Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today reported its
updated Mineral Reserves and Resources as of December 31, 2022. For
a detailed summary by asset, refer to the tables below.
Highlights
- Global Proven and Probable
Mineral Reserves increased 2% to 10.5 million ounces of
gold (200 million tonnes (“mt”) grading 1.63 grams per
tonne of gold (“g/t Au”)), with grades increasing 3%, reflecting
higher grade additions at Island Gold and Mulatos. Mineral Reserve
additions more than replaced depletion at a rate of 133%
- Island Gold’s Mineral Reserves increased 9% to 1.5
million ounces (4.2 mt grading 10.78 g/t Au) with grades
increasing 6%
- Mulatos’ Mineral Reserves increased 9% to 1.7 million
ounces (26.7 mt grading 1.95 g/t Au) with a 19% increase
in grades reflecting the addition of higher-grade underground
Mineral Reserves at Puerto Del Aire (“PDA”)
- Island Gold’s Mineral
Reserves and Resources increased 4%, net of depletion, to now total
5.3 million ounces. This represents a 187% increase from
the 1.8 million ounces at the time of acquisition in 2017, net of
796,000 ounces of mining depletion
- PDA Mineral Reserves and
Resources increased 71% to total 1.0 million ounces. This
included a 70% increase in Mineral Reserves to 728,000 ounces (4.7
mt grading 4.84 g/t Au) with grades increasing 4%. A development
plan incorporating the larger Mineral Reserve is expected to be
completed in the second half of 2023
- Global Measured and
Indicated Mineral Resources increased 14% to 3.9 million ounces of
gold (104 mt grading 1.17 g/t Au), driven by additions at
all operations and an initial Mineral Resource at the Golden Arrow
project that is expected to provide supplemental ore feed to the
mill at Young-Davidson
- Global Inferred Mineral
Resources increased 2% to 7.1 million ounces of gold (126
mt grading 1.75 g/t Au), reflecting increases at Island Gold and
Golden Arrow
- Gold price
assumptions of $1,400 per ounce used for estimating
Mineral Reserves, up from $1,250 per ounce in 2021, and $1,600 per
ounce used for estimating Mineral Resources ($1,400 per ounce in
2021). Both remain conservative relative to the three-year trailing
average gold price of nearly $1,800 per ounce
- Global
exploration budget of $47 million in 2023, including $17
million budgeted at the Mulatos District, $14 million at Island
Gold, $8 million at Young-Davidson and $5 million at Lynn Lake
“We continue to have broad based success with
our exploration programs having more than replaced what we have
mined to drive an increase in our global Mineral Reserves for the
fourth consecutive year. Over this time frame, our global Mineral
Reserves have increased 8% with grades also increasing 8% as we
continue to improve the quality of our Reserve base through higher
grade additions at Island Gold and Mulatos. We see excellent
opportunities for growth across our portfolio of assets, most
notably at Island Gold and Mulatos where we have allocated the
majority of our 2023 budget. Both higher-grade deposits have grown
significantly over the last several years and with both open in
multiple directions, we see excellent potential for this to
continue,” said John A. McCluskey, President and Chief Executive
Officer.
Proven and Probable Gold Mineral Reserves |
|
2022 |
2021 |
% Change |
|
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
|
(000's) |
(g/t Au) |
(000's) |
(000's) |
(g/t Au) |
(000's) |
(000's) |
(g/t Au) |
(000's) |
Young-Davidson |
44,208 |
2.35 |
3,335 |
43,690 |
2.42 |
3,394 |
1 |
% |
-3 |
% |
-2 |
% |
Island Gold |
4,225 |
10.78 |
1,464 |
4,112 |
10.12 |
1,338 |
3 |
% |
6 |
% |
9 |
% |
Mulatos Mine |
2,872 |
1.17 |
108 |
3,125 |
1.16 |
117 |
|
|
|
Stockpiles |
2,658 |
2.06 |
176 |
4,947 |
1.64 |
260 |
|
|
|
La Yaqui Grande |
16,531 |
1.25 |
667 |
18,448 |
1.25 |
742 |
|
|
|
Puerto Del Aire |
4,673 |
4.84 |
728 |
2,849 |
4.67 |
428 |
64 |
% |
4 |
% |
70 |
% |
Total Mulatos |
26,734 |
1.95 |
1,679 |
29,369 |
1.64 |
1,547 |
-9 |
% |
19 |
% |
9 |
% |
MacLellan |
27,820 |
1.54 |
1,382 |
27,820 |
1.54 |
1,382 |
|
|
|
Gordon |
8,723 |
2.42 |
678 |
8,723 |
2.42 |
678 |
|
|
|
Total Lynn Lake |
36,542 |
1.75 |
2,060 |
36,542 |
1.75 |
2,060 |
- |
|
- |
|
- |
|
Ağı Dağı |
54,361 |
0.67 |
1,166 |
54,361 |
0.67 |
1,166 |
|
|
|
Kirazlı |
33,861 |
0.69 |
752 |
33,861 |
0.69 |
752 |
|
|
|
Total Türkiye |
88,222 |
0.68 |
1,918 |
88,222 |
0.68 |
1,918 |
- |
|
- |
|
- |
|
Alamos - Total |
199,932 |
1.63 |
10,455 |
201,936 |
1.58 |
10,257 |
-1 |
% |
3 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
Measured and Indicated Gold Mineral Resources (exclusive of
Mineral Reserves)1 |
Young-Davidson – Surface |
1,739 |
1.24 |
69 |
1,739 |
1.24 |
69 |
|
|
|
Young-Davidson – Underground |
8,643 |
3.40 |
944 |
7,076 |
3.81 |
867 |
|
|
|
Total Young-Davidson |
10,381 |
3.03 |
1,013 |
8,815 |
3.30 |
936 |
18 |
% |
-8 |
% |
8 |
% |
Golden Arrow |
6,442 |
1.19 |
246 |
- |
- |
- |
|
|
|
Island Gold |
1,276 |
7.09 |
291 |
1,096 |
8.12 |
286 |
16 |
% |
-13 |
% |
2 |
% |
Mulatos Mine |
6,103 |
1.07 |
210 |
4,934 |
1.01 |
161 |
|
|
|
La Yaqui Grande |
1,506 |
0.87 |
42 |
1,150 |
0.87 |
32 |
|
|
|
Puerto Del Aire |
1,338 |
4.98 |
214 |
765 |
5.05 |
124 |
75 |
% |
-1 |
% |
72 |
% |
Carricito |
1,355 |
0.83 |
36 |
1,355 |
0.83 |
36 |
|
|
|
Total Mulatos |
10,302 |
1.52 |
502 |
8,204 |
1.34 |
353 |
26 |
% |
13 |
% |
42 |
% |
Lynn Lake |
8,178 |
1.74 |
457 |
8,178 |
1.74 |
457 |
- |
|
- |
|
- |
|
Türkiye |
55,664 |
0.60 |
1,068 |
55,664 |
0.60 |
1,068 |
- |
|
- |
|
- |
|
Quartz Mountain |
12,156 |
0.87 |
339 |
12,156 |
0.87 |
339 |
- |
|
- |
|
- |
|
Alamos – Total |
104,399 |
1.17 |
3,917 |
94,113 |
1.14 |
3,440 |
11 |
% |
3 |
% |
14 |
% |
|
|
|
|
|
|
|
|
|
|
Inferred Gold Mineral
Resources1 |
Young-Davidson – Surface |
31 |
0.99 |
1 |
31 |
0.99 |
1 |
|
|
|
Young-Davidson – Underground |
1,586 |
2.89 |
147 |
2,062 |
3.02 |
200 |
|
|
|
Total Young-Davidson |
1,617 |
2.85 |
148 |
2,093 |
2.99 |
201 |
-23 |
% |
-4 |
% |
-26 |
% |
Golden Arrow |
2,028 |
1.07 |
70 |
- |
- |
- |
|
|
|
Island Gold |
8,066 |
13.61 |
3,529 |
7,906 |
13.59 |
3,454 |
2 |
% |
0 |
% |
2 |
% |
Mulatos Mine |
560 |
0.92 |
17 |
507 |
0.92 |
15 |
|
|
|
La Yaqui Grande |
175 |
1.31 |
7 |
234 |
1.07 |
8 |
|
|
|
Puerto Del Aire |
139 |
5.90 |
26 |
83 |
5.14 |
14 |
68 |
% |
15 |
% |
93 |
% |
Carricito |
900 |
0.74 |
22 |
900 |
0.74 |
22 |
|
|
|
Total Mulatos |
1,774 |
1.27 |
72 |
1,724 |
1.06 |
59 |
3 |
% |
20 |
% |
23 |
% |
Lynn Lake |
45,873 |
1.10 |
1,622 |
45,873 |
1.10 |
1,622 |
- |
|
- |
|
- |
|
Türkiye |
27,245 |
0.55 |
482 |
27,245 |
0.55 |
482 |
- |
|
- |
|
- |
|
Quartz Mountain |
39,205 |
0.91 |
1,147 |
39,205 |
0.91 |
1,147 |
- |
|
- |
|
- |
|
Alamos – Total |
125,809 |
1.75 |
7,070 |
124,046 |
1.75 |
6,964 |
1 |
% |
0 |
% |
2 |
% |
(1) Esperanza Gold
project has been excluded from 2021 Mineral Resources with the
project having been sold in April 2022.
Mineral Reserves
Global Proven and Probable Mineral Reserves
total 10.5 million ounces of gold as of December 31, 2022, a 2%
increase from 10.3 million ounces at the end of 2021 with grades
also increasing 3%. This reflected increases at Island Gold and the
Mulatos District which more than offset mining depletion of 591,000
ounces in 2022.
Island Gold’s Mineral Reserve base increased 9%,
net of depletion, to 1.5 million ounces. The Mineral Reserve grade
also increased 6% to 10.78 g/t Au with the conversion of
higher-grade Mineral Resources in Island East, Main and West.
Mineral Reserves have increased at Island Gold for ten consecutive
years and this trend is expected to continue given Island Gold’s
large and growing high-grade Mineral Resource base.
Mulatos District Mineral Reserves (including
PDA) increased 9% to 1.7 million ounces, net of depletion, with
grades increasing 19% to 1.95 g/t Au. This was driven by a 70%
increase in the higher-grade underground Mineral Reserve at PDA to
728,000 ounces grading 4.84 g/t Au. This more than offset depletion
of lower grade open pit ore from the Mulatos Main pit, stockpiled
ore, as well as La Yaqui Grande. PDA is expected to be mined from
underground and accessed from a ramp and development drifts off the
main Mulatos pit. A development plan incorporating the larger
Mineral Reserve at PDA is expected to be completed in the second
half of 2023.
Young-Davidson’s Mineral Reserves decreased
slightly (59,000 ounces) to 3.3 million ounces, with grades
declining 3% to 2.35 g/t Au. Despite completing limited drilling
primarily due to contractor personnel challenges, more than 70% of
mining depletion was replaced in 2022. An expanded exploration
program is planned for 2023 including extending drill platforms on
multiple levels to improve access. With the deposit open at depth
and to the west, the focus is on expanding gold mineralization
within the syenite which hosts the majority of existing Mineral
Reserves and Resources, as well as in the hanging wall and footwall
where higher grades have been previously intersected.
A $1,400 per ounce gold price assumption was
used in estimating 2022 Mineral Reserves, compared to $1,250 in
2021. This remains well below the three-year trailing average gold
price of nearly $1,800 per ounce. The higher gold price assumption
was a small contributor to the increase in Mineral Reserves with
the majority of the increase coming through exploration drilling,
which also drove an increase in Mineral Reserve grades. A detailed
summary of Proven and Probable Mineral Reserves as of December 31,
2022, is presented in Table 1 at the end of this press release.
Mineral Resources
Global Measured and Indicated Mineral Resources
(exclusive of Mineral Reserves) increased 14% to total 3.9 million
ounces with grades also increasing 3%, as of December 31, 2022.
This reflected additions at Mulatos and Young-Davidson, as well as
an initial Mineral Resource estimate at the Golden Arrow project.
Golden Arrow is an open-pit project that is expected to provide
supplemental ore feed to the mill at Young-Davidson.
Global Inferred Mineral Resources increased 2%
to total 7.1 million ounces as of December 31, 2022, through
additions at Island Gold and Golden Arrow. Grades are unchanged
from a year ago.
The Company’s $1,600 per ounce gold price
assumption for estimating Mineral Resources increased from $1,400
per ounce utilized in 2021. Detailed summaries of the Company’s
Measured and Indicated Mineral Resources and Inferred Mineral
Resources as of December 31, 2022 are presented in Tables 3 and 4,
respectively, at the end of this press release.
Island Gold
Combined Mineral Reserves and Resources at
Island Gold increased 4% to 5.3 million ounces, net of mining
depletion. This marked the seventh consecutive year combined
Mineral Reserves and Resources have grown with grades also
increasing over that time frame.
Mineral Reserves increased 9% to 1.5 million
ounces in 2022, net of mining depletion. This marked the tenth
consecutive year Mineral Reserves have increased. Mineral Reserve
additions totaled 267,000 ounces, which more than offset mining
depletion of 142,000 ounces.
Mineral Reserve grades also increased 6% to
10.78 g/t Au, reflecting the conversion of higher-grade Mineral
Resources in the Island West, Main and East areas. Since the
acquisition of Island Gold in November 2017, Mineral Reserves have
increased 95%, net of depletion, with Mineral Reserve grades
increasing 18%.
The main driver of the increase in Mineral
Reserves and grades was the conversion of high-grade Mineral
Resources in the middle portion of the Island East area. A further
204,000 ounces were added, doubling the Mineral Reserves in this
area to 410,400 ounces at similar higher grades averaging 12.45 g/t
Au, 15% above the average Mineral Reserve grade. Given the large,
high-grade Inferred Mineral Resource block below it (1.9 million
ounces grading 16.97 g/t Au), and high-conversion rate to Mineral
Reserves, there is excellent potential for this growth in higher
grade Mineral Reserves in Island East to continue (see Figure
1).
In addition, ongoing exploration success
continues to more than replace the Mineral Resources converted to
Reserves with another year of growth in total Resources. Measured
and Indicated Mineral Resources increased 2% from the end of 2021
to 291,000 ounces grading 7.09 g/t Au and Inferred Mineral
Resources increased 2% to 3.5 million ounces grading 13.61 g/t
Au.
Inferred Mineral Resources were added in
multiple areas from Island West through to the East where a large
portion of the new Resources were discovered. This included
replacing the majority of the above noted 204,000 ounces of Mineral
Resources that were converted to Mineral Reserves at substantially
higher-grades in the lower part of Island East. This area now
contains 1.9 million ounces with grades increasing 10% from a year
ago to average 16.97 g/t Au. Several of the best holes ever drilled
at Island Gold have come from this high-grade ore shoot over the
past few years contributing to the increase in grades. This zone
remains open laterally, and down-plunge providing excellent
potential for further growth in higher grade Mineral Reserves and
Resources.
Inferred Mineral Resources at Island Gold
continue to convert to Mineral Reserves at a rate of more than 90%
since the 2017 acquisition. These Mineral Resource additions are
hosted within the same structure with consistent controls on
mineralization as existing Mineral Reserves. As such, the Company
expects this high rate of conversion to continue as exploration
drifts are advanced into these areas, allowing for additional
drilling from underground. Additionally, exploration has been
successful in continuing to grow Mineral Resources at discovery
costs averaging an attractive $14 per ounce over the past four
years.
A total of $14 million is budgeted for
exploration at Island Gold in 2023. For the past several years, the
exploration focus has been on adding high-grade Mineral Resources
at depth in advance of the Phase 3+ Expansion study, primarily
through surface directional drilling. This exploration strategy has
been successful in tripling the Mineral Reserve and Resource base
since 2017. With an 18-year mine life, and with work on the
expansion ramping up, the focus has shifted to a more
cost-effective expanded underground exploration drilling program
that will leverage existing underground infrastructure. This
drilling is much lower cost on a per metre basis, is less
technically challenging, and requires significantly fewer metres
per exploration target.
The underground exploration drilling program has
been expanded from 27,500 metres (“m”) in 2022 to 45,000 m in 2023.
The program is focused on defining new Mineral Reserves and
Resources in proximity to existing production horizons and
infrastructure including along strike, and in the hanging-wall and
footwall. These potential high-grade Mineral Reserve and Resource
additions would be low cost to develop and could be incorporated
into the mine plan and mined within the next several years, further
increasing the value of the operation. To support the underground
exploration drilling program, 444 m of underground exploration
drift development is planned to extend drill platforms on the 490,
790, 945, and 980-levels. In addition to the exploration budget,
36,000 m of underground delineation drilling has been planned and
included in sustaining capital for Island Gold.
A regional exploration program including 7,500 m
of drilling is also budgeted in 2023. The focus will be on
evaluating and advancing exploration targets outside the Island
Gold Deposit on the 15,500-hectare Island Gold property.
Mulatos District
Total Mulatos District Mineral Reserves
(including La Yaqui Grande) increased 9% to 1.7 million ounces,
with grades increasing 19% to 1.95 g/t Au. This was driven by an
increase of higher-grade underground Mineral Reserves at PDA, which
more than offset the depletion of lower grade open pit ore from the
Mulatos Main pit, stockpiled ore, and La Yaqui Grande.
After declaring an initial Mineral Reserve at
PDA totaling 428,000 ounces at the end of 2021, ongoing exploration
success drove an additional 70% increase in Mineral Reserves to
728,000 ounces at the end of 2022 with grades increasing 4% to 4.84
g/t Au. Mineral Reserves and Resources at PDA now total 1.0 million
ounces across all categories, up 71% from the end of 2021 (see
Figures 2 to 5). Over the past two years, discovery costs at PDA
have averaged $10 per ounce.
PDA is adjacent to the Mulatos pit with the
underground deposit expected to be accessed from a ramp and
development drifts from within the pit. The higher-grade ore from
PDA is expected to be processed through the existing mill at
Mulatos which will be expanded to accommodate the significantly
larger Mineral Reserve. A development plan for PDA incorporating
the growth in Mineral Reserves and Resources is expected to be
completed in the second half of the year.
Excluding PDA, the remaining Mineral Reserve
life of the Mulatos District is approximately five years. Including
PDA, the mine life is expected to more than double. In addition,
there is excellent potential for PDA to continue to grow with the
deposit open in multiple directions, and an expanded exploration
program planned for 2023.
Total Measured and Indicated Mineral Resources
in the Mulatos District increased to 0.5 million ounces (10.3 mt
grading 1.52 g/t Au), from 0.4 million ounces at the end of 2021.
Inferred Mineral Resources also increased slightly to 0.1 million
ounces (1.8 mt grading 1.27 g/t Au).
A total of $17 million has been budgeted at
Mulatos for exploration in 2023, more than double the $7 million
budget for 2022. This includes 16,000 metres of surface exploration
drilling at PDA which is comprised of three zones including PDA,
Gap-Victor and Estrella. The 2023 program will include drilling at
all three zones, continuing to expand on a successful 2022 drill
program.
Additionally, the regional exploration budget
has doubled to 34,000 m with the focus on several high priority
targets including Halcon, Halcon West, Carricito, Bajios, and
Jaspe.
Young-Davidson
Mineral Reserves at Young-Davidson decreased
slightly (59,000 ounces) to 3.3 million ounces of gold at slightly
lower grades of 2.35 g/t Au. A total of 153,000 ounces were added
through the conversion of existing Mineral Resources which replaced
72% of mining depletion of 213,000 ounces in 2022. Less drilling
was completed than planned in 2022 due to contractor personnel
challenges. An expanded exploration program is planned for 2023
including extending drill platforms on multiple levels to establish
drill bays to continue to effectively target and expand Mineral
Reserves and Resources.
Based on expected underground mining rates of
8,000 tonnes per day, the Mineral Reserve life of the
Young-Davidson mine remains at approximately 15 years as of
December 31, 2022. Reflecting a strong track record of Mineral
Resource conversion, Young-Davidson has maintained at least a
13-year Mineral Reserve life since 2011. With the deposit open at
depth and to the west, there is excellent potential to extend the
Mineral Reserve life further.
Measured and Indicated Mineral Resources
increased slightly to 1.0 million ounces grading 3.03 g/t Au.
Inferred Mineral Resources were down slightly to 0.1 million ounces
grading 2.85 g/t Au.
A total of $8 million is budgeted for
exploration at Young-Davidson in 2023, up from $5 million in 2022.
The 2023 program includes 21,600 m of underground exploration
drilling, and 400 m of underground exploration development to
extend drill platforms on the 9220, 9270, and 9590-levels.
The focus of the underground exploration
drilling program will be to expand Mineral Reserves and Resources
in five target areas in proximity to existing underground
infrastructure. This includes targeting additional gold
mineralization within the syenite which hosts the majority of
Mineral Reserves and Resources, as well as within the hanging wall
and footwall of the deposit where higher grades have been
previously intersected. In addition, 5,000 m of surface drilling is
planned to test near-surface targets across the 5,900 hectare
Young-Davidson Property.
Golden Arrow
The Golden Arrow project is a past producing
open pit operation located near Matheson, Ontario and 95 kilometres
from Young-Davidson. The project was acquired in 2021 and is
expected to provide supplemental mill feed as capacity becomes
available at Young-Davidson.
An initial Mineral Resource has been declared on
the project incorporating historical and new drilling completed
over the past 18 months. This includes Measured and Indicated
Mineral Resources of 246,000 ounces (6.4 mt grading 1.19 g/t Au)
and Inferred Mineral Resources of 70,000 ounces (2.0 mt grading
1.07 g/t Au) contained within a $1,600 per ounce Mineral Resource
pit. The focus over the next year will be on permitting and
developing a mine plan as well as evaluating additional Mineral
Resource expansion opportunities and other exploration targets in
proximity to the deposit.
Lynn Lake
Mineral Reserves and Resources at Lynn Lake are
unchanged from a year ago with the primary focus over the past year
on advancing the project, including completing the permitting
process. The Company expects approval of the Environmental Impact
Statement for Lynn Lake during the first half of 2023 following
which it will release an updated Feasibility Study. Since the
completion of the 2017 Feasibility Study on the Lynn Lake Project,
exploration success around the Gordon and MacLellan deposits have
driven a 27% increase in Mineral Reserves to 2.1 million ounces of
gold.
A total of $5 million has been budgeted for
exploration at the Lynn Lake project in 2023. This includes 8,000 m
of drilling focused on several advanced regional targets, expansion
of Mineral Reserves and Resources in proximity to the Gordon
deposit, as well as the targeting and evaluation of the Burnt
Timber and Linkwood deposits. Burnt Timber and Linkwood contain
Inferred Mineral Resources totaling 1.6 million ounces grading 1.1
g/t Au (44.4 mt) as of December 31, 2022 and represent potential
future upside.
The other key area of focus for 2023 is the
continued evaluation and advancement of a pipeline of prospective
exploration targets within the 58,000-hectare Lynn Lake Property
including the Tulune greenfields discovery and Maynard.
Kirazlı, Ağı Dağı, Çamyurt and Quartz
Mountain
Mineral Reserves and Resources for the Kirazlı,
Ağı Dağı, Çamyurt and Quartz Mountain projects are unchanged from a
year ago.
Qualified Persons
Chris Bostwick, FAusIMM, Alamos Gold’s Senior
Vice President, Technical Services, has reviewed and approved the
scientific and technical information contained in this news
release. Chris Bostwick is a Qualified Person within the meaning of
Canadian Securities Administrator’s National Instrument 43-101 (“NI
43-101”). The Qualified Persons for the National Instrument 43-101
compliant Mineral Reserve and Resource estimates are detailed in
the following table.
Mineral Resources QP |
Company |
Project |
Jeffrey Volk, CPG, FAusIMM |
Director - Reserves and Resource, Alamos Gold Inc. |
Young-Davidson, Lynn Lake, Golden Arrow |
Tyler Poulin, P.Geo |
Chief Production Geologist - Island Gold |
Island Gold |
Marc Jutras, P.Eng |
Principal, Ginto Consulting Inc. |
Mulatos Pits, PDA, La Yaqui Grande, Carricito, Ağı Dağı, Kirazli,
Çamyurt, Quartz Mountain |
Mineral Reserves QP |
Company |
Project |
Chris Bostwick, FAusIMM |
SVP Technical Services, Alamos Gold Inc. |
Young-Davidson, Lynn Lake, PDA Underground |
Nathan Bourgeault, P.Eng |
Chief Mine Engineer - Island Gold |
Island Gold |
Herb Welhener, SME-QP |
VP, Independent Mining Consultants Inc. |
Mulatos Pits, La Yaqui Grande, Ağı Dağı, Kirazli |
With the exception of Mr. Volk, Mr. Bostwick,
Mr. Poulin, and Mr. Bourgeault each of the foregoing individuals
are independent of Alamos Gold.
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 |
|
_________________All amounts are in United States dollars,
unless otherwise stated.
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note regarding Forward-Looking
Statements
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", “continue”, “trend”,
"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, 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 and budgets, potential
drilling results and related expectations, expected underground
mining rates, costs and expenditures, project economics, gold price
assumptions, potential mineralization, projected ore grades,
changes in Mineral Resources and conversion of Inferred Mineral
Resources to Proven and Probable Mineral Reserves, expected mine
life, expected Mineral Reserve life and potential extensions
thereof, production potential, expectation of approval of the
Environmental Impact Statement and completion of an updated
Feasibility Study at Lynn Lake and timing related thereto,
development of the Lynn Lake Gold Project, 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.
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 serious illness, new epidemics and/or
pandemics; the ongoing and potential future impact of the COVID-19
pandemic or any other new illness, epidemic or pandemic on the
broader market; provincial 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, the United States and Türkiye; the duration of any
ongoing or new regulatory responses to the COVID-19 pandemic or any
other new illness, 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,
Mexican peso and Turkish Lira); the impact of inflation; employee
and community relations; litigation and administrative proceedings
(including but not limited to the investment treaty claim announced
on April 20, 2021 against the Republic of Türkiye by the Company’s
wholly-owned Netherlands subsidiaries, Alamos Gold Holdings
Coöperatief U.A. and Alamos Gold Holdings B.V.); disruptions
affecting operations; availability of and increased costs
associated with mining inputs and labour; delays in obtaining
approval of the Environmental Impact Statement and in completing an
updated Feasibility Study for the Lynn Lake Gold Project; delays
with the Phase 3+ Expansion Project at the Island Gold mine; delays
in the development or updating of mine plans; changes that may be
required to the intended method of accessing and mining the deposit
at Puerto Del Aire and changes related to the intended method of
processing any ore from the deposit at Puerto Del Aire;
expectations with respect to the Golden Arrow open pit project
providing supplemental mill feed to the mill at the Young-Davidson
mine not coming to fruition; 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, Mexico, the United States, Türkiye and other jurisdictions
in which the Company 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. The litigation against the Republic of
Türkiye, described above, results from the actions of the Turkish
government in respect of the Company’s projects in the Republic of
Türkiye. Such litigation is a mitigation effort and may not be
effective or successful. If unsuccessful, the Company’s projects in
Türkiye may be subject to resource nationalism and further
expropriation; the Company may lose any remaining value of its
assets and gold mining projects in Türkiye and its ability to
operate in Türkiye or to put any of the Kirazli, Aği Daği or
Çamyurt sites into production, resulting in the Company removing
those three projects from its Total Mineral Reserves and Resources.
Even if the litigation is successful, there is no certainty as to
the quantum of any damages award or recovery of all, or any, legal
costs. Any resumption of activities in Türkiye, or even retaining
control of its assets and gold mining projects in Türkiye can only
result from agreement with the Turkish government. The investment
treaty claim described above may have an impact on foreign direct
investment in the Republic of Türkiye which may result in changes
to the Turkish economy, including but not limited to high rates of
inflation and fluctuation in the Turkish Lira which may also affect
the Company’s relationship with the Turkish government, the
Company’s ability to effectively operate in Türkiye, and which may
have a negative effect on overall anticipated project values.
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.com 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.
Table 1: Total Proven and Probable
Mineral Reserves as of December 31, 2022
PROVEN AND PROBABLE GOLD RESERVES (as at December 31,
2022) |
|
Proven Reserves |
Probable Reserves |
Total Proven and Probable |
|
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
|
(000's) |
(g/t Au) |
(000's) |
(000's) |
(g/t Au) |
(000's) |
(000's) |
(g/t Au) |
(000's) |
Young-Davidson |
24,896 |
2.32 |
1,858 |
19,312 |
2.38 |
1,477 |
44,208 |
2.35 |
3,335 |
Island Gold |
833 |
8.92 |
239 |
3,393 |
11.24 |
1,225 |
4,225 |
10.78 |
1,464 |
Mulatos Main Pits |
310 |
1.22 |
12 |
2,562 |
1.17 |
96 |
2,872 |
1.17 |
108 |
Stockpiles |
2,658 |
2.06 |
176 |
- |
- |
- |
2,658 |
2.06 |
176 |
La Yaqui Grande |
268 |
0.89 |
8 |
16,263 |
1.26 |
659 |
16,531 |
1.25 |
667 |
Puerto Del Aire |
589 |
4.69 |
89 |
4,084 |
4.87 |
639 |
4,673 |
4.84 |
728 |
Total Mulatos |
3,825 |
2.32 |
285 |
22,909 |
1.89 |
1,394 |
26,734 |
1.95 |
1,679 |
MacLellan |
12,059 |
1.83 |
710 |
15,761 |
1.33 |
672 |
27,820 |
1.54 |
1,382 |
Gordon |
2,311 |
2.82 |
210 |
6,412 |
2.27 |
468 |
8,723 |
2.42 |
678 |
Total Lynn Lake |
14,370 |
1.99 |
920 |
22,172 |
1.60 |
1,140 |
36,542 |
1.75 |
2,060 |
Ağı Dağı |
1,450 |
0.76 |
36 |
52,911 |
0.66 |
1,130 |
54,361 |
0.67 |
1,166 |
Kirazlı |
670 |
1.15 |
25 |
33,191 |
0.68 |
727 |
33,861 |
0.69 |
752 |
Total Türkiye |
2,120 |
0.89 |
61 |
86,102 |
0.67 |
1,857 |
88,222 |
0.68 |
1,918 |
Alamos - Total |
46,044 |
2.27 |
3,362 |
153,888 |
1.43 |
7,093 |
199,932 |
1.63 |
10,455 |
PROVEN AND PROBABLE SILVER MINERAL RESERVES (as at December
31, 2022) |
|
Proven Reserves |
Probable Reserves |
Total Proven and Probable |
|
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
|
(000's) |
(g/t Ag) |
(000's) |
(000's) |
(g/t Ag) |
(000's) |
(000's) |
(g/t Ag) |
(000's) |
La Yaqui Grande |
- |
- |
- |
16,263 |
17.97 |
9,396 |
16,263 |
17.97 |
9,396 |
MacLellan |
12,059 |
4.94 |
1,914 |
15,761 |
3.97 |
2,011 |
27,820 |
4.39 |
3,925 |
Ağı Dağı |
1,450 |
6.22 |
290 |
52,911 |
5.39 |
9,169 |
54,361 |
5.41 |
9,459 |
Kirazlı |
670 |
16.94 |
365 |
33,191 |
9.27 |
9,892 |
33,861 |
9.42 |
10,257 |
Alamos - Total |
14,179 |
5.64 |
2,569 |
118,126 |
8.02 |
30,468 |
132,305 |
7.77 |
33,037 |
Table 2: Project Life-of-Mine Mineral
Reserve Waste-to-Ore Ratios as of December 31,
2022
|
Project Life-of-Mine Mineral Reserve Waste-to-Ore
Ratios |
|
|
as of December 31, 2022 |
|
|
Project |
Waste-to-Ore Ratio |
|
|
Mulatos Mine |
1.21 |
|
|
La Yaqui Grande Pit |
3.96 |
|
|
Ağı Dağı Pits |
1.03 |
|
|
Kirazlı Pit |
1.45 |
|
|
Lynn Lake Pits |
8.12 |
|
Table 3: Total Measured and Indicated
Mineral Resources as of December 31, 2022
MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at
December 31, 2022) |
|
Measured Resources |
Indicated Resources |
Total Measured and Indicated |
|
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
|
(000's) |
(g/t Au) |
(000's) |
(000's) |
(g/t Au) |
(000's) |
(000's) |
(g/t Au) |
(000's) |
Young-Davidson - Surface |
496 |
1.13 |
18 |
1,242 |
1.28 |
51 |
1,739 |
1.24 |
69 |
Young-Davidson - Underground |
5,058 |
3.26 |
529 |
3,585 |
3.60 |
414 |
8,643 |
3.40 |
944 |
Total Young-Davidson |
5,554 |
3.07 |
547 |
4,827 |
3.00 |
465 |
10,381 |
3.03 |
1,013 |
Golden Arrow |
3,626 |
1.26 |
147 |
2,816 |
1.09 |
99 |
6,442 |
1.19 |
246 |
Island Gold |
21 |
4.93 |
3 |
1,255 |
7.13 |
288 |
1,276 |
7.09 |
291 |
Mulatos |
850 |
1.25 |
34 |
5,253 |
1.04 |
176 |
6,103 |
1.07 |
210 |
La Yaqui Grande |
- |
- |
- |
1,506 |
0.87 |
42 |
1,506 |
0.87 |
42 |
Puerto Del Aire |
146 |
5.28 |
25 |
1,192 |
4.95 |
190 |
1,338 |
4.98 |
214 |
Carricito |
58 |
0.82 |
2 |
1,297 |
0.82 |
34 |
1,355 |
0.83 |
36 |
Total Mulatos |
1,054 |
1.79 |
61 |
9,248 |
1.49 |
442 |
10,302 |
1.52 |
502 |
MacLellan - Open Pit |
902 |
2.07 |
60 |
3,532 |
1.71 |
194 |
4,434 |
1.78 |
254 |
MacLellan - Underground |
- |
- |
- |
123 |
3.54 |
14 |
123 |
3.54 |
14 |
Gordon |
105 |
1.86 |
6 |
1,511 |
2.06 |
100 |
1,617 |
2.05 |
106 |
Burnt Timber |
- |
- |
- |
1,021 |
1.40 |
46 |
1,021 |
1.40 |
46 |
Linkwood |
- |
- |
- |
984 |
1.16 |
37 |
984 |
1.17 |
37 |
Total Lynn Lake |
1,007 |
2.04 |
66 |
7,172 |
1.70 |
391 |
8,178 |
1.74 |
457 |
Ağı Dağı |
553 |
0.44 |
8 |
34,334 |
0.46 |
510 |
34,887 |
0.46 |
518 |
Kirazlı |
- |
- |
- |
3,056 |
0.42 |
42 |
3,056 |
0.43 |
42 |
Çamyurt |
513 |
1.00 |
16 |
17,208 |
0.89 |
492 |
17,721 |
0.89 |
508 |
Total Türkiye |
1,066 |
0.70 |
24 |
54,598 |
0.59 |
1,044 |
55,664 |
0.60 |
1,068 |
Quartz Mountain |
214 |
0.95 |
7 |
11,942 |
0.87 |
333 |
12,156 |
0.87 |
339 |
Alamos - Total |
12,542 |
2.12 |
856 |
91,857 |
1.04 |
3,061 |
104,399 |
1.17 |
3,917 |
MEASURED AND INDICATED SILVER MINERAL RESOURCES (as at
December 31, 2022) |
|
Measured Resources |
Indicated Resources |
Total Measured and Indicated |
|
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
|
(000's) |
(g/t Ag) |
(000's) |
(000's) |
(g/t Ag) |
(000's) |
(000's) |
(g/t Ag) |
(000's) |
La Yaqui Grande |
- |
- |
- |
1,506 |
10.95 |
530 |
1,506 |
10.95 |
530 |
MacLellan - Open Pit |
902 |
8.55 |
248 |
3,532 |
4.64 |
527 |
4,434 |
5.44 |
775 |
MacLellan - Underground |
- |
- |
- |
123 |
6.05 |
24 |
123 |
6.05 |
24 |
Ağı Dağı |
553 |
1.59 |
28 |
34,334 |
2.19 |
2,417 |
34,887 |
2.18 |
2,445 |
Kirazlı |
- |
- |
- |
3,056 |
2.71 |
266 |
3,056 |
2.71 |
266 |
Çamyurt |
513 |
5.63 |
93 |
17,208 |
6.15 |
3,404 |
17,721 |
6.14 |
3,497 |
Alamos - Total |
1,968 |
5.83 |
369 |
59,759 |
3.73 |
7,168 |
61,727 |
3.80 |
7,537 |
Table 4: Total Inferred Mineral Resources
as of December 31, 2022
|
INFERRED GOLD MINERAL RESOURCES (as at December 31,
2022) |
|
|
|
Tonnes |
Grade |
Ounces |
|
|
|
(000's) |
(g/t Au) |
(000's) |
|
|
Young-Davidson - Surface |
31 |
0.99 |
1 |
|
|
Young-Davidson - Underground |
1,586 |
2.89 |
147 |
|
|
Total Young-Davidson |
1,617 |
2.85 |
148 |
|
|
Golden Arrow |
2,028 |
1.07 |
70 |
|
|
Island Gold |
8,066 |
13.61 |
3,529 |
|
|
Mulatos |
560 |
0.92 |
17 |
|
|
La Yaqui Grande |
175 |
1.31 |
7 |
|
|
Puerto Del Aire |
139 |
5.90 |
26 |
|
|
Carricito |
900 |
0.74 |
22 |
|
|
Total Mulatos |
1,774 |
1.27 |
72 |
|
|
MacLellan - Open Pit |
1,227 |
1.11 |
44 |
|
|
MacLellan - Underground |
72 |
3.69 |
9 |
|
|
Gordon |
132 |
1.36 |
6 |
|
|
Burnt Timber |
23,438 |
1.04 |
781 |
|
|
Linkwood |
21,004 |
1.16 |
783 |
|
|
Total Lynn Lake |
45,873 |
1.10 |
1,622 |
|
|
Ağı Dağı |
16,760 |
0.46 |
245 |
|
|
Kirazlı |
7,694 |
0.61 |
152 |
|
|
Çamyurt |
2,791 |
0.95 |
85 |
|
|
Total Türkiye |
27,245 |
0.55 |
482 |
|
|
Quartz Mountain |
39,205 |
0.91 |
1,147 |
|
|
Alamos - Total |
125,809 |
1.75 |
7,070 |
|
|
INFERRED SILVER MINERAL RESOURCES (as at December 31,
2022) |
|
|
|
Tonnes |
Grade |
Ounces |
|
|
|
(000's) |
(g/t Ag) |
(000's) |
|
|
La Yaqui Grande |
175 |
7.94 |
45 |
|
|
MacLellan - Open Pit |
1,227 |
1.98 |
78 |
|
|
MacLellan - Underground |
72 |
3.26 |
8 |
|
|
Ağı Dağı |
16,760 |
2.85 |
1,536 |
|
|
Kirazlı |
7,694 |
8.71 |
2,155 |
|
|
Çamyurt |
2,791 |
5.77 |
518 |
|
|
Alamos - Total |
28,719 |
4.70 |
4,340 |
|
Notes to Mineral Reserve and Resource
Tables:
- The Company’s Mineral Reserves and
Mineral Resources as at December 31, 2022 are classified in
accordance with the Canadian Institute of Mining Metallurgy and
Petroleum’s “CIM Standards on Mineral Resources and Reserves,
Definition and Guidelines” as per Canadian Securities
Administrator’s NI 43-101 requirements.
- Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability.
- Mineral Resources are exclusive of
Mineral Reserves.
- Mineral Reserve cut-off grade for
the Mulatos Mine, the La Yaqui Grande Pit, the Kirazli Pit and the
Ağı Dağı Pit are determined as a net of process value of $0.10 per
tonne for each model block.
- All Measured, Indicated and
Inferred open pit Mineral Resources are pit constrained.
- With the exceptions noted
following, Mineral Reserve estimates assumed a gold price of $1,400
per ounce and Mineral Resource estimates assumed a gold price of
$1,600 per ounce.
- Mineral Reserve estimate for
development properties, including Lynn Lake, Türkiye, Quartz
Mountain and Carricito assumed a gold of $1,250 per ounce and
Mineral Resource estimates assumed a gold price of $1,400 per
ounce.
- Metal prices, cut-off grades and
metallurgical recoveries are set out in the table below.
|
Mineral Resources |
Mineral Reserves |
|
|
Gold Price |
Cut-off |
Gold Price |
Cut-off |
Met Recovery |
Mulatos: |
|
|
|
|
|
Mulatos Main Open Pit |
$1,600 |
0.5 |
$1,400 |
see notes |
>50% |
PDA Underground |
$1,600 |
2.5 |
$1,400 |
3.0 |
85% |
La Yaqui Grande |
$1,600 |
0.3 |
$1,400 |
see notes |
75% |
Carricito |
$1,400 |
0.3 |
n/a |
n/a |
n/a |
Young-Davidson - Surface |
$1,400 |
0.5 |
$1,400 |
0.5 |
91% |
Young-Davidson - Underground |
$1,600 |
1.23 |
$1,400 |
1.5 |
91% |
Golden Arrow |
$1,600 |
0.64 |
n/a |
n/a |
n/a |
Island Gold |
$1,600 |
4.0 |
$1,400 |
2.67-3.85 |
96.5% |
Lynn Lake - MacLellan |
$1,400 |
0.42 |
$1,250 |
0.47 |
91-92% |
Lynn Lake - MacLellan UG |
$1,400 |
2.0 |
n/a |
n/a |
n/a |
Lynn Lake - Gordon |
$1,400 |
0.62 |
$1,250 |
0.69 |
89-94% |
Ağı Dağı |
$1,400 |
0.2 |
$1,250 |
see notes |
80% |
Kirazli |
$1,400 |
0.2 |
$1,250 |
see notes |
81% |
Çamyurt |
$1,400 |
0.2 |
n/a |
n/a |
78% |
Quartz Mountain |
$1,400 |
0.21 Oxide,0.6 Sulfide |
n/a |
n/a |
65-80% |
Figure 1: Island Gold Mine C/E1E/E1EN
Longitudinal – 2022 Mineral Reserves & Resources
Figure 2: Puerto Del Aire Location Map,
Mulatos District
Figure 3: Puerto Del Aire Sulphide Gold
Mineralization Wireframes
Figure 4: PDA - Measured, Indicated, and
Inferred Mineral Resources (>2.5 g/t Au)
Figure 5: PDA - Cross Section Through
Long-Axis of Measured, Indicated, and Inferred Mineral Resources
(<2.5 g/t)
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b085d693-880a-49d3-90bd-27ec0e14242d
https://www.globenewswire.com/NewsRoom/AttachmentNg/ceaf2845-e932-4e5d-8ece-6534a56c75ba
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1847435-4f35-4e25-a5aa-80200e93ba98
https://www.globenewswire.com/NewsRoom/AttachmentNg/0f2ab34f-5333-4728-944e-f1b59a6121c3
https://www.globenewswire.com/NewsRoom/AttachmentNg/5005fc0e-64ad-4c02-9dab-8634dac41ee2
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0eb62fd-4140-4207-b36a-815ab6ce3c6a
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2569802-55ce-47cd-b9b4-d9aea25c9276
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