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Agnico Eagle walks away from Mistango

Jan 30, 2024


Mistango River Resources Inc. announces that Agnico Eagle Mines Ltd. and Mistango have agreed to terminate the exploration earn-in and option agreement on the Company's Omega Mine Project  and Kirkland West Project properties with Mistango maintaining its 100% interest in the Properties. 

"Mistango has appreciated and valued our partnership with Kirkland Lake Gold and, subsequently, Agnico Eagle. We are excited to be back in the driver's seat for our Kirkland Lake portfolio, where we see great value in owning strategic assets in a camp that has seen over 40 million ounces of gold production," said Jamie Spratt, Mistango's CEO.

Investors should be reminded that the Omega Project has a NI 43-101 compliant gold resource of 219,808 ounces indicated at 1.39 g/t and 365,400 ounces inferred at 2.42 g/t (Webster R., Pitman C. 2013). Historic production between 1935 and 1947 was estimated at 215,000 ounces of gold at 5.41 g/t (Hinse H., 1986). Omega also sits next to the Kerr-Addison Mine, one of Canada's largest gold mines, producing over 12 million ounces of gold over a 58-year period ending in 1996 (MNDM OFR5831). 

Mistango's 43 square kilometre Kirkland West property also sits directly next to the Macassa mine that produced 6.3 million ounces of gold from 1933 to 2022 (MNDM OFR6403). Exploration to date on the Kirkland West property has indicated that the major regional structures, including the Amalgamated and Main Breaks, converge with the Cadillac-Larder Lake Break on the Kirkland West property.

Both Omega and Kirkland West have untapped exploration potential, and we look forward to creating value through further exploration and evaluating all of our options in the best interest of shareholders. 

About the Omega Mine Project
Located in the prolific Kirkland Lake / Cadillac - Larder Lake Break, Omega is 30km east of Kirkland Lake and 3km east of Larder Lake along Highway 66. 

Omega has a 43-101 compliant indicated gold resource of 219,808 ounces at 1.39 g/t and an inferred gold resource of 365,400 ounces at 2.42 g/t (Webster R., Pitman C. 2013). The most recent resource estimate was completed by prior management of the Company in July 2013 and is therefore being treated as historic by Mistango.

The project historically produced 215,000 oz at an estimated grade of 5.41 g/t (Hinse H., 1986). Omega also sits adjacent to the Kerr Addison Mine, which produced 12 million ounces between 1938 and 1996 (MNDM OFR5831).

Historical infrastructure on the closure of the mine consisted of two shafts 305 m (1000 ft) and 457 m (1,550 ft) deep and a winze down to 610 m (2,000 ft). The two shafts have been capped. All other surface infrastructure has been removed. 

Kirkland West Project
Kirkland West spans 43 square kilometres and is 10km west of the town of Kirkland Lake. The property shares a border with the Macassa Mine, owned by Agnico Eagle. The Macassa Mine has produced over 6.3 million ounces of gold from 1933 to 2022 (MNDM OFR6403). Agnico Eagle's Upper Beaver project, currently in development, is also located next to Kirkland West.

Major structures, including the Amalgamated and Main Breaks, converge with the Cadillac-Larder Lake Break on the Kirkland West property.

The Kirkland West property is made up of two main zones: The Baldwin Zone and the Eby Zone.

Baldwin Mine: A shaft from 1929 with four levels to a depth of 127m exists with lateral development of 1,177m. Historical production resulted in gold grades of approximately 15 g/t. The zone contains narrow, high-grade gold-quartz veins up to 0.6m thick. This zone requires follow-up drilling to test the convergence of the major structures.

Eby Zone: Historical drilling showed narrow, high-grade gold-quartz veins in NW trending porphyry and volcanic surrounded by low-grade but anomalous gold in wall rocks up to 26.1m grading 0.34 g/t gold.



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