LaRonde reserves increase by 20%

Exploration on a high-grade zone 3,600 ft. east of the LaRonde mine of Agnico-Eagle Mines (TSE) near Rouyn-Noranda, Que., has boosted total reserves on the property by 19.6%.

Agnico says it has outlined 600,000 tons of probable reserves grading 0.35 oz. gold and 1.18 oz. silver per ton, 4% zinc and 1.14% copper in the new “zone 6,” and has traced the mineralization to 1,300 ft. below surface. Zone 6 remains open at depth and to the west.

The zone was discovered as recently as January, when Agnico hit a massive sulphide lens containing high-grade gold and base metal values from 200-700 ft.

“These preliminary results are proving, step by step, just what a magnificent asset LaRonde is,” President Paul Penna says.

Proven and probable reserves at the LaRonde mine, which started production in October, 1988, were 6.12 million tons grading 0.18 oz. gold per ton at Dec. 31, 1991. The new find adds an estimated 210,000 oz. to these reserves. Meanwhile, an underground drive at the 3,000 ft. level has intersected mineralization between zone 6 and the main shaft. Agnico’s mine geologists are trying to determine whether the underground mineralization will link up with the zone 6 deposit, the company says.

The underground exploration program will continue along another 4,400 ft. to the eastern boundary of the 1.5-mile-long porperty. Agnico says it will spend at least $3.6 million this year on surface and underground drilling at LaRonde.