Agnico Eagle buys Nunavut gold exploration site for $1.75M
Acquisition announced Tuesday adds to mining company’s existing properties in Hope Bay region
Agnico Eagle Ltd. has purchased a 100 per cent interest in North Arrow Minerals’ Oro gold property. Shown here is Agnico Eagle’s Meadowbank complex. (Photo courtesy of Agnico Eagle)
Mining exploration company North Arrow Minerals has sold its 100 per cent stake in the Oro gold property, located about 150 kilometres southwest of Cambridge Bay, to Agnico Eagle Mines Ltd.
North Arrow Minerals announced the $1.75-million sale in a news release Tuesday.
Shares in North Arrow Minerals’ stock rose 40 per cent following the news, bringing the mining stock to a 3.5 cents per share close on July 3.
According to its website, North Arrow Minerals is primarily focused on diamond and lithium exploration projects. The Oro property was its only gold exploration site.
The company still has a diamond project in Nunavut, located nine kilometres north of Naujaat.
Agnico Eagle reported record quarterly profits earlier this year, 25 per cent of which it said came directly from its Meliadine and Meadowbank mines in Nunavut’s Kivalliq region.
The Oro gold property borders the northern boundary of Agnico Eagle’s existing Hope Bay project, Natalie Frackleton, the company’s director of external communications, said in an emailed statement Wednesday.
It is also next to the company’s Doris gold deposit, one of three deposits that comprise the Hope Bay project in the 80-kilometre-long Hope Bay Greenstone Belt.
“The acquisition of this property allows Agnico Eagle to further consolidate our land position in the Hope Bay Greenstone Belt,” Frackleton said.
Agnico Eagle employs 3,579 workers across Nunavut, she said earlier this year.
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