Ontario and Quebec
Following the acquisition of Osisko Mining Corporation in June 2014, equal partners Agnico Eagle Mines and Yamana Gold have been jointly exploring and considering the development potential of the jointly-owned Kirkland Lake assets and Hammond Reef project in Ontario as well as other properties.
Care and maintenance
Among the Kirkland Lake properties, the most advanced exploration program is at the Upper Beaver deposit. Initial probable reserves have been estimated at Upper Beaver of 4.0 million tonnes grading 5.43 g/t gold and 0.25% copper (containing 698,000 ounces of gold and 9,990 tonnes of copper) as of December 31, 2016 (on a 50% basis), as well as substantial indicated and inferred resources, all at underground depths. Recent work has resulted in initial resources at two other underground deposits – Anoki and McBean – where the combined indicated resources have been estimated at 0.9 million tonnes grading 5.33 g/t gold (containing 160,000 ounces of gold) (on a 50% basis), and there are also inferred resources. At the Amalgamated Kirkland (AK) deposit, the mineral resource estimate remains unchanged from last year: indicated resources of 0.6 million tonnes grading 6.51 g/t gold (containing 133,000 ounces of gold) (on a 50% basis), and inferred resources.
The properties lie within the southern Abitibi Greenstone Belt of the Superior Province of the Canadian Shield. The area is underlain by an east-west-trending linear Timiskaming assemblage comprised of volcanic and sedimentary rocks as well as synvolcanic intrusion emplacements consisting typically of diorite, syenite, quartz-feldspar porphyries and monzonite. The assemblage, deposited in a sub-aerial to shallow marine arc-rift environment, is typically bound to the south by the Larder-Cadillac Break (LCB) – which is a major east-trending, south-dipping regional structure that juxtaposed Tisdale mafic to ultramafic rocks (south of the fault) against much younger Timiskaming sedimentary rocks. The LCB lies within the Larder Cadillac Deformation Zone (LCDZ), which is a wide structural zone cutting across several lithologies.
The main deposits on the properties are:
Hammond Reef is a gold exploration project in northwest Ontario that we own jointly with our partner Yamana Gold. Agnico Eagle’s 50% portion consists of measured and indicated resources estimated at 104 million tonnes grading 0.67 g/t gold (containing 2.3 million ounces of gold), and inferred resources of 0.3 million tonnes grading 0.74 g/t gold (containing 6,000 ounces of gold), using a cut-off gold grade of 0.32 g/t, as of December 31, 2016. The 31,145-hectare property is located in the Thunder Bay Mining District, within Treaty 3 lands, the traditional territory of the Anishinaabe people. It is also located within an area recognized by the Métis Nation of Ontario as Region 1 traditional harvesting territory.