The exploration joint venture will also seek other prospective gold targets of district-scale potential in the country
Canadian gold mining company Agnico Eagle Mines has formed a 50-50 exploration joint venture with Newmont to explore the Anza project in Colombia.
Located 50km west of Medellin and 60km south from Zijin Mining’s Buritica operation, the Anza project is a gold exploration project.
The project contains exploration contracts and applications of about 200km located in the Mid-Cauca belt in the South American country.
The joint venture, which will be operated by Agnico Eagle, will also seek prospective gold targets of district-scale potential in the country.
Agnico Eagle exploration senior vice-president Guy Gosselin said: “The Anza project is well located within the Mid-Cauca belt in Colombia which hosts several world class gold deposits. Historical work on the project indicates the potential for various styles of mineralization, including porphyry, epithermal and VMS.
“Agnico Eagle has been actively looking at Colombia for some time, and this low-cost entry is consistent with our exploration strategy and existing investment in Royal Road Minerals. We look forward to working with our Joint Venture partner Newmont to advance the Anza project.”
Agnico Eagle will fund the joint venture solely
The exploration joint ventures will be solely funded Agnico Eagle until the spending reaches Newmont’s previous investment in the project, which is about $2.9m.
It is expected to be achieved in the 12 months. After which, the two companies will continue to fund the project on a 50-50 basis.
Agnico Eagle has exploration and development activities in the US, Canada, Finland, Mexico and Sweden. The company’s operating mines are located in Canada, Finland and Mexico.
In October last year, the company achieved commercial production at its Amaruq satellite deposit at the Meadowbank Complex in Canada.