Alamos Gold extends high-grade mineralization at Island Gold, year end update in February

Alamos Gold (TSX:AGI; NYSE:AGI) reported new results from underground and surface drilling at the Island Gold mine. Exploration drilling continues to extend high-grade gold mineralization across the Island Gold deposit, as well as within several hanging wall and footwall structures. The Island Gold mine is situated east of Dubreuilville, about 83km north-east of Wawa in Northern Ontario.

The company said this high-grade mineralization extended outside of mineral reserves and resources in the E1E and C-zones. These zones are the main structures which host most currently defined mineral reserves and resources at Island Gold.

The producer expects a successful 2024 to drive another year of growth in mineral reserves and resources. The mining company will release its year-end update in February 2025. Alamos Gold officials stated this marks the ninth consecutive year of growth and increasing grades every year.

John A. McCluskey, CEO of Alamos Gold, commented, "Our drilling program at Island Gold over the past year has been one of the most successful in the history of the asset in terms of the magnitude of high-grade intercepts across the lateral extent of the main deposit, and within the numerous newly defined hanging wall and footwall zones … Island Gold has established itself as one of the highest-grade and fastest growing deposits in the world. With the main structure open laterally and down-plunge, and significant high-grade results being intersected within emerging and yet to be defined zones in proximity to the main structure, we see excellent potential for this pace of growth to continue,”

In 2024, Alamos Gold invested $19 million for exploration at Island Gold, up from $14 million in 2023. The company’s goal was to define new mineral reserves and resources in proximity to existing production horizons and infrastructure. In 2024, company drilling teams completed 50,416 metres of underground exploration drilling in 185 holes, relative to a goal of 41,000 metres. The gold producer also completed 9,849 metres of surface exploration drilling in 11 holes.

The Island Gold mine is an underground gold mine, with a property comprising 55,277ha. The company determined the mine had a life of 18 years. Mining analysts consider it one of the highest-grade and lowest-cost gold mines Canada. Company officials estimated the proven and probable reserves at Island Lake to be 4.1 million tonnes grading at 10.12% g/t gold containing 1.3 million ounces of gold, as of December 2021.

More information about the project and/or company can be obtained at www.AlamosGold.com.