Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) has updated shareholders on activities at its 100% owned Nunavut projects. These include the Amaruq project and the Meliadine project.
Highlights are as follows:
- Type A water licence received for the Whale Tail pit at the Amaruq project – On July 11, 2018, the Type A water licence was approved by the Minister of Crown-Indigenous Relations and Northern Affairs Canada. This permit allows for the construction and development of the Whale Tail pit.
- Preliminary construction work and stripping of the Whale Tail pit will begin in the third quarter of 2018 as expected – The Whale Tail deposit remains on schedule and budget for the start of production in the third quarter of 2019.
- The Whale Tail underground exploration ramp is proceeding as planned – At the end of June 2018, approximately 478 metres of ramp development had been completed at a cost of approximately $10.7 million. In 2018, approximately 1.2 kilometres of ramp development is planned.
- Amaruq exploration drilling continues to expand known mineralized zones – Recent drilling intersected 10.2 grams per tonne gold over 16.9 metres at 316 metres depth, confirming the grade and geometry in the Whale Tail ore shoot. A recent hole in the V Zone returned 10.3 grams per tonne gold over 5.0 metres at 20 metres depth, which is expected to extend mineral resources westward at surface.
- Meliadine project proceeding on schedule and on budget – Development activities remain on track for the commencement of production at the Meliadine project in the second quarter of 2019. The first boat of the 2018 shipping season has been off-loaded at Rankin Inlet, and additional boats are expected in the coming weeks.
Sean Boyd, Agnico Eagle’s Chief Executive Officer commented:
“We would like to thank the various regulatory agencies, both federal and territorial, the Inuit Organizations, the local communities and our employees for their diligent participation in the permitting process. With the approval of the Whale Tail Type A Licence, the project remains on schedule to commence production in the third quarter of 2019, and exploration activities continue to expand the known mineralization, which could potentially extend the mine life. Elsewhere in Nunavut, development activities at Meliadine are progressing on schedule and on budget, which continues to support the start of production in the second quarter of 2019.”
Click here to read the full Agnico Eagle (NYSE: AEM, TSX: AEM) press release.
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