AEM - Agnico Eagle Mines moves higher after unveiling exploration program update

Agnico Eagle Mines ( NYSE: AEM ) +1.6% in Friday's trading after providing an update on exploration activities at several projects the miner said yielded "exciting results."

At Detour Lake, Agnico Eagle ( AEM ) said conversion and expansion drilling have returned "promising results within and immediately adjacent to the current open pit," with step-out drilling "demonstrating the potential for a significant extension of the deposit to the west that will be considered for underground mining opportunities."

At Canadian Malartic, infill drilling continues to return "strong results" in the Odyssey South Zone, and step-out drilling continues to significantly extend the East Gouldie deposit to the east and the west.

At Hope Bay, the company said drill results confirm the expansion of the Doris deposit at depth with wide high grade intercepts, well ahead of expectations.

In the Kirkland Lake region, the extension of the ramp from Macassa is now allowing drilling of the Amalgamated Kirkland deposit from underground to complement surface drilling and accelerate the infill drilling.

"With these positive results, we are adding $30M to our exploration budget in 2022 as we aim to accelerate the realization of the full potential of existing operations and key projects in the company's pipeline," President and CEO Ammar Al-Joundi said.

Agnico Eagle Mines ( AEM ) has "rarely ever been this attractively valued... making this an attractive buying opportunity below $42/share," Taylor Dart writes in a bullish analysis posted on Seeking Alpha .

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