Exploration is the lifeblood of mining through the discovery of new ounces and we continue to focus on being ever more efficient in our exploration efforts. In 2015, we spent approximately $86 million with a focus on those ounces with the greatest potential to most quickly generate cash flow and on infill drilling to upgrade existing inferred mineral resources.
2015 Exploration Highlights*
- Chapada’s mineral reserves increased and resources at recently discovered Sucupira were classified as inferred mineral resources
- El Peñón’s exploration program identified several new vein structures near current mine infrastructure with the potential to be quickly developed for production
- Canadian Malartic’s exploration program advanced drilling at the Odyssey deposit as it transitioned to definition drilling by year-end with the goal of reclassifying the mineralization to inferred mineral resources during 2016
- Jacobina’s definition and infill drilling program increased mine development to approximately 6 months of planned production
- Fazenda Brasileiro’s mineral reserves increased by 170% to the equivalent of seven years of mine life, and the E388 zone, discovered in 2015, began contributing to production by year-end
- Kirkland lake is an exploration district with several opportunities, some of which that are advancing toward evaluation for development, and continued to add value by returning assays with significant high grade results
- Monument Bay’s mineral resource base expanded to 1.8 million ounces of indicated mineral resources and 1.8 million ounces of inferred mineral resources
10%INCREASE IN GOLD INFERRED Mineral Resources
* Please refer to Mineral Reserves & Resources for complete information relating to mineral reserves and mineral resources indicating tonnage and grade for the various mines and projects.