Round 15 Geophysics and Drilling Collaborations program Gandy's Down Plunge Potential Drilling

Abstract

This report was compiled by Agnico Eagle as a requirement of the NTGS Geophysics and Drilling Collaboration program, through which Agnico Eagle was awarded funding for the Gandy's Down Plunge Potential Drilling program at Pine Creek, NT. The Gandy's Down Plunge Potential Drilling program commenced on the 22nd of September 2022 and was completed on the 7th of November 2022. The program objective was to test at depth underneath the Enterprise pit, where a plunge change in the Enterprise Anticline and intersecting fault zones suggests there may be scope for a larger dilation of mineralisation along the known Gandy's prospective horizons. An increase to the breadth of Gandy's mineralised lodes would have significant implications for the potential scale of mineable gold resources at Pine Creek as well as showing that Gandy's North and South Lodes strike extends greater than 1km. In addition to testing the resource potential of the area, the program was to provide drill core of the Pine Creek mine stratigraphy and structural data of the mineralisation-hosting Enterprise Anticline, to more than 500m below the surface. Drilling of PCGDD0027-29 identified mineralised lodes on this previously untested southern extension of the Gandy's Lodes. The drilling has provided data for interpretation of structural architecture of the area, including the thickening and offset of mine stratigraphic units. The target of drill hole PCGDD0029 was missed. However, the mineralisation intersected indicates the potential for the target to exist at depth, and to host significant mineralisation in the North Gandy's Lodes. At the time of the report submission multi-element data was still awaited.