Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today reported new
results from ongoing surface exploration drilling at Puerto Del
Aire (“PDA”), further extending high-grade gold mineralization
outside of Mineral Reserves and Resources. PDA is a higher-grade
underground deposit, adjacent to the main Mulatos pit, and is
comprised of five zones including PDA1, PDA2, Gap, Victor and
Estrella. All reported composite widths are estimated true width of
the mineralized zones.
- Puerto
Del Aire: high-grade gold mineralization extended within 200 metre
(“m”) gap between Mineral Reserves and Resources at PDA1 and PDA2
as drilling continues to close the gap between the two zones. This
includes the best hole drilled in the 2022 program and one of the
best holes drilled to date at PDA (22MUL077). New
highlights include:
-
PDA1 and PDA2:
- 33.40
g/t Au (11.48 g/t cut) over 25.95 m (22MUL077);
- 67.58
g/t Au (32.11 g/t cut) over 3.25 m (22MUL064);
- 18.33
g/t (15.83 g/t cut) Au over 6.20 m (22MUL085);
- 75.50
g/t Au (40.00 g/t cut) over 1.50 m (22MUL063);
- 36.50
g/t Au over 2.35 m (22MUL086);
- 60.20
g/t Au (40.00 g/t cut) over 1.40 m (22MUL065);
- 11.16
g/t Au over 6.75 m (22MUL090); and
- 6.73
g/t Au over 9.00 m (22MUL071).
Note: Drillhole composite gold grades reported
as “cut” may include higher grade samples which have been cut to 40
g/t Au.
“We expect these results to drive a significant
increase in Mineral Reserves at PDA in our year end update to be
released later this month. With the deposit open in multiple
directions, and an expanded exploration program planned at Mulatos
in 2023, we expect this growth to continue. These results will be
incorporated into an updated development plan to be released in the
second half of 2023. Given PDA’s higher grades and proximity to the
Mulatos pit, we see excellent potential for this to be another
low-cost, high-return project further extending the mine life at
Mulatos. Over the past 18 years, Mulatos has produced 2.5 million
ounces of gold while maintaining a similar Reserve life today as it
had in 2005. Given our ongoing exploration success at PDA, and the
potential within the District, we expect this trend to continue,”
said John A. McCluskey, President and Chief Executive Officer.
New highlight intercepts can be found in Table
1, and in Figures 3 and 4 at the end of this news release.
Puerto Del Aire
PDA is a higher-grade underground deposit
located adjacent to the main Mulatos pit, and is comprised of five
mineralized zones – PDA1, PDA2, Gap, Victor, and Estrella (Figure
2). In February 2022, Alamos announced an initial Mineral Reserve
at PDA totalling 428,000 ounces (2.85 million tonnes “Mt” grading
4.67 g/t Au) as part of the December 31st, 2021 Mineral Reserve and
Mineral Resource update. In addition to the Mineral Reserve,
Measured and Indicated Mineral Resources totalled 124,000 ounces
(0.77 Mt grading 5.05 g/t Au). Mineral Reserves were determined
based on Mineral Resource estimations that were completed within
gold mineralization wireframes that were finalized in July 2020 and
April 2021, based on detailed geological modelling (see
“Mineralization Wireframe” in Figure 2).
PDA1 and PDA2
Surface exploration drilling continues to extend
high-grade mineralization beyond existing Mineral Reserves and
Resources across multiple mineralized zones within PDA. This
includes a number of intercepts well above the current Mineral
Reserve grade within the 200 m gap between Mineral Reserves and
Resources in PDA1 and PDA2, including 22MUL077, one of the best
holes ever drilled at PDA at 33.40 g/t Au (11.48 g/t cut) over
25.95 m. These results along with previously released drilling
completed since April 2021 (see press release dated November 15,
2022) are expected to drive a significant increase in Mineral
Reserves at PDA in the year end 2022 update to be released later in
February 2023. This updated Mineral Reserve and Resource will be
used as the basis for a new development plan for PDA which is
expected to be completed in the second half of 2023.
Since April 2021, 92 drill holes totalling
27,117 metres have been completed at PDA which were not included in
the 2021 year end Mineral Reserve and Resource. All drill holes
were completed with the objective of expanding mineralization as
either step outs from existing Mineral Resources, or targeting
areas within the previously interpreted mineralization wireframe
that did not contain a Mineral Resource due to limited
drilling.
The exploration program at Mulatos is expected
to ramp up significantly in 2023 with $17 million budgeted, more
than double the 2022 budget. This includes $4 million budgeted at
PDA with 16,000 m of drilling focused on expanding higher-grade
Mineral Reserves and Mineral Resources with the deposit open in
multiple directions.
PDA is expected to be mined from underground and
accessed from a ramp and development drifts off the main Mulatos
pit. This will greatly reduce the development needed to access the
deposit. The Company expects to expand and upgrade the existing
mill at Mulatos to process the higher-grade ore from PDA.
Qualified Persons
Scott R.G. Parsons, P.Geo., FAusIMM, Alamos
Gold’s Vice President, Exploration, has reviewed and approved the
scientific and technical information contained in this news
release. Scott R.G. Parsons is a “Qualified Person” as defined by
Canadian Securities Administrators’ National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
Exploration programs at Mulatos are directed by
Michele Cote, P.Geo., Alamos Gold’s Chief Exploration Geologist,
Corporate. Michele Cote is a “Qualified Person” as defined by
Canadian Securities Administrators’ National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
Quality Assurance and Quality
Control
Alamos Gold maintains an internal Quality
Assurance / Quality Control (QA/QC) program at Mulatos to ensure
sampling and analysis of all exploration work is conducted in
accordance with best practices.
Access to the Mulatos Property is controlled by
security personnel. Drill core is logged and sampled at the core
logging facility within the mine site under the supervision of a
Qualified Geologist. A geologist marks the individual samples for
analysis, and sample intervals, based on lithology and alteration,
standards and blanks are entered into the database. The core is cut
in half using an electric core saw equipped with a diamond tipped
blade. One half of the core is placed into a micropore sample bag
and sealed with a cable tie in preparation for shipment. The other
half of the core is returned to the core box and retained for
future reference. The samples are placed in large heavy-duty nylon
reinforced micropore bags, which are identified and sealed before
being dispatched. The core samples are picked up at the mine site
and delivered to Bureau Veritas Commodities Canada Ltd. laboratory
in Hermosillo, Mexico.
Gold is analyzed by 30 grams Lead Collection
Fire Assay Fusion (FA) that ends with an Atomic Absorption
Spectroscopy finish (AAS). Samples greater than 5.0 g/t Au are
re-analyzed with an FA process followed by a gravimetric finish
(GRAV). Bureau Veritas is an ISO/IEC 17025 accredited laboratory
and has internal quality control (“QC”) programs that include
insertion of reagent blanks, reference materials, and pulp
duplicates that are in line with normal requirements, as well as
participating on yearly proficiency tests to evaluate lab
performance.
The Corporation inserts QC samples (blanks and
reference materials) at regular intervals to monitor laboratory
performance. Cross check assays are completed on a regular basis in
a secondary accredited laboratory.
About Alamos
Alamos is a Canadian-based intermediate gold
producer with diversified production from three operating mines in
North America. This includes the Young-Davidson and Island Gold
mines in northern Ontario, Canada and the Mulatos mine in Sonora
State, Mexico. Additionally, the Company has a strong portfolio of
growth projects, including the Phase 3+ Expansion at Island Gold,
and the Lynn Lake project in Manitoba, Canada. Alamos employs more
than 1,900 people and is committed to the highest standards of
sustainable development. The Company’s shares are traded on the TSX
and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT: |
|
|
|
Scott K. Parsons |
|
Senior Vice President, Investor Relations |
|
(416) 368-9932 x 5439 |
|
All amounts are in United States dollars, unless
otherwise stated.
The TSX and NYSE have not reviewed and do not
accept responsibility for the adequacy or accuracy of this
release.
Cautionary Note
This news release includes certain statements
that constitute forward-looking information within the meaning of
applicable Canadian and U.S. securities laws ("forward-looking
statements"). All statements in this news release other than
statements of historical fact, which address events, results,
outcomes or developments that Alamos expects to occur are
forward-looking statements. Forward-looking statements are
generally, but not always, identified by the use of forward-looking
terminology such as “continue”, "expect", "plan", "estimate",
“target”, “budget”, “prospective” or “potential” or variations of
such words and phrases and similar expressions or statements that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved or the negative
connotation of such terms.
Such statements in this news release include,
without limitation, statements with respect to: planned exploration
programs and focuses, potential drilling results and related
expectations, costs and expenditures, project economics, gold price
assumptions, potential mineralization, projected ore grades,
Mineral Reserves and Resources, expected mine life and potential
extensions of mine life at Mulatos, expected increases in the value
of operations, planned release of an updated development plan and
timing thereof, intended method of accessing and mining the deposit
at Puerto Del Aire and the intended method of processing any ore
from the deposit at Puerto Del Aire, and other information that is
based on forecasts and projections of future operational,
geological or financial results, estimates of amounts not yet
determinable and assumptions of management.
A Mineral Resource that is classified as
"inferred" or "indicated" has a great amount of uncertainty as to
its existence and economic and legal feasibility. It cannot be
assumed that any or part of an "Indicated Mineral Resource" or
"Inferred Mineral Resource" will ever be upgraded to a higher
category of Mineral Resource. Investors are cautioned not to assume
that all or any part of mineral deposits in these categories will
ever be converted into Proven and Probable Mineral Reserves.
Alamos cautions that forward-looking statements
are necessarily based upon several factors and assumptions that,
while considered reasonable by management at the time of making
such statements, are inherently subject to significant business,
economic, technical, legal, political and competitive uncertainties
and contingencies. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements, and undue reliance should not be placed
on such statements and information.
These factors and assumptions include, but are
not limited to: the actual results of current exploration
activities; conclusions of economic and geological evaluations;
changes in project parameters as plans continue to be refined; any
ongoing or new impacts of the COVID-19 pandemic (or any other new
epidemic or pandemic) on operations and the broader market,
including the nature and duration of any ongoing or new regulatory
responses; state and federal orders or mandates (including with
respect to mining operations generally or auxiliary businesses or
services required for the Company’s operations) in Mexico; changes
in national and local government legislation, controls or
regulations; failure to comply with environmental and health and
safety laws and regulations; labour and contractor availability
(and being able to secure the same on favourable terms); ability to
sell or deliver gold doré bars; disruptions in the maintenance or
provision of required infrastructure and information technology
systems; fluctuations in the price of gold or certain other
commodities such as, diesel fuel, natural gas, and electricity;
operating or technical difficulties in connection with mining or
development activities, including geotechnical challenges and
changes to production estimates (which assume accuracy of projected
ore grade, mining rates, recovery timing and recovery rate
estimates and may be impacted by unscheduled maintenance); changes
in foreign exchange rates (particularly the Canadian dollar, U.S.
dollar, and Mexican peso); the impact of inflation; employee and
community relations; litigation and administrative proceedings;
disruptions affecting operations; availability of and increased
costs associated with mining inputs and labour; delays in the
development or updating of mine and/or development plans; changes
that may be required to the intended method of accessing and mining
the deposit at Puerto Del Aire and changes related to the intended
method of processing any ore from the deposit at Puerto Del Aire;
inherent risks and hazards associated with mining and mineral
processing including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures and cave-ins; the risk
that the Company’s mines may not perform as planned; uncertainty
with the Company's ability to secure additional capital to execute
its business plans; the speculative nature of mineral exploration
and development, risks in obtaining and maintaining necessary
licenses, permits and authorizations, contests over title to
properties; expropriation or nationalization of property; political
or economic developments in Canada or Mexico and other
jurisdictions in which the Company may carry on business in the
future; increased costs and risks related to the potential impact
of climate change; the costs and timing of construction and
development of new deposits; risk of loss due to sabotage, protests
and other civil disturbances; the impact of global liquidity and
credit availability and the values of assets and liabilities based
on projected future cash flows; and business opportunities that may
be pursued by the Company.
For a more detailed discussion of such risks and
other factors that may affect the Company's ability to achieve the
expectations set forth in the forward-looking statements contained
in this news release, see the Company’s latest 40-F/Annual
Information Form and Management’s Discussion and Analysis, each
under the heading “Risk Factors”, available on the SEDAR website at
www.sedar.com or on EDGAR at www.sec.gov. The foregoing should be
reviewed in conjunction with the information and risk factors and
assumptions found in this news release.
The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether written or oral, or whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Note to U.S. Investors – Mineral Reserve
and Resource Estimates
Unless otherwise indicated, all Mineral Resource
and Mineral Reserve estimates included in this news release have
been prepared in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects (“NI 43-101”) and the
Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”)
- CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended (the “CIM
Standards”). NI 43-101 is a rule developed by the Canadian
Securities Administrators, which established standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Mining disclosure in the
United States was previously required to comply with SEC Industry
Guide 7 (“SEC Industry Guide 7”) under the United States Securities
Exchange Act of 1934, as amended. The U.S. Securities and Exchange
Commission (the “SEC”) has adopted final rules, to replace SEC
Industry Guide 7 with new mining disclosure rules under sub-part
1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K
1300”) which became mandatory for U.S. reporting companies
beginning with the first fiscal year commencing on or after January
1, 2021. Under Regulation S-K 1300, the SEC now recognizes
estimates of “Measured Mineral Resources”, “Indicated Mineral
Resources” and “Inferred Mineral Resources”. In addition, the SEC
has amended its definitions of “Proven Mineral Reserves” and
“Probable Mineral Reserves” to be substantially similar to
international standards.
Investors are cautioned that while the above
terms are “substantially similar” to CIM Definitions, there are
differences in the definitions under Regulation S-K 1300 and the
CIM Standards. Accordingly, there is no assurance any mineral
reserves or mineral resources that the Company may report as
“proven mineral reserves”, “probable mineral reserves”, “measured
mineral resources”, “indicated mineral resources” and “inferred
mineral resources” under NI 43-101 would be the same had the
Company prepared the mineral reserve or mineral resource estimates
under the standards adopted under Regulation S-K 1300. U.S.
investors are also cautioned that while the SEC recognizes
“measured mineral resources”, “indicated mineral resources” and
“inferred mineral resources” under Regulation S-K 1300, investors
should not assume that any part or all of the mineralization in
these categories will ever be converted into a higher category of
mineral resources or into mineral reserves. Mineralization
described using these terms has a greater degree of uncertainty as
to its existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, investors are cautioned not
to assume that any measured mineral resources, indicated mineral
resources, or inferred mineral resources that the Company reports
are or will be economically or legally mineable.
Table 1: Puerto Del Aire – Select
Composite Intervals from new Surface Exploration
Drilling
Composite intervals greater than 3 g/t Au
weighted average, capping values 40 g/t Au.
Hole ID |
Zone |
From (m) |
To (m) |
Core Length (m) |
True Width (m) |
Au Uncut (g/t) |
Au Cut (g/t) |
UTM Elevation (m) |
22MUL063 |
PDA2 |
310.10 |
311.60 |
1.50 |
1.50 |
75.50 |
40.00 |
1026 |
22MUL063 |
PDA2 |
336.40 |
340.80 |
4.40 |
4.40 |
3.74 |
|
998 |
22MUL064 |
PDA2 |
200.50 |
202.00 |
1.50 |
1.50 |
4.96 |
|
1086 |
22MUL064 |
PDA2 |
217.90 |
221.15 |
3.25 |
3.25 |
67.58 |
32.11 |
1068 |
22MUL065 |
PDA2 |
250.35 |
254.85 |
4.50 |
4.50 |
5.33 |
|
1067 |
22MUL065 |
PDA2 |
273.50 |
274.90 |
1.40 |
1.40 |
60.20 |
40.00 |
1053 |
22MUL065 |
PDA2 |
307.65 |
309.65 |
2.00 |
2.00 |
3.02 |
|
1030 |
22MUL067 |
PDA2 |
254.40 |
257.40 |
3.00 |
3.00 |
8.50 |
|
1038 |
22MUL067 |
PDA2 |
297.95 |
300.10 |
2.15 |
2.15 |
9.25 |
|
997 |
22MUL068 |
PDA2 |
241.90 |
243.40 |
1.50 |
1.50 |
4.90 |
|
1039 |
22MUL069 |
PDA2 |
182.95 |
184.20 |
1.25 |
1.25 |
4.39 |
|
1084 |
22MUL071 |
PDA2 |
223.05 |
225.50 |
2.45 |
2.45 |
10.66 |
|
1071 |
22MUL071 |
PDA2 |
248.80 |
250.25 |
1.45 |
1.45 |
4.11 |
|
1046 |
22MUL071 |
PDA2 |
266.50 |
275.50 |
9.00 |
9.00 |
6.73 |
|
1026 |
22MUL072 |
PDA2 |
278.65 |
279.85 |
1.20 |
1.20 |
3.85 |
|
1043 |
22MUL075 |
PDA2 |
292.40 |
294.20 |
1.80 |
1.80 |
7.00 |
|
973 |
22MUL077 |
PDA2 |
225.65 |
227.60 |
1.95 |
1.95 |
16.60 |
|
1062 |
22MUL077 |
PDA2 |
237.20 |
263.15 |
25.95 |
25.95 |
33.40 |
11.48 |
1039 |
22MUL078 |
PDA2 |
452.65 |
454.10 |
1.45 |
1.45 |
7.90 |
|
813 |
22MUL083 |
PDA2 |
149.25 |
151.60 |
2.35 |
2.35 |
9.30 |
|
1201 |
22MUL085 |
PDA2 |
257.50 |
260.00 |
2.50 |
2.50 |
3.70 |
|
1029 |
22MUL085 |
PDA2 |
287.50 |
293.70 |
6.20 |
6.20 |
18.33 |
15.83 |
998 |
22MUL086 |
PDA2 |
253.95 |
260.20 |
6.25 |
6.25 |
3.80 |
|
1018 |
22MUL086 |
PDA2 |
268.35 |
271.05 |
2.70 |
2.70 |
5.30 |
|
1006 |
22MUL086 |
PDA2 |
280.15 |
282.50 |
2.35 |
2.35 |
36.50 |
|
994 |
22MUL089 |
PDA2 |
209.60 |
212.60 |
3.00 |
3.00 |
4.64 |
|
1079 |
22MUL089 |
PDA2 |
245.60 |
250.70 |
5.10 |
5.10 |
3.00 |
|
1044 |
22MUL089 |
PDA2 |
266.60 |
268.45 |
1.85 |
1.85 |
4.40 |
|
1023 |
22MUL090 |
PDA2 |
271.75 |
278.50 |
6.75 |
6.75 |
11.16 |
|
1063 |
Table 2: Surface drill holes; azimuth,
dip, drilled length, and collar location at surface
(UTM Zone 12 NAD27)
Hole ID |
Azimuth (°) |
Dip (°) |
Drilled Length (m) |
UTM Easting (m) |
UTM Northing (m) |
UTM Elevation (m) |
22MUL037 |
75.0 |
-78.0 |
302.7 |
721407 |
3171699 |
1323 |
22MUL062 |
352.0 |
-77.0 |
322.1 |
721734 |
3171823 |
1336 |
22MUL063 |
21.0 |
-85.0 |
361.1 |
721733 |
3171824 |
1336 |
22MUL064 |
40.0 |
-77.0 |
278.6 |
721749 |
3171697 |
1283 |
22MUL065 |
237.5 |
-41.0 |
328.5 |
721961 |
3171980 |
1236 |
22MUL066 |
107.0 |
-70.5 |
326.7 |
721664 |
3171789 |
1307 |
22MUL067 |
32.0 |
-74.0 |
362.4 |
721841 |
3171696 |
1285 |
22MUL068 |
80.0 |
-67.0 |
271.5 |
721601 |
3171660 |
1262 |
22MUL069 |
238.0 |
-76.0 |
254.1 |
721599 |
3171659 |
1262 |
22MUL070 |
230.0 |
-72.0 |
319.5 |
722045 |
3171843 |
1234 |
22MUL071 |
335.0 |
-73.0 |
362.5 |
721841 |
3171696 |
1285 |
22MUL072 |
275.0 |
-63.0 |
329.9 |
721910 |
3171793 |
1290 |
22MUL073 |
1.0 |
-74.0 |
300.0 |
721523 |
3171668 |
1299 |
22MUL074 |
220.0 |
-77.0 |
30.0 |
721967 |
3171937 |
1256 |
22MUL075 |
221.0 |
-74.0 |
348.6 |
721966 |
3171937 |
1256 |
22MUL076 |
90.0 |
-88.0 |
171.0 |
721061 |
3170978 |
1338 |
22MUL077 |
300.0 |
-82.0 |
302.6 |
721839 |
3171696 |
1286 |
22MUL078 |
55.0 |
-67.0 |
470.6 |
722045 |
3171843 |
1234 |
22MUL079 |
270.0 |
-75.0 |
252.0 |
721061 |
3170978 |
1338 |
22MUL080 |
340.0 |
-75.0 |
90.0 |
721241 |
3170963 |
1277 |
22MUL081 |
300.0 |
-60.0 |
102.0 |
721221 |
3170967 |
1286 |
22MUL082 |
239.0 |
-63.0 |
111.0 |
721031 |
3170832 |
1349 |
22MUL083 |
264.0 |
-34.0 |
222.0 |
721220 |
3170966 |
1286 |
22MUL084 |
64.0 |
-58.0 |
150.0 |
721007 |
3170710 |
1361 |
22MUL085 |
82.0 |
-80.0 |
320.5 |
721839 |
3171696 |
1285 |
22MUL086 |
256.0 |
-87.0 |
332.2 |
721942 |
3171725 |
1275 |
22MUL087 |
195.0 |
-71.0 |
330.0 |
722044 |
3171842 |
1234 |
22MUL088 |
178.0 |
-79.0 |
142.1 |
721839 |
3171697 |
1285 |
22MUL089 |
178.0 |
-79.0 |
284.2 |
721839 |
3171698 |
1285 |
22MUL090 |
140.0 |
-79.0 |
365.5 |
721768 |
3171803 |
1331 |
22MUL091 |
148.0 |
-85.0 |
284.6 |
721661 |
3171790 |
1307 |
Figure 1: Puerto Del Aire Location Map,
Mulatos District
Figure 2: Puerto Del Aire Sulphide Gold
Mineralization Wireframes
Figure 3: Puerto Del Aire, PDA1 and PDA2
New Drilling Results
Figure 4: Puerto Del Aire, PDA1 and
PDA2 Cross Section Through Long-Axis of
Mineralization with New Drilling Results
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b3328ade-c3b8-456e-b43d-8211d99742cc
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3646e8c-a2eb-4dea-ab21-69b934a48fc6
https://www.globenewswire.com/NewsRoom/AttachmentNg/e19fdaab-5b77-430c-ad44-5dabf9ea821e
https://www.globenewswire.com/NewsRoom/AttachmentNg/d046ae64-bca2-4950-9b94-41fbef0792ad
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