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Agnico sees more gold at Amaruq
New results estimate two million ounces of gold

Karen K. Ho
Northern News Services
Monday, August 24, 2015

Mineral company Agnico Eagle Mines Ltd. says the latest drilling results from its Amaruq gold project in the territory show 35 per cent more mineral resources than previously estimated.

NNSL photo/graphic

Agnico Eagle staff analyze core samples. The company recently announced its Amaruq exploration project has an estimated two million ounces of gold. - photo courtesy of Agnico Eagle

In a news release, chief executive officer Sean Boyd stated the updated resource estimate demonstrated the Whale Tail deposit appeared to be a good possibility for open pit mining, as well as showing potential for a higher grade underground operation.

"While it is still at an early stages of exploration, in less than two years, the Amaruq property has advanced from a grassroots discovery to a project that now hosts a significant and growing inferred gold resource," Boyd stated. "We also see good potential to expand the known deposits and discover new areas of mineralization on the property."

The company's update on Aug. 19 stated the results from drilling at Amaruq's Whale Tail deposit in the first half of this year have resulted in a new inferred resource estimate of 2 million ounces of gold from 9.7 million tonnes and a grade of 6.47 grams of gold per tonne.

Other highlights from this latest update include "thick, high-grade ore" that was found in the Whale Tail deposit, as well as gold discovered in the gap between Mammoth Lake and Whale Tail.

In the news release, the company said that it is currently undergoing a large sampling program is that will cover approximately 2,000 hectares in the area surrounding already known discoveries.

Agnico said its exploration and prospecting on the property has already led to the discovery of several new gold-anomalous areas along the belt, outside of the Whale Tail - Mammoth area. The company also submitted its application to construct an all-weather access road between Meadowbank and the Amaruq site in the first quarter of this year.

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