AGNICO-EAGLE MINES REPORTS POSITIVE EXPLORATION RESULTS AT THE LARONDE MINE
AGNICO-EAGLE MINES REPORTS POSITIVE
EXPLORATION RESULTS AT THE LARONDE MINE
TORONTO, Nov. 19 /PRNewswire/ -- Agnico-Eagle Mines Limited (NASDAQ/NMS: AEAGF), today announced the discovery of a new gold bearing zone lying 300 feet to the north of the main producing horizon at the LaRonde Mine. This horizon has 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 led over its strike length.
An exploration drive on the 20th Level, 2,800 feet below surface and 1,700 feet to the east of the shaft, intersected a sulfide zone averaging two to three feet in horizontal thickness. The zone was traced over a strike length of 160 feet with channel samples from the zone averaging 0.2 to 1.2 ounces of gold per ton. The drive along the zone was halted to conduct a limited drill program.
A series of 6 drill holes were completed in the immediate vicinity on the 20th Level. Drill hole 20-68 intersected 0.29 oz. gold (cut to 1.0 oz., 0.60 uncut), 1.96 oz. silver, 1.06 percent zinc, and 0.66 percent copper over a horizontal thickness of 10.8 feet, 250 feet below the 20th Level. Drill hole 20-70 drilled 200 feet to the east of drill hole 20-68, intersected 0.14 ounces of gold over 1.5 feet. The remaining holes intersected low grade values. The zone remains open in all directions.
The zone intersected on the 20th Level may correlate with a sulfide horizon traced on the 4th Level, (525 feet below surface). Previous drilling intersected gold values of 0.10-0.15 ounces per ton over thicknesses of 10.0 to 15.0 feet, 700 feet to the east of the shaft and also 300 feet to the north of the main producing horizon.
A drill program has been undertaken to further probe this horizon. A surface drill has started to test the area along strike, and an underground drill on the 4th Level. Underground drilling on the 20th Level has been temporarily curtailed while additional drill stations are being developed.
Agnico-Eagle Mines Limited is a Canadian gold producer which currently operates two gold mines in Quebec and is active in precious metals exploration throughout Canada.
/CONTACT: Paul Penna, president of Agnico-Eagle, 416-947-1212/
(AEAGF) CO: Agnico-Eagle Mines Limited ST: Ontario IN: MNG SU: JT -- NY064 -- 4990 11/19/91 13:38 EST