AEM Agnico Eagle Mines Limited

Stock Symbol:  AEM (NYSE and TSX)

TORONTO, Feb. 10, 2022 /PRNewswire/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today announced results from 59 holes, including four wedge holes and one hole extension, totaling 49,073.5 m of drilling along the Detour Mine Trend ("DMT") at the Detour Lake property.  The new holes being reported are the eighth batch of results from the 2020/2021 exploration program and the second since the October 15, 2021 filing by Kirkland Lake Gold Ltd. ("Kirkland Lake Gold") of an updated 43-101 Technical Report which incorporated ongoing drilling at the Detour Lake property up to July 26, 2021 (the "Mid-Year 2021 Mineral Resource Estimate").  This brings the total holes released since the Mid-Year 2021 Mineral Resource Estimate to 98 holes and 10 wedge holes totaling 84,646.1 m.

The Company acquired the Detour Lake property on February 8, 2022, following the successful completion of the previously announced merger of equals transaction with Kirkland Lake Gold.

Highlights include:

• Drilling at future West Pit and Saddle Zone expands mineralization north and west of the Mid-Year 2021 Mineral Resource Estimate pit shell
• • Key West Pit Zone intercepts¹ include: 30.89 g/t² g/t over 17.4 m², incl² 58.42 g/t over 9.0 m; 22.22 g/t over 9.5 m; 4.87 g/t over 10.0 m, incl 14.73 g/t over 3.0 m; 4.81 g/t over 13.9 m, incl 15.48 g/t over 3.8 m; 2.86 g/t over 21.0 m, incl 21.80 g/t over 2.0 m; 2.76 g/t over 24.0 m, incl 18.06 g/t over 2.3 m and 2.28 g/t over 12.0 m; 1.67 g/t over 67.0 m; 1.63 g/t over 25.5 m; and 0.92 g/t over 79.0 m
  • Key Saddle Zone intercepts¹ include: 142.66 g/t over 3.0 m; 2.98 g/t over 10.0 m, incl 12.46 g/t over 2.0 m; 2.21 g/t over 20.4 m; 19.52 g/t over 2.0 m; 1.01 g/t over 40.0 m; 0.87 g/t over 47.0 m; and 0.84 g/t over 59.3 m
• Drilling at future West Pit and Saddle Zone continues to confirm mineralization inside the Mid-Year 2021 Mineral Resource Estimate pit shell
• • Key Saddle Zone intercepts¹ include: 5.41 g/t over 32.4 m, incl 38.74 g/t over 4.0 m; 22.94 g/t over 2.0 m; 3.23 g/t over 16.0 m, incl 8.84 g/t over 5.0 m; 2.73 g/t over 26.0 m, incl 7.16 g/t over 8.4 m; 1.63 g/t over 29.1 m; and 1.34 g/t over 32.0 m, incl 6.52 g/t over 3.2 m
  • Key West Pit Zone intercepts¹ include: 2.71 g/t over 27.4 m, incl 30.14 g/t over 2.1 m; and 0.87 g/t over 30.7 m
• Drilling at the North Pit intersects multiple mineralized structures and extends mineralization 440 metres to the west along the North Walter Lake Trend
• • Key North Pit Zone intercepts¹ include: 2.54 g/t over 21.5 m; 2.45 g/t over 13.0 m; 20.74 g/t over 2.0 m; 8.40 g/t over 3.0 m; 4.73 g/t over 6.0 m; 2.73 g/t over 11.0 m; 2.27 g/t over 12.0 m; 2.02 g/t over 13.0 m; 1.94 g/t over 17.0 m, incl 9.12 g/t over 3.0 m; 1.91 g/t over 13.1; 1.25 g/t over 22.3 m; 1.13 g/t over 23.2 m; 1.02 g/t over 23.0 m; 1.01 g/t over 20.3 m

The recent drilling was carried out to collect additional information to support and potentially expand the 10.1-million-ounce increase in measured and indicated ("M&I") open-pit mineral resources in the Mid-Year 2021 Mineral Resource Estimate to a total of 572.0 million tonnes at 0.80 g/t for 14,718,000 ounces (including 25.8 million tonnes at 1.53 g/t for 1,271,000 ounces of measured mineral resources and 546.2 million tonnes at 0.77 g/t for 13,447,000 ounces of indicated mineral resources (exclusive of mineral reserves)).  Of the 14,718,000 ounces of open-pit M&I mineral resources, a total of 386.5 million tonnes at 0.98 g/t for 12,214,000 ounces were established using a 0.50 g/t cut-off grade (including 22.8 million tonnes at 1.68 g/t for 1,231,000 ounces of measured mineral resources and 363.7 million tonnes at 0.94 g/t for 10,983,000 ounces of indicated mineral resources) with 185.5 million tonnes at 0.42 g/t for 2,505,000 ounces of low-grade mineral resources established using cut-off grades between 0.35 – 0.50 g/t.  Under previous mine plans, the low-grade resources represented tonnes expected to be mined as waste, whereas they will now be stockpiled and processed in later years.  The Company expects to convert a significant percentage of the increased M&I mineral resources into mineral reserves as it works to complete a new production plan, expected to be released in the second quarter of 2022.  The new holes announced today are from drilling in the North Pit area, which is located North of the Saddle Zone and West Pit, along with a portion of the holes targeting areas inside and outside the Mid-Year 2021 Mineral Resource Estimate pit shell proximal to the Saddle Zone and future West Pit.

Tony Makuch, CEO of Agnico Eagle, commented: "Today's drill results highlight the significant opportunity that exists to continue to grow mineral resources beyond the levels included in the Mid-Year 2021 Mineral Resource Estimate announced in September 2021.   The results include a number of wide, high-grade intersections located both within and outside of the Mid-Year 2021 Mineral Resource Estimate pit shell.  Also encouraging is that we continue to extend the mineralization at depth.  Based on work to date, we have confirmed the existence of a broad and continuous corridor of mineralization extending over 4.0 kilometres from the Main Pit through the Saddle Zone to beyond the planned West Pit location to a depth of at least 800 m below surface with the system remaining open.  Given that open-pit M&I mineral resources have already been tripled since Kirkland Lake Gold's acquisition of the Detour Lake property on January 31, 2020, with further increases expected, we are well positioned to report strong growth in mineral reserves and to identify additional value creation opportunities for the operation when we issue the 2022 technical report and life-of-mine plan for Detour Lake, expected during the second quarter of this year."

Saddle Zone

Drilling in the Saddle Zone included 23 holes and two wedge holes totaling 21,705.0 m which targeted areas along the DMT between the future West Pit and the Main Pit Mineral Reserve shell.

Significant results from the drilling include: 5.41 g/t over 32.4 m, incl 38.74 g/t over 4.0 m, 3.23 g/t over 16.0 m, incl 8.84 g/t over 5.0 m, 22.94 g/t over 2.0 m and 1.07 g/t over 37.0 m from hole DLM-21-327; 2.73 g/t over 26.0 m, incl 7.16 g/t over 8.4 m, 2.35 g/t over 11.0 m and 0.85 g/t over 44.9 m from hole DLM-21-315; 1.80 g/t over 11.0 m, 8.49 g/t over 2.1 m and 1.70 g/t over 14.0 m from hole DLM-21-208; 1.63 g/t over 29.1 m and 0.96 g/t over 26.6 m from hole DLM-21-341; 1.34 g/t over 32.0 m, incl 6.52 g/t over 3.2 m from hole DLM-21-355; 0.84 g/t over 21.8 m and 0.83 g/t over 31.4 m from hole DLM-21-298A; 0.87 g/t over 52.5 m, 0.85 g/t over 54.0 m, 0.87 g/t over 22.0 m and 0.81 g/t over 16.0 m from hole DLM-21-305A; and 0.81 g/t over 41.0 m from hole DLM-21-370A.

These holes were drilled to target the DMT between 200 and 550 m below surface and continue to demonstrate mineral continuity within untested gaps inside the Mid-Year 2021 Mineral Resource Estimate pit shells.

Additional significant intersections within the Saddle Zone which identified mineralization outside and below the Mid-Year 2021 Mineral Resource Estimate pit shell include: 142.66 g/t over 3.0 m, 1.85 g/t over 14.2 m and 0.81 g/t over 13.0 m from hole DLM-21-318; 19.52 g/t over 2.0 m and 0.86 g/t over 27.1 m from hole DLM-21-336; 2.98 g/t over 10.0 m, incl 12.46 g/t over 2.0 m from hole DLM-21-250W; 2.21 g/t over 20.4 m and 1.10 g/t over 26.0 m from hole DLM-21-304; 1.36 g/t over 45.0 m, incl 2.1 g/t over 21.0 m from hole DLM-21-355; 1.01 g/t over 40.0 m from hole DLM-21-250; 0.84 g/t over 59.3 m, 0.97 g/t over 21.0 m and 0.80 g/t over 22.1 m from hole DLM-21-303; 0.87 g/t over 47.0 m and 1.12 g/t over 17.2 m from hole DLM-21-335A; and 0.85 g/t over 30.0 m, 0.93 g/t over 17.0 m and 0.86 g/t over 12.0 m from hole DLM-21-350A.

Results from all new holes in this area are considered encouraging as they continue to confirm the presence of a broad corridor of mineralization extending between the Main Pit and the planned West Pit (a distance of over 800 m) with the overall style of mineralization and gold tenor being very similar to that found in existing mineral reserves.  Particularly encouraging is the identification of wide, high-grade mineralization near the lower limits of the current mineral resource pit shell, which indicates that the potential exists to expand the pit shell to depth and to add new open-pit mineral resources as well as to define underground mineral resources below the pit.

Future West Pit

Drilling west of the Main Pit and Saddle Zone areas in the future West Pit location included 12 holes, one wedge hole and an extension of a previously drilled hole, totaling 13,092.0 m. Drilling primarily targeted the DMT below and north of the Mid-Year 2021 Mineral Resource Estimate pit shell, intersecting mineralization at depths up to 1,000 m below surface and continue to confirm and expand mineralization in both directions.

Significant results from the drilling include: 30.89 g/t over 17.4 m, incl 58.42 g/t over 9.0 m and 0.85 g/t over 27.5 m from hole DLM-21-328; 17.17 g/t over 2.0 m, 10.29 g/t over 2.0 m, 1.02 g/t over 16.0 m and 0.87 g/t over 23.9 m from hole DLM-21-332; 4.81 g/t over 13.9 m, incl 15.48 g/t over 3.8 m from hole DLM-21-326; 2.71 g/t over 27.4 m, incl 30.14 g/t over 2.1 m from hole DLM-21-323; 2.76 g/t over 24.0 m, incl 18.06 g/t over 2.3 m, 2.11 g/t over 10.1 m, 1.18 g/t over 24.5 m and 1.04 g/t over 26.1 m from hole DLM-21-337A; 1.49 g/t over 25.3 m, incl 6.12 g/t over 4.0 m, 1.50 g/t over 14.2 m, 1.49 g/t over 26.0 m and 0.81 g/t over 21.0 m from hole DLM-21-339C; and 0.87 g/t over 30.7 m from hole DLM-21-321. All of these intercepts were from the upper part of the DMT between 200 and 500 meters below surface.

Additional significant intercepts from the drilling include: 22.22 g/t over 9.50 m, 1.52 g/t over 21.0 m, 1.29 g/t over 23.5 m and 0.87 g/t over 37.0 m from hole DLM-21-337A; 50.36 g/t over 2.0 m and 3.13 g/t over 6.0 m from hole DLM-21-352; 17.3 g/t over 2.0 m from hole DLM-302; 13.64 g/t over 2.3 m, 1.63 g/t over 25.5 m and 1.42 g/t over 14.3 m from hole DLM-21-328; 4.87 g/t over 10.0 m, incl 14.73 g/t over 3.0 m and 0.93 g/t over 59.2 m from hole DLM-21-332; 2.86 g/t over 21.0 m, incl 21.80 g/t over 2.0 m, 1.67 g/t over 67.0 m, incl 13.13 g/t over 2.0 m, 17.41 g/t over 2.0 m, 1.06 g/t over 37.0 m and 0.92 g/t over 79.0 m from hole DLM-21-339C; 2.28 g/t over 12.0 m and 1.47 g/t over 18.0 m from hole DLM-21-283AW; 0.95 g/t over 45.1 m, 0.84 g/t over 26.0 m, 5.71 g/t over 2.1 m and 5.09 g/t over 2.0 m from hole DLM-21-390A. All of these intercepts were from the lower part of the DMT mainly below the 500 meters level.

Results from the drilling are considered positive and continue to confirm the continuation of mineralization at depth through the west portion of the future West Pit and beyond the current west limit. Particularly encouraging are the results from holes DLM-21-328, DLM-21-332, DLM-21-337A and DLM-21-339C which intersected broad zones containing high grade mineralization up to 300 meters west of the current pit shell for the future West Pit.

North Pit

Drilling at the North Pit targeted extensions of mineralization from the current mineral reserves and mineral resources along the North Walter Lake Trend which appears to be a parallel fault structure to the DMT, located to the immediate north of the Future West Pit and Saddle Zones, and included 24 holes totaling 13,355 m.

Significant results from the drilling include: 20.74 g/t over 2.0 m, 2.02 g/t over 13.0 m and 1.13 g/t over 23.2 m from hole DLM-21-344; 8.40 g/t over 3.0 m from hole DLM-21-342; 2.54 g/t over 21.5 m from hole DLM-21-330; 2.73 g/t over 11.0 m, 8.99 g/t over 2.0 m and 0.83 g/t over 18.0 m from hole DLM-21-340; 2.45 g/t over 13.0 m, incl 4.73 g/t over 6.0 m, 6.09 g/t over 2.0 m and 1.33 g/t over 14.0 m from hole DLM-21-388; 2.27 g/t over 12.0 and 1.25 g/t over 22.3 m from hole DLM-21-362C; 1.91 g/t over 13.1 m, 1.24 g/t over 16.0 and 1.24 g/t over 13.7 m from hole DLM-21-389; 1.94 g/t over 17.0 m, incl 9.12 g/t over 3.0 m and 0.89 g/t over 12.0 m from hole DLM-21-334B; 1.02 g/t over 23.0 m, 1.47 g/t over 12.0 m and 0.87 g/t over 16.0 m from hole DLM-21-338; and 1.01 g/t over 20.3 m and 0.80 g/t over 19.0 m from hole DLM-331.

Information from the new holes is considered positive and indicates multiple mineralized structures extending for a minimum of 440 m west of the current North Pit and to a minimum depth of 300 meters from surface. This extension represents a doubling of the strike length for the current pit shell for the North pit. Drilling to the west and below the new results is very limited and considered to offer additional potential for expansion.

Based on all assay results and other observations obtained from the program to date, the outlook for the project continues to be encouraging.  The evidence of a broad and continuous corridor of mineralization extending from the Main Pit through the Saddle Zone to the planned West Pit is supported by the October 15, 2021 43-101 Technical Report with continued drilling intersecting mineralization to a depth of at least 900 m below surface.  The work also suggests that the mineralization within the corridor is hosted within broad zones containing variable amounts of quartz and pyrite, is controlled mainly by east-west trending, moderately north-dipping folds and shear structures plunging at a shallow angle to the west, is very similar to that found in existing mineral reserves.  Given results to date, the potential to identify further extensions of known mineralization and subsequently increasing mineral resources and mineral reserves through additional drilling is considered positive.

The 2022 exploration program is continuing at Detour Lake with twelve drills currently operating, building on the 318,116 m of drilling completed along the DMT in 2020/2021 by Kirkland Lake Gold, with an additional 234,000 m of proposed drilling which is expected to be completed by the end of 2022.

About Agnico Eagle

The new Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States and Colombia. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

For further information regarding Agnico Eagle, contact Investor Relations at investor.relations@agnicoeagle.com or call (416) 947-1212. Agnico Eagle's head office continues to be located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7.

Qualified Persons

The Company's exploration programs at Detour Lake are conducted under the supervision of Eric Kallio, P.Geo., Senior Vice President. Mr. Kallio, as well as Keith Green, P.Geo., Director, Exploration, Canada, and Steve Gray, P.Geo, Exploration Manager, Detour Lake Mine, are "qualified persons" for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators, and have reviewed and approved the scientific and technical information in this news release.

QA/QC Controls

The Company has implemented a quality assurance and control ("QA/QC") program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Samples are logged and sampled in a secure facility at the Detour mine site and under supervision of Qualified Geologists. NQ sized core is predominantly sawn in half with one half of the core prepared for shipment and the other half of core retained for future assay verification. Certified reference material (CRM) standards and coarse blank material are inserted every 20 samples. Core samples are shipped directly by courier and tracked via a chain of custody from site to certified off-site analytical laboratories for preparation and assaying.

The Company utilizes three accredited external laboratories to manage the significant volume of sample submissions. Each lab is certified by the Standards Council of Canada (SCC) which conforms with ASB-RG Mineral Analysis Laboratory for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025: General Requirements for the Competence of Testing and Calibration Laboratories.

Sample preparation includes crushing drill core up to 80% passing 2 mm, riffle splitting 500 grams and pulverizing to 95% passing 105 µm followed by both scheduled and specifically requested silica sand cleaning. Gold Analysis involves Fire Assay – Atomic Absorption (AA) technique from a 50-gram pulp sample with grade ranges between 5 to 10,000 ppb. Samples greater than 10,000 ppb are analyzed with a gravimetric finish. Selected high grade samples are also analyzed using the screen metallics procedure.

Contracted laboratories for the Detour mine site include: ALS Global (sample preparation completed in Timmins, Ontario with pulps sent to Vancouver, BC for analysis), Activation Laboratories (sample preparation and analysis completed in Timmins, Ontario), and AGAT Laboratories (sample preparation in Timmins and analysis in Mississauga).

Cautionary Note Regarding Forward-Looking Information

The information in this news release has been prepared as at February 10, 2022. Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could, or may or will occur are forward looking statements. When used in this news release, the words "anticipate", "could", "estimate", "expect", "forecast", "future", "plan", "possible", "potential", "will" and similar expressions are intended to identify forward-looking statements. Such statements include without limitation, statements with respect to: the planned exploration program at the Detour Lake property, including costs and expenditures; the ability to potentially expand mineral reserves and mineral resources, changes in mineral resources and the conversion of mineral resources to proven and probable mineral reserves; the ability to expand the current pit design of the mine, the new mine plan and anticipated timing of the updated technical report with respect to the Detour Lake Mine and the anticipated benefits thereon; and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Such statements reflect the Company's views as at the date of this news release and are subject to certain risks, uncertainties and assumptions, and undue reliance should not be placed on such statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The material factors and assumptions used in the preparation of the forward looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the assumptions set forth herein as well as: that there are no significant disruptions affecting operations; and that Agnico Eagle's current estimates of mineral reserves, mineral resources, mineral grades and metal recovery are accurate. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward looking statements. Such risks include, but are not limited to: the extent and manner to which COVID-19, and measures taken by governments, the Company or others to attempt to reduce the spread of COVID-19, may affect the Company; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; cost of exploration and development programs; risks associated with foreign operations; risks related to obtaining the permits required to carry out planned exploration or development work; governmental and environmental regulation; and the volatility of the Company's stock price. For a more detailed discussion of such risks and other factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see management's discussion and analysis and the Company's Annual Information Form for the year ended December 31, 2020 filed with Canadian securities regulators on SEDAR at www.sedar.com and that are included in its Annual Report on Form 40-F for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the "SEC") filed on EDGAR at www.sec.gov, as well as the Company's other filings with the Canadian securities regulators and the SEC. Other than as required by law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Cautionary Note to U.S. Investors – Mineral Reserve and Mineral Resource Estimates

The mineral reserve and mineral resource information contained in this news release have been prepared in accordance with the Canadian securities administrators' (the "CSA") National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). For United States reporting purposes, the SEC has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers must begin to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021, though Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS") may still use NI 43-101 rather than the SEC Modernization Rules when using the SEC's MJDS registration statement and annual report forms.

As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources."  In addition, the SEC has amended definitions of "proven mineral reserves" and "probable mineral reserves" in the SEC Modernization Rules, with definitions that are substantially similar to those used in NI 43-101.

United States investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable.

Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.

The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. The Company does not include equivalent gold ounces for by-product metals contained in mineral reserves in its calculation of contained ounces and mineral reserves are not reported as a subset of mineral resources.

Table 1. Detour Lake Mine – Significant Assay Results

Figure 1. Detour Lake Mine – Property Plan View

Figure 2. Detour Lake Mine – Longitudinal View

Figure 3. Detour Lake Mine – Saddle Zone – Plan View

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SOURCE Agnico Eagle Mines Limited