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Alamos Gold Continues to Expand High-Grade Mineralization Near Existing Infrastructure Across the Island Gold Deposit Supporting Further Expected Growth in Mineral Reserves and Resources

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Alamos Gold (TSX:AGI; NYSE:AGI) announced results from its Island Gold Mine exploration, extending high-grade gold mineralization. Underground and surface drilling revealed significant findings in the Island East and West areas, including 36.54 g/t Au over 7.20m and 56.13 g/t Au over 2.13m. Delineation drilling defined wide, high-grade zones, expected to boost Mineral Reserves and Resources. The North Shear and Webb Lake areas also showed promise, with high-grade intersections like 12.10 g/t Au over 4.32m and 15.52 g/t Au over 5.64m. Alamos plans to spend $19 million on exploration in 2024, targeting new reserves near existing infrastructure. This growth aims to extend the mine's life beyond 20 years, leveraging synergies with the larger Magino mill. The program includes 41,000m of underground drilling and 12,500m of surface drilling, focusing on converting resources to reserves and identifying new high-grade zones. The long-term goal includes integrating Island Gold and Magino for expanded milling capacity.

Alamos Gold (TSX:AGI; NYSE:AGI) ha annunciato i risultati dell'esplorazione della sua Island Gold Mine, estendendo la mineralizzazione ad alto grado d'oro. Le perforazioni sotterranee e di superficie hanno rivelato scoperte significative nelle aree Island East e West, tra cui 36,54 g/t Au su 7,20 m e 56,13 g/t Au su 2,13 m. La perforazione di delimitazione ha definito ampie zone ad alto grado, che si prevede aumenteranno le Riserve e Risorse Minerarie. Anche le aree North Shear e Webb Lake hanno mostrato potenziale, con intersezioni ad alto grado come 12,10 g/t Au su 4,32 m e 15,52 g/t Au su 5,64 m. Alamos prevede di spendere 19 milioni di dollari per l'esplorazione nel 2024, mirando a nuove riserve vicino all'infrastruttura esistente. Questa crescita mira a estendere la vita della miniera oltre i 20 anni, sfruttando le sinergie con il più grande impianto Magino. Il programma prevede 41.000 m di perforazione sotterranea e 12.500 m di perforazione di superficie, concentrandosi sulla conversione delle risorse in riserve e sull'identificazione di nuove zone ad alto grado. L'obiettivo a lungo termine include l'integrazione di Island Gold e Magino per una capacità di macinazione ampliata.

Alamos Gold (TSX:AGI; NYSE:AGI) anunció los resultados de la exploración de su Island Gold Mine, ampliando la mineralización de oro de alta ley. La perforación subterránea y superficial reveló hallazgos significativos en las áreas Island East y West, incluyendo 36.54 g/t Au sobre 7.20m y 56.13 g/t Au sobre 2.13m. La perforación de delimitación definió amplias zonas de alta ley, que se espera incrementen las Reservas y Recursos Minerales. Las áreas North Shear y Webb Lake también mostraron promesas, con intersecciones de alta ley como 12.10 g/t Au sobre 4.32m y 15.52 g/t Au sobre 5.64m. Alamos planea gastar $19 millones en exploración en 2024, apuntando a nuevas reservas cerca de la infraestructura existente. Este crecimiento tiene como objetivo extender la vida de la mina más allá de 20 años, aprovechando sinergias con el mayor molino de Magino. El programa incluye 41,000 m de perforación subterránea y 12,500 m de perforación superficial, enfocándose en convertir recursos en reservas e identificar nuevas zonas de alta ley. El objetivo a largo plazo incluye integrar Island Gold y Magino para una capacidad de molienda ampliada.

Alamos Gold (TSX:AGI; NYSE:AGI)는 Island Gold Mine 탐사의 결과를 발표하며 고품질 금 광체를 확대했습니다. 지하 및 표면 드릴링에서 Island East 및 West 지역에서 중요한 발견이 이루어졌으며, 36.54 g/t Au를 7.20m와 56.13 g/t Au를 2.13m에서 발견하였습니다. 경계 드릴링은 넓고 고품질 구역을 정의하였으며, 이는 광물 매장량 및 자원의 증가가 예상됩니다. North Shear 및 Webb Lake 지역에서도 12.10 g/t Au를 4.32m와 15.52 g/t Au를 5.64m에서 확인하며 가능성을 보였습니다. Alamos는 2024년 탐사에 1,900만 달러를 투자할 계획이며, 기존 인프라 근처의 새로운 매장량을 목표로 하고 있습니다. 이 성장 목표는 광산의 생명을 20년 이상 연장하여 더 큰 Magino 밀과의 시너지를 활용하는 것입니다. 이 프로그램에는 41,000m의 지하 드릴링과 12,500m의 표면 드릴링이 포함되며, 자원을 매장량으로 전환하고 새로운 고품질 구역을 식별하는 데 집중합니다. 장기 목표는 Island Gold와 Magino를 통합하여 확장된 밀 용량을 갖추는 것입니다.

Alamos Gold (TSX:AGI; NYSE:AGI) a annoncé les résultats de son exploration de la Island Gold Mine, étendant la minéralisation en or de haute teneur. Le forage souterrain et de surface a révélé des découvertes significatives dans les zones Island East et West, y compris 36,54 g/t Au sur 7,20 m et 56,13 g/t Au sur 2,13 m. Le forage de délimitation a défini de larges zones de haute teneur, qui devraient augmenter les Réserves et Ressources Minérales. Les zones North Shear et Webb Lake montrent également un potentiel, avec des intersections de haute teneur comme 12,10 g/t Au sur 4,32 m et 15,52 g/t Au sur 5,64 m. Alamos prévoit de dépenser 19 millions de dollars en exploration en 2024, visant de nouvelles réserves près de l'infrastructure existante. Cette croissance vise à prolonger la durée de vie de la mine au-delà de 20 ans, en tirant parti des synergies avec le plus grand moulin de Magino. Le programme comprend 41 000 m de forage souterrain et 12 500 m de forage de surface, se concentrant sur la conversion des ressources en réserves et l'identification de nouvelles zones de haute teneur. L'objectif à long terme comprend l'intégration de Island Gold et Magino pour une capacité de broyage étendue.

Alamos Gold (TSX:AGI; NYSE:AGI) hat die Ergebnisse der Exploration seiner Island Gold Mine bekannt gegeben und die hochgradige Goldmineralisierung erweitert. Die Untertage- und Oberflächenbohrungen haben signifikante Funde in den Bereichen Island East und West zutage gefördert, darunter 36,54 g/t Au über 7,20 m und 56,13 g/t Au über 2,13 m. Abgrenzungsbohrungen haben breite, hochgradige Zonen definiert, die voraussichtlich die Mineralreserven und -ressourcen erhöhen werden. Auch die Gebiete North Shear und Webb Lake zeigten vielversprechende Ergebnisse mit hochgradigen Schnittpunkten wie 12,10 g/t Au über 4,32 m und 15,52 g/t Au über 5,64 m. Alamos plant, 2024 19 Millionen Dollar in die Exploration zu investieren, um neue Reserven in der Nähe bestehender Infrastrukturen zu erschließen. Dieses Wachstum soll die Lebensdauer der Mine auf über 20 Jahre verlängern, indem Synergien mit der größeren Magino-Mühle genutzt werden. Das Programm umfasst 41.000 m Untertagebohrungen und 12.500 m Oberflächenbohrungen, wobei der Fokus auf der Umwandlung von Ressourcen in Reserven und der Identifizierung neuer hochgradiger Zonen liegt. Das langfristige Ziel besteht darin, Island Gold und Magino für eine erweiterte Mahdkapazität zu integrieren.

Positive
  • High-grade gold mineralization extended in Island East and West areas.
  • Significant intersections: 36.54 g/t Au over 7.20m and 56.13 g/t Au over 2.13m.
  • Expected increase in Mineral Reserves and Resources.
  • Promising results in North Shear and Webb Lake areas.
  • $19 million budgeted for 2024 exploration, up from $14 million in 2023.
  • Plan to extend mine life beyond 20 years.
  • 41,000m of underground drilling and 12,500m of surface drilling planned.
Negative
  • None.

Insights

From a financial perspective, the continued success in discovering high-grade gold mineralization at the Island Gold Mine is a significant catalyst for Alamos Gold Inc. The expansion of high-grade Mineral Reserves and Resources directly enhances the company’s asset value and future revenue potential. These developments support both the longevity and profitability of the mine, making it a more attractive investment proposition. Additionally, the integration opportunities with the larger Magino mill could lead to cost synergies and operational efficiencies, further strengthening the financial outlook. Retail investors should consider the potential for increased cash flows and lower production costs, which can positively impact the stock price in the short to medium term.

From a market standpoint, Alamos Gold's results are quite promising. The drilling results showcase substantial high-grade gold intersections, which could position the company as a more dominant player in the gold mining sector. Given that gold prices often increase during economic uncertainty, the timing of these discoveries could be advantageous. Investors should note the company's proactive approach in expanding its resource base, which might lead to increased market share and better negotiating power with buyers and partners. Furthermore, the near-mine and regional exploration activities indicate a strategic long-term vision, which is usually well-received by the market.

From a geological perspective, the continued discovery of high-grade gold mineralization both in the main Island Gold structure and in new areas such as the North Shear and Webb Lake Stock is highly significant. These findings suggest a robust geological setting that could yield more discoveries as exploration continues. The presence of multiple high-grade zones in proximity to existing infrastructure minimizes development costs and accelerates the transition from exploration to production. Additionally, the geological continuity and extent of these zones suggest that Alamos Gold could significantly increase its Mineral Reserves and Resources, providing long-term stability and growth potential.

All amounts are in United States dollars, unless otherwise stated

TORONTO, July 23, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today 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. Delineation and definition drilling has defined wide, higher-grade zones within the Island East area. This is expected to drive further growth in high-grade Mineral Reserves and Resources with the year end update.

Additionally, high-grade mineralization was intersected in the North Shear and the Webb Lake stock area, highlighting a longer-term, near-mine opportunity as a potential source of additional mill feed for the expanded Magino milling complex.

"We continue to have broad-based exploration success across the Island Gold deposit. This includes within the main structure, which remains open laterally and down-plunge, as well as within an increasing number of hanging wall and footwall structures. This is expected to contribute to another year of growth in high-grade Mineral Reserves and Resources, as Island Gold continues to establish itself as one of the highest-grade and fastest growing deposits in the world. This growth is supporting a longer mine life at Island Gold, which already exceeds 20 years, and additional synergies to be realized by processing Island Gold ore through the larger Magino mill,” said John A. McCluskey, President and Chief Executive Officer.

“We are also starting to define longer-term upside opportunities through the integration of Island Gold and Magino. This includes the ability to expand the Magino pit onto the larger Island Gold District land package, and identifying and evaluating near mine, higher-grade targets like the North Shear which have the potential to provide additional mill feed to the larger Magino milling complex,” Mr. McCluskey added.

Island Gold Main zone exploration highlights: high-grade mineralization extended outside of Mineral Reserves and Resources in the E1E and C-Zones. These zones are the main structures which host the majority of currently defined Mineral Reserves and Resources at Island Gold. New highlights include1:

  • Island West (C-Zone)
    • 36.54 g/t Au (15.16 g/t cut) over 7.20 m (890-461-03);
    • 56.13 g/t Au (15.35 g/t cut) over 2.13 m (790-479-68);
    • 42.25 g/t Au (36.15 g/t cut) over 2.82 m (490-456-54);
    • 23.88 g/t Au (14.46 g/t cut) over 3.82 m (1025-517-22); and
    • 25.88 g/t Au (25.88 g/t cut) over 2.26 m (1025-517-14).
  • Island East (E1E-Zone)
    • 17.24 g/t Au (17.24 g/t cut) over 9.97 m (1040-619-24);
    • 28.66 g/t Au (28.66 g/t cut) over 2.22 m (MH39-01); and
    • 11.75 g/t Au (11.75 g/t cut) over 3.91 m (MH39-03).

Island Gold Hanging Wall and Footwall exploration highlights: high-grade gold mineralization intersected within recently defined hanging wall and footwall zones across the main Island Gold Deposit. These zones represent significant opportunities to continue to grow near mine Mineral Reserves and Resources which are low-cost to develop and produce given their proximity to existing infrastructure. New highlights include1:

  • Island West Hanging Wall Zones

B Zone

  • 79.93 g/t Au (18.53 g/t cut) over 2.01 m (1025-517-08);
  • 17.34 g/t Au (11.70 g/t cut) over 2.49 m (490-456-14); and
  • 16.55 g/t Au (16.17 g/t cut) over 2.01 m (890-461-01).

NS2 Zone: a new parallel structure to the NS1 Zone, located 100 m to the east.

  • 55.98 g/t Au (55.98 g/t cut) over 2.10 m (1025-517-28);
  • 34.85 g/t Au (34.85 g/t cut) over 2.10 m (1025-517-22); and
  • 9.28 g/t Au (9.28 g/t cut) over 5.56 m (900-506-13).
  • Island East Footwall Zones

E1D1 Zone

  • 72.57 g/t Au (49.74 g/t cut) over 2.01 m (945-624-42);
  • 12.43 g/t Au (12.43 g/t cut) over 3.86 m (945-624-30); and
  • 21.04 g/t Au (17.30 g/t cut) over 2.09 m (945-624-41A).

NTH4 Zone

  • 27.73 g/t Au (12.80 g/t cut) over 1.96 m (945-624-59).

Other Hanging Wall and Footwall intersections: drilling continues to intersect high-grade mineralization in proximity to existing underground infrastructure in yet to be defined zones. These are part of more than 2,000 intersections above 3 g/t Au outside of existing Mineral Reserves and Resources in the hanging wall and footwall, highlighting the opportunity for significant near-mine additions as ongoing drilling further defines these areas. New highlights include2:

Footwall

  • 88.44 g/t Au over 4.65 m (890-461-30);
  • 32.35 g/t Au over 4.00 m (890-461-02);
  • 28.79 g/t Au over 4.25 m (1130-623-09);
  • 28.60 g/t Au over 4.15 m (840-530-07A);
  • 38.20 g/t Au over 2.70 m (945-624-21); and
  • 10.59 g/t Au over 10.55 m (1040-619-22).

Hanging Wall

  • 64.67 g/t Au over 5.95 m (890-461-03);
  • 84.87 g/t Au over 3.00 m (580-473-40);
  • 53.30 g/t Au over 4.50 m (890-461-03);
  • 63.12 g/t Au over 3.50 m (945-624-39);
  • 18.38 g/t Au over 10.70 m (1040-619-32); and
  • 65.77 g/t Au over 2.25 m (580-473-39).

Island Gold East delineation and definition drilling highlights: ongoing drilling focused on the conversion of Mineral Resources to Reserves from the 945, 1040, and 1130-levels has defined wider, higher-grade zones over an 80 m by 130 m area within the Island Main structure. New highlights include1:

  • 102.42 g/t Au (68.19 g/t cut) over 17.19 m (1040-619-28);
  • 135.39 g/t Au (94.41 g/t cut) over 8.28 m (1040-619-27);
  • 101.13 g/t Au (53.97 g/t cut) over 5.23 m (1130-623-20);
  • 37.63 g/t Au (29.59 g/t cut) over 12.54 m (1130-623-33);
  • 19.95 g/t Au (16.93 g/t cut) over 19.66 m (1130-623-01); and
  • 33.66 g/t Au (22.31 g/t cut) over 11.15 m (1040-619-31).

Island Gold District – Near Mine Exploration

North Shear: high-grade gold mineralization intersected north and west of the Island Gold Deposit, towards the Magino open pit. This area is located immediately east of the Magino open pit, within two kilometres (“km”) of the Magino mill, and represents a longer-term opportunity as a source of additional mill feed. New highlights include1:

  • 12.10 g/t Au over 4.32 m, including 34.90 g/t Au over 1.38 m (24IGX071);
  • 2.09 g/t Au over 6.01 m, including 16.75 g/t Au over 0.28 m (24IGX072); and
  • 3.65 g/t Au over 4.92 m, including 10.20 g/t Au over 0.87 m (24IGX073).

Webb Lake Stock: gold mineralization intersected east of the Magino open pit Mineral Reserve supporting the potential for expansion of the Magino deposit to the east beyond the previous Magino/Island Gold property boundary (pre-acquisition by Alamos). New highlights include2:

  • 15.52 g/t Au over 5.64 m, including 179.00 g/t Au over 0.47 m (24IGX071);
  • 7.97 g/t Au over 7.43 m, including 153.50 g/t Au over 0.30 m (24IGX073); and
  • 17.96 g/t Au over 1.21 m (IGX24073).

1 All reported composite intervals are calculated true width of the mineralized zones, unless otherwise stated. Drillhole composite intervals reported as “cut” may include higher grade samples which have been cut to: Island West (C-zone) and Island Main @ 225 g/t Au; Island Main and East (E1E Zone) @ 185 g/t Au; E1D1 and NS2 @ 90 g/t Au; NTH4 @ 75 g/t. North Shear and Webb Lake Stock composites reported as uncut.

2 All reported composite intervals are core length, true width is unknown at this time, and gold grades are reported as uncut.

New highlight intercepts can be found in Tables 1 and 2, and in Figures 1 to 4 at the end of this news release.

2024 Exploration Drilling Program

A total of $19 million is budgeted for exploration at Island Gold in 2024, up from $14 million in 2023, with both a larger near mine and regional exploration program planned for the year. The 2024 exploration program is following up on a successful 2023 program with high-grade Mineral Reserves and Resources added across the main Island Gold structure, as well as within multiple structures in the hanging wall and footwall.

A total of 41,000 m of underground exploration drilling is planned in 2024. The focus is on defining new Mineral Reserves and Resources in proximity to existing production horizons and infrastructure, as well as the conversion of the large existing Mineral Resource base to Mineral Reserves. This includes drilling across the strike extent of the main Island Gold Deposit (E1E and C-Zones), as well as within a growing number of newly defined hanging-wall and footwall zones. To support the underground exploration drilling program, 460 m of underground exploration drift development is planned to extend drill platforms on the 850, 945, and 1025-levels.

In addition to the exploration budget, 32,000 m of underground delineation drilling has been planned and included in sustaining capital for Island Gold which will be focused on the conversion of the large Mineral Resource base to Mineral Reserves. Additionally, 12,500 m of near-mine surface exploration drilling has been budgeted, and 10,000 m of regional exploration drilling.

To the end of June 2024, 28,003 m of underground exploration drilling had been completed in 111 holes, and 5,882 m of surface drilling had been completed in seven holes. Additionally, 20,885 m of underground delineation drilling was completed in 91 holes.

The regional exploration drilling program also continued through the first half of the year, with 4,995 m of drilling completed in 15 holes.  

Island West

Underground Exploration Drilling

Underground drilling extended high-grade gold mineralization 250 m to the west, and up-plunge from existing Mineral Reserves and Resources in the middle portion of Island West. Drilling is being conducted from the 490-level, 790-level, and the 1025-level exploration drifts, between vertical depths of 400 m and 1,200 m. New highlights include1:

  • Island West (C-Zone)
    • 36.54 g/t Au (15.16 g/t cut) over 7.20 m (890-461-03);
    • 56.13 g/t Au (15.35 g/t cut) over 2.13 m (790-479-68);
    • 42.25 g/t Au (36.15 g/t cut) over 2.82 m (490-456-54);
    • 23.88 g/t Au (14.46 g/t cut) over 3.82 m (1025-517-22);
    • 25.88 g/t Au (25.88 g/t cut) over 2.26 m (1025-517-14);
    • 5.11 g/t Au (5.11 g/t cut) over 9.72 m (850-475-12);
    • 16.95 g/t Au (7.53 g/t cut) over 2.57 m (790-479-59); and
    • 11.96 g/t Au (11.96 g/t cut) over 3.03 m (1025-517-02).

Island West Hanging Wall Zones

In addition to testing the main Island Gold structure (C-Zone), underground exploration drilling continued to target high-grade gold mineralization in sub-parallel and perpendicular structures in the hanging wall from the 490, 890, 900, and 1025-levels.

NS1 and NS2 Hanging Wall Zones

The NS1 zone is a north-striking structure with a high-angle orientation relative to the C-Zone that was discovered in early 2023. The first stopes were mined from the NS1 zone during the second half 2023 and it continues to be actively mined in 2024, highlighting the near-term opportunities within these hanging wall and footwall zones.

In early 2024, the NS2 zone, a new sub-parallel north-strike zone was discovered 100 m east of the NS1 zone. To date, this zone has been defined over a vertical extent of 300 m, and defined over an average strike of 100 m.

In addition, several other north-striking high-angle structures have been identified across the deposit from reinterpretation of historical hanging wall drilling, which will be further evaluated as underground exploration drilling advances.

New highlights from the Island West Hanging Wall zones include (Figure 2, Table 1):

  • Island West Hanging Wall Zones

B Zone

  • 79.93 g/t Au (18.53 g/t cut) over 2.01 m (1025-517-08);
  • 17.34 g/t Au (11.70 g/t cut) over 2.49 m (490-456-14); and
  • 16.55 g/t Au (16.17 g/t cut) over 2.01 m (890-461-01).

NS2 Zone: a new parallel structure to the NS1 Zone, located 100 m to the east.

  • 55.98 g/t Au (55.98 g/t cut) over 2.10 m (1025-517-28);
  • 34.85 g/t Au (34.85 g/t cut) over 2.10 m (1025-517-22); and
  • 9.28 g/t Au (9.28 g/t cut) over 5.56 m (900-506-13).

Island East

Surface and Underground Exploration Drilling

Underground drilling from the 945 Exploration Drift and Island East Ramp, continues to extend high-grade gold mineralization along strike to the east of Mineral Reserves and Resources in the middle portion of Island East (between vertical depths of 900 m and 1,300 m).  

In addition, surface drilling successfully defined high-grade gold mineralization within a large 200 m by 400 m gap in Mineral Reserves and Resources between 1,100 m and 1,300 m depths. This included holes MH39-01 (28.66 g/t Au (28.66 g/t cut) over 2.22 m) and MH 39-03 (11.75 g/t Au (11.75 g/t cut) over 3.91 m). Following the completion of the surface drilling program, additional drilling will be completed as underground development and drill platforms are established closer to this area.

New highlights in the E1E-Zone include (Figure 1, Tables 1 and 2):

  • Island East (E1E-Zone)
    • 17.24 g/t Au (17.24 g/t cut) over 9.97 m (1040-619-24);
    • 28.66 g/t Au (28.66 g/t cut) over 2.22 m (MH39-01); and
    • 11.75 g/t Au (11.75 g/t cut) over 3.91 m (MH39-03).

Underground Delineation Drilling

Delineation and definition drilling focused on Mineral Resource conversion from the 945, 1040, and 1130-levels continues to define wide, higher-grade zones in Island East. This includes an 80 m by 130 m zone with significantly higher than average grades and widths relative to the rest of the Island Gold deposit. This is expected to support further growth in high-grade Mineral Reserves. New highlights include1:

  • 102.42 g/t Au (68.19 g/t cut) over 17.19 m (1040-619-28);
  • 135.39 g/t Au (94.41 g/t cut) over 8.28 m (1040-619-27);
  • 101.13 g/t Au (53.97 g/t cut) over 5.23 m (1130-623-20);
  • 37.63 g/t Au (29.59 g/t cut) over 12.54 m (1130-623-33);
  • 19.95 g/t Au (16.93 g/t cut) over 19.66 m (1130-623-01);
  • 33.66 g/t Au (22.31 g/t cut) over 11.15 m (1040-619-31);
  • 29.75 g/t Au (29.75 g/t cut) over 9.89 m (945-624-53);
  • 51.19 g/t Au (26.03 g/t cut) over 5.26 m (1040-619-29);
  • 100.65 g/t Au (94.10 g/t cut) over 2.51 m (1040-619-27);
  • 27.70 g/t Au (26.52 g/t cut) over 8.35 m (945-624-55);
  • 65.89 g/t Au (44.50 g/t cut) over 3.42 m (1130-623-14);
  • 13.24 g/t Au (9.85 g/t cut) over 15.87 m (1130-623-29);
  • 26.22 g/t Au (26.22 g/t cut) over 7.90 m (1130-623-19);
  • 26.03 g/t Au (15.22 g/t cut) over 5.17 m (1040-619-30); and
  • 21.68 g/t Au (20.20 g/t cut) over 5.84 m (1130-632-19).

Island East Footwall Zones

In addition to testing the E1E-Zone, underground exploration drilling continued to target high-grade gold mineralization in structures in the footwall from the 945 and 1015-levels. These structures were included in the year-end 2023 Mineral Reserves and Resources. Additional drilling in 2024 has been successful in confirming the continuity and extending high-grade gold mineralization within the E1D1 and NTH4 zones, located 10 m and 60 m from the E1E-Zone, respectively.

New highlights from the Island East Footwall zones include (Figure 2, Table 1):

E1D1 Zone

  • 72.57 g/t Au (49.74 g/t cut) over 2.01 m (945-624-42);
  • 12.43 g/t Au (12.43 g/t cut) over 3.86 m (945-624-30);
  • 21.04 g/t Au (17.30 g/t cut) over 2.09 m (945-624-41A);
  • 6.25 g/t Au (4.85 g/t cut) over 5.85 m (945-624-55); and
  • 16.21 g/t Au (11.31 g/t cut) over 2.02 m (1015-624-10).

NTH4 Zone

  • 27.73 g/t Au (12.80 g/t cut) over 1.96 m (945-624-59).

As with the hanging wall and footwall zones in Island West, these footwall zones in Island East highlight the potential to add high-grade Mineral Reserves and Resources in proximity of existing production horizons and infrastructure which would be low-cost to develop and mine.

Other Zones

The majority of Island Gold’s Mineral Reserves and Resources and main production horizons are hosted in the C/E1E structure. The Island Gold Deposit also consists of a growing number of sub-parallel and high-angle mineralized structures outside of the main C/E1E-Zone. As underground development advances, these sub-parallel hanging wall and footwall structures can be targeted and defined with step-out drilling from underground drill platforms.

As demonstrated in 2023, these zones and other targets within the hanging wall and footwall represent significant opportunities to continue defining additional high-grade Mineral Reserves and Resources in proximity to existing underground infrastructure. These additions continue to enhance the ounce per vertical metre profile and provide additional operational flexibility with multiple mining horizons from the same lateral development levels.

The following are highlights of new hanging wall and footwall intersections from underground exploration drilling where the geometry and continuity are not yet established (“Unknown Zone”). These are part of more than 2,000 intersections above 3 g/t Au within recently defined and yet to be defined zones in the hanging wall and footwall. These intersections are outside of existing Mineral Reserves and Resources, highlighting the opportunity for significant near-mine additions as ongoing drilling further defines these areas.

New highlights include (reported composite intervals are uncut and as core length, as true width is unknown at this time) (Table 1):

Footwall

  • 88.44 g/t Au over 4.65 m (890-461-30);
  • 32.35 g/t Au over 4.00 m (890-461-02);
  • 28.79 g/t Au over 4.25 m (1130-623-09);
  • 28.60 g/t Au over 4.15 m (840-530-07A);
  • 38.20 g/t Au over 2.70 m (945-624-21);
  • 10.59 g/t Au over 10.55 m (1040-619-22);
  • 20.53 g/t Au over 4.15 m (1040-619-33);
  • 32.37 g/t Au over 2.60 m (1130-623-18);
  • 21.22 g/t Au over 3.90 m (890-461-21);
  • 7.41 g/t Au over 8.60 m (840-530-10);
  • 26.28 g/t Au over 2.40 m (1040-619-34);
  • 10.49 g/t Au over 5.60 m (1040-619-24);
  • 15.87 g/t Au over 3.40 m (1040-619-32);
  • 10.98 g/t Au over 4.85 m (1040-619-36); and
  • 19.50 g/t Au over 2.60 m (840-632-47).

Hanging Wall

  • 64.67 g/t Au over 5.95 m (890-461-03);
  • 84.87 g/t Au over 3.00 m (580-473-40);
  • 53.30 g/t Au over 4.50 m (890-461-03);
  • 63.12 g/t Au over 3.50 m (945-624-39);
  • 18.38 g/t Au over 10.70 m (1040-619-32);
  • 65.77 g/t Au over 2.25 m (580-473-39);
  • 33.02 g/t Au over 4.00 m (850-475-25);
  • 41.53 g/t Au over 2.85 m (850-475-26);
  • 20.75 g/t Au over 5.45 m (890-461-10);
  • 40.05 g/t Au over 2.30 m (900-506-14);
  • 17.59 g/t Au over 4.40 m (890-461-14);
  • 10.50 g/t Au over 6.82 m (945-624-39);
  • 15.94 g/t Au over 4.00 m (945-624-40);
  • 11.60 g/t Au over 4.85 m (1025-517-24); and
  • 22.23 g/t Au over 2.40 m (1025-517-10).

Island Gold District – Near Mine Exploration

As part of the near-mine exploration program, high-grade gold mineralization was intersected in surface drilling completed to the north and west of the Island Gold Deposit, and east of the Magino open pit, within the North Shear and Webb Lake Stock.

North Shear

The North Shear Corridor is located on the north limb of an antiform, within and along the northern portion of the Webb Lake Stock, dipping to the north. The Island Gold Deposit is located on the southern limb of the antiform, and dips to the south (Figure 3).

Patricia Mines initially defined the North Shear in 1999 after reviewing drilling completed in the 1980’s and 1990’s. There has been limited drilling within the North Shear since that time, as the focus of exploration had shifted to the Island Gold Deposit.

The North Shear Corridor is 20 to 30 m wide near surface, and appears to widen at depth to 60 m, based on interpretation from wider spaced historical drilling. The North Shear has been interpreted to be over 1,000 m in strike, drilled to a depth of 600 m, and remains open at depth (Figure 3 and 4).  

The North Shear is located within 2 km of the Magino mill and adjacent to the Island Gold deposit with the existing Island Gold ramp running through the target. The ramp system could be leveraged to test and ultimately develop the North Shear as a longer-term potential source of additional mill feed within the expanded Magino mill complex. Additional modelling, interpretation and drilling are planned to evaluate the North Shear for underground bulk mining potential.

Highlights from historic drilling within the North Shear Corridor include3:

  • 22.48 g/t Au over 5.08 m, including 310.50 g/t Au over 0.31 m (SH-3, 2013);
  • 6.43 g/t Au over 8.32 m, including 28.55 g/t Au over 0.39 m, 30.21 g/t over 0.58 m, and 37.65 g/t over 0.38 m (PL-17, 1997);
  • 12.85 g/t Au over 2.96 m, including 106.00 g/t Au over 0.34 m (21IGX001, 2021);
  • 4.60 g/t Au over 7.72 m, including 53.76 g/t Au over 0.45 m (PL-01-01, 2001);
  • 10.28 g/t Au over 3.41 m, including 130.95 g/t Au over 0.09 m, and 23.23 g/t Au over 0.46 m (LR-U-14, 1991);
  • 14.08 g/t Au over 2.27 m, including 125.30 g/t Au over 0.25 m (PR-UG-140, 2006);
  • 6.58 g/t Au over 4.46 m, including 14.24 g/t Au over 1.78 m (062-02-44, 1987);
  • 12.44 g/t Au over 2.31 m, including 95.82 g/t Au over 0.29 m (140-H3, 2013); and
  • 4.12 g/t Au over 6.72 m, including 49.99 g/t Au over 0.38 m (PL-01-05, 2001).

3 All reported composite intervals are calculated true width of the mineralized zones, and gold grades are reported as uncut. Composites were generated at a 0.75 g/t Au cut-off grade, with no more than 2.0 m of consecutive internal waste.

Four drill holes were completed in the second quarter of 2024 to test both the North Shear and Webb Lake Stock east of the Magino deposit. All four the drill holes intersected gold mineralization in the North Shear. New highlights include1:

  • 12.10 g/t Au over 4.32 m, including 34.90 g/t Au over 1.38 m (24IGX071);
  • 2.09 g/t Au over 6.01 m, including 16.75 g/t Au over 0.28 m (24IGX072) and
  • 3.65 g/t Au over 4.92 m, including 10.20 g/t Au over 0.87 m (24IGX073).
  • 0.98 g/t Au over 11.04 m (24IGX074).

Webb Lake Stock

The Magino Gold Deposit is hosted within the Webb Lake Stock. Drilling to the east of the planned Magino Mineral Reserve pit intersected gold mineralization east of the former Magino property boundary both in the North Shear, as described above, and to the south within and along the southern contact of the Webb Lake Stock.

High-grade gold mineralization intersected in 24IGX073 (7.97 g/t Au over 7.43 m including 153.50 g/t Au over 0.30 m) is associated with strong shearing developed along the southern margin of the Webb Lake stock at the contact with a diorite. This southern shear zone requires additional drilling to define the geometry and extent of gold mineralization with the shear.

The former land tenure boundary with Island Gold (pre-acquisition) previously limited the extent of the Magino deposit to the east. The removal of this boundary, and the intersection of additional gold mineralization to the east further supports the potential for the Magino deposit to be extended onto the Island Gold property. New highlights include2:

  • 15.52 g/t Au over 5.64 m, including 179.00 g/t Au over 0.47 m (24IGX071);
  • 7.97 g/t Au over 7.43 m, including 153.50 g/t Au over 0.30 m (24IGX073);
  • 17.96 g/t Au over 1.21 m, including 35.50 g/t Au over 0.58 m (IGX24073).
  • 3.41 g/t Au over 2.76 m, including 10.25 g/t Au over 0.40 m (24IGX072); and
  • 7.19 g/t Au over 1.71 m, including 13.50 g/t Au over 0.83 m (24IGX072).

Mineral Reserve and Resource expansion drilling is planned in the second half of 2024 to evaluate both the North Shear and Webb Lake Stock near surface, immediately to the east of the Magino Mineral Reserve pit, which remains open to the east.

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 the Island Gold Mine are directed and supervised by Tyler Poulin, P.Geo., Chief Geologist at the Island Gold Mine. Tyler Poulin 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 the Island Gold Mine to ensure sampling and analysis of all exploration work is conducted in accordance with best practices.

Access to the Island Gold Mine is controlled by security personnel. Drill core is logged and sampled at core logging facilities within the mine site under the supervision of a Qualified Geologist. A geologist marks the individual samples for analysis, and sample intervals, sample numbers, standards and blanks are entered into the database. Exploration 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 plastic sample bag and sealed with zip ties in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. Approximately 20% of all delineation core is cut and stored, and the entire core sample is sent for analysis on all definition programs. The samples are placed in large heavy-duty nylon reinforced Fabrene bags, which are identified and sealed before being placed on pallets. The core samples are picked up at the mine site and mine samples are delivered to AGAT and Actlabs laboratories, and regional samples are delivered to ALS laboratory, all located in Thunder Bay, Ontario.

Gold is analyzed by a 50 grams fire assay with an Atomic Absorption (AA) finish. Mine samples greater than 10.0 g/t Au, and regional samples greater than 5.0 g/t Au are re-analyzed using gravimetric finish methods. AGAT, Actlabs and ALS are certified laboratories and have internal quality control (“QC”) programs that include insertion of reagent blanks, reference materials, and pulp duplicates.

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. The Island Gold Mine QA/QC procedures are more completely described in the August 29, 2022 Technical Report filed on SEDAR+ (www.sedarplus.ca).

About Alamos

Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Young-Davidson mine and Island Gold District in northern Ontario, Canada, and the Mulatos District 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 2,400 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 

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 "expect", "plan", "estimate", “target”, “budget”, “prospective” “potential”, “opportunity” 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, focuses, strategies, drilling targets and work, potential for further exploration of certain areas, potential drilling results and related expectations, costs and expenditures, including with respect to the cost of development and production, project economics, gold price assumptions, potential mineralization, projected ore grades, opportunities to add near mine and further high-grade Mineral Reserves and Resources, potential sources of additional mill feed for an expanded Magino milling complex, potential expansion of the Magino pit, synergies to be realized by processing Island Gold ore through the Magino mill, upside opportunities through the integration of Island Gold and Magino, planned modelling, interpretation and drilling to evaluate the potential of the North Shear near Magino for underground bulk mining potential, expectations regarding the mine plan, mine life, sustaining capital and value of operations and other statements and 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.

Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of Mineral Resource. 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, operations may be exposed to illness, disease, epidemic or pandemic which may impact the broader market; 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 Canada, Mexico and other jurisdictions in which the Company does or may conduct business; the duration of regulatory responses to any illness, disease, epidemic or pandemic; 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 plans; 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 does or 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.sedarplus.ca 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.

Cautionary Note regarding non-GAAP Measures and Additional GAAP Measures

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. “Sustaining capital” are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects.

Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. This includes “Earnings from operations”, which is intended to provide an indication of the Company’s operating performance and represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, and income tax expense. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. A reconciliation of historical non-GAAP and additional GAAP measures are detailed in the Company’s Management’s Discussion and Analysis available at www.alamosgold.com.


Table 1: Island Gold – Previously Unreleased Select Composite Intervals from Underground and Surface Mine Exploration Drilling

Composite intervals greater than 3 g/t Au weighted average, capping values:

Island West (C-zone) and Island Main @ 225 g/t Au; Island Main and East (E1E Zone) @ 185 g/t Au; B Zone, E1D1 zone and NS2 @ 90 g/t Au; NTH4 Zone @ 75 g/t Au; DN @ 35 g/t Au.

Hole IDZoneTarget AreaFrom (m)To (m)Core Length (m)True Width (m)Au Uncut (g/t)Au Cut (g/t)Vertical Depth (m)
1025-517-08BIsland West Hanging Wall144.00146.582.582.0179.9318.531025
890-461-01BIsland West Hanging Wall238.55242.253.702.0116.5516.171025
490-456-14BIsland West Hanging Wall157.50160.002.502.4917.3411.70419
1025-517-12BIsland West Hanging Wall234.20238.704.502.038.768.761161
850-475-13BIsland West Hanging Wall140.60144.804.202.177.047.00976
490-456-08BIsland West Hanging Wall157.80160.202.402.405.455.45427
850-475-08BIsland West Hanging Wall104.40107.302.902.523.933.93935
850-475-11BIsland West Hanging Wall118.50121.503.002.103.773.77948
1025-517-14BIsland West Hanging Wall124.70126.802.102.073.223.221027
490-456-54CIsland West118.90121.802.902.8242.2536.15432
1025-517-14CIsland West91.0093.402.402.2625.8825.881021
790-479-68CIsland West142.50144.902.402.1356.1315.35786
890-461-03CIsland West179.90199.3019.407.2036.5415.161010
1025-517-22CIsland West119.20124.205.003.8223.8814.461055
850-475-14CIsland West162.70165.002.301.0213.8413.84983
790-479-54CIsland West139.70142.302.602.0714.2912.47847
1025-517-02CIsland West167.05171.003.953.0311.9611.961106
1025-517-31CIsland West99.25102.403.152.5710.6410.641032
790-479-55CIsland West145.20147.151.951.618.948.94817
1025-517-05CIsland West91.5095.003.503.508.338.331001
790-479-59CIsland West147.60150.402.802.5716.957.53846
790-479-41CIsland West123.75126.102.352.347.157.15793
790-479-48CIsland West133.15136.253.102.846.836.83832
890-461-22CIsland West150.00154.504.502.676.046.04969
490-450-03CIsland West188.00190.702.702.635.545.54528
490-456-51CIsland West144.10147.002.902.615.175.17413
850-475-12CIsland West149.00162.8513.859.725.115.11957
490-456-52CIsland West153.50156.402.902.154.764.76424
1025-517-24CIsland West218.30221.002.701.994.764.761162
1025-517-01CIsland West97.3599.802.452.164.694.691038
900-506-06CIsland West218.75229.0010.252.084.634.63991
1025-517-10CIsland West126.30129.202.902.364.074.071079
1025-517-23CIsland West91.7094.352.652.463.963.961017
790-479-50CIsland West140.00142.302.302.043.963.96867
490-456-47CIsland West140.65142.852.202.093.683.68445
890-461-10CIsland West128.30130.852.552.223.493.49874
490-450-01CIsland West131.00133.132.131.963.333.33518
790-479-42CIsland West127.75130.202.452.233.333.33830
850-475-15CIsland West162.25166.304.052.083.283.28975
790-479-19CIsland West160.25163.653.402.673.243.24827
1025-517-20CIsland West165.00169.654.652.213.063.061119
890-461-22D1Island West Footwall96.1099.203.102.037.966.55932
890-461-13D1Island West Footwall63.0066.003.002.625.825.82890
890-461-11D1Island West Footwall63.6066.002.402.254.674.67880
790-479-49DNIsland West Footwall33.8036.552.752.4112.949.28807
790-479-44DNIsland West Footwall11.7015.003.302.287.467.46822
790-479-56DNIsland West Footwall38.3540.802.452.007.087.08805
790-479-42DNIsland West Footwall13.4015.702.302.036.845.86816
790-479-46DNIsland West Footwall31.7034.552.852.405.485.48805
790-479-41DNIsland West Footwall14.5518.103.552.287.695.43811
790-479-50DNIsland West Footwall12.4515.753.303.195.205.20819
790-479-43DNIsland West Footwall11.2014.152.952.133.323.32821
790-479-66DNIsland West Footwall18.5022.954.452.743.043.04813
945-624-42E1D1Island East Footwall399.75402.953.202.0172.5749.741315
945-624-41AE1D1Island East Footwall393.20397.704.502.0921.0417.301314
945-624-30E1D1Island East Footwall310.10317.407.303.8612.4312.431211
1015-624-10E1D1Island East Footwall56.1058.602.502.0216.2111.311010
945-624-47E1D1Island East Footwall305.95309.503.552.0410.4710.471215
945-624-55E1D1Island East Footwall340.40354.1013.705.856.254.851257
1040-619-24E1EIsland East159.75187.4027.659.9717.2417.241159
1130-623-10E1EIsland East78.5081.002.501.906.016.011097
1040-619-21E1EIsland East216.90224.908.002.844.644.641140
1040-619-35E1EIsland East144.00148.654.652.074.054.051126
840-578-31E1EIsland East219.80222.502.702.103.653.65946
490-450-03LC_CIsland West Hanging Wall201.50203.902.402.347.527.52531
490-456-52LC_DIsland West Footwall131.50133.902.402.234.834.83433
490-456-54NS1Island West Hanging Wall183.90187.003.102.393.613.61403
1025-517-28NS2Island West Hanging Wall246.10248.202.102.1055.9855.981074
1025-517-22NS2Island West Hanging Wall225.40227.602.202.1034.8534.851093
1025-517-01NS2Island West Hanging Wall268.55270.802.252.0010.0410.041095
900-506-13NS2Island West Hanging Wall174.90181.736.835.569.289.28884
1025-517-08NS2Island West Hanging Wall245.50249.804.303.598.098.091039
1025-517-21NS2Island West Hanging Wall212.00214.152.152.027.617.61988
1025-517-23NS2Island West Hanging Wall257.55261.353.803.383.593.591036
1025-517-04NS2Island West Hanging Wall266.85269.152.301.113.463.461162
1025-517-24NS2Island West Hanging Wall433.60437.103.502.143.063.061317
945-624-59NTH4Island East Footwall299.10301.702.601.9627.7312.801045
890-461-30UnknownIsland West Footwall48.2052.854.65 88.44 902
580-473-40UnknownIsland West Hanging Wall255.54258.543.00 84.87 534
580-473-39UnknownIsland West Hanging Wall262.50264.752.25 65.77 520
890-461-03UnknownIsland West Hanging Wall137.90143.855.95 64.67 972
945-624-39UnknownIsland East Hanging Wall215.50219.003.50 63.12 1135
890-461-03UnknownIsland West Hanging Wall206.20210.704.50 53.30 1025
900-506-14UnknownIsland West Hanging Wall163.35165.652.30 40.05 1003
945-624-21UnknownIsland East Footwall368.70371.402.70 38.20 1289
850-475-25UnknownIsland West Hanging Wall127.00131.004.00 33.02 958
1130-623-18UnknownIsland East Footwall35.4038.002.60 32.37 1096
890-461-02UnknownIsland West Footwall40.0044.004.00 32.35 897
1130-623-09UnknownIsland East Footwall56.0060.254.25 28.79 1102
840-530-07AUnknownIsland West Footwall412.40416.554.15 28.60 1178
1040-619-34UnknownIsland East Footwall55.3057.702.40 26.28 1074
1025-517-10UnknownIsland West Hanging Wall220.35222.752.40 22.23 1135
890-461-21UnknownIsland West Footwall172.35176.253.90 21.22 1006
1025-517-23UnknownIsland West Hanging Wall106.90109.002.10 21.02 1018
840-632-47UnknownIsland East Footwall5.958.552.60 19.50 825
1040-619-32UnknownIsland East Hanging Wall271.10281.8010.70 18.38 1242
890-461-14UnknownIsland West Hanging Wall183.90188.304.40 17.59 966
850-475-08UnknownIsland West Footwall147.00149.252.25 16.48 969
790-479-53UnknownIsland West Footwall246.75249.152.40 16.47 704
850-475-26UnknownIsland West Hanging Wall134.05136.902.85 41.53 957
945-624-40UnknownIsland East Hanging Wall141.30145.304.00 15.94 1064
1040-619-32UnknownIsland East Footwall247.60251.003.40 15.87 1222
850-475-12UnknownIsland West Hanging Wall130.70134.003.30 15.33 940
490-456-54UnknownIsland West Footwall114.00114.900.90 15.01 434
1040-619-33UnknownIsland East Footwall176.20180.354.15 20.53 1164
890-461-30UnknownIsland West Hanging Wall61.0063.452.45 14.35 911
1025-517-04UnknownIsland West Hanging Wall291.20293.352.15 14.17 1175
1015-624-01UnknownIsland East Footwall58.7061.002.30 14.15 947
1025-517-16UnknownIsland West Hanging Wall296.45298.452.00 13.41 1213
850-475-15UnknownIsland West Hanging Wall17.4521.253.80 13.25 864
790-479-53UnknownIsland West Footwall137.45140.202.75 12.34 754
790-479-53UnknownIsland West Footwall73.1075.952.85 11.65 782
840-632-47UnknownIsland East Footwall89.1092.303.20 11.61 799
1025-517-24UnknownIsland West Hanging Wall245.50250.354.85 11.60 1182
1040-619-36UnknownIsland East Footwall141.05145.904.85 10.98 1119
490-456-47UnknownIsland West Hanging Wall188.75191.853.10 10.84 431
1040-619-22UnknownIsland East Footwall180.45191.0010.55 10.59 1158
945-624-39UnknownIsland East Hanging Wall191.88198.706.82 10.50 1113
1040-619-24UnknownIsland East Footwall199.85205.455.60 10.49 1179
945-624-40UnknownIsland East Hanging Wall237.05240.153.10 10.34 1159
1130-623-20UnknownIsland East Footwall65.8067.952.15 10.13 1129
945-624-26UnknownIsland East Footwall252.00253.951.95 9.50 1131
890-461-10UnknownIsland West Hanging Wall198.15203.605.45 20.75 879
850-475-14UnknownIsland West Hanging Wall133.40137.003.60 8.81 960
850-475-08UnknownIsland West Footwall159.10161.502.40 8.74 979
890-461-18UnknownIsland West Footwall59.3060.751.45 8.57 887
490-450-01UnknownIsland West Hanging Wall261.00264.003.00 8.52 552
1040-619-34UnknownIsland East Footwall135.00138.803.80 8.47 1117
1040-619-26UnknownIsland East Footwall144.65148.854.20 8.30 1145
850-475-18UnknownIsland West Footwall171.15173.602.45 8.27 1000
840-578-29UnknownIsland East Footwall195.00197.252.25 7.75 909
900-506-13UnknownIsland West Hanging Wall159.15160.901.75 7.59 888
850-475-01UnknownIsland West Footwall94.8097.202.40 7.46 891
840-530-10UnknownIsland East Footwall582.05590.658.60 7.41 1286
850-475-11UnknownIsland West Hanging Wall18.1021.803.70 7.36 865
790-479-42UnknownIsland West Footwall45.8048.903.10 7.29 820
1040-619-25UnknownIsland East Footwall100.70105.705.00 7.28 1097
1040-619-23UnknownIsland East Footwall104.80107.452.65 6.93 1087
850-475-06UnknownIsland West Footwall121.00124.053.05 6.93 938
1025-517-28UnknownIsland West Hanging Wall182.60188.305.70 6.55 1057
890-461-03UnknownIsland West Footwall149.15153.404.25 6.41 980
490-450-03UnknownIsland West Footwall143.50148.204.70 6.37 518
580-473-39UnknownIsland West Hanging Wall136.50139.503.00 6.35 551
945-624-40UnknownIsland East Hanging Wall175.00178.103.10 6.14 1097
945-624-39UnknownIsland East Hanging Wall160.00163.003.00 6.07 1080
945-624-42UnknownIsland East Hanging Wall370.65373.302.65 6.04 1286
890-461-02UnknownIsland West Footwall50.7551.851.10 5.99 905
580-473-33UnknownIsland West Hanging Wall215.10216.501.40 5.99 522
790-479-49UnknownIsland West Footwall102.00107.005.00 5.97 793
890-461-30UnknownIsland West Footwall270.10274.804.70 5.90 1073
1025-517-26UnknownIsland West Hanging Wall257.50259.652.15 5.61 1172
945-624-39UnknownIsland East Hanging Wall313.60318.705.10 5.50 1233
580-473-29UnknownIsland West Hanging Wall258.31262.404.09 5.42 702
890-461-03UnknownIsland West Hanging Wall236.50238.602.10 5.35 1048
850-475-05UnknownIsland West Hanging Wall15.0517.602.55 5.16 858
790-479-53UnknownIsland West Footwall116.00118.002.00 5.08 764
945-624-47UnknownIsland East Hanging Wall276.10278.552.45 4.83 1186
890-461-18UnknownIsland West Footwall53.4554.501.05 4.80 884
890-461-22UnknownIsland West Hanging Wall143.50146.703.20 4.73 964
945-624-53UnknownIsland East Footwall321.20324.553.35 4.55 1238
850-475-18UnknownIsland West Footwall163.40165.452.05 4.50 993
490-456-14UnknownIsland West Hanging Wall211.60212.400.80 4.26 398
840-632-42UnknownIsland East Footwall101.78104.102.32 4.20 826
890-461-30UnknownIsland West Footwall181.90185.603.70 4.16 1004
890-461-10UnknownIsland West Hanging Wall206.15210.003.85 4.15 880
790-448-01UnknownIsland West Footwall95.6098.252.65 4.11 885
1025-517-10UnknownIsland West Footwall90.0593.203.15 4.11 1058
1040-619-34UnknownIsland East Footwall100.45103.402.95 4.01 1098
620-595-11UnknownIsland East Footwall20.5022.151.65 3.90 609
490-456-54UnknownIsland West Footwall109.25110.200.95 3.53 436
945-624-53UnknownIsland East Footwall349.90352.502.60 3.40 1266
490-456-13UnknownIsland West Hanging Wall140.70143.002.30 3.24 449
1025-517-11UnknownIsland West Footwall66.4568.251.80 3.01 1036
MH39-01E1EIsland East1251.471254.452.982.2228.6628.661180
MH39-03E1EIsland East1223.601228.404.803.9111.7511.751136
MH37-02E1EIsland East1828.301831.713.412.658.798.791787
MH37-01E1EIsland East1882.521889.647.125.264.174.171846
MH39-02E1EIsland East1216.001218.652.652.071.601.601139
MH38-01AE1EIsland East1258.001262.004.002.870.290.291171
          

Table 2: Island Gold – Previously Unreleased Select Composite Intervals from Underground Delineation and Definition Drilling,

Composite intervals greater than 100 g*m g/t Au weighted average, capping values:

Island Main and East (E1E Zone) @ 185 g/t Au

Hole IDZoneTarget AreaFrom (m)To (m)Core Length (m)True Width (m)Au Uncut (g/t)Au Cut (g/t)Vertical Depth (m)
1040-619-27E1EIsland East131.90145.5513.658.28135.3994.411128
1040-619-27E1EIsland East153.55160.206.652.51100.6594.101139
1040-619-28E1EIsland East87.75116.2528.5017.19102.4268.191090
1130-623-20E1EIsland East130.30140.4010.105.23101.1353.971172
1130-623-14E1EIsland East42.0046.364.363.4265.8944.501083
945-624-53E1EIsland East274.00293.0019.009.8929.7529.751200
1130-623-33E1EIsland East153.00187.1034.1012.5437.6329.591203
945-624-55E1EIsland East309.30326.6017.308.3527.7026.521229
1130-623-19E1EIsland East72.0082.7510.757.9026.2226.221129
1040-619-29E1EIsland East94.80103.058.255.2651.1926.031083
1040-619-31E1EIsland East203.85234.0030.1511.1533.6622.311203
1130-623-19E1EIsland East107.50118.8011.305.8421.6820.201149
1130-623-01E1EIsland East62.2099.8037.6019.6619.9516.931111
1040-619-30E1EIsland East93.60101.608.005.1726.0315.221074
1130-623-29E1EIsland East74.70101.0726.3715.8713.249.851136
          

Table 3: Island Gold – Previously Unreleased Composite Intervals from North Shear and Webb Lake Stock Exploration Drilling. True width reported for North Shear composites, all other composites reported as core length. Gold grades are reported as uncut.

Hole IDIncludingTarget AreaFrom (m)To (m)Core Length (m)True Width (m)Au Uncut (g/t)Vertical Depth (m)
24IGX071 Unknown146.09151.985.89 5.94105
 Including 148.78149.240.46 65.90 
 andNorth Shear221.75226.454.704.3212.10155
 Including 221.75223.251.501.3834.90 
 andWebb Lake493.36499.005.64 15.52332
 Including 493.36493.830.47 179.00 
 andUnknown502.58502.960.38 51.00338
 andUnknown628.54634.45.86 1.10419
 andUnknown722.63730.327.69 1.42477
24IGX072 North Shear149.12158.379.256.012.09146
 Including 155.12155.550.430.2816.75 
 andWebb Lake225.00227.762.76 3.41213
 Including 225.00225.400.40 10.25 
 andWebb Lake231.90233.611.71 7.19219
 Including 232.78233.610.83 13.50 
 andWebb Lake278.50283.695.20 2.44264
24IGX073 North Shear90.9796.625.654.923.6568
 Including 91.7992.791.000.8710.20 
 andNorth Shear118.30125.357.056.141.1188
 andWebb Lake160.51167.947.43 7.97120
 Including 164.80165.100.30 153.50 
 andWebb Lake255.76256.971.21 17.96185
 Including 255.76256.340.58 35.50 
24IGX074 North Shear129.55143.3213.7711.040.98101
         

Table 4: Underground exploration drill holes; azimuth, dip, drilled length, and collar location at surface (UTM NAD83).

Hole IDAzimuth (°)Dip (°)Drilled Length (m)UTM Easting (m)UTM Northing (m)UTM Elevation (m)
490-450-01174-163756900725351600-100
490-450-03200-143926900725351600-100
490-456-08136191676901225351595-99
490-456-13166133456901215351594-99
490-456-14129232166901225351595-99
490-456-47132152136901225351595-99
490-456-51124251716901225351595-99
490-456-52117211956901225351595-99
490-456-54180242826901205351594-99
580-473-29175-262766903285351562-202
580-473-33238152376903265351563-201
580-473-39208143066903275351562-202
580-473-40200112616903275351562-201
620-595-11216-35996914475352062-214
790-448-01328-4610506900765351522-433
790-479-19215-72376900805351504-432
790-479-4115991776900825351504-431
790-479-42150-71746900825351504-432
790-479-43148-301746900825351504-433
790-479-44139-342346900835351504-433
790-479-46208142556900805351505-431
790-479-48192-71926900805351504-432
790-479-49187101776900815351504-431
790-479-50161-212646900825351504-432
790-479-53199232916900805351505-430
790-479-54199-132406900805351504-432
790-479-55209-12526900805351504-432
790-479-56219122946900805351505-431
790-479-59210-122946900795351505-432
790-479-6622113096900795351506-432
790-479-68196102616900805351504-431
840-530-07A137-516246908505351795-468
840-530-10122-446516908515351796-468
840-578-29170-212316913095351963-457
840-578-31158-282976913095351963-457
840-632-4216311356918325352113-447
840-632-47194192046918305352113-445
850-475-01352-251446904225351407-467
850-475-05312-331896904215351407-467
850-475-06326-461656904215351407-467
850-475-08335-522526904215351407-468
850-475-1118-531536904235351407-467
850-475-1241-411836904245351406-467
850-475-1330-621806904245351406-468
850-475-1437-521896904245351406-468
850-475-1542-461956904255351406-468
850-475-18304-601926904215351406-468
850-475-25287-572046904205351406-468
850-475-26296-532136904205351406-468
890-461-01123-423186902205351521-482
890-461-02138-523216902205351521-482
890-461-03162-502616902205351521-482
890-461-10166-42256902205351521-482
890-461-11181-132426902205351521-482
890-461-13170-232196902205351521-482
890-461-14158-312706902205351521-482
890-461-18122-212076902185351520-482
890-461-21148-523426902175351519-484
890-461-22162-422256902175351519-484
890-461-30121-483276902205351521-482
900-506-06237-143156906815351597-541
900-506-13225113906906815351597-540
900-506-14185-272226906835351595-541
945-624-2130-853896918955351769-538
945-624-2645-543396918985351769-538
945-624-3061-663906918995351769-539
945-624-39261-844506918955351766-538
945-624-40164-874596918975351764-538
945-624-41A132-834776918975351764-538
945-624-42101-765016918985351765-538
945-624-4756-723516918995351767-539
945-624-53292-834026918955351766-538
945-624-5567-743906918985351767-538
945-624-5920-243216918985351770-537
1015-624-0121349936918105351940-610
1015-624-10136-15956918125351940-614
1025-517-01185-183906907785351653-624
1025-517-02179-363756907785351653-624
1025-517-04198-353456907785351653-624
1025-517-0518021626907785351653-623
1025-517-08195-83036907775351653-624
1025-517-10165-352906907795351653-624
1025-517-11180-273426907785351653-624
1025-517-12188-404656907785351653-624
1025-517-14180-91416907785351653-624
1025-517-16131-443336907795351654-625
1025-517-20131-422856907805351654-625
1025-517-2119243606907775351653-623
1025-517-22190-263816907785351653-624
1025-517-23185-73696907785351653-624
1025-517-24160-455106907795351653-624
1025-517-26159-394446907795351654-624
1025-517-28217-152736907775351653-624
1025-517-31190-143006907785351653-624
1040-619-21219-232946917715351928-662
1040-619-22205-353126917725351927-662
1040-619-23205-231896917725351927-662
1040-619-24194-402796917725351927-663
1040-619-25193-291896917725351927-662
1040-619-26176-412556917755351927-661
1040-619-27168-362046917745351927-662
1040-619-28170-261476917745351927-662
1040-619-29158-231356917745351927-662
1040-619-30150-181206917745351927-662
1040-619-31153-442796917745351927-663
1040-619-32142-423006917755351927-663
1040-619-33134-403126917755351927-663
1040-619-34138-312256917755351927-662
1040-619-35197-332166917735351927-662
1040-619-36209-302196917725351927-662
1130-623-01208-171506918215351897-705
1130-623-09113-151686918265351898-705
1130-623-10117-71296918265351899-705
1130-623-141394816918235351897-705
1130-623-18157-13906918225351896-705
1130-623-19157-321446918225351897-706
1130-623-20162-381776918225351897-706
1130-623-26192-371146918215351897-706
1130-623-27202-341326918215351897-706
1130-623-29193-321566918225351897-706
1130-623-32118-291866918255351898-706
1130-623-33132-412916918255351898-706
       

Note: UTM mine surface elevation 393 m

Table 5: Surface drill holes; azimuth, dip, drilled length, and collar location at surface (UTM NAD83).

Hole IDAzimuth (°)Dip (°)Drilled Length (m)UTM Easting (m)UTM Northing (m)UTM Elevation (m)
MH37-01325-8522166930475351346388
MH37-02325-8520646930475351346388
MH38-01A317-7414366916475351377399
MH39-01338-7714186916465351376399
MH39-02338-771376.76916465351376399
MH39-03338-7713586916465351376399
24IGX071162-457736895915351875390
24IGX072170-703026900525351883385
24IGX073150-473236900525351883385
24IGX074132-473026900525351884385

Note: UTM mine surface elevation 393 m

Figure 1: Island Gold Mine – C/E1E Longitudinal: New C & E1E-Zone Underground Exploration Drilling Highlights

Figure 1 Island Gold Mine – CE1E Longitudinal New C & E1E-Zone Underground Exploration Drilling Results

Figure 2: Island Gold Mine – New Underground Exploration Drilling Highlights: Hanging Wall & Footwall Zones

Figure 2 Island Gold Mine – New Underground Exploration Drilling Highlights Hanging Wall & Footwall Zones

Figure 3: Island Gold North Shear Plan Map – New & Historic Drilling Results

Figure 3 Island Gold North Shear Plan Map – New & Historic Drilling Results

Figure 4: North Shear Longitudinal – New & Historic Drilling Results

Figure 4 North Shear Longitudinal – New & Historic Drilling Results

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f57371d9-973d-4474-a9d3-a78e214e3f79

https://www.globenewswire.com/NewsRoom/AttachmentNg/9579c4c2-ebc5-44e9-bf88-82fa9f6d267e

https://www.globenewswire.com/NewsRoom/AttachmentNg/b4b73c92-2f86-4208-a5e7-aade2fe0ce46

https://www.globenewswire.com/NewsRoom/AttachmentNg/3b8d798b-ae69-43f7-bd42-0541da8d773e


FAQ

What are the recent drilling results for Alamos Gold's Island Gold Mine?

Recent drilling results include 36.54 g/t Au over 7.20m and 56.13 g/t Au over 2.13m, extending high-grade gold mineralization in the Island East and West areas.

How much is Alamos Gold spending on exploration in 2024?

Alamos Gold has budgeted $19 million for exploration in 2024.

What are the highlights of the North Shear and Webb Lake areas?

Highlights include 12.10 g/t Au over 4.32m in the North Shear area and 15.52 g/t Au over 5.64m in the Webb Lake area.

How is Alamos Gold planning to extend the mine life at Island Gold?

Through extensive drilling and exploration, targeting new high-grade Mineral Reserves and Resources, aiming to extend the mine life beyond 20 years.

What is the focus of Alamos Gold's 2024 exploration program?

The focus is on defining new Mineral Reserves and Resources near existing production areas, converting resources to reserves, and identifying new high-grade zones.

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