YAMANA GOLD INC. (TSX: YRI; NYSE: AUY) (“Yamana” or “the Company”)
today provided an update on exploration activities at its 50% owned
Canadian Malartic mine in northern Quebec.1 The Company also
indicated that an exploration update is planned for each of El
Peñón and Minera Florida in the fourth quarter.
Canadian Malartic Exploration
Highlights:
- Discovery of a new
mineralized zone, East Gouldie. Drill intercepts are
helping to define a significant new mineralized zone located south
of the East Malartic zone.
- Indicated and inferred
mineral resources for East Malartic mineralized zone. East
Malartic inferred mineral resources above 1,000 metres below
surface showed a 14% increase between year-end 2017 and year-end
2018 to 1,403,000 ounces of contained gold (50% interest) as well
as a new indicated mineral resource of 361,000 ounces of contained
gold (50% interest). Inferred mineral resources at year-end 2018
below 1,000 metres totaled 1,481,000 ounces of contained gold (50%
interest) and have not been previously reported.
- Indicated and inferred
mineral resources for the Odyssey mineralized zone.
Indicated mineral resources at year-end 2018 totaled 68,000 ounces
of contained gold (50% interest), including 63,000 ounces above
1,000 metres below surface and 5,000 ounces below 1,000 metres.
Inferred mineral resources at year-end 2018 totaled 809,000 ounces
(50% interest), including 449,000 ounces above 1,000 metres below
surface and 360,000 ounces below 1,000 metres.
- Odyssey Ramp. The
permit allowing for the development of an underground ramp at the
Odyssey project was received in December 2018.
- Purchase of Rand
Malartic. The Canadian Malartic General Partnership
acquired a 100% interest in the Rand Malartic property in March
2019, which provides an additional 262 hectares adjacent to the
east side of the Canadian Malartic property and has the same
favourable geological setting as the Odyssey zone.
(All amounts are expressed in United States
Dollars unless otherwise indicated.)
1. Yamana and Agnico Eagle Mines Limited
each hold an indirect 50% interest in the Canadian Malartic mine.
The mine is operated by the Canadian Malartic General Partnership
under a joint management committee.
The primary objective of exploration at Canadian
Malartic in 2019 is defining and increasing underground mineral
resources, with a focus on Odyssey, East Malartic, and now the
newly discovered East Gouldie zone. The potential exists in these
areas to increase production by supplementing open pit production
with higher grade underground feed and also to extend mine
life.
Drilling to date has defined considerable
mineral resources that continue to grow at depth, and identified a
new zone which points to the potential of a larger converging
mineralized zone, thereby suggesting the prospect for a large
underground bulk tonnage opportunity.
East Gouldie
Drilling this year at East Gouldie, which lies
south of the main East Malartic shear and dips north, has yielded a
number of positive intercepts. Results indicate that the East
Gouldie, East Malartic, and Sladen zones are converging at depth,
increasing the level of confidence in the economic potential of
overall mineral resource below 1,000 metres and, as such,
contributed to the new disclosure of the updated mineral resource
figures for East Malartic at year-end 2018. The deeper portions of
both zones are currently being investigated with ongoing deep
drilling.
Among the more notable results are the two
discovery holes drilled in late 2018: MEX18-121, which intersected
3.1 grams per tonne (“g/t”) of gold over 28.0 metres (estimated
true width), and MEX18-108AC, which intersected 5.5 g/t of gold
over 18.1 metres (estimated true width), as well as MEX18-127W,
which intersected 8.1 g/t of gold over 26.6 metres (estimated true
width). Follow-up drilling in 2019 has continued to outline
additional gold mineralization, highlighted by holes
MEX19-140, which intersected 7.2 g/t of gold over 9.0 metres
(estimated true width), and MEX19-139, which intersected 5.1 g/t of
gold over 25.2 metres (estimated true width).
Mineralization at East Gouldie has been
intercepted by drilling along 1,200 metres of strike over up to a
700-metre vertical extent, including across wide intercepts as
demonstrated by the examples noted above. Drilling is ongoing and a
preliminary inferred mineral resource is expected by year-end 2019.
A summary of the main intercepts as well as a long section are
provided below.
Table 1: East Gouldie Select Drill
Intercepts for Intervals Greater Than 50 Gram Metres (Gold g/t
Multiplied by Estimated True Width in Metres)
Hole |
Including |
From(m) |
To(m) |
Interval(m) |
Estimated True Width (m) |
Gold Grade Uncapped(g/t) |
MEX18-108AC |
|
1267.0 |
1416.0 |
149.0 |
18.1 |
5.5 |
incl. |
1327.0 |
1392.0 |
65.0 |
7.8 |
9.0 |
MEX18-121 |
|
1299.0 |
1328.8 |
29.8 |
28.0 |
3.1 |
incl. |
1300.3 |
1305.0 |
4.7 |
4.4 |
8.2 |
incl. |
1323.0 |
1328.1 |
5.1 |
4.8 |
5.1 |
MEX18-127A |
|
1329.1 |
1366.0 |
36.9 |
32.3 |
3.9 |
incl. |
1335.0 |
1341.0 |
6.0 |
5.3 |
8.2 |
incl. |
1358.1 |
1366.0 |
7.9 |
6.9 |
5.5 |
MEX18-127W |
|
1244.0 |
1274.0 |
30.0 |
26.6 |
8.1 |
incl. |
1249.8 |
1273.0 |
23.2 |
20.6 |
9.9 |
MEX19-135 |
|
1889.0 |
1916.2 |
27.3 |
25.4 |
2.3 |
incl. |
1902.5 |
1909.0 |
6.5 |
6.0 |
4.8 |
MEX19-136W |
|
1662.4 |
1718.7 |
56.3 |
49.2 |
2.9 |
incl. |
1664.6 |
1675.0 |
10.4 |
9.1 |
6.4 |
incl. |
1688.1 |
1695.1 |
7.0 |
6.1 |
4.9 |
MEX19-139 |
|
1763.9 |
1771.0 |
7.1 |
6.4 |
8.4 |
|
1789.0 |
1817.0 |
28.0 |
25.2 |
5.1 |
incl. |
1790.4 |
1799.0 |
8.6 |
7.7 |
8.8 |
MEX19-139WA |
|
1735.1 |
1761.9 |
26.8 |
23.2 |
3.4 |
incl. |
1735.9 |
1741.9 |
6.0 |
5.2 |
5.6 |
incl. |
1746.9 |
1753.2 |
6.4 |
5.5 |
4.9 |
MEX19-140 |
|
1556.0 |
1565.4 |
9.4 |
9.0 |
7.2 |
ODY15-5021EXTA |
|
1773.0 |
1803.2 |
30.2 |
28.7 |
1.9 |
For additional details and complete drill
results, please refer to the Company’s website at www.yamana.com or
click on the following link.
Figure 1: Long Section of East Gouldie
Looking North
https://www.globenewswire.com/NewsRoom/AttachmentNg/c8fcdfe4-cc79-4969-94a1-776959e6dee1
Inferred and Indicated Mineral Resources
for Odyssey and East Malartic
The following tables show all mineral resources
(50% interest) as of December 31, 2018, for the Odyssey and East
Malartic projects. Inferred mineral resources at Odyssey totaled
809,000 ounces of gold in addition to 68,000 ounces contained in
the indicated category. The larger East Malartic zone contained
2,884,000 ounces of gold in the inferred category in addition to
361,000 ounces in the indicated category.
Table 2: Odyssey Mineral Resources (50%
Interest) as of December 31, 2018
|
Indicated Mineral Resources |
Inferred Mineral Resources |
Gold |
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
|
|
(g/t) |
oz. |
|
(g/t) |
oz. |
Above 1,000 metres |
932,000 |
2.11 |
63,000 |
7,019,000 |
1.99 |
449,000 |
Below 1,000 metres |
77,000 |
2.05 |
5,000 |
4,479,000 |
2.50 |
360,000 |
Total |
1,009,000 |
2.11 |
68,000 |
11,498,000 |
2.19 |
809,000 |
Table 3: East Malartic Mineral Resources
(50% Interest) as of December 31, 2018
|
Indicated Mineral Resources |
Inferred Mineral Resources |
Gold |
Tonnes |
Grade |
Contained |
Tonnes |
Grade |
Contained |
|
|
(g/t) |
oz. |
|
(g/t) |
oz. |
Above 1,000 metres |
5,265,000 |
2.13 |
361,000 |
22,021,000 |
1.98 |
1,403,000 |
Below 1,000 metres |
|
|
|
23,694,000 |
1.94 |
1,481,000 |
Total |
5,265,000 |
2.13 |
361,000 |
45,715,000 |
1.96 |
2,884,000 |
Mineral Resource Reporting Notes Price assumption:
$1,200 gold Underground Cut-off grade at Odyssey ranges from 1.15
to 1.30 g/t AU (stope optimized) and at East Malartic underground
ranges from 1.25 to 1.40 g/t Au (Stope optimized) |
|
Metallurgical recoveries for gold is 95.5% |
1. Mineral
resources have been calculated in accordance with the standards of
the Canadian Institute of Mining,
Metallurgy and Petroleum and National Instrument
43-101. |
2. Mineral
resources are reported exclusive of any mineral reserves. |
3. Mineral
resources which are not mineral reserves and do not have
demonstrated economic viability. |
4. Mineral
reserves and mineral resources are reported as of December 31,
2018. The inferred mineral resource figures at East Malartic
below 1,000 metres have not been previously reported. |
5.
Results are reported inclusive of internal dilution. |
6.
Pascal Lehouiller, P.Geo., of Canadian Malartic Corporation is the
qualified person responsible for the mineral resource
estimates. |
At East Malartic, recent exploration activities
have focused on deep drilling on the still open Sladen and South
Sladen structures at depth where drilling continues to expand the
deeper mineral envelope with widely spaced drilling. Notable
intercepts include hole MEV18-106AWA, which intersected 2.3 g/t of
gold over 71.1 metres (estimated true width), and hole MEV18-096,
which intersected 2.5 g/t of gold over 161.3 metres (estimated true
width). A summary of the main intercepts is provided in Table 4
below.
Table 4: South Sladen Select Drill
Intercepts for Intervals Greater Than 10 Gram Metres (Gold g/t
Multiplied by Estimated True Width in Metres)
Hole |
Including |
From(m) |
To(m) |
Interval(m) |
Estimated True Width (m) |
Gold Grade Uncapped (g/t) |
MEV18-096 |
|
1337.0 |
1502.4 |
165.4 |
161.3 |
2.5 |
incl. |
1351.0 |
1367.0 |
16.0 |
15.5 |
3.7 |
incl. |
1409.0 |
1420.0 |
11.0 |
10.7 |
3.2 |
incl. |
1472.0 |
1489.0 |
17.0 |
16.6 |
3.6 |
MEV18-096W |
|
1412.9 |
1428.0 |
15.1 |
14.6 |
1.9 |
MEV18-083EXT |
|
1455.1 |
1481.6 |
26.5 |
24.1 |
1.2 |
MEV18-106AWA |
|
1821.0 |
1915.0 |
94.0 |
71.1 |
2.3 |
incl. |
1833.9 |
1839.0 |
5.2 |
3.9 |
3.4 |
incl. |
1848.8 |
1852.8 |
4.0 |
3.0 |
6.7 |
incl. |
1893.4 |
1900.0 |
6.6 |
5.0 |
3.2 |
MEV17-043EXTA |
|
1285.0 |
1293.5 |
8.5 |
8.3 |
1.5 |
MEV17-043EXTA |
|
1317.0 |
1337.0 |
20.0 |
19.4 |
2.9 |
incl. |
1326.0 |
1337.0 |
11.0 |
10.7 |
3.7 |
MEV17-046EXT |
|
1301.3 |
1349.5 |
48.2 |
47.1 |
2.1 |
incl. |
1322.0 |
1334.0 |
12.0 |
11.7 |
3.0 |
MEV19-138 |
|
1704.0 |
1726.0 |
22.0 |
21.2 |
1.8 |
MEV19-144W |
|
1503.0 |
1516.2 |
13.2 |
12.9 |
2.0 |
For additional details and complete drill
results, please refer to the Company’s website at www.yamana.com or
click on the following link.
Rand Malartic
The Rand Malartic property extends 1.7
kilometres eastward along the Cadillac-Larder Lake break within the
Piché Group, immediately east of the Odyssey project. The property
has the same favourable geological setting as Odyssey, with several
porphyry intrusions located near surface in the southernmost
position of Piché volcanic rocks along the Odyssey South structure.
The acquisition of Rand Malartic has allowed for further
exploration both within the Rand Malartic property and in the
Canadian Malartic mine boundary area. In the boundary area, infill
drilling has helped define the high-grade internal Marianne zone at
Odyssey. Notable results include hole ODY19-5284A, which
intersected 10.1 g/t of gold over 5.39 metres (estimated true
width). Within the Rand Malartic property, drilling has focused on
defining porphyry-hosted mineralization in the extension of Odyssey
south. The host porphyry at Odyssey is exposed at surface on the
Rand Malartic claims providing both shallow open pit targets and
deeper targets. The initial 2019 exploration budget of C$1.9
million for Rand Malartic has been increased to C$2.45 million
(100% basis) by shifting budget priorities. To date, 14,800 metres
of drilling has been completed. Preliminary drill results are
promising, with select intercepts listed in Table 5 below.
While Rand Malartic has been an important focus
of exploration since being acquired, exploration work also
continues in the Midway and 117 zones along with a data compilation
of the East Amphi project, located west of the main Canadian
Malartic pit.
Table 5: Odyssey/Rand Malartic Area
Select Drill Intercepts for Intervals Greater Than 10 Gram Metres
(Gold g/t Multiplied by Estimated True Width in
Metres)
Hole |
Including |
From (m) |
To (m) |
Interval (m) |
Estimated True Width (m) or *Horizontal Width1
(m) |
Gold Grade Uncapped (g/t) |
ODY19-5284 |
|
108.9 |
125.5 |
16.6 |
9.4 |
1.9 |
ODY19-5283 |
|
350.2 |
363.0 |
12.8 |
*7.9 |
1.8 |
ODY19-5284A |
|
645.2 |
648.2 |
3.1 |
*1.3 |
7.7 |
|
712.9 |
729.6 |
16.8 |
5.4 |
10.1 |
ODY19-5287 |
|
91.0 |
928.8 |
15.8 |
9.0 |
9.8 |
ODY19-5286 |
|
1031.0 |
1032.3 |
1.3 |
1.2 |
113.2 |
RD19-4603 |
|
551.7 |
559.5 |
7.8 |
*6.0 |
14.7 |
incl. |
529.0 |
534.0 |
5.0 |
*4.0 |
10.6 |
RD19-4612 |
|
734.0 |
740.5 |
6.5 |
*5.0 |
5.5 |
RD19-4601 |
|
409.5 |
422.5 |
13.0 |
*8.3 |
1.0 |
|
511.5 |
520.0 |
8.5 |
*5.6 |
3.7 |
RD19-4623 |
|
244.5 |
260.5 |
16.0 |
*11.2 |
1.8 |
RD19-4610 |
|
604.0 |
607.6 |
3.6 |
*2.5 |
5.6 |
For additional details and complete drill
results, refer to the Company’s website at www.yamana.com or click
on the following link.
- Horizontal width is the reported drill interval
projected to the horizontal and is provided for zones that lack
sufficient data to accurately estimate true width.
Figure 2: Surface View of the Rand
Malartic Property with Select 2019 Drill Results Projected to
Surface.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3479dc53-bfd0-487b-8967-d09db81dd2d8
Progress on El Peñón and Minera Florida
Exploration at El Peñón continues to replace
depletion with new discoveries in the core mine and in satellite
deposits. Recently identified faults have been determined to
displace extensions of previously mined ore bodies. New significant
drill intersections on the Orito vein at depth resulting from this
interpretation continue to be tested and plans are in progress to
test this model at other principal veins.
At Minera Florida, with underground access now
established, drilling continues to confirm new areas of
mineralization which are expected to lead to mineral resource
increases.
An exploration update is planned for each of El
Peñón and Minera Florida in the fourth quarter.
Qualified Persons
Scientific and technical information contained
in this press release has been reviewed and approved by Henry
Marsden (P. Geo. and Senior Vice President, Exploration). Mr.
Marsden is an employee of Yamana Gold Inc. and a “Qualified Person”
as defined by Canadian Securities Administrators' National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
About Yamana
Yamana Gold Inc. is a Canadian-based precious
metals producer with significant gold and silver production,
development stage properties, exploration properties, and land
positions throughout the Americas, including Canada, Brazil, Chile
and Argentina. Yamana plans to continue to build on this base
through expansion and optimization initiatives at existing
operating mines, development of new mines, the advancement of its
exploration properties and, at times, by targeting other
consolidation opportunities with a primary focus in the
Americas.
FOR FURTHER INFORMATION, PLEASE
CONTACT:Investor Relations and Corporate
Communications416-815-02201-888-809-0925Email:
investor@yamana.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS: This news release contains or incorporates by reference
“forward‐looking statements” and “forward‐looking information”
under applicable Canadian securities legislation within the meaning
of the United States Private Securities Litigation Reform Act of
1995. Forward‐looking information includes, but is not limited to
information with respect to the Company's strategy, plans or future
exploration and operating performance; the objective of exploration
at Canadian Malartic in 2019; and the anticipated development of a
larger underground operation and extension of mine life at Canadian
Malartic and increase in production. Forward‐looking statements are
characterized by words such as "plan," "expect", "budget",
"target", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward‐looking statements are
based on the opinions, assumptions and estimates of management
considered reasonable at the date the statements are made, and are
inherently subject to a variety of risks and uncertainties and
other known and unknown factors that could cause actual events or
results to differ materially from those projected in the
forward‐looking statements. These factors include the Company's
expectations in connection with plans to continue to build on the
Company’s existing base through existing operating mine expansions,
throughput increases, development of new mines, the advancement of
its exploration properties and, at times, by targeting other gold
consolidation opportunities with a primary focus in the Americas;
as well as those risk factors discussed or referred to herein and
in the Company's Annual Information Form filed with the securities
regulatory authorities in all provinces of Canada and available at
www.sedar.com, and the Company's Annual Report on Form 40‐F filed
with the United States Securities and Exchange Commission. Although
the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward‐looking statements, including market
conditions, the results of preliminary inferred mineral resources
at East Gouldie; construction of the exploration ramp at the
Odyssey deposit, results of all continuing exploration and
development work, and there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that forward‐looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
The Company undertakes no obligation to update forward‐looking
statements if circumstances or management's estimates, assumptions
or opinions should change, except as required by applicable law.
The reader is cautioned not to place undue reliance on
forward‐looking statements. The forward‐looking information
contained herein is presented for the purpose of assisting
investors in understanding the Company's expected plans and
objectives and may not be appropriate for other purposes.
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