Alamos Gold Extends High-Grade Gold Mineralization Laterally and at Depth at Island Gold, Including within Sub-Parallel Zones in Proximity to Existing Infrastructure
ALAMOS GOLD INC.
Brookfield Place, 181 Bay Street, Suite 3910, P.O. Box #823
Toronto, Ontario, Canada M5J 2T3
Telephone: (416) 368-9932 or 1 (866) 788-8801
All amounts are in United States dollars, unless otherwise stated.
F O R I M M E D I A T E R E L E A S E
W E B S I T E : w w w . a l a m o s g o l d . c o m T R A D I N G S Y M B O L : T S X : A G I N Y S E : A G I
Alamos Gold Extends High-Grade Gold Mineralization Laterally and at Depth at
Island Gold, Including within Sub-Parallel Zones in Proximity to Existing
Infrastructure
Toronto, Ontario (November 29, 2022) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or
the “Company”) today reported new results from surface and underground exploration drilling at
the Island Gold mine, further extending high-grade gold mineralization in Island West, Island East,
and at depth. All reported drill widths are true width of the mineralized zones , unless otherwise
stated.
• Island West: high-grade mineralization extended 225 metres (“m”) west of existing
Mineral Reserves and Resources (MH33-01). New highlights include:
C-Zone:
• 97.21 g/t Au (58.55 g/t cut) over 5.05 m (MH33-01);
• 22.40 g/t Au (22.40 g/t cut) over 2.18 m (790-450-06);
• 12.07 g/t Au (12.07 g/t cut) over 2.79 m (790-460-10); and
• 13.91 g/t Au (13.91 g/t cut) over 2.18 m (790-465-12).
• Island West Hanging Wall Zones: high-grade gold mineralization intersected within
newly defined sub-parallel zones in the hanging wall (B, G, and G1 zones). These
sub-parallel zones are within proximity of existing underground infrastructure and
represent a significant opportunity to add near mine Mineral Reserves and
Resources. New highlights include:
B-Zone:
• 525.28 g/t Au (80.26 g/t cut) over 2.33 m (770-467-12);
• 72.03 g/t Au (44.05 g/t cut) over 3.15 m (770-468-02);
• 73.16 g/t Au (47.35 g/t cut) over 2.65 m (770-467-10);
• 34.41 g/t Au (22.77 g/t cut) over 5.07 m (770-467-11);
• 91.14 g/t Au (35.59 g/t cut) over 2.61 m (770-468-01A);
• 37.75 g/t Au (36.54 g/t cut) over 2.53 m (770-467-14);
• 226.16 g/t Au (32.33 g/t cut) over 2.58 m (770-467-13); and
• 51.17 g/t Au (37.18 g/t cut) over 2.11 m (770-468-03).
G-Zone:
• 22.81 g/t Au (22.81 g/t cut) over 2.14 m (770-467-08);
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• 14.01 g/t Au (13.65 g/t cut) over 2.34 m (770-471-02); and
• 10.20 g/t Au (10.20 g/t cut) over 2.59 m (770-474-26).
G1-Zone:
• 38.50 g/t Au (19.68 g/t cut) over 2.00 m (770-474-19); and
• 37.15 g/t Au (15.97 g/t cut) over 2.33 m (770-467-14).
• Island East Lower: high -grade gold mineralization further extended down-plunge
from the large high-grade Inferred Mineral Resource block in the lower part of Island
East which contained 2.0 million ounces grading 15.48 g/t Au ( 3.96 million tonnes
(“mt”)) as of December 31, 2021. New highlights include:
• 110.17 g/t Au (52.08 g/t cut) over 7.79 m (MH27-08);
• 22.17 g/t Au (22.17 g/t cut) over 8.01 m (MH27-07); and
• 10.45 g/t Au (10.45 g/t cut) over 7.28 m (MH27-06).
• Island East Middle: underground exploration drilling extend ed high-grade gold
mineralization within the E1E-Zone to the east of Mineral Reserves and Resources
and in the area between Island Main and East (above the 840-level). Both areas are
within proximity to existing underground infrastructure. New highlights include:
• 49.51 g/t Au (49.51 g/t cut) over 2.27 m (840-608-34);
• 27.22 g/t Au (27.22 g/t cut) over 2.16 m (620-580-09);
• 14.82 g/t Au (14.82 g/t cut) over 3.68m (840-632-11);
• 24.41 g/t Au (24.41 g/t cut) over 2.13 m (840-608-32); and
• 25.27 g/t Au (21.18 g/t cut) over 2.36 m (620-624-09).
• Island Main: high-grade gold mineralization extended 160 m below Inferred Mineral
Resources (MH30-02), representing one of the deepest intersection s to date at
Island Gold at a vertical depth of 1,666 m. This highlights the significant opportunity
for further high-grade Mineral Reserve and Resource additions with the deposit
open laterally and at depth across the currently defined 2 km strike. New highlights
include:
• 23.21 g/t Au (23.21 g/t cut) over 2.50 m (MH30-02).
Note: Drillhole composite intervals reported as “cut” may include higher grade samples which have been cut to: C-zone
(225 g/t Au), B-zone (90 g/t Au), D1 and G1-zones (45 g/t Au), and G-zone (70 g/t Au), E1E-zone (185 g/t Au).
“These high-grade results across multiple areas of the Island Gold deposit highlight the significant
exploration upside, not only laterally and at depth, but within newly defined sub-parallel structures.
Much of our focus the last several years has been adding high-grade Mineral Resources at depth
in advance of the Phase 3+ Expansion study. Having nearly tripled the Mineral Reserve and
Resource base to over five million ounces of gold and with work on the expansion ramping up,
our exploration focus is shifting to more cost-effective underground drilling where we can leverage
existing infrastructure” said John A. McCluskey, President and Chief Executive Officer.
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“We see excellent potential to continue adding high -grade Mineral Reserves and Resources
laterally and at depth, but also within these previously undefined areas adjacent to our existing
infrastructure which have the potential to be incorporated into near-term mine planning. These
represent potential high-grade ounces close to our existing production horizons which will be low
cost to develop, further increasing ounces per vertical metre and the value of the operation,” Mr.
McCluskey added.
New highlight intercepts can be found in Tables 1 and 2 , and in Figures 1 to 6 at the end of this
news release.
2022 Exploration Drilling Program – Island Gold Mine
Total exploration spending through the first nine months was $17.9 million, in line with the annual
budgeted amount of $22 million for surface and underground exploration at Island Gold in 2022.
Exploration r emains focused on defining additional near mine Mineral Resources across the
Island Gold Deposit (Island Main, West, and East), as well as advancing and evaluating several
regional targets.
A total of 28,174 m of surface directional drilling, 17,984 m of underground exploration drilling,
and 9,707 m of regional surface exploration drilling has been completed as of November 25, 2022.
Island West
Surface Directional Drilling
Surface directional drilling extended high-grade mineralization 225 m west of existing Mineral
Reserves and Resources (MH33-01) in Island West and highlights the opportunity to expand
mineralization up-plunge and along strike, in proximity to existing underground infrastructure.
Surface drilling is ongoing in this area, and underground exploration drifts will be extended west
from the 490 and 790 levels to continue testing this area from underground.
New highlights include (Figure 1, Table 1):
C-Zone:
• 97.21 g/t Au (58.55 g/t cut) over 5.05 m (MH33-01).
Underground Exploration Drilling
Underground drilling from the 770 and 790-level exploration drifts continues to extend high-grade
gold mineralization along strike to the west of Mineral Reserves and Resources in the middle
portion of Island West (between vertical depths of 700 m and 1,100 m).
New highlights include (Figure 1, Table 2):
C-Zone:
• 22.40 g/t Au (22.40 g/t cut) over 2.18 m (790-450-06);
• 12.07 g/t Au (12.07 g/t cut) over 2.79 m (790-460-10);
• 13.91 g/t Au (13.91 g/t cut) over 2.18 m (790-465-12);
• 12.83 g/t Au (12.83 g/t cut) over 2.27 m (790-460-07); and
• 11.29 g/t Au (11.29 g/t cut) over 2.02 m (790-465-13B).
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Island West Hanging Wall Zones
In addition to testing the C-Zone structure from the 770- and 790-levels, drill holes were extended
into the hanging wall to follow up on previous drilling that intersected high-grade gold
mineralization in sub-parallel structures. These structures were previously classified as “unknown
zones” and contained limited Mineral Resources due to the lack of drilling. Additional drilling has
been successful in establishing continuity and extending high -grade gold mineralization within
multiple structures referred to as the B, G, and G1 Zones. These zones are located 20 m, 75 m
and 110 m south of the main C-Zone, respectively. This highlights the potential to add high-grade
Mineral Reserves and Resources in proximity of existing production horizons and infrastructure
which could be incorporated into the mine plan and mined within the next several years . These
potential high-grade Mineral Reserves and Resource additions would be low cost to develop,
further increasing the value of the operation and strong economics of the expansion.
New highlights include (Figures 4, 5, and 6, Table 2):
B-Zone:
• 525.28 g/t Au (80.26 g/t cut) over 2.33 m (770-467-12);
• 72.03 g/t Au (44.05 g/t cut) over 3.15 m (770-468-02);
• 73.16 g/t Au (47.35 g/t cut) over 2.65 m (770-467-10);
• 34.41 g/t Au (22.77 g/t cut) over 5.07 m (770-467-11);
• 91.14 g/t Au (35.59 g/t cut) over 2.61 m (770-468-01A);
• 37.75 g/t Au (36.54 g/t cut) over 2.53m (770-467-14);
• 226.16 g/t Au (32.33 g/t cut) over 2.58 m (770-467-13);
• 51.17 g/t Au (37.18 g/t cut) over 2.11 m (770-468-03);
• 31.79 g/t Au (26.36 g/t cut) over 2.07 m (790-450-02); and
• 38.96 g/t Au (20.83 g/t cut) over 2.32 m (770-468-07).
G-Zone:
• 22.81 g/t Au (22.81 g/t cut) over 2.14 m (770-467-08);
• 14.01 g/t Au (13.65 g/t cut) over 2.34 m (770-471-02); and
• 10.20 g/t Au (10.20 g/t cut) over 2.59 m (770-474-26).
G1-Zone:
• 38.50 g/t Au (19.68 g/t cut) over 2.00 m (770-474-19); and
• 37.15 g/t Au (15.97 g/t cut) over 2.33 m (770-467-14).
Within the B-Zone, the distribution of drill hole intersections over a 30 to 40 m extent is the result
of a series of drill holes that were completed at different azimuths and dips from a footwall drill
bay, located approximately 30 m north of the B-Zone. These holes were designed to test targets
in the hanging wall G and G1 zones, and also confirmed the continuity of high -grade gold
mineralization locally within the B-zone.
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Island Main and East
Surface Directional Drilling
Surface directional drilling continues to extend high -grade gold mineralization in the E1E -Zone
beyond Mineral Resource blocks in the lower portions of Island Main and East areas.
New highlights from the drilling program include (Figure 1, Table 1):
• 110.17 g/t Au (52.08 g/t cut) over 7.79 m (MH27-08);
• 22.17 g/t Au (22.17 g/t cut) over 8.01 m (MH27-07);
• 10.45 g/t Au (10.45 g/t cut) over 7.28 m (MH27-06); and
• 23.21 g/t Au (23.21 g/t cut) over 2.50 m (MH30-02).
Drill hole MH30-02 (23.21 g/t Au (23.21 g/t cut) over 2.50 m) was planned as a significant step-
out at depth below Inferred Mineral Resources in Island Main area. This hole intersected high -
grade mineralization 160 m vertically below Inferred Mineral Resources and is one of the deepest
intersections to date at Island Gold . This further highlights the opportunity for the expansion of
high-grade Mineral Reserves and Resources at depth, where Island Gold remains open at depth
across the 2 km strike of the deposit.
Drill holes MH27-06 (10.45 g/t Au (10.45 g/t cut) over 7.28 m), MH27-07 (22.17 g/t Au (22.17
g/t cut) over 8.01 m) , and MH 27-08 (110.17 g/t Au (52.08 g/t cut) over 7.79 m) intersected
wide, high-grade mineralization beyond the nearest Inferred Mineral Resource block in Island
East. These drill holes continue to extend gold mineralization down-plunge from the large Inferred
Mineral Resource block which has grown rapidly over the last several years to contain 2.0 million
ounces grading 15.48 g/t Au (3.96 mt) as of December 31, 2021. Drilling is in progress in this area
and is expected to extend Inferred Mineral Resources to the east.
Drillhole MH27-06 was extended into the footwall of the E1E -Zone and two mineralized zones
were encountered, 29.81 g/t Au (29.81 g/t cut) over 6.40 m, and 20.67 g/t Au (20.67 g/t cut)
over 13.50 m. These zones start 125 m and 137 m, respectively, down-hole from the E1E-Zone,
both with apparent moderate to low -angle relative to the core axis, suggesting an oblique
orientation relative to the drill hole azimuth (see “Other Zones”) . As a result, true width and
geometry are unknown at this time and core length is reported. Drill hole MH27-07 was drilled as
a step-out to follow up on these zone s; however, did not encounter the same zone. Additional
interpretation is ongoing to determine the geometry of the zones, and optimal orientation for follow
up drilling.
Both MH27-06 and MH27-07 also intersected a mineralized zone in the hanging wall, 25 m up-
hole from the E1E -Zone, returning 25.71 g/t Au (25.71 g/t cut) over 5.0 m , and 10.35 g/t Au
(10.35 g/t cut) over 4.65 m, respectively. True width is unknown at this time and core length is
reported.
Underground Exploration Drilling
Underground drilling from the 620- and 840-level exploration drifts 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 500 m and 1,000 m). Drillhole 840-632-
11 was drilled from the eastern extent of the 840-level exploration drift and intersected 14.82 g/t
Au (14.82 g/t cut) over 3.68 m, 120 m to the east of the nearest Mineral Resource.
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New highlights in the E1E-Zone include (Figure 1, Table 2):
• 49.51 g/t Au (49.51 g/t cut) over 2.27 m (840-608-34);
• 27.22 g/t Au (27.22 g/t cut) over 2.16 m (620-580-09);
• 14.82 g/t Au (14.82 g/t cut) over 3.68m (840-632-11);
• 24.41 g/t Au (24.41 g/t cut) over 2.13 m (840-608-32);
• 25.27 g/t Au (21.18 g/t cut) over 2.36 m (620-624-09);
• 11.50 g/t Au (11.50 g/t cut) over 2.73 m (620-633-08);
• 12.17 g/t Au (12.17 g/t cut) over 2.39 m (840-584-35); and
• 10.48 g/t Au (10.48 g/t cut) over 2.25 m (620-562-10).
Other Zones
The Island Gold Deposit consists of a number of sub -parallel mineralized structures, with the
majority of Mineral Reserves and Resources defined in the C/E1E structure which constitute the
main production horizons at the Island Gold Mine. As underground development advances, these
sub-parallel hanging wall and footwall structures can be targeted with step -out drilling from
underground drill platforms. As demonstrated with the above noted newly defined B, G, and G1
Zones, through additional drilling these zones have the potential to be converted into new Mineral
Reserves and Resources adjacent to existing underground infrastructure.
High-grade gold mineralization has been previously intersected from surface and underground
drilling throughout the hanging wall and footwall across the 2 km strike extent of the Island Gold
Deposit. These intersections are high-priority exploration targets outside of the main C/E1E Zone,
which currently hosts the majority (94%) of the known Mineral Reserves and Resource s at the
Island Gold Mine.
Step-out underground exploration drilling targeting these zones can be completed once
underground development has been establis hed. This drilling allows for the confirmation of the
geometry and potential continuity of mineralization with the objective of defining new Mineral
Resources. These hanging wall and footwall exploration opportunities provide potential further
upside to define additional Mineral Reserves and Resources outside of the main C/E1E -Zone in
proximity to underground development, which would enhance the ounce per vertical metre profile,
and provide multiple mining horizons from the same lateral development levels.
The following are highlights of new hanging wall and footwall intersections from underground and
surface exploration drilling where the geometry and continuity is not yet established (“Unknown
Zone”) (reported composite intervals are core lengths) (Tables 1 and 2):
• 116.04 g/t Au (116.04 g/t cut) over 2.80 m (840-632-07);
• 20.67 g/t Au (20.67 g/t cut) over 13.50 m (MH27-06);
• 29.81 g/t Au (29.81 g/t cut) over 6.40 m (MH27-06);
• 10.35 g/t Au (10.35 g/t cut) over 4.65 m (MH27-06);
• 58.54 g/t Au (58.54 g/t cut) over 2.60 m (840-572-37);
• 53.22 g/t Au (53.22 g/t cut) over 2.50 m (360-594-01);
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• 49.57 g/t Au (49.57 g/t cut) over 2.10 m (840-632-05);
• 41.28 g/t Au (41.28 g/t cut) over 2.10 m (840-632-10);
• 31.02 g/t Au (31.02 g/t cut) over 2.20 m (840-632-08);
• 11.75 g/t Au (11.75 g/t cut) over 2.20 m (620-633-01);
• 11.33 g/t Au (11.33 g/t cut) over 3.05 m (340-608-07);
• 12.13 g/t Au (12.13 g/t cut) over 2.75 m (770-467-14); and
• 14.86 g/t Au (14.86 g/t cut) over 2.20 m (360-594-04).
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 by Raynald Vincent, P.Eng., M.G.P.,
Exploration Superintendent at the Island Gold Mine. Raynald Vincent 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 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, sample
numbers, 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
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. 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 delivered to AGAT laboratory in
Thunder Bay, Ontario.
Gold is analyzed by a 50 grams fire assay with an Atomic Absorption (AA) finish. Samples greater
than 10.0 g/t Au are re-analyzed using gravimetric finish methods. AGAT is a certified laboratory
and has internal quality control (“QC”) programs that include insertion of reagent blanks, reference
materials, and pulp duplicates.
The Corporation i nserts 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 QA/QC procedures are more completely described in the
Technical Report filed on SEDAR August 29, 2022.
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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
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 histor ical 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, occ ur 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, opportunities to add near mine and further high-
grade Mineral Reserves and Resources, potential additions to the mine plan, extension of Inferred Mineral Resources,
expected increases in the value of operations, 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.
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 feasibilit y. 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 the se 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 geologi cal evaluations, changes in project parameters as plans continue to be refined,
operations may be exposed to widespread pandemic; the impact of the COVID -19 pandemic on the broader market;
state and federal orders or mandates (including with respect to min ing 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 the COVID -19 pandemic; changes in national and