Agnico Eagle Mines Limited (AEM) has issued a revised report about the latest exploration activities near 50 kilometers northwest of the Meadowbank mine in Nunavut. The IVR project was also renamed as the Amaruq project. This 408-square-kilometer project is situated in Inuit Owned Land and was completed acquired by Agnico Eagle in partnership, subject to a mineral exploration agreement with Nunavut Tunngavik Incorporated.
The Whale Tail zone, discovered in 2014, has been expanded 1,000 meters southwest and is yet to be extended toward the west. Recent drillings in this zone has brought an yield of 60 meters along with high-grade intercept at depth.
Many new drilling sites were discovered in the property. Approximately 3 kilometers west of the whale tail zone, the Boulder Field target containing large blocks of quartz vein material was subjected to drill testing. A drill test was started nearly 4 kilometers southwest of the Whale Tail zone where another mineralized area was found. Additionally, 1 kilometer to the south of the Whale Tail zone, another area of mineralized outcropping bedrock was discovered.
Most importantly, as the “I”, “V”, “R” gold-bearing mineralized zones which were discovered in 2013 were expanded as well as explored across these boundaries, Agnico Eagle decided to rename the whole project as “Amaruq”. This project encompasses both the IVR zones along with the Whale Tail zone.
Moreover, Agnico Eagle lately announced updated mineral reserves and resources for its Canadian Malartic mine. Agnico Eagle and Yamana Gold Inc. (AUY) each owns a 50% interest in the mine as part of the joint acquisition of Osisko Mining Corporation that was closed on Jun 16, 2014. While the gold miner’s strategic investments in several exploration projects should bring in meaningful growth opportunities, it remains exposed to weak gold pricing.
Other companies in the gold mining industry worth considering include AngloGold Ashanti Ltd. (AU) and Asanko Gold Inc. (AKG).
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