2025 Bill Dennis Award

For the discovery of the East Gouldie Deposit in Malartic, Quebec.

The Canadian Malartic Exploration Team was selected for the 2025 Bill Dennis Award for their extraordinary discovery of the East Gouldie gold deposit at Agnico Eagle Mines Limited’s Odyssey mine at the Canadian Malartic complex in Quebec’s Abitibi region. This discovery, made in 2018, represents a major milestone in Canadian mineral exploration due to its size, geological significance and economic value.

The East Gouldie deposit was uncovered by the Canadian Malartic General Partnership (a joint venture in which Agnico Eagle and Yamana Gold Inc. each owned a 50% interest until Agnico Eagle acquired Yamana’s Canadian assets in March 2023) through a deep drilling program that targeted unexplored areas 600 metres south of the historically mined East Malartic deposit and 1.5 kilometres east of the open pits at Canadian Malartic. This effort marked a bold but calculated risk, as the team drilled beyond known mineralization in search of new gold zones at significant depth. The first discovery hole intersected substantial high-grade gold mineralization over a long width, revealing the existence of a previously unknown large gold-bearing structure. Follow-up drilling firmly established the discovery as a major new deposit. The aggressive drilling program completed over the next six years showcased the deposit’s remarkable continuity in grade, thickness, and lateral and vertical extents, as well as a favourable shape for underground bulk mining — all of which significantly enhanced East Gouldie’s economic potential and mining feasibility.

The geological significance of the East Gouldie deposit lies in its unique location, 700 metres south of the major Cadillac Larder Lake deformation zone that has historically hosted the region’s major gold deposits. The discovery opens up the potential to make new discoveries within the region’s extensive but underexplored metasedimentary rock units.

By the end of 2023, the East Gouldie deposit boasted 5.2 million ounces gold in mineral reserves, 240,000 ounces in indicated mineral resources and 3.3 million ounces in inferred mineral resources. Moreover, East Gouldie’s high grades have enhanced the economic viability of the Odyssey mine’s East Malartic and Odyssey gold deposits that will now be entering production in stages alongside East Gouldie.

The discovery of the East Gouldie deposit has been the key driver of the Odyssey mine project, which is transitioning the Canadian Malartic complex from one of Canada’s largest open pit mines to Canada’s largest underground operation. 

The Odyssey mine’s proximity to existing infrastructure, including the Canadian Malartic mill, has allowed for rapid and cost-effective mine development, with shaft sinking underway in March 2023, along with first production from the Odyssey South zone via a new ramp. By mid-2024, the ramp had reached the upper levels of East Gouldie, with first production from the deposit expected in 2026.

The Odyssey mine is expected to produce an average of 558,000 ounces of gold annually from 2029 to 2041, ensuring its place as one of the world’s largest gold mines. The rapid development timeline is a testament to the effective collaboration between mining engineers and the exploration team, who have worked tirelessly to translate their exploration success into tangible economic and operational outcomes.

The exploration team’s perseverance, technical expertise, and commitment to innovation have been central to the success of this discovery. The team’s ability to integrate historical mining data with modern exploration techniques, coupled with their deep understanding of the region’s geology, played a pivotal role in uncovering East Gouldie. The economic impact of the East Gouldie discovery is immense, not only for Agnico Eagle but also for the surrounding communities in Quebec's Abitibi region, providing long-term employment, business opportunities, and revenue.