0
|
1,628.0
|
1,422
|
2.6
|
8.4
|
8.4
|
0.23
|
KLUB21-307W13
|
Porphyry
|
1,633.2
|
1,652.6
|
1,435
|
18.2
|
8.7
|
8.7
|
0.81
|
incl.
|
Porphyry
|
1,633.2
|
1,640.0
|
1,430
|
6.4
|
16.2
|
16.2
|
1.24
|
incl.
|
Porphyry
|
1,642.6
|
1,646.0
|
1,436
|
3.2
|
12.3
|
12.3
|
0.70
|
KLUB21-307W14
|
Porphyry
|
1,610.0
|
1,615.6
|
1,398
|
4.6
|
13.3
|
13.3
|
0.99
|
and
|
Porphyry
|
1,638.0
|
1,645.0
|
1,421
|
4.9
|
18.5
|
18.5
|
0.88
|
KLUB21-328W9
|
Porphyry
|
1,657.0
|
1,661.5
|
1,447
|
4.1
|
6.2
|
6.2
|
0.23
|
and
|
Footwall
|
1,702.2
|
1,706.0
|
1,482
|
2.8
|
7.2
|
7.2
|
0.53
|
KLUC21-295E
|
Brock
North
|
623.0
|
640
|
401
|
13.2
|
1.5
|
15
|
-
|
*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
|
[Kirkland Lake Project – Upper Beaver Composite
Longitudinal Section and Geology Plan Map]
Shallow Conversion Program
From surface to approximately 500 metres depth, the Upper Beaver
deposit consists of multiple, stacked mineralized zones
characterized by steeply-dipping (50°-70°), northeast-striking
quartz-carbonate veining or chalcopyrite-magnetite disseminated
mineralization and veinlets hosted in basaltic volcanic rocks.
Recent results from the shallow conversion drilling demonstrate
significant intersections in a variety of zones.
Hole KLUB21-758W1 returned 5.0 g/t gold and 0.87% copper over
15.6 metres at 328 metres depth in the East Porphyry Zone and 20.1
g/t gold over 3.1 metres at 401 metres depth in the 499-Footwall
Zone. Drilling in the same area returned highlights of 5.2
g/t gold over 10.3 metres at 265 metres depth in hole KLUB21-740 in
the East Porphyry Zone and 7.5 g/t gold and 1.02% copper over 7.8
metres at 483 metres depth in hole KLUB21-518E in the 499-Footwall
Zone.
An intersection of the North Contact Zone in hole KLUB21-718
returned 8.8 g/t gold over 6.8 metres at 42 metres depth and an
intersection in the Q Zone in hole KLUB21-749A returned 10.2 g/t
gold over 4.2 metres at 208 metres depth.
Deep Conversion Program
The deep conversion drilling program has extended the Footwall
Zone upwards from depth as a follow-up on the previously announced
hole KLUB21-163W12, which returned 13.8 g/t gold over 33.2 metres
at 1,212 metres depth (see news release dated April 29, 2021).
The new drilling is infilling an under-explored area following a
reinterpretation of the Footwall Zone's strike and the possible
continuity between known mineralization at 1,200 metres depth, the
156-Footwall Zone at 800 metres depth and the 499-Footwall Zone at
400 to 500 metres depth. All three zones are located inside
the same corridor and display similar strike and dip.
Hole KLUB21-163W17 intersected 3.2 g/t gold over 12.8 metres at
1,147 metres depth, confirming a wide mineralized zone warranting
follow-up drilling.
At greater depth, the Footwall Zone continues to be expanded,
with hole KLUB21-328W9 returning 7.2 g/t gold over 2.8 metres at
1,482 metres depth.
The Porphyry Zone is dominant below 500 metres depth at the
Upper Beaver deposit. Between 1,400 and 1,450 metres depth,
four intersections from the conversion drilling confirmed the
zone's thickness, continuity and geometry with strong gold grades
plus significant copper values. Highlights include hole
KLUB21-307W13, which returned 8.7 g/t gold and 0.81% copper over
18.2 metres at 1,435 metres depth and hole KLUB21-307W14, which
returned 13.3 g/t gold and 0.99% copper over 4.6 metres at 1,398
metres depth. Conversion drilling is ongoing further at depth
in the Porphyry Zone.
These recent results are expected to have a positive impact on
the next mineral reserve and mineral resource estimate to be
included in the internal technical evaluation of the Upper
Beaver deposit expected to be completed in 2022.
Upper Canada Deposit and Regional Exploration
In the first nine months of 2021, drilling at the Upper Canada deposit totaled eight holes for
6,812 metres. Drilling at Upper
Canada's Brock North Zone
intersected the down-strike extension of a historical mineralized
zone, with drill hole KLUC21-295E returning 1.5 g/t gold over 13.2
metres at 451 metres depth. Brock North and the geologically
similar Northland Zone at the Kirkland
Lake project are both being targeted by the Company for
their potential bulk tonnage mineralization.
The regional exploration program at the Kirkland Lake project included a
high-resolution drone magnetic survey totalling 4,026
line-kilometres that was completed and processed in the third
quarter of 2021. The survey covered the majority of the
Company's Kirkland Lake project
claims with full coverage of the gold-favourable Timiskaming
sedimentary formation, Larder Lake Cadillac Deformation Zone and
the Upper Beaver-Blake River Group areas.
The results show several anomalies that highlight previously
unmapped geological features that are obscured by Quaternary
sediments but are associated with historical gold occurrences,
including underground mine workings at several historic mines in
the survey area. These new structural interpretations will
assist in generating targets for future drilling programs.
NUNAVUT
Agnico Eagle considers Nunavut
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 has
the potential to be a strategic operating platform for the Company
with the ability to generate strong gold production and cash flow
over several decades.
Meliadine – Significant Exploration Results at Tiriganiaq,
Normeg and Wesmeg Confirm and Expand High Grade Gold
Mineralization; Regional Exploration Discovers Additional Shallow
High-Grade Mineralization at Aquarius
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.
Exploration drilling during the first nine months of 2021 at the
Meliadine property focused on Tiriganiaq (19 holes totalling
5,313 metres), infilling inferred mineral resources at depth in the
Normeg/Wesmeg deposits (14 holes totalling 3,002 metres), deep
exploration drilling at the Pump deposit (21 holes totalling 9,600
metres) and exploration of the Wolf deposit (2 holes totalling
1,235 metres).
Detailed exploration results from the Pump deposit at Meliadine
were reported in the Company's news release dated July 8, 2021 and results from the Discovery
deposit were reported in the Company's news release dated
February 11, 2021.
Recent exploration highlights from the Meliadine property are
set out in the table and composite longitudinal section
below. The drill hole collar coordinates are in the
Appendix.
Selected recent exploration drill results from the
Tiriganiaq, Normeg, Wesmeg and Wolf deposits and regional
exploration at Meliadine
Deposit
|
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*)
|
Tiriganiaq
|
M21-2933
|
1374
|
813.7
|
821.6
|
695
|
7.9
|
3.6
|
3.6
|
Tiriganiaq
|
M21-3276-W1C
|
1050
|
710.2
|
712.4
|
650
|
2.2
|
5.7
|
5.7
|
Tiriganiaq
|
M425-156-F1
|
Interlode
|
26.1
|
55.9
|
380
|
27.4
|
21.1
|
21.0
|
Normeg
|
M20-3185
|
901
|
100.2
|
103.3
|
84
|
3.1
|
8.6
|
8.6
|
Normeg
|
M21-3285
|
902
|
63.4
|
66.5
|
54
|
3.1
|
10.6
|
10.6
|
Normeg
|
ML250-9325-D4
|
930
|
7.1
|
11.2
|
224
|
4.1
|
8.3
|
8.3
|
and
|
|
911
|
46.9
|
49.9
|
230
|
3.0
|
6.6
|
6.6
|
Wesmeg
|
M20-2966
|
650
|
234.6
|
241.4
|
207
|
6.8
|
2.3
|
2.3
|
and
|
|
625
|
246.0
|
254.8
|
218
|
8.8
|
7.0
|
7.0
|
Wesmeg
|
M20-2967
|
710
|
240.0
|
243.5
|
193
|
3.5
|
4.2
|
4.2
|
and
|
|
650
|
250.6
|
256.5
|
202
|
5.9
|
2.9
|
2.9
|
and
|
|
625
|
281.1
|
284.2
|
224
|
3.1
|
4.1
|
4.1
|
Wesmeg
|
M21-3285
|
650
|
195.0
|
200.2
|
158
|
5.2
|
6.8
|
6.8
|
and
|
|
600
|
245.0
|
250.0
|
196
|
5.0
|
3.0
|
3.0
|
Wesmeg
|
M21-3287
|
650
|
137.4
|
152.8
|
111
|
15.4
|
2.2
|
2.2
|
and
|
|
625
|
161.9
|
165.0
|
124
|
3.1
|
4.0
|
4.0
|
Wesmeg
|
ML250-9325-D4
|
650
|
156.4
|
159.4
|
248
|
3.0
|
5.5
|
5.5
|
Wolf
|
M21-3306
|
2130
|
509.5
|
513.6
|
427
|
4.1
|
6.8
|
6.8
|
and
|
|
2125
|
519.4
|
522.6
|
434
|
3.2
|
3.9
|
3.9
|
Itiqlak-Aquarius
|
M21-3270
|
-
|
140.1
|
144.7
|
37
|
4.2
|
3.6
|
3.6
|
Itiqlak-Aquarius
|
M21-3290
|
-
|
202.6
|
204.8
|
97
|
4.2
|
5.4
|
5.4
|
* A capping factor of
70 g/t gold is used in this portion of the interlode area at the
Tiriganiaq deposit, and a capping factor of 40 g/t gold is used in
the 650 lode at the Wesmeg deposit.
|
[Meliadine Mine – Plan Map & Tiriganiaq Composite
Longitudinal Section]
Mine Site Conversion and Exploration Drilling Updates
Conversion and exploration drilling at the Tiriganiaq, Wesmeg
and Normeg deposits on the Meliadine property continues to confirm
and expand high grade gold mineralization.
At Tiriganiaq, exploration hole M21-2933 intersected 3.6 g/t
gold over 7.9 metres at 695 metres depth in lode 1374 in the
deepest and westernmost portion of the main oreshoot, suggesting
the potential for additional gold mineralization along trend at
depth.
Highlights from drilling at Normeg include hole M21-3285, which
intersected 10.6 g/t gold over 3.1 metres at 158 metres depth in
lode 902 at the edge of the mineral resource; and hole
ML250-9325-D4, which intersected 8.3 g/t gold over 4.1 metres at
224 metres depth in lode 930 in an area of inferred mineral
resources.
At Wesmeg, hole M20-2966 intersected 7.0 g/t gold over 8.8
metres at 218 metres depth in lode 625 at the edge of the mineral
resource; and hole M21-3285 intersected 6.8 g/t gold over 5.2
metres at 54 metres depth in lode 650 in an area already
categorized as inferred mineral resources.
Regional Exploration
In regional exploration, drilling is continuing to test targets
around the Discovery deposit including the Itiqlak-Aquarius target
located 15 kilometres southeast of the mine and three
kilometres northwest of the Discovery deposit.
Itiqlak-Aquarius is characterized by a mineralized fold nose
in iron formation similar to the Tiriganiaq, Pump, F-Zone and
Discovery deposits at Meliadine.
Initial drilling in 2021 at Itiqlak-Aquarius 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 banded iron formation, as reported in the
Company news release dated July 8,
2021.
During the first nine months of 2021 at Itiqlak-Aquarius, 16
drill holes totalling 3,245 metres were drilled to define shallow
mineralized shoots in the South Limb and the thickening and
extensions of the banded iron formation along the fold hinge.
Additional drilling in the South Limb at depth intercepted
mineralization in the structurally higher North Limb, North Hinge
and East Limb banded iron formations, providing zone stacking
potential.
Recent drill results from Itiqlak-Aquarius include hole
M21-3270, which returned 3.6 g/t over 4.2 metres at 37 metres depth
and hole M21-3290, which returned up to 5.4 g/t over 4.2 metres at
97 metres depth.
Assays are pending for drilling in the South Limb but results
from the last five drill holes within the fold hinge area are all
displaying favourable geology with visible gold in quartz veining
within the iron formation units.
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 budgeted an additional $1.5
million for 7,000 metres of regional exploration drilling on
the wider Meliadine property.
Meadowbank – Exploration Drilling Extends IVR Deposit and
Whale Tail Deposit in the Mammoth Lake Area; Regional Exploration
Discovers Shallow High-Grade Mineralization at Sheeba
Prospect
The 100% owned Meadowbank Complex is located approximately 110
kilometres by road north of Baker
Lake in the Kivalliq District of Nunavut, Canada. The Complex consists of
the Meadowbank mine and mill and the Amaruq satellite deposit,
which is located 50 kilometres northwest of the Meadowbank
mine. The Meadowbank mine achieved commercial production in
March 2010, and mining activities at
the site were completed by the fourth quarter of 2019.
The Amaruq mining operation uses the existing infrastructure at
the Meadowbank minesite. Additional infrastructure has also
been built at the Amaruq site. Amaruq ore is transported
using long haul off-road type trucks to the mill at the Meadowbank
site for processing. The Amaruq satellite deposit achieved
commercial production on September 30,
2019.
Detailed exploration drill results at Amaruq were last reported
in the Company's news release dated February
13, 2020.
At the Meadowbank Complex in 2021, $7.0
million is budgeted for 34,900 metres of drilling, including
23,900 metres of conversion drilling and 11,000 metres of
exploration drilling focused on testing extensions of the IVR
deposit and the Whale Tail deposit in the Mammoth Lake area, and on
regional exploration targets. Approximately 17,000 metres of
drilling were completed at the complex during the first nine months
of the year.
Recent exploration highlights from the Amaruq property at the
Meadowbank Complex are set out in the table, plan map and composite
longitudinal section below. Drill hole collar coordinates are
set out in the Appendix.
Selected recent exploration drill results from the IVR
deposit, Mammoth zone and Sheeba target at Meadowbank
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*)
|
AMQ21-2565
|
IVR
|
287.0
|
290.0
|
247
|
2.6
|
26.6
|
26.6
|
AMQ21-2579A
|
IVR
|
414.8
|
417.8
|
364
|
2.8
|
3.7
|
3.7
|
AMQ21-2608
|
IVR
|
322.7
|
328.9
|
239
|
5.4
|
3.7
|
3.7
|
AMQ21-2657
|
IVR
|
430.0
|
440.0
|
370
|
7.1
|
3.0
|
3.0
|
and
|
IVR
|
473.6
|
477.4
|
403
|
3.3
|
7.7
|
7.7
|
AMQ21-2662
|
IVR
|
606.9
|
613.3
|
504
|
5.8
|
3.3
|
3.3
|
and
|
IVR
|
588.7
|
593.5
|
489
|
3.4
|
5.9
|
4.8
|
AMQ21-2562
|
Mammoth
|
243.1
|
248.0
|
179
|
4.7
|
5.1
|
5.1
|
AMQ21-2603
|
Mammoth
|
288.4
|
345.1
|
264
|
36.4
|
4.4
|
4.4
|
including
|
Mammoth
|
288.4
|
321.1
|
254
|
18.8
|
6.2
|
4.7
|
including
|
Mammoth
|
329.3
|
345.1
|
280
|
12.9
|
2.7
|
2.6
|
AMQ21-2615
|
Mammoth
|
361.6
|
366.6
|
270
|
4.1
|
3.5
|
3.5
|
and
|
Mammoth
|
372.0
|
375.0
|
277
|
3.0
|
3.7
|
3.7
|
7001-21-028
|
Sheeba SW
|
62.2
|
63.0
|
46
|
0.8**
|
5.5
|
n/a
|
and
|
|
92.0
|
92.6
|
68
|
0.6**
|
1.5
|
n/a
|
and
|
|
93.3
|
94.0
|
69
|
0.7**
|
108.0
|
n/a
|
and
|
|
103.0
|
103.5
|
76
|
0.5**
|
29.4
|
n/a
|
and
|
|
127.2
|
128.6
|
94
|
1.4**
|
3.0
|
n/a
|
7001-21-031
|
Sheeba SW
|
147.0
|
147.6
|
111
|
0.6**
|
2.7
|
n/a
|
and
|
|
147.6
|
148.2
|
112
|
0.6**
|
297.0
|
n/a
|
* Holes at IVR
deposit use a capping factor of 20 g/t gold. Holes at Mammoth
use a capping factor of 15 g/t gold
|
**Core length. True
width undetermined.
|
[Meadowbank Complex – Amaruq Plan Map]
[Meadowbank Complex – Amaruq Composite Longitudinal
Section]
Whale Tail and IVR Deposits
Exploration in 2021 was focused in the area between the Whale
Tail and IVR underground mineral resources. Highlights from
the 2021 drilling program include hole AMQ21-2565, which
intersected 26.6 g/t gold over 2.6 metres at 247 metres depth and
hole AMQ21-2608, which returned 3.7 g/t gold over 5.4 metres at 239
metres depth, demonstrating potential for mineral resources to be
discovered between Whale Tail and IVR near the planned underground
mine infrastructure.
A follow up program in this area in 2022 will aim to increase
confidence in the continuity of the expanded mineralization as well
as to extend any inferred mineral resources developed during this
year's program.
Mammoth Zone
During the first nine months of 2021, 12 exploration drill holes
were completed in the Mammoth Zone, approximately 600 metres west
of the Whale Tail pit to test for the western extension of
underground mineral resources.
Recent results include hole AMQ21-2603, which targeted the
western extension of the Mammoth Zone at depth and returned 4.4 g/t
gold over 36.4 metres at 264 metres depth, including 4.7 g/t gold
over 18.8 metres at 254 metres depth in a newly discovered oreshoot
in the Mammoth Zone that remains open at depth. Hole
AMQ21-2615, drilled approximately 60 metres west of AMQ21-2603,
confirmed the thickness of Mammoth Zone and returned 3.5 g/t gold
over 4.1 metres at 270 metres depth and 3.7 g/t gold over 3.0
metres at 277 metres depth. These holes have the potential to
add new mineral resources beyond the current Mammoth Zone mineral
resources.
Hole AMQ21-2562 intersected 5.1 g/t gold over 4.7 metres at 179
metres depth in a newly discovered area of mineralization
approximately 40 metres north of the Mammoth Zone.
A follow up drilling program is currently under way at Mammoth
Zone with the focus on improving understanding of the
mineralization geometry as well as extending known
mineralization.
Regional Exploration
In the first nine months of 2021, 54 drill holes totalling 9,685
metres were completed in regional exploration around Meadowbank and
Amaruq. From this total, 28 holes totalling 5,087 metres were
completed in the third quarter into the Sheeba target to test the
continuity of the mineralization in proximity to the historical
Sheeba showing at depth and along strike.
Mineralization at Sheeba is hosted in quartz
pyrite-sphalerite-galena veins that have returned high grade, so
far narrow, results, such as 297 g/t gold (uncapped) over 0.6
metres at 112 metres depth in hole 7001-21-031. Follow-up
drilling is ongoing along strike to identify a wider zone along the
horizon, with assays pending. Drilling is also ongoing near
the Vault deposit to test the favourable stratigraphy along the
Vault East occurrence.
At the Greyhound property (a joint venture with Gold79 Mines
Ltd.) located along the road to Baker
Lake and 50 kilometres south of the Meadowbank mine, 9 holes
totalling 1,815 metres were completed in 2021 on the Dingo, Aura
and Outstanding Lake targets, where polymetallic volcanogenic
massive sulphide mineralization has been identified in surface
boulders by prospecting.
Hope Bay – Drilling Prioritizes Doris and Madrid Deposits in
Initial Phase of Program; New Zone of Mineralization Discovered at
Naartok
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-kilometre 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). See "Historical Mineral Reserve and Mineral
Resource at Hope Bay" below.
In 2021, the Company is carrying out 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 operation
hosts all of Hope Bay's mining, processing and camp
facilities. The Madrid
deposit is located eight kilometres south of the Doris mine
and can be accessed year-round by road. Approximately 55
kilometres south of Doris is the Boston deposit, which also has an exploration
camp and exploration ramp infrastructure.
During the third quarter of 2021, 135 drill holes totalling
28,302 metres were completed at the Doris and Madrid deposits, and year to date a total of
71,453 metres have been completed compared to a budget of 69,600
metres.
Doris Deposit Exploration
At the Doris deposit during the third quarter of 2021, three
drill rigs were operating underground delineating and exploring the
BTD Zone and West Valley Zone extensions and initiating infill
drilling in the DCN Zone, while one surface drill rig was testing
the northern extension of the BTD Zone.
Selected recent drill intercepts from the Doris deposit are set
out in the table and composite longitudinal section below.
The drill hole collar 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)*
|
DBE21-50344
|
BTD Ext
West
|
114.7
|
119.5
|
338
|
3.9
|
42.3
|
14.5
|
DBE21-50381
|
BTD Ext
West
|
154.9
|
158.0
|
312
|
3.8
|
18.2
|
17.7
|
and
|
BTD Ext
East
|
172.6
|
175.8
|
305
|
3.1
|
15.2
|
10.9
|
DBE21-50408
|
BTD Ext
West
|
119.0
|
122.3
|
328
|
3.1
|
23.9
|
20.9
|
DBE21-50410
|
BTD Ext
West
|
120.7
|
126.0
|
329
|
5.2
|
28.7
|
16.0
|
and
|
BTD Ext
West
|
138.0
|
141.0
|
324
|
3.0
|
20.1
|
10.0
|
DBE21-50411
|
BTD Hinge
Zone
|
136.0
|
140.0
|
317
|
3.1
|
6.4
|
6.4
|
and
|
BTD Hinge
Zone
|
149.1
|
153.0
|
311
|
3.3
|
23.7
|
12.9
|
DBE21-50469
|
BTD Ext
West
|
130.0
|
134.4
|
319
|
3.2
|
56.9
|
32.0
|
DCN21-50284
|
West Valley
Vein
|
27.3
|
30.6
|
281
|
3.3
|
21.4
|
21.4
|
DCN21-50384
|
West Valley
Vein
|
34.3
|
44.6
|
298
|
9.0
|
10.9
|
8.5
|
DCN21-50385A
|
WV Vein
West
|
33.0
|
42.7
|
299
|
6.6
|
6.6
|
6.6
|
DCN21-50413
|
DCN Vein 1
|
0.5
|
9.5
|
255
|
8.6
|
23.8
|
13.5
|
DCN21-50417
|
DCN Vein 1
|
0.0
|
9.5
|
258
|
9.5
|
16.0
|
12.0
|
DCN21-50418
|
DCN Vein 1
|
0.0
|
13.0
|
254
|
12.6
|
21.9
|
12.9
|
DCN21-50419
|
DCN Vein 1
|
2.0
|
14.0
|
250
|
8.7
|
38.1
|
12.2
|
DCN21-50420
|
DCN Vein 1
|
1.0
|
7.6
|
260
|
5.3
|
7.0
|
7.0
|
DCN21-50422
|
DCN Vein 1
|
2.0
|
13.5
|
249
|
8.0
|
11.1
|
8.6
|
and
|
DCN Vein 2
|
28.0
|
37.9
|
234
|
7.5
|
5.8
|
5.3
|
DCN21-50441
|
West Valley
Vein
|
38.0
|
49.0
|
302
|
8.0
|
30.9
|
19.1
|
DCN21-50446
|
DCN Vein 1
|
88.9
|
97.0
|
231
|
7.3
|
8.7
|
8.7
|
DCN21-50474
|
DCN Vein 1
|
30.4
|
37.0
|
247
|
6.4
|
14.5
|
12.1
|
DCN21-50475
|
DCN Vein 1
|
25.5
|
39.2
|
238
|
13.6
|
9.6
|
9.6
|
DCN21-50487
|
DCN Vein 1
|
31.5
|
43.8
|
216
|
8.6
|
11.6
|
11.3
|
DCN21-50488
|
DCN Vein 1
|
26.9
|
37.0
|
231
|
9.7
|
11.8
|
9.4
|
DCN21-50664
|
DCN Vein 1
|
29.0
|
38.9
|
244
|
9.5
|
5.1
|
5.1
|
DCN21-50665
|
DCN Vein 1
|
32.2
|
39.5
|
229
|
7.1
|
16.9
|
6.9
|
DCN21-50666
|
DCN Vein 1
|
31.7
|
46.7
|
213
|
13.1
|
13.8
|
8.3
|
*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]
Drilling in the BTD Extension Zone has confirmed that the main
hinge zone is rising in elevation and extending north. Recent
highlights include 32.0 g/t gold over 3.2 metres at 319 metres
depth in hole DBE21-50469, 16.0 g/t gold over 5.2 metres at 329
metres depth in hole DBE21-50410, and 17.7 g/t gold over 3.8 metres
at 312 metres depth in hole DBE21-50381. The high-grade
plunge proximal to the hinge remains open on strike to the
north.
Drilling in the West Valley Zone has confirmed the extension of
the West Valley Zone to the south and above the dike. High
grade highlights include 19.1 g/t gold over 8.0 metres at 302
metres depth in hole DCN21-50441, 8.5 g/t gold over 9.0 metres at
298 metres depth in hole DCN21-50384, and 21.4 g/t gold over 3.3
metres at 281 metres depth in hole DCN21-50284.
Development of the West Valley exploration drift is under way
and it will be used to target the gap in the West Valley between
the dike and the previously defined West Valley mineral resources
to the north.
In the DCN area, exploration during the third quarter of 2021
was focused on delineation drilling and confirming thicknesses and
grades, with highlights of 12.9 g/t gold over 12.6 metres at 254
metres depth in hole DCN21-50418; 9.6 g/t gold over 13.6 metres at
238 metres depth in hole DCN21-50475; and 13.5 g/t gold over 8.6
metres at 255 metres depth in hole DCN21-50413.
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.
Madrid Deposit Exploration
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 in the
Naartok West Zone and East zones at the Madrid deposit are set out in the table and
composite longitudinal section below. The drill hole collar
coordinates are set out in the Appendix.
Selected recent drill results from Naartok West and East
zones 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)*
|
HBM21-002
|
Naartok West
Main-Madrid
|
203.5
|
207.0
|
163
|
2.7
|
153.1
|
13.5
|
HBM21-003
|
Naartok West-N
Splay-Madrid
|
243.8
|
249.5
|
227
|
5.5
|
4.6
|
4.6
|
and
|
Naartok West-N
Splay-Madrid
|
266.7
|
272.9
|
247
|
5.9
|
10.5
|
10.3
|
and
|
Naartok West-N
Splay-Madrid
|
305.7
|
314.1
|
283
|
8.3
|
6.9
|
6.6
|
and
|
Naartok West-N
Splay-Madrid
|
323.4
|
326.6
|
296
|
3.1
|
14.3
|
10.1
|
HBM21-007
|
Naartok West
Main-Madrid
|
245.0
|
252.5
|
209
|
7.4
|
7.9
|
7.9
|
HBM21-007A
|
Naartok West
Main-Madrid
|
265.4
|
269.0
|
238
|
3.0
|
18.1
|
7.1
|
HBM21-008
|
Naartok West
Main-Madrid
|
255.5
|
265.6
|
205
|
8.1
|
5.4
|
5.4
|
HBM21-010
|
Naartok
East-Madrid
|
263.3
|
276.9
|
238
|
13.7
|
8.0
|
8.0
|
HBM21-015
|
Naartok West-N
Splay-Madrid
|
360.3
|
364.0
|
339
|
3.7
|
15.5
|
7.7
|
HBM21-023
|
Naartok
East-Madrid
|
294.6
|
299.9
|
224
|
5.3
|
6.9
|
6.9
|
HBM21-024
|
Naartok
East-Madrid
|
254.9
|
261.0
|
217
|
6.0
|
11.0
|
11.0
|
and
|
Naartok
East-Madrid
|
272.0
|
276.3
|
231
|
4.2
|
8.3
|
8.3
|
NWS21-80075
|
Naartok West
Main-Madrid
|
98.0
|
104.4
|
91
|
6.2
|
5.1
|
5.1
|
NWS21-80083
|
Naartok West
Main-Madrid
|
142.5
|
148.4
|
157
|
3.4
|
11.5
|
11.5
|
and
|
Naartok West
Main-Madrid
|
165.0
|
169.0
|
177
|
3.2
|
13.1
|
12.2
|
and
|
Naartok West
Main-Madrid
|
187.0
|
191.0
|
198
|
2.5
|
7.0
|
7.0
|
*Results from the
Naartok West and East zones at the Madrid deposit at Hope Bay use a
capping factor of 50 g/t gold.
|
[Madrid Deposit at Hope Bay Mine – Composite
Longitudinal Section]
Exploration drilling at Madrid
during the third quarter of 2021 continued to return strong
results.
Drilling has confirmed the extension of the Naartok East Zone
further north with intersections of 11.0 g/t gold over 6.0 metres
at 217 metres depth in hole HBM21-024 and 8.0 g/t gold over 13.7
metres at 238 metres depth in hole HBM21-010. The Naartok
East Zone remains open to the north along strike and at depth with
drilling planned to further test the extent of the zone.
Drilling at the Naartok West Zone has confirmed grade and
thickness continuity of the Main Zone with intersections including
7.9 g/t gold over 7.4 metres at 209 metres depth in hole
HBM21-007. The Naartok West Zone remains open along strike
and at depth with further drilling planned to test the extent of
the zone.
Exploration in the western Naartok West area has also resulted
in the discovery of a new zone of north-trending stacked splays
that returned drill results of 10.3 g/t gold over 5.9 metres at 247
metres depth and 6.6 g/t gold over 8.3 metres at 283 metres depth
in drill hole
HBM21-003. This new zone remains open in all directions and
drilling is ongoing.
These 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.
Exploration Plan and Budget
The Company has budgeted $16.2
million for drilling at the Hope Bay property in 2021,
including $5.5 million for
approximately 29,800 metres of delineation drilling at the Doris
mine and $10.7 million for
approximately 39,800 metres of drilling on exploration targets
around Doris, 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 remainder of 2021.
A review of the historical estimates for mineral reserves and
mineral resources at Hope Bay is ongoing. The Hope Bay
project was not included in the Company's 2020 year-end mineral
reserve and mineral resource estimate considering the timing of its
acquisition on February 2, 2021.
There is also excellent exploration potential at the
Boston deposit and on 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 reserve. 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.
Kittila – Drilling Confirms and Extends Main and Sisar
Zones in Roura and Rimpi Areas;
Mineralization Discovered in New Target Area Below Shaft Currently
Under Construction
The Kittila mine and the Suurikuusikko property are hosted by
Proterozoic rocks of the Svecofennian province. Gold
mineralization is refractory with the gold occurring mainly within
arsenopyrite and pyrite. The large, 19,213 hectare Kittila
property hosts additional parallel structures that have
similarities to the Suurikuusikko main break.
Near mine exploration remains the main focus as the deposit
remains open at depth and laterally.
The 2021 exploration and conversion program at Kitilla plans for
74,500 metres of drilling that aims to further explore and expand
Kittila's mineral reserve and mineral resource potential. A
main objective is to demonstrate the economic potential of the
Sisar Zone as a new mining horizon at Kittila below the current
mineral resource limit at 1,540 metres depth to assess the full
potential of the project.
During the first nine months of 2021 at the Kittila mine,
exploration drilling totaled 20 holes (14,344 metres) and
conversion drilling totaled 67 holes (23,911 metres).
Selected recent drill results from the Kittila mine are set out
in the table and composite longitudinal section below. The
drill hole collar coordinates are set out in the Appendix.
Selected recent drill results from the Main and Sisar zones
in the 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)
|
ROD21-701
|
Main Roura
|
108.0
|
115.0
|
1,092
|
3.6
|
3.5
|
and
|
Main Roura
|
243.0
|
251.0
|
1,194
|
4.2
|
4.3
|
and
|
Main Roura
|
285.7
|
294.2
|
1,225
|
4.6
|
3.1
|
and
|
Sisar
Central
|
514.0
|
520.1
|
1,390
|
3.5
|
3.3
|
ROD21-702
|
Main Roura
|
236.5
|
244.4
|
1,209
|
3.1
|
12.8
|
ROD21-751C
|
Sisar Deep
|
577.0
|
589.0
|
1,447
|
6.6
|
4.6
|
ROD21-751E
|
Sisar Deep
|
656.0
|
678.7
|
1,529
|
11.5
|
6.1
|
RIE21-700B
|
Sisar Deep
|
1,128.6
|
1,132.2
|
1,931
|
2.9
|
5.5
|
RIE21-601
|
Sisar
Central
|
396.0
|
400.0
|
1,241
|
3.0
|
6.7
|
[Kittila Mine – Composite Longitudinal
Section]
During the third quarter of 2021, conversion drilling in the
Sisar Deep Zone intersected 6.1 g/t gold over 11.5 metres at 1,529
metres depth in hole ROD21-751E and 4.6 g/t gold over 6.6 metres at
1,447 metres depth in hole ROD21-751C, confirming the presence of
gold mineralization at the southern edge of the Sisar Zone at
a moderate depth.
In a new target area below the shaft currently under
construction, exploration drilling returned 12.8 g/t gold over 3.1
metres at 1,209 metres depth hole in the Main Zone in hole
ROD21-702 and 3.3 g/t gold over 3.5 metres at 1,390 metres depth in
the Sisar Zone in hole ROD21-701. These first two holes
drilled into the target demonstrate that the Main and Sisar zones
extend southward into this area in proximity to planned mining
infrastructure.
In the deep exploration campaign in the Sisar Zone around
previously reported hole ROD15-704D (reported in February 2016), hole RIE21-700B intersected 5.5 g/t gold over 2.9 metres at
1,931 metres depth, further confirming gold mineralization in the
deepest portions of the Sisar Zone encountered to date.
The drilling campaign in this portion of the Sisar Zone at 1,800
to 2,100 metres below surface will continue into 2022.
In the Sisar Zone within the Rimpi area, exploration hole
RIE20-601 returned 6.7 g/t gold over 3.0 metres at 1,241 metres
depth, demonstrating the potential to extend the zone towards the
north.
MEXICO
Agnico Eagle's Southern Business operations are focused in
Mexico. These operations have been a solid source of precious
metals production (gold and silver) with strong free cash flow
since 2009.
Pinos Altos – Drilling at
Cubiro and Pinos Altos Deep Confirms and Extends High-Grade Gold
Mineralization
The 100% owned Pinos Altos mine
in northern Mexico achieved
commercial production in November
2009.
Exploration drilling during the first nine months of 2021
focused on two targets: the Cubiro deposit, located nine kilometres
northwest of the Pinos Altos mine
site; and multiple gold deposits in the western depths of the
Pinos Altos mine, as part of the
Pinos Altos Deep project.
The Company drilled 85 exploration holes (20,786 metres) on the
Pinos Altos property in the first
nine months of 2021, which were comprised of 35 holes (9,765
metres) at Cubiro, 10 holes (2,811 metres) at Reyna de Plata and 40
holes (8,201 metres) at Pinos Altos Deep.
At Cubiro, drilling focused on evaluating the westernmost
lateral and upward projection of the central portion of main Cubiro
corridor. Exploration was also conducted to confirm and
extend the North Cubiro structure laterally and at depth.
At the Pinos Altos Deep project, exploration and step out holes
were drilled in the Cerro
Colorado, Santo Niño and Oberon de Weber zones, with the aim
of extending structures laterally at depth and up to 200 metres
below the lowest production level.
Selected recent intercepts from drilling at the Cubiro deposit
and the Pinos Altos Deep project at the Pinos Altos mine are set out in the table and
composite longitudinal sections below. Drill hole collar
coordinates are set out in the Appendix.
Selected recent exploration drill results from the Cubiro
deposit and Pinos Altos Deep project at the Pinos Altos mine
Drill hole
|
Area
|
From
(m)
|
To
(m)
|
Depth of
midpoint
below
surface
(m)
|
Estimated
true width
(m)
|
Gold grade
(g/t)
(uncapped)
|
Gold grade
(g/t)
(capped)
|
Silver
grade (g/t)
(uncapped)
|
Silver
grade (g/t)
(capped)
|
CBUG21-145
|
Cubiro
|
166.7
|
170.0
|
216
|
3.3
|
3.6
|
3.6
|
8
|
8
|
and
|
Cubiro
|
183.4
|
187.8
|
217
|
4.3
|
4.9
|
4.9
|
13
|
13
|
CBUG21-146
|
Cubiro
|
157.3
|
172.9
|
219
|
9.1
|
4.9
|
4.9
|
4
|
4
|
CBUG21-148
|
Cubiro
|
171.0
|
176.0
|
224
|
4.5
|
2.1
|
2.1
|
16
|
16
|
CBUG21-153
|
Cubiro
|
120.3
|
124.5
|
295
|
4.2
|
5.4
|
4.4
|
6
|
6
|
UG21-212
|
PA Deep
|
139.0
|
145.5
|
607
|
6.5
|
5.7
|
4.0
|
380
|
196
|
UG21-213
|
PA Deep
|
147.2
|
152.3
|
630
|
5.0
|
7.8
|
4.3
|
665
|
200
|
UG21-215
|
PA Deep
|
78.0
|
82.2
|
684
|
3.6
|
3.7
|
3.7
|
83
|
83
|
UG21-216
|
PA Deep
|
12.7
|
21.0
|
638
|
6.3
|
3.2
|
3.2
|
46
|
46
|
and
|
|
78.0
|
87.0
|
726
|
6.8
|
1.6
|
1.6
|
124
|
124
|
UG21-221
|
PA Deep
|
179.0
|
184.0
|
827
|
4.0
|
3.3
|
3.3
|
83
|
83
|
*Results from the
Cubiro deposit and Pinos Altos Deep project at Pinos Altos mine use
a capping factor of 10 g/t gold and 200g/t silver.
|
[Pinos Altos Mine – Cubiro and Pinos Altos Composite
Longitudinal Sections]
At the Cubiro deposit, drilling from the underground ramp
intersected high-grade gold mineralization in the North Cubiro
structure in a gap between mineral resources and mineral reserves
above the ramp, with hole CBUG21-146 returning 4.9 g/t gold and 4
g/t silver over 9.1 metres at 219 metres depth, demonstrating the
potential to grow mineral resources and mineral reserves in the
northwestern portion of the deposit.
A surface drilling program at Cubiro of four holes totalling
1,600 metres evaluated the eastern projection of North Cubiro and
identified lateral vein extensions exceeding 400 metres.
At the Pinos Altos Deep project, hole UG21-213, drilled into the
Cerro Colorado zone, intersected
4.3 g/t gold and 200 g/t silver over 5.0 metres at 630 metres depth
in a gap between mineral resources located down-plunge to the
southwest of the mine workings, further demonstrating the potential
to grow mineral resources at depth in the Cerro Colorado zone.
Hole UG21-216 intersected 1.6 g/t gold and 124 g/t silver over
6.8 metres at 726 metres depth in the transition area between the
Cerro Colorado and Santo Niño
zones.
The program to date at Pinos Altos Deep continues to confirm
narrow high-grade gold mineralization within broader, low-grade
mineralization, further demonstrating the potential to add to the
mine's mineral resources and mineral reserves.
During 2021 at Pinos Altos, the
Company budgeted $3.9 million for
20,000 metres of exploration drilling that includes conversion
drilling at the Pinos Altos mine,
and further exploration work at Cubiro, the Pinos Altos Deep
project and Reyna East.
La India - Regional
Exploration at La India Remains Focused on Chipriona Deposit and
Other Sulphide Opportunities
The 100% owned La India mine in Sonora, Mexico, located approximately 70
kilometres northwest of the Company's Pinos Altos mine, achieved commercial
production in February 2014.
In regional exploration at La India, during the first nine
months of 2021, the Company continued its program of infill and
step-out drilling of the gold- and silver-rich Chipriona
polymetallic sulphide deposit and associated mineralized veins
within the 3.2-kilometre-long Chipriona structural corridor as well
as other sulphide targets near the La India oxide gold
operations. The Chipriona deposit is located approximately
one kilometre north of the La India mine.
At December 31, 2020, the
Chipriona open pit deposit had indicated mineral resources of
44,000 ounces of gold, 2.0 million ounces of silver and 16,600
tonnes of zinc (1.3 million tonnes grading 1.08 g/t gold, 49.81 g/t
silver and 1.31% zinc) and inferred mineral resources of 278,000
ounces of gold, 31.1 million ounces of silver and 103,900 tonnes of
zinc (12.8 million tonnes grading 0.68 g/t gold, 75.59 g/t silver
and 0.81% zinc).
In the first nine months of 2021, the Company drilled 179 holes
totalling 21,384 metres into shallow, open-pit targets at the La
India Complex, comprised of 71 holes (12,627 metres) at Chipriona,
57 holes (4,995 metres) at the El
Realito deposit and 51 holes (3,762 metres) at the Main Zone
deposit.
Selected recent drill intercepts from the Chipriona deposit and
Main Zone are set out in the table and plan map below. The
drill hole collar coordinates are set out in the Appendix.
Selected recent drill intercepts from the Chipriona deposit
and Main Zone at the La India property
Drill hole
|
From
(m)
|
To
(m)
|
Depth of
midpoint
below
surface
(m)
|
Estimated
true width
(m)
|
Gold grade
(g/t)
(uncapped)
|
Silver grade
(g/t)
(uncapped)
|
Lead
grade
(%)
|
Zinc
grade
(%)
|
CHP-21-045
|
11.9
|
22.7
|
22
|
8.3
|
0.6
|
181
|
0.5
|
0.3
|
CHP-21-048
|
73.0
|
98.0
|
57
|
19.2
|
0.8
|
82
|
0.1
|
0.3
|
CHP-21-049
|
126.3
|
132.0
|
124
|
4.7
|
0.9
|
163
|
0.2
|
0.3
|
CHP-21-056
|
84.0
|
89.0
|
52
|
4.7
|
0.6
|
170
|
1.8
|
1.6
|
and
|
187.0
|
192.0
|
116
|
4.7
|
0.6
|
101
|
0.0
|
0.2
|
and
|
197.2
|
202.7
|
124
|
5.2
|
0.6
|
113
|
0.1
|
0.3
|
CHP-21-057
|
37.4
|
53.0
|
40
|
14.2
|
0.8
|
337
|
1.3
|
0.9
|
CHP-21-058
|
79.5
|
106.7
|
79
|
25.6
|
1.3
|
110
|
0.9
|
1.9
|
CHP-21-059
|
3.0
|
6.7
|
3
|
3.4
|
2.1
|
47
|
0.3
|
0.0
|
and
|
190.0
|
196.9
|
97
|
6.4
|
1.6
|
120
|
0.3
|
0.7
|
CHP-21-060
|
9.0
|
51.0
|
12
|
36.3
|
0.9
|
109
|
1.7
|
1.9
|
and
|
54.0
|
65.0
|
28
|
9.5
|
0.8
|
233
|
1.2
|
1.7
|
and
|
68.4
|
78.0
|
31
|
8.3
|
0.7
|
23
|
0.4
|
0.8
|
CHP-21-061
|
100.0
|
108.7
|
103
|
7.9
|
1.0
|
397
|
0.3
|
0.4
|
INMRC21-2479
|
101.0
|
111.0
|
94
|
6.3
|
1.2
|
5
|
-
|
-
|
INMRC21-2509
|
102.0
|
135.0
|
125
|
25.3
|
1.3
|
5
|
-
|
-
|
[La India Mine – Chipriona Geology Plan
Map]
Mineral resource conversion and expansion drilling at Chipriona
in the first nine months of 2021 focused on evaluating parallel
mineralized structures within the major corridor and testing the
down-dip projection of the corridor north the Chipriona open pit
outline.
Hole CHP21-057, drilled into the central portion of Chipriona,
intersected 0.8 g/t gold and 337 g/t silver over 14.2 metres at 40
metres depth and hole CHP21-061, drilled approximately 100 metres
to the southeast, intersected 1.0 g/t gold and 397 g/t silver over
7.9 metres at 103 metres depth. The intersections further
demonstrate the wide, shallow intersections with high-grade silver
values that typify the Chipriona sulphide deposit in contrast to
the traditional low-grade oxide ore of the La India heap-leach
operations.
With the continued success in conversion and step-out drilling
this year at Chipriona, the Company expects an increase in mineral
resources estimated at year-end 2021.
The significant polymetallic mineralization being intersected
near surface at Chipriona over substantial widths continues to
suggest the potential for bulk mining of lower-grade mineralization
in stockwork zones that surround high-grade feeder zones.
Drilling in the western extension of the Main Zone has
intersected sulphide mineralization at depth, including in hole
INMRC21-2479 which returned 1.2 g/t gold and 5 g/t silver over 6.3
metres at 94 metres depth and hole INMRC21-2509 which returned 1.3
g/t gold and 5 g/t silver over 25.3 metres at 125 metres
depth. The sulphide intersections show the potential for
future synergies between any sulphide mining operation developed at
Chipriona and remnant satellite sulphide deposits located elsewhere
on the La India property.
At the La India property in 2021, the Company has budgeted
$4.0 million for 20,000 metres of
drilling (now surpassed, with 21,384 metres drilled in 2021) to
grow and infill the Chipriona deposit and investigate other
near-surface sulphide and oxide targets.
Regional exploration around the La India mine continues to
generate targets displaying polymetallic sulphide style of
mineralization, including: La Dulzura, 3 de Mayo, Ramona and
Pinos. Exploration is also ongoing around the Tarachi deposit
and on the recently acquired Ostimuri concession (currently under
registration transfer) adjacent to the north of the La India North
zone to identify new drill targets.
Santa Gertrudis –
Exploration Program Extends Mineralized Structures at the
Amelia, El Toro and Santa Teresa
Zones; Proof of Concept Drilling Discovers High-Grade Sulphide
Structure at Centauro Zone
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.
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.
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. The mineral resource estimate for the
project is expected to be updated for the year-end of 2021.
During the third quarter of 2021, drilling at Santa Gertrudis totaled 15,606 metres in 27
holes focused on advancing the Amelia, Santa Teresa, El
Toro, Centauro, Bertha and other zones. The
year-to-date drilling program totaled 43,298 metres in 96 holes, as
the drill program was expanded following positive results.
Selected recent drill results from the Santa Gertrudis project are set out in the
table, local geology map and composite longitudinal section
below. Drill hole collar coordinates are set out in the
Appendix.
Selected recent exploration drill results from the Amelia,
Santa Teresa, El Toro and Centauro 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)*
|
SGE21-468
|
Centauro
|
379.7
|
385.5
|
2176
|
5.5
|
2.4
|
2.4
|
3
|
3
|
SGE21-469
|
Santa
Teresa
|
15.0
|
26.0
|
10
|
10.2
|
1.3
|
1.3
|
1
|
1
|
SGE21-473
|
Santa
Teresa
|
74.6
|
78.0
|
73
|
3.0
|
3.6
|
3.6
|
30
|
30
|
SGE21-477
|
Centauro
|
299.0
|
320.0
|
252
|
15.0
|
6.6
|
5.8
|
9
|
9
|
including
|
Centauro
|
309.5
|
315.0
|
255
|
3.9
|
18.2
|
14.9
|
14
|
14
|
and
|
Centauro
|
342.0
|
349.0
|
279
|
5.8
|
19.4
|
15.1
|
13
|
13
|
SGE21-488
|
Bertha
|
167.0
|
171.0
|
120
|
4.0
|
6.3
|
6.3
|
2
|
2
|
and
|
Bertha
|
289.5
|
292.5
|
207
|
3.0
|
17.5
|
17.4
|
6
|
6
|
SGE21-491
|
Amelia
|
700.0
|
704.0
|
617
|
3.4
|
4.6
|
4.6
|
5
|
5
|
and
|
Amelia
|
739.9
|
744.1
|
649
|
4.2
|
3.6
|
3.6
|
18
|
18
|
and
|
Amelia
|
789.7
|
793.0
|
680
|
2.8
|
10.2
|
10.2
|
8
|
8
|
SGE21-496
|
Amelia
|
674.2
|
678.0
|
557
|
3.7
|
4.1
|
4.1
|
8
|
8
|
SGE21-502
|
Amelia
|
766.8
|
782.5
|
740
|
12.8
|
5.1
|
4.5
|
13
|
13
|
SGE21-506
|
El Toro
|
358.9
|
364.8
|
309
|
3.9
|
2.7
|
2.7
|
59
|
59
|
SGE21-512
|
El Toro
|
197.0
|
201.0
|
199
|
3.0
|
2.5
|
2.5
|
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.
|
[Santa Gertrudis Project – Local
Geology Map]
[Santa Gertrudis Project – Amelia
Composite Longitudinal Section]
As at December 31, 2020, the
Amelia deposit is the only zone with underground mineral resources
at the Santa Gertrudis
project.
The drilling campaign in 2021 at Amelia continues to
delineate and expand the deposit. Hole SGE21-491 encountered
multiple parallel structures where extensions of the mineral
resources were projected: 4.6 g/t gold and 5 g/t silver over 3.4
metres at 617 metres depth, 3.6 g/t gold and 18 g/t silver over 4.2
metres at 649 metres depth and 10.2 g/t gold and 8 g/t silver over
2.8 metres at 680 metres depth.
Hole SGE21-502 encountered the projection of one of the
high-grade gold mineralized structures approximately 300 metres
below previously known mineralization, intersecting 4.5 g/t gold
and 13 g/t silver over 12.8 metres at 740 metres depth.
Located 208 metres west from hole SGE21-502, hole SGE21-496
intersected 4.1 g/t gold and 8 g/t silver over 3.7 metres at 557
metres depth, demonstrating that the high-grade mineralization
remains open to the west.
The drilling program at Amelia for the remainder of 2021 will
continue to explore the ore-shoot extension at depth for additional
high-grade mineral resources.
At the Santa Teresa Zone located 3.2 kilometres south of the
Amelia deposit, exploration drilling continues to intersect shallow
oxide mineralization to the east of previously reported results,
extending the strike length of the known mineralized structures
from 600 metres to 1,200 metres. Hole SGE21-473 intersected
3.6 g/t gold and 30 g/t silver over 3.0 metres at 73 metres
depth. Located 221 metres southwest of hole SGE20-473, hole
SGE21-469 intersected 1.3 g/t gold and 1 g/t silver over 10.2
metres at 10 metres depth.
Exploration success at the Santa
Teresa target is expected to lead to an initial mineral
resource estimation of the zone at year-end. Exploration
drilling for additional oxide mineralization will continue along
the horizon hosting Santa Teresa
as the zone remains open along strike in both directions.
Drilling is expected to be initiated soon to test for additional
shallow oxide mineralization into the Santo Niño and Veronica
targets.
Approximately 3.3 kilometres southeast of the Santa Teresa Trend
in the Central Trend (hosting the El
Toro, Becerros, Dora, Centauro and Bertha zones), drilling
continues to return positive results that are expanding the known
mineralized zones. In the El Toro Zone, hole SGE21-506
intersected 2.7 g/t gold and 59 g/t silver over 3.9 metres at 309
metres depth. In the Bertha Zone, hole SGE21-488, located 807
metres from hole SGE21-506, intersected 6.3 g/t gold and 2 g/t
silver over 4.0 metres at 120 metres depth and 17.4 g/t gold and 6
g/t silver over 3.0 metres at 207 metres depth.
Drilling at the Centauro Zone has resulted in the discovery of
significant high-grade sulphide structures. Located 777
metres from hole SGE21-488, hole SGE21-477 intersected 5.8 g/t gold
and 9 g/t silver over 15.0 metres at 252 metres depth, including
14.9 g/t gold and 14 g/t silver over 3.9 metres at 255 metres depth
and 15.1 g/t gold and 13 g/t silver over 5.8 metres at 279 metres
depth.
The Company is currently looking to initiate an infill drilling
program to convert the oxide mineral resources into mineral
reserves.
Regional exploration at Santa
Gertrudis in 2021 has generated multiple new targets such as
La Leona, Santo Niño, Veronica,
Mirna and Cieneguita that will be
progressively drill tested moving forward.
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.
Forward-Looking Statements
The information in this news release has been prepared as at
November 2, 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". All statements, other than
statements of historical fact, that address circumstances, events,
activities or developments that could, or may or will occur are
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
doré 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 this 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 filed on SEDAR (www.sedar.com) 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 including information regarding data verification,
key assumptions, parameters and methods used to estimate mineral
reserves and mineral resources and the risks that could materially
affect the development of the mineral reserves and mineral
resources required by sections 3.2 and 3.3 and paragraphs 3.4(a),
(c) and (d) of NI 43-101 can be found in the Company's AIF and
MD&A filed on SEDAR each of which forms a part of the Company's
Form 40-F filed with the SEC on EDGAR and in the following
technical reports filed on SEDAR in respect of the Company's
material mineral properties: 2005 LaRonde Mineral Resource &
Mineral Reserve Estimate Agnico-Eagle Mines Ltd. LaRonde Division
(March 23, 2005); NI 43-101 Technical Report Canadian Malartic
Mine, Québec, Canada (March 25, 2021); Technical Report on the
December 31, 2009, Mineral Resource and Mineral Reserve Estimate
and the Suuri Extension Project, Kittila Mine, Finland (March 4,
2010); Technical Report on the Mineral Resources and Mineral
Reserves at Meadowbank Gold Complex including the Amaruq Satellite
Mine Development, Nunavut, Canada as at December 31, 2017 (February
14, 2018); and the Updated Technical Report on the Meliadine Gold
Project, Nunavut, Canada (February 11, 2015).
EXPLORATION DRILL HOLE COLLAR COORDINATES
LaRonde
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
LR-284-01
|
690506
|
5347184
|
250
|
196
|
-37
|
637
|
LR-317-04
|
690149
|
5347040
|
219
|
171
|
-38
|
638
|
BZ-2021-001
|
687178
|
5347100
|
310
|
357
|
-63
|
740
|
BZ-2021-002
|
687178
|
5347100
|
310
|
1
|
-59
|
702
|
BZ-2021-003
|
687179
|
5347100
|
310
|
9
|
-65
|
759
|
*Coordinate System
NAD 83 UTM Zone 17N
|
CMC East
Amphi
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
EA21-4196
|
711650
|
5336567
|
325
|
12
|
-57
|
615
|
EA21-4197
|
711500
|
5336652
|
322
|
23
|
-63
|
685
|
*Coordinate System
NAD 83 UTM Zone 17N
|
Kirkland
Lake
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
KLUC21-295E
|
587467
|
5332903
|
332
|
348
|
-51
|
762
|
*Coordinate System
NAD 83 UTM Zone 17N
|
Meliadine
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
M20-3185
|
540529
|
6988087
|
101
|
183
|
-59
|
190
|
M21-3285
|
540625
|
6988087
|
101
|
182
|
-57
|
276
|
ML250-9325-D4
|
539325
|
6988354
|
98
|
170
|
-7
|
177
|
M21-3276-W1C
|
539779
|
6988948
|
101
|
188
|
-79
|
744
|
M21-2933
|
538690
|
6989285
|
101
|
202
|
-76
|
1005
|
M20-2966
|
540485
|
6988140
|
101
|
177
|
-62
|
342
|
M20-2967
|
540540
|
6988165
|
101
|
178
|
-56
|
285
|
M21-3270
|
552407
|
6982720
|
67
|
196
|
-47
|
186
|
M21-3290
|
552469
|
6982765
|
66
|
197
|
-47
|
248
|
M21-3285
|
540625
|
6988087
|
101
|
182
|
-57
|
276
|
M21-3287
|
540595
|
6988052
|
101
|
182
|
-54
|
234
|
M21-3306
|
535434
|
6989489
|
101
|
198
|
-68
|
660
|
M425-156-F1
|
539858
|
6988517
|
968
|
359
|
-3
|
85
|
7001-21-028
|
627073
|
7222682
|
131
|
310
|
-47
|
150
|
7001-21-031
|
627204
|
7222710
|
136
|
312
|
-49
|
228
|
*Coordinate System
NAD 1983 UTM Zone 14
|
Meadowbank
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
AMQ21-2565
|
607275
|
7255758
|
51
|
324
|
-63
|
393
|
AMQ21-2579A
|
607345
|
7255750
|
52
|
340
|
-66
|
507
|
AMQ21-2608
|
607298
|
7255771
|
52
|
319
|
-51
|
387
|
AMQ21-2657
|
607250
|
7255668
|
52
|
324
|
-62
|
479
|
AMQ21-2662
|
607531
|
7255682
|
52
|
317
|
-60
|
627
|
AMQ21-2562
|
605651
|
7254936
|
52
|
340
|
-46
|
402
|
AMQ21-2603
|
605371
|
7254716
|
52
|
314
|
-59
|
372
|
AMQ21-2615
|
605062
|
7255005
|
52
|
142
|
-47
|
498
|
7001-21-028
|
627073
|
7222682
|
131
|
310.4
|
-47
|
150
|
7001-21-031
|
627204
|
7222710
|
136
|
312.2
|
-49
|
228
|
*Coordinate System
NAD 1983 UTM Zone 14
|
Hope
Bay
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
DBE21-50344
|
433955
|
7560277
|
-342
|
95
|
26
|
204
|
DBE21-50381
|
433955
|
7560277
|
-342
|
80
|
27
|
207
|
DBE21-50408
|
433955
|
7560277
|
-341
|
93
|
30
|
213
|
DBE21-50410
|
433955
|
7560277
|
-341
|
87
|
31
|
212
|
DBE21-50411
|
433955
|
7560277
|
-341
|
80
|
32
|
211
|
DBE21-50469
|
433954
|
7560278
|
-340
|
87
|
31
|
196
|
DCN21-50284
|
433743
|
7557805
|
-227
|
89
|
-30
|
112
|
DCN21-50384
|
433741
|
7557791
|
-228
|
107
|
-50
|
73
|
DCN21-50385A
|
433742
|
7557792
|
-228
|
87
|
-55
|
62
|
DCN21-50413
|
433814
|
7557626
|
-216
|
62
|
13
|
75
|
DCN21-50417
|
433814
|
7557624
|
-217
|
110
|
-8
|
74
|
DCN21-50418
|
433814
|
7557624
|
-216
|
110
|
19
|
75
|
DCN21-50419
|
433814
|
7557625
|
-214
|
102
|
36
|
84
|
DCN21-50420
|
433814
|
7557626
|
-218
|
65
|
-30
|
76
|
DCN21-50422
|
433814
|
7557625
|
-214
|
80
|
39
|
87
|
DCN21-50441
|
433741
|
7557791
|
-228
|
120
|
-51
|
68
|
DCN21-50446
|
433742
|
7557791
|
-225
|
94
|
27
|
160
|
DCN21-50474
|
433781
|
7557642
|
-199
|
87
|
-13
|
110
|
DCN21-50475
|
433781
|
7557642
|
-199
|
90
|
2
|
106
|
DCN21-50487
|
433785
|
7557691
|
-197
|
92
|
35
|
12
|
DCN21-50488
|
433785
|
7557691
|
-198
|
92
|
14
|
99
|
DCN21-50664
|
433791
|
7557713
|
-198
|
75
|
-10
|
82
|
DCN21-50665
|
433791
|
7557713
|
-197
|
73
|
15
|
91
|
DCN21-50666
|
433791
|
7557713
|
-196
|
72
|
37
|
87
|
HBM21-002
|
433038
|
7550586
|
60
|
149
|
-53
|
248
|
HBM21-003
|
433100
|
7550738
|
53
|
196
|
-64
|
470
|
HBM21-007
|
433051
|
7550627
|
60
|
153
|
-58
|
261
|
HBM21-007A
|
433051
|
7550627
|
60
|
153
|
-63
|
380
|
HBM21-008
|
433051
|
7550627
|
60
|
153
|
-54
|
367
|
HBM21-010
|
433381
|
7550984
|
63
|
90
|
-63
|
386
|
HBM21-015
|
433099
|
7550827
|
65
|
172
|
-71
|
664
|
HBM21-023
|
433381
|
7550984
|
63
|
90
|
-51
|
347
|
HBM21-024
|
433366
|
7550943
|
60
|
90
|
-57
|
371
|
NWS21-80075
|
433235
|
7550522
|
41
|
154
|
-45
|
283
|
NWS21-80083
|
433080
|
7550517
|
43
|
184
|
-74
|
246
|
*Coordinate System
NAD 1983 UTM Zone 13N
|
Kittila
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
RIE21700B
|
2558645
|
7538639
|
-778
|
90
|
-75
|
1254
|
RIE21601
|
2558715
|
7539010
|
-831
|
82
|
-30
|
420
|
ROD21701
|
2558696
|
7537319
|
-787
|
89
|
-50
|
786
|
ROD21702
|
2558695
|
7537319
|
-787
|
90
|
-57
|
993
|
ROD21751C
|
2558692
|
7537954
|
-777
|
90
|
-60
|
704
|
ROD21751E
|
2558692
|
7537954
|
-777
|
90
|
-60
|
769
|
*Finnish Coordinate
System KKJ Zone 2
|
Pinos
Altos
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
CBUG21-145
|
758062
|
3136608
|
1,228
|
52
|
25
|
270
|
CBUG21-146
|
758016
|
3136625
|
1,229
|
50
|
34
|
327
|
CBUG21-148
|
757969
|
3136642
|
1,231
|
50
|
40
|
378
|
CBUG21-153
|
757908
|
3136664
|
1,231
|
50
|
27
|
360
|
UG21-212
|
763523
|
3130613
|
1649
|
222
|
-23
|
171
|
UG21-213
|
763523
|
3130613
|
1648
|
222
|
-35
|
204
|
UG21-215
|
763866
|
3130255
|
1550
|
180
|
-45
|
113
|
UG21-216
|
763722
|
3130339
|
1553
|
180
|
-52
|
99
|
UG21-221
|
763667
|
3130478
|
1559
|
199
|
-50
|
258
|
*Coordinate System
UTM NAD 27
|
La
India
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM North
|
UTM East
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
CHP21-045
|
706450
|
3180984
|
1588
|
225
|
-45
|
120
|
CHP21-048
|
706602
|
3181318
|
1529
|
270
|
-55
|
171
|
CHP21-049
|
706628
|
3181245
|
1551
|
270
|
-60
|
180
|
CHP21-056
|
706625
|
3180915
|
1660
|
225
|
-45
|
273
|
CHP21-057
|
706595
|
3180782
|
1626
|
225
|
-45
|
132
|
CHP21-058
|
707097
|
3180472
|
1539
|
225
|
-45
|
201
|
CHP21-059
|
707209
|
3180259
|
1554
|
220
|
-50
|
201
|
CHP21-060
|
707075
|
3180373
|
1566
|
225
|
-45
|
120
|
CHP21-061
|
706769
|
3180670
|
1550
|
225
|
-45
|
250
|
INMRC21-2479
|
706535
|
3176046
|
1653
|
90
|
-65
|
150
|
INMRC21-2509
|
706428
|
3176148
|
1653
|
90
|
-50
|
145
|
*Coordinate System
UTM WGS84 12N
|
Santa
Gertrudis
|
Drill hole collar
coordinates*
|
Drill hole
|
UTM East
|
UTM North
|
Elevation (metres
above sea level)
|
Azimuth
(degrees)
|
Dip
(degrees)
|
Length
(metres)
|
SGE21-468
|
544055
|
3388010
|
1,388
|
62
|
-50
|
501
|
SGE21-469
|
540797
|
3389936
|
1,153
|
135
|
-60
|
201
|
SGE21-473
|
540613
|
3390059
|
1,137
|
135
|
-50
|
264
|
SGE21-477
|
544515
|
3388199
|
1,405
|
40
|
-50
|
369
|
SGE21-488
|
543826
|
3388559
|
1,401
|
200
|
-50
|
402
|
SGE21-491
|
542343
|
3393033
|
1,295
|
180
|
-58
|
1,038
|
SGE21-496
|
542152
|
3392949
|
1,239
|
180
|
-50
|
801
|
SGE21-502
|
542343
|
3393033
|
1,295
|
180
|
-68
|
912
|
SGE21-506
|
543909
|
3389360
|
1,435
|
220
|
-65
|
585
|
SGE21-512
|
543734
|
3389498
|
1,406
|
215
|
-60
|
600
|
*Coordinate System
UTM WGS84 12N
|
View original
content:https://www.prnewswire.com/news-releases/agnico-eagle-provides-an-update-on-exploration-results-extension-of-east-gouldie-deposit-on-the-rand-malartic-property-1-500-metres-from-current-mineral-resources-outline-additional-high-grade-gold-copper-in-footwall-zone-at-upp-301413592.html
SOURCE Agnico Eagle Mines Limited