Alamos Gold Intersects Additional High-Grade Mineralization Near Existing Infrastructure at Island Gold which is Expected to Drive Further Growth in Mineral Reserves and Resources
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 Intersects Additional High-Grade Mineralization Near Existing
Infrastructure at Island Gold which is Expected to Drive Further Growth in
Mineral Reserves and Resources
Toronto, Ontario (February 13, 2024) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or
the “Company”) today reported new results from underground exploration drilling at the Island
Gold Mine. Underground exploration drilling continues to extend high-grade gold mineralization
across the Island Gold Deposit within the main E1E and C-Zones, as well as several hanging
wall and footwall structures in proximity to existing underground infrastructure. These results
are expected to contribute to another increase in high-grade Mineral Reserves and Resources
at Island Gold to be outlined in the 2023 year-end update to be released later this month.
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 East (E1E-Zone)
• 34.48 g/t Au (34.48 g/t cut) over 2.82 m (840-632-49);
• 20.85 g/t Au (20.85 g/t cut) over 2.41 m (1040-619-20);
• 19.22 g/t Au (19.22 g/t cut) over 2.05 m (945-624-34); and
• 16.13 g/t Au (16.13 g/t cut) over 2.45 m (840-530-09).
• Island West (C-Zone)
• 106.04 g/t Au (48.86 g/t cut) over 2.38 m (490-456-13); and
• 19.56 g/t Au (19.56 g/t cut) over 3.81 m (790-479-40).
Island Gold Hanging wall and Footwall exploration highlights: high-grade gold
mineralization intersected within several recently defined hanging wall and footwall
zones across the main Island Gold Deposit. These zones represent a significant opportunity
to add near mine Mineral Reserves and Resources which would be low -cost to develop and
produce given their proximity to existing infrastructure. This includes the NS1 Zone which was
discovered early in 2023 and was being developed and mined by the end of the year. New
highlights include1:
• Island West Hanging Wall Zones
B Zone
• 29.33 g/t Au (23.89 g/t cut) over 6.93 m (790-479-34);
• 40.36 g/t Au (40.36 g/t cut) over 3.91 m (790-479-40);
• 65.23 g/t Au (24.36 g/t cut) over 2.28 m (900-506-09);
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
2 | ALAMOS GOLD INC
NS1 Zone: currently defined over a North-South strike of approximately 70 m and
vertical continuity of over 450 m, and remains open up and down dip
• 23.34 g/t Au (12.56 g/t cut) over 4.03 m (900-506-10);
• 17.30 g/t Au (8.61 g/t cut) over 3.41 m (900-506-11A);
• 12.33 g/t Au (12.33 g/t cut) over 3.96 m (900-506-07); and
• 10.46 g/t Au (10.46 g/t cut) over 4.17 m (900-506-08).
• Island East Footwall Zones
E1D1 Zone
• 67.08 g/t Au (13.21 g/t cut) over 2.56 m (1040-619-22);
• 50.10 g/t Au (12.67 g/t cut) over 2.35 m (1040-619-31); and
• 14.78 g/t Au (14.39 g/t cut) over 2.17 m (1040-619-20).
E1D Zone
• 228.50 g/t Au (70.63 g/t cut) over 2.79 m (945-624-31A); and
• 52.31 g/t Au (15.13 g/t cut) over 2.06 m (945-624-32).
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
• 1389.65 g/t Au over 2.90 m (620-595-02);
• 39.42 g/t Au over 2.45 m (840-632-49);
• 25.85 g/t Au over 3.65 m (840-632-41);
• 18.71 g/t Au over 3.45 m (1015-640-06); and
• 16.05 g/t Au over 2.75 m (840-632-41).
Hanging Wall
• 103.37 g/t Au over 2.90 m (900-506-13);
• 52.65 g/t Au over 2.15 m (900-506-06); and
• 17.33 g/t Au over 2.70 m (900-506-13).
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; E1D Zone @ 100
g/t Au; B Zone, E1D1 zone and NS1 @ 90 g/t Au.
2 All reported composite intervals are core length, true width is unknown at this time, and gold grades are reported
as uncut).
3 | ALAMOS GOLD INC
"Our transition to underground exploration drilling from surface directional drilling has been
successful across a number of fronts. Drilling continues to extend high -grade mineralization
across the two kilometre long lateral extent of the main Island Gold deposit, as well as within a
number of new and expanding zones in the hanging wall and footwall. These results within the
main Island Gold structure and a growing number of hanging wall and footwall zones ar e
expected to drive another increase in combined Mineral Reserves and Resources at Island Gold
with the year-end update to be released later this month. This is expected to mark the eighth
consecutive year of Mineral Reserve and Resource growth over which time the deposit has
more than tripled in size to well over five million ounces of gold ,” said John A. McCluskey,
President and Chief Executive Officer.
“These expected high -grade additions are all in proximity to our existing underground
infrastructure such that they will be low -cost to develop and provide increasing operational
flexibility as we expand the operation . With the main deposit open laterally and down-plunge,
and more than 2,000 intersections of significant gold mineralization outside of existing Reserves
and Resources in the hanging wall and footwall, we expect Island Gold’s tremendous track
record of growth to continue,” Mr. McCluskey added.
New highlight intercepts can be found in Tables 1 and 2, and in Figures 1 and 2 at the end of
this news release.
2023 Exploration Drilling Program – Island Gold
During 2023, 157 holes totaling 39,110 metres (“m”) were completed as part of the underground
exploration program, and 155 holes totaling 31,636 m as part of the underground delineation
drilling program. To support the underground program, a total of 404 m of underground
exploration drift development was completed in 2023 on the 850, 945 , and 1025 levels.
Additionally, 5,131 m of surface drilling was completed in three holes. The regional surface
drilling program , focused on the Pine -Breccia and Cline Edwards Plowman targets , was
completed in the third quarter of 2023 and included 42 holes over 8,432 m.
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 will follow up on a successful 2023 program with high -grade gold
mineralization extended laterally to the West and East as well as within multiple structures within
the hanging wall and footwall.
Consistent with the 2023 program, the majority of the 2024 mine exploration program will be
comprised of underground drilling with 41,000 m planned. The focus will be the definition of 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.
Additionally, 12,500 m of surface exploration drilling has been budgeted targeting high potential
areas within the Island West, Main and East ore shoots, the up -plunge extension of the Island
West ore shoot, and evaluating the potential for high-grade mineralized hanging wall structures
near surface.
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
4 | ALAMOS GOLD INC
The regional exploration program has also been expanded to 10,000 m. The 2024 program will
follow up on high -grade mineralization intersected at the Pine -Breccia and 88 -60 targets,
located 4 kilometres (“km”) and 7 km, respectively, from the Island Gold Mine. Drilling will also
be completed in proximity to the past -producing Cline and Edwards mines, as well as at the
Island Gold North Shear target. A comprehensive data compilation project will also commence
across the broader 40,000 hectare Manitou land package that was acquired in 2023 in support
of future exploration targeting.
Island West
Underground Exploration Drilling
Underground drilling has further extended high-grade gold mineralization along strike, 150 m to
the west, and up plunge of existing Mineral Reserves and Resources in the middle portion of
Island West. Drilling is being conducted from the 490-level and the 790-level exploration drifts,
between vertical depths of 400 m and 1,100 m.
New highlights include (Figure 1, Table 1):
C-Zone
• 106.04 g/t Au (48.86 g/t cut) over 2.38 m (490-456-13); and
• 19.56 g/t Au (19.56 g/t cut) over 3.81 m (790-479-40).
Island West Hanging Wall Zones
In addition to testing the C -Zone, underground exploration drilling continued to target and
expand on previous drilling that intersected high -grade gold mineralization in sub -parallel and
perpendicular structures in the hanging wall from the 490, 790, and 900-levels.
NS1 Hanging Wall Zone
The NS1 zone is a north-striking structure with a high-angle orientation relative to the C-Zone.
After being discovered early in 2023, the first stopes were mined from the NS1 zone during the
second half 2023 highlighting the near-term opportunities within these hanging wall and footwall
zones. Ongoing drill testing and five exploration sills have been completed from the 750, 770,
790, 810, and 850-levels which have demonstrated excellent continuity, over an average strike
of 40 m to the south on these levels, and over 100 m vertically. Additional drilling from the 490,
580, 770, and 900 levels has now expanded the NS1 zone over a vertical extent of 450 m, from
the 400 level to the 995 level, and defined an average strike of 70 m.
In addition to contributing to near-term production, an initial Mineral Reserve and Resource will
be declared within the NS1 zone in the year-end 2023 update. The zone remains open up and
down dip and will be an ongoing focus of drilling in 2024 . In addition, other north-striking high-
angle structures have been identified across the deposit, which will be evaluated further as
underground exploration drilling advances.
New highlights from the Island West Hanging Wall zones include (Table 1):
B Zone
• 29.33 g/t Au (23.89 g/t cut) over 6.93 m (790-479-34);
• 40.36 g/t Au (40.36 g/t cut) over 3.91 m (790-479-40);
• 65.23 g/t Au (24.36 g/t cut) over 2.28 m (900-506-09);
5 | ALAMOS GOLD INC
NS1 Zone:
• 23.34 g/t Au (12.56 g/t cut) over 4.03 m (900-506-10);
• 17.30 g/t Au (8.61 g/t cut) over 3.41 m (900-506-11A);
• 12.33 g/t Au (12.33 g/t cut) over 3.96 m (900-506-07); and
• 10.46 g/t Au (10.46 g/t cut) over 4.17 m (900-506-08).
Island East
Underground Exploration Drilling
Underground drilling from the 840 and 945-level exploration drifts, as well as the 1040 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 700 m and 1,300
m).
New highlights in the E1E-Zone include (Figure 1, Table 1):
• 34.48 g/t Au (34.48 g/t cut) over 2.82 m (840-632-49);
• 20.85 g/t Au (20.85 g/t cut) over 2.41 m (1040-619-20);
• 19.22 g/t Au (19.22 g/t cut) over 2.05 m (945-624-34);
• 16.13 g/t Au (16.13 g/t cut) over 2.45 m (840-530-09);
• 16.99 g/t Au (16.99 g/t cut) over 2.05 m (840-632-47); and
• 14.76 g/t Au (12.66 g/t cut) over 2.06 m (840-632-45).
Island East Footwall Zones
In addition to testing the E1E -Zone, underground exploration drilling continued to target and
expand on previous drilling that intersected high -grade gold mineralization in structures in the
footwall from the 945 and 1040 -levels. This additional drilling has been successful in
establishing continuity and extending high -grade gold mineralization within multiple structures
referred to as the E1D1 and E1D zones, located 10 m and 30 m from the E1E -Zone,
respectively.
New highlights from the Island East Footwall zones include (Table 1):
E1D1 Zone
• 67.08 g/t Au (13.21 g/t cut) over 2.56 m (1040-619-22);
• 50.10 g/t Au (12.67 g/t cut) over 2.35 m (1040-619-31);
• 14.78 g/t Au (14.39 g/t cut) over 2.17 m (1040-619-20); and
• 14.45 g/t Au (14.45 g/t cut) over 2.05 m (1040-619-13).
E1D Zone
• 228.50 g/t Au (70.63 g/t cut) over 2.79 m (945-624-31A); and
• 52.31 g/t Au (15.13 g/t cut) over 2.06 m (945-624-32).
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.
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
6 | ALAMOS GOLD INC
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.
These zones and other targets within the hanging wall and footwall represent significant
opportunities to define additional high-grade Mineral Reserves and Resources outside of the
main C/E1E-Zone in proximity to existing underground infrastructure. These additions 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
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 intersections:
• 1389.65 g/t Au over 2.90 m (620-595-02);
• 39.42 g/t Au over 2.45 m (840-632-49);
• 25.85 g/t Au over 3.65 m (840-632-41);
• 18.71 g/t Au over 3.45 m (1015-640-06); and
• 16.05 g/t Au over 2.75 m (840-632-41).
Hanging wall intersections:
• 103.37 g/t over 2.90 m (900-506-13);
• 52.65 g/t Au over 2.15 m (900-506-06); and
• 17.33 g/t Au over 2.70 m (900-506-13).
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.
7 | ALAMOS GOLD INC
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. 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 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
operating mines in North America. This includes the Young-Davidson and Island Gold mines in
northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico. Additionally, the
Company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island
Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 1,900 people
and is committed to the highest standards of sustainable development. The Company’s shares
are traded on the TSX and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. Parsons
Senior Vice President, Investor Relations
(416) 368-9932 x 5439
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
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
8 | ALAMOS GOLD INC
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 re lated 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, 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, met allurgical 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, tech nical, 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; any ongoing or future impact of COVID-19 on
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 m aintenance 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 un expected 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.sedar plus.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.