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Alamos Gold Inc.
Summary
| Project: | Mulatos | |
|---|---|---|
| Deposit: | Mulatos | |
| Location: | Mexico | |
| Commodities: | Gold-Silver | |
| Date: | 2/19/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 19-2-2019: Alamos Gold Inc. announces a Resource Estimation report for its Mulatos deposit at the Mulatos project. Annual statement of mineral resources and ore reserves. Toronto, Ontario (February 19, 2019) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos | |
| Resources: | (Reserve, P+P): 45.958Mt @ 1.16g/t Au for 1.717Moz Au contained | |
| CP/QP: | [Resources]: Marc Jutas (Ginto Consulting Inc.) | |
| ABSTRACT: | Toronto, Ontario (February 19, 2019) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its updated Mineral Reserves and Resources as of December 31, 2018. For a detailed summary of Mineral Reserves and Resources by project, refer to the tables below. Global Proven and Probable Mineral Reserves total 9.7 million ounces of gold as of December 31, 2018. This is consistent with 9.8 million ounces at the end of 2017, reflecting additions at Island Gold and Lynn Lake largely replacing mining depletion of 578,000 ounces in 2018. Island Gold was again the driver of Mineral Reserve and Resource growth across the Company as the deposit continues to grow in size and quality. Despite not being the focus of exploration drilling in 2018, Mineral Reserves increased 14% in 2018 to 1.0 million ounces. This included Mineral Reserve additions of 230,000 ounces, more than offsetting mining depletion of 110,000 ounces. Mineral Reserve grades also increased slightly to 10.28 g/t Au. Since the acquisition of Island Gold in 2017, Mineral Reserves have increased 34%, (net of depletion), while Mineral Reserve grades have increased 12%. At Lynn Lake, Mineral Reserves increased 16% to 1.9 million ounces driven by exploration success during 2017 and 2018 which was not included in the December 2017 Feasibility Study, as well as an optimization of the pit slopes. The increase in Mineral Reserves, along with other improvements to the project identified through value engineering will be incorporated into an optimized Feasibility Study, expected to be released in the second quarter of 2019. Minimal exploration drilling was undertaken at Young-Davidson, Mulatos or El Chanate in 2018. Accordingly, production from these assets represents the majority of mining depletion for the year. No exploration drilling was conducted at Young-Davidson given the existing longlife Mineral Reserve base of 13 years and focus on completing the lower mine expansion. The exploration focus at Mulatos was on earlier stage targets and no drilling was undertaken at El Chanate with the operation having transitioned to residual leaching in the fourth quarter of 2018. A $1,250 per ounce gold price assumption was used in estimating 2018 Mineral Reserves, unchanged from 2017. A detailed summary of Proven and Probable Mineral Reserves as of December 31, 2018 is presented in Table 1 at the end of this press release. | |
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