AGNICO EAGLE NEWS RELEASE AGNICO EAGLE RELEASES DETOUR LAKE PROPOSED UNDERGROUND MINING PLAN DEMONSTRATING STRONG RETURNS AND PATHWAY TO ANNUAL GOLD PRODUCTION OF ONE MILLION OUNCES
Significant exploration potential to grow underground mineral resources - The 2024 PEA is based on a mineral resource estimate which relies on a drill database cut-off as at October 16, 2023. The Company has since drilled an additional 131,500 metres in 142 holes at Detour Lake to the end of May 2024 in an ongoing exploration program which has returned some of best intercepts to date at Detour Lake. The recent exploration results show potential to significantly expand the underground mineral resource at shallow depth, west of the pit
- The Company will continue to advance regional exploration activities on satellite targets on the Company's large land position around the Detour Lake and adjacent Detour East properties that could potentially extend the mine life
- In addition, the Company expects to spend approximately $7.4 million for 40,000 metres of regional drilling in 2024, to explore satellite targets on the Company's large 107,400 hectare land position around the Detour Lake and adjacent Detour East properties that could potentially provide mill feed to the Detour Lake operation.
- Key regional targets include: northwest of the Detour Lake trend probing northwest-trending structures; the Detour mineralized trend north of the interpreted thrust fault intrusive to the east; geophysical features in the McAlpine and Central sediments; along the Lower Detour and Massicotte deformation trend areas; and the regional Sunday Lake and Massicotte deformation trends on the Detour East option.
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