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Alamos Gold Inc.
Summary
| Project: | Island Gold Mine | |
|---|---|---|
| Deposit: | Island Gold Mine | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 5/24/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 24-5-2018: Alamos Gold Inc. announces an Exploration/Drilling Update report for its Island Gold Mine deposit at the Island Gold Mine project. Drilling results incl. 7.50m @ 127.90g/t Au from 205.0m. Toronto, Ontario (May 24, 2018) – Alamos Gold Inc. (TSX: | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Chris Bostwick (Internal) | |
| ABSTRACT: | Toronto, Ontario (May 24, 2018) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported new results from the ongoing surface and underground exploration drilling programs at the Island Gold Mine. Early results from the 2018 exploration program have been successful in extending high-grade gold mineralization along-strike and down-plunge from existing Mineral Reserves and Resources across three main areas of focus: the Main Extension; the Eastern Extension; and the Western Extension. All reported lengths are true width of the mineralized zones. “Island Gold continues to exceed expectations. 2017 exploration increased Mineral Reserves in both size and quality. Results this year are demonstrating the potential to enlarge the Mineral Resource across multiple extensions of the ore body. We have increased our exploration budget to fund eight drill rigs to accelerate our drilling progress through the remainder of the year,” said John A. McCluskey, President and Chief Executive Officer. 2018 Island Gold Mine Exploration Budget Increased Reflecting the exploration success to start the year, the 2018 exploration budget for Island Gold has been increased to $18 million, up from the initial budget of $15 million. This includes the addition of two surface drill rigs, bringing the total number of surface drills to six. The 2018 exploration drilling program continues to build on the positive results from the 2017 program which resulted in an 18% increase in mineral reserves to 887,000 ounces (2.7 million tonnes grading 10.20 g/t Au), net of mining depletion, and an 11% increase in grade to 10.20 g/t Au (as of December 31, 2017). This is a continuation of a strong trend since 2014 which has seen Mineral Reserves increase by 383% in terms of ounces, and 60% in terms of grade. A major part of this growth was a result of the successful ongoing directional exploration drilling program started in 2015 which focused on upgrading a portion of the large Inferred Mineral Resource base. | |
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