AGNICO-EAGLE MINES LIMITED ANNOUNCES RESULTS OF EXPLORATION WORK ON GOLD BEARING HORIZON
AGNICO-EAGLE MINES LIMITED ANNOUNCES RESULTS
OF EXPLORATION WORK ON GOLD BEARING HORIZON
TORONTO, Jan. 28 /PRNewswire/ -- Agnico-Eagle Mines Limited (NASDAQ: AEAGF), LaRonde division announced today the results of continued exploration work on the gold bearing horizon lying 300 feet to the north of the main producing horizon. This horizon had been traced across the length of the property over a strike length of 1.5 miles and has produced anomalous values of gold, silver, copper, zinc and lead over its strike length.
This horizon has been the focus of the LaRonde division's underground exploration drive on the 20th Level (2,800 feet below surface, 1,700 feet east of the LaRonde shaft) where previous drilling and development had encountered encouraging gold values, i.e. DDH 20-68 intersecting 0.29 oz. gold, (cut to 1.0 oz., 0.60 uncut), 1.96 oz. silver, 0.66 per cent copper, and 1.06 per cent zinc.
Further surface drilling was conducted on this horizon during the months of December 1991 and January 1992. A total of 10 drill holes were completed at 3,575 feet to the east of the LaRonde shaft. These series of widely spaced holes encountered several gold bearing sulfide lenses. Correlation between the lenses and gold values are inconclusive at this time as further work is required. Some of the drill hole intercepts include DDH 91-63 which intersected 0.25 oz. gold, 0.13 per cent copper, 2.19 oz. silver, and 6.45 per cent zinc over a core length of 10.2 feet (9.5 feet true thickness), DDH 91-64 intersecting 0.07 oz. gold, 0.04 per cent copper, 1.38 oz. silver and 2.98 per cent zinc over a core length of 16.4 feet, (14.8 feet true thickness) and DDH 91-65 intersecting 0.13 oz. gold, 0.28 per cent copper, 0.18 oz. silver, and 6.51 per cent zinc over a core length of 5.2 feet (4.6 feet true thickness).
A second series of additional holes are being completed 800 feet further to the east (4,375 feet to the east of the LaRonde shaft). These drill holes to date have encountered a massive sulfide lense with highgrade gold and base metal values. The values appear to correlate and be restricted to one lense. DDH 91-70 drilled 200 feet below surface intersected 0.37 oz. gold, 2.04 per cent copper, 1.05 per cent zinc, and 0.73 oz. silver over a core length of 20.3 feet (14.8 feet true thickness). DDH 91-68 drilled at a depth of 500 feet intersected 0.85 oz. gold, (cut to 1 oz., 1.58 oz. uncut), 1.62 per cent copper, 6.15 per cent zinc, and 1.80 oz. of silver over a core length of 29.5 feet, (25.6 feet true thickness). DDH 92-95 drilled at a depth of 700 feet intersected 0.08 oz. gold, 1.39 per cent copper, 0.12 per cent zinc, and 0.43 oz. silver over a core length 16.7 feet, (13.0 feet true thickness).
The zone is open along strike and at depth. Current work is aimed at determining the strike extent to be followed by further probing at depth. Geologically the intersections obtained, lie in the same horizon as those obtained below the 20th Level and 1,700 feet east of the LaRonde shaft. Development work is continuing on the 20th Level to set up additional drill stations. Drilling on the 20th Level is expected to resume by the end of February.
President and chief executive officer, Paul Penna is encouraged by the latest exploration results in this area and considers this exploration to be most promising for the future of the LaRonde Mine.
/CONTACT: Paul Penna, president of Agnico-Eagle Mines, 416-947-1212/
(AEAGF) CO: Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU: SM -- NY032 -- 4137 01/28/92 10:21 EST