AEM ups estimate for Nunavut’s Amaruq to 3.3 million ounces (Nunatsiaq News – February 11, 2016)

Agnico-Eagle Mines Ltd.‘s Amaruq deposit may now hold at least 3.3 million ounces of gold, an estimate that’s 67 per cent higher than last year’s, the company announced Feb. 10.

That means the Amaruq deposit, located about 50 kilometres from the company’s existing mine and mill at Meadowbank in the Kivalliq region of Nunavut, still holds the potential to serve as a satellite operation for Meadowbank after about 2019 or 2020.

“The company expects to ultimately develop Amaruq as a satellite operation to Meadowbank, with the potential to begin production in 2019,” Agnico Eagle said in its latest financial report..

The 3.3-million-ounce figure represents an “inferred” estimate: an educated guess that’s made at a lower level of confidence than a “proven and probable” estimate.

But it’s a dramatic increase from the two-million-ounce inferred estimate the company announced last year and this year, the company will do more work at Amaruq aimed at expanding its resource estimate and “to try to delineate a second source of open pit ore.”

And Agnico Eagle says Amaruq likely holds the potential to “have similar annual output to Meadowbank in its peak production years.”

Taking that into account, along with its large deposit at Meliadine near Rankin Inlet, this means Agnico Eagle is likely to stay committed to Nunavut for many years to come.

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