Yamana Gold provides update on exploration activities at Canadian Malartic

YAMANA GOLD INC. has provided an exploration update for the Canadian Malartic mine, announcing exceptional drill results that provide further support for the development of a future underground operation at the East Gouldie, Odyssey, and East Malartic zones with significant additional mineral resources and extended life of mine.

HIGHLIGHTS

• An ongoing C$24 million drill program has added 44 new pierce points this year within the mineral envelope at East Gouldie, providing data for a rapidly growing mineral resource model with spacing between pierce points of 150 metres or less.
• Mineralization is currently defined over 1,400 metres of strike length and a 1,200-metre vertical interval, and remains open at depth.
• Mineralization occurs in two closely spaced panels that locally converge into a single wide mineralized body.
• Assays indicate good grades, averaging over 3.00 grams per tonne (“g/t”) of gold, consistent homogeneous grade distribution, and wide estimated true width intervals, with multiple intercepts each averaging over 10.00 metres estimated true width.
• Drilling has defined significant intercepts that extend from 700 metres below surface to 1,900 metres below surface. Notable results include the following uncapped values over estimated true widths: MEX19-151WC with 6.90 g/t of gold over 39.30 metres, including 10.50 g/t of gold over 13.10 metres; MEX20-163AW 9.50 g/t of gold over 27.40 metres, including 16.00 g/t of gold over 9.90 metres; MEX19-159A 7.61 g/t of gold over 23.95 metres, including 12.00 g/t of gold over 12.16 metres; MEX19-160 6.90 g/t of gold over 21.30 metres, including 13.20 g/t of gold over 4.50 metres.
• Exploration on the broader amalgamated mine property in 2020 focused on the East Amphi and Rand projects. Drilling at East Amphi targeted the Nessie zone, a shear zone and porphyry-hosted mineralized zone, returning broad intervals of low-grade gold mineralization. The zone remains open at depth and to the east.
• A new mineralized zone at East Amphi was also discovered 80 metres south of the Nessie zone located at 450 metres depth north of the main porphyry. Drilling in this zone intercepted a downhole interval of 3.55 g/t of gold (uncapped) over a core length of 19.50 metres.

Significance

The strong results confirmed expected grades and widths of East Gouldie mineral inventories, while also confirming that the zone is open at depth, providing confidence to proceed with an exploration ramp that will allow tighter definition drilling on the Odyssey, East Malartic, and East Gouldie zones from underground drill platforms, and eventually be used to mine and haul mineralization from the upper zones. The results are expected to significantly increase inferred mineral resources at the higher-grade East Gouldie zone at year end, which will improve the economics of the Canadian Malartic underground project and represent another significant step towards defining the project as a multimillion ounce deposit that would support a future decades long life underground mine with a multi-hundred thousand ounce per year production platform.

EAST GOULDIE

Since the discovery of the East Gouldie zone in the fourth quarter of 2018, an aggressive exploration program has been pursued focused on mineral resource expansion and definition in support of a future underground operation with extended life of mine. In its year-end 2019 mineral reserve and mineral resource update, Yamana reported inferred mineral resources of 4,798,000 ounces of gold (50% basis) in the East Malartic, Odyssey, and East Gouldie zones, and measured and indicated mineral resources of 415,000 ounces of gold (50% basis) in the East Malartic and Odyssey zones. (See Table 1.)

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