Not every geologist, during the course of their career, can say they discovered a mineral deposit that actually became a working mine – one that employs hundreds of people, over many years, and creates value for generations to come.
But that is what Agnico Eagle’s Val-d’Or exploration team is celebrating right now, with the recent decision to develop the Amaruq deposit in Nunavut into an operating gold mine.
At the recent Prospectors & Developers Association of Canada (PDAC) Awards Gala, the team received the prestigious Bill Dennis Award for its discovery of Amaruq. The Award honors those who have made a significant mineral discovery or an important contribution to the prospecting and exploration industry.
The Val-d’Or based team had been actively exploring Nunavut since 2007, helping to develop the Meadowbank and Meliadine projects and ultimately discovering Amaruq between 2013 and 2016, while prospecting a virtually unexplored part of the Woodburn Lake Belt, located west of Hudson Bay.
For Guy Gosselin, Vice-President, Exploration, this discovery is the crowning achievement of a decade of exploration work, one that the whole team will remember. “By virtue of their expertise and commitment, our team has made an exceptional discovery. Something this phenomenal can’t happen over three years without everyone working extremely hard.”
Agnico Eagle has now begun developing the Amaruq deposit as a satellite operation to the Meadowbank mine. With resources totaling more than 4.2 million ounces it will create jobs for more than 800 employees and provide a major boost to the economy and the development of Nunavut and its local communities for decades to come.
The Company expects to invest about US $330 million dollars to develop the project and in 2017 plans to spend US$73 million alone. The project is currently in the permitting process and permit approvals are expected in the third quarter of 2018. Production is currently slated to begin near the end of 2019.
Click here to watch the PDAC video celebrating the Val-d’Or Exploration team’s Discovery of the Year!