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
Stock Symbol: AEM (NYSE and TSX)
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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 UPPER BEAVER IN
KIRKLAND LAKE; EXPLORATION AT HOPE BAY CONTINUES TO EXPAND DORIS
AND MADRID DEPOSITS; DRILLING AT SANTA GERTRUDIS IDENTIFIES NEW
HIGH-GRADE MINERALIZATION
Toronto (November 2, 2021) – 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 2 1.7 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
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• 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 expand ing 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 plu nge, 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 30 2 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 th is 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 opera tions
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
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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 produc ing 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.
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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 1980s
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.
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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 a t 3,126 metres depth approximately 80 metres east of the mineral
resource.
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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 constructio n 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, th e 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 intrusio ns 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 Part nership 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 t he
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East Gouldie deposit — including a small area at 40 metres spacing to evaluate the
adequate drill spacing required to upgrade the c urrent 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
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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)**
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.