Continuing a tradition of robust investments to unlock the enormous gold potential on its Nunavut properties, Agnico Eagle Mines Ltd. budgeted more than US$90 million on exploring this politically attractive and stable jurisdiction in Canada’s Far North during 2022.
Going into the year, Agnico already had an aggressive US$60.2 million exploration campaign budgeted for its three gold mine and regional exploration properties in Nunavut. Given the success of this work, by mid-year the company had decided to allocate another US$30 million to build resources and reserves in the territory.
“With these positive results, we are adding $30 million dollars to our exploration budget in 2022 as we aim to accelerate the realization of the full potential of existing operations and key projects in the company’s pipeline,” said Agnico Eagle President and CEO Ammar Al-Joundi.
A new Hope Bay
At US$56.2 million, which includes US$24 million of the midyear added exploration spending, Agnico’s new Hope Bay gold mine project was by far the largest target of the company’s exploration in Nunavut last year.
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