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Looking to strengthen the gold mine platform it is building in Nunavut, Agnico Eagle Mines Ltd. is investing roughly US$33 million into exploring its three main assets in the Canadian territory – Meliadine mine, Meadowbank Complex, and the recently acquired Hope Bay mine.
This robust investment in Nunavut is part of US$163 million of exploration the company has budgeted for all of its assets, which is substantially higher than the US$113 million invested in exploration during 2020 and a record for the company.
“The 2021 exploration program is the most ambitious in Agnico Eagle’s 64-year history, as we investigate the full potential of existing operations and key projects in the company’s pipeline,” said Agnico Eagle Mines CEO Sean Boyd.
Upgrading, expanding Meliadine
Roughly US$9.8 million of Agnico’s 2021 exploration budget is being invested into Meliadine, a gold mine about 25 kilometers (16 miles) north of the community of Rankin Inlet.
Going into 2021, Meliadine hosted 21.3 million metric tons of proven and probable reserves averaging grading 5.89 g/t (4 million ounces gold) mostly at underground depth, along with 18.8 million metric tons of measured and indicated resources averaging 3.53 g/t (2.1 million oz gold), and 12.3 million metric tons of inferred resource averaging 5.82 g/t (2.3 million oz gold).
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