QAMANITTUAQ/BAKER LAKE
Agnico Eagle Mines Ltd (TSX:AEM) has expanded and renamed its IVR exploration project. Originally named after nondescript placeholders identifying mineralized zones (zones "I", "V",and "R") discovered in 2013, the company has since expanded drill targets well beyond that initial discovery.

Strong early showings from an extensive drill program near Agnico Eagle Mines Ltd.'s Meadowbank gold mine near Baker Lake, could lead to extended mine life. - photo courtesy Agnico Eagle Mines Ltd.

Now called the Amaruq project (Inuktitut for "large wolf"), the 408 square kilometre property now includes more targets. Agnico Eagle has 100 per cent interest in it. Amaruq is entirely contained within Inuit owned land and is subject to a mineral exploration agreement with Nunavut Tunngavik Inc.

The property is approximately 50 km northwest of the Meadowbank mine.

Since July 2013, more than 28,900 metres have been drilled over 142 holes. Of those, 128 holes - or 26,639 metres - were drilled this year.

And the company is not letting up. A second 25,000 metre drill project has already begun and should continue through the rest of this month depending on weather conditions.

Drilling of underwater targets will continue in the winter of 2015, once lake ice is thick enough to support drill rigs.

Before the end of 2014, Agnico Eagle will have spent approximately $9 million on the project, and expects to have an initial mineral resource in hand by then.

In the Whale Lake area of the Amaruq project, Agnico Eagle is reporting 7.3 grams per tonne (g/t) gold over 12.8 metres, 14.1 g/t gold over 4.8 metres, and 31.5 g/t gold over 3.2 metres. All intersects were at 158 metres depth. Other zones in the area showed 8.5 g/t gold over 6.5 metres and 10.7 g/t gold over 9.3 metres.

The best results near Whale Lake, in what's known as the "Whale Tail zone", as reported by Agnico Eagle were 6.1 g/t gold of 55.6 metres, including 13.5 g/t gold over 17.6 metres and 18.8 g/t over 7.1 metres drilled at IVR14-103.

Within 280 metres of IVR14-103, two more drill holes showed 5.2 g/t gold over 61.8 metres that included 16.3 g/t gold over 11.8 metres, and 7.3 g/t gold over 20 metres that included 20.4 g/t gold over 4.3 metres.

"Drilling at Amaruq continues to yield impressive results both along strike and at depth, with good potential for further expansion of the known mineralization," said Sean Boyd, Agnico Eagle president and CEO in a press release.

"This project further enhances our Northern strategy. Given the size and scope of the discovery, studies are currently underway to evaluate how Amaruq could be incorporated into the Meadowbank operational plan and possibly linked with the Meliadine project."

Field work and a 1,029-line-kilometre airborne electromagnetic survey this year have also identified three new targets on the property: the Mammoth, Whale Fin and Boulder field targets.

Although assay results have not returned from drilling on the Whale Fin, core sample mineralization is said to be visually similar to the Whale Tail zone.

A 25-person exploration camp is being expanded to accommodate 60 workers by spring 2015. The company has also been collecting environmental baseline data on Amaruq since the second half of 2014 that could be used for eventually permitting applications.

An all-weather exploration road is being considered to connect the Meadowbank mine to Amaruq.

Agnico Eagle operates nine mines between Canada, Finland and Mexico, with many exploration projects across those regions and the U.S.

The Meadowbank gold mine is the company's flagship operation.