Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today reported new
results from its ongoing exploration program on the Lynn Lake
Project in Manitoba, Canada.
-
New greenfields discovery (Tulune target): broad zones of
shallow gold mineralization intersected between the Gordon and
MacLellan deposits which were the basis for the positive 2017
Feasibility Study. All 17 holes drilled to date in this
new target have intersected gold mineralization. New highlights
include1:
- 1.22 g/t
Au over 47.25 m (20LLX010);
- 0.50 g/t Au
over 63.00 m, and 0.82 g/t over 29.00 m (21LLX019);
- 1.43 g/t Au
over 16.40 m (21LLX017);
- 0.52 g/t Au
over 41.80 m (21LLX020);
- 0.83 g/t Au
over 17.90 m (21LLX016);
- 1.05 g/t Au
over 12.75 m (21LLX026); and
- 0.53 g/t Au
over 25.87 m (20LLX009), including;
1Gold grades are reported as uncut, composite
intervals reported as core length, true width is unknown at this
time.
-
Gordon deposit: high-grade mineralization intersected in
the southeast portion of the Mineral Reserve pit in an area
currently modelled as waste. This includes high-grade gold
mineralization intersected in a series of narrow quartz veins
within a diorite intrusion. High-grade near-surface gold
mineralization was also intersected along the diorite-banded iron
formation contact at the eastern extent of the Mineral Reserve pit
(21GDX074). New highlights include2:
- 28.36
g/t Au (7.77 g/t cut) over 10.40 m (21GDX054), including;
- 302.00
g/t Au (40 g/t cut) over 0.24 m;
- 372.00
g/t Au (40 g/t cut) over 0.21 m;
- 176.00
g/t Au (40 g/t cut) over 0.24 m;
- 96.20
g/t Au (40 g/t cut) over 0.70 m; and
- 73.30
g/t Au (40 g/t cut) over 0.23 m;
- 67.64
g/t Au (4.38 g/t cut) over 5.04 m (21GDX052), including;
- 1,105.00
g/t Au (40 g/t cut) over 0.30 m;
- 7.42 g/t
Au (4.73 g/t cut) over 7.20 m (21GDX074), including;
- 35.07
g/t Au (17.34 g/t cut) over 1.07 m; and
- 1.49 g/t
Au (1.49 g/t cut) over 20.53 m (21GDX042).
-
MacLellan deposit: extended gold mineralization 45 m
down-plunge from existing Mineral Reserves in the northeastern
portion of the Mineral Reserve pit. This follows multiple
higher-grade intercepts from the 2019 and 2020 drill program within
a steeply plunging ore shoot that remains open down-plunge (11.49
g/t Au (8.98 g/t cut) over 14.93 m true width (19MCX037), 3.24 g/t
Au (3.24 g/t cut) over 23.13 m true width (19MCX028), and 2.84 g/t
Au (2.84 g/t cut) over 20.02 m true width (20MCX044)). New
highlights include2:
- 1.81 g/t
Au over 17.44 m (21MCX081).
- Burnt
Timber deposit: infill drilling in support of developing a
geological model highlights the potential for higher-grade Mineral
Resources at the Burnt Timber deposit. Burnt Timber was
not included in the 2017 Feasibility Study and represents potential
upside. New highlights include2:
- 2.51 g/t
Au over 16.45 m and 1.63 g/t Au over 15.54 m
(21BTX045);
- 3.11 g/t
Au over 9.36 m (21BTX044); and
- 1.06 g/t
Au over 15.99 m (21BTX047).
2Drillhole composite intervals reported as “cut”
include higher grade samples which have been cut to 40 g/t Au at
the Gordon and Burnt Timber deposits and 45 g/t Au at the MacLellan
deposit. All composite lengths are reported as true width.
“Since completing the Feasibility Study on the
Gordon and MacLellan deposits in 2017, Mineral Reserves have
increased 27% to 2.1 million ounces of gold. Our ongoing
exploration success demonstrates the potential for further Mineral
Reserve and Resource growth at both deposits as well as regionally
across the prospective and underexplored Lynn Lake greenstone belt.
This includes the discovery at Tulune, a new target located between
Gordon and MacLellan, where every hole drilled to date has
intersected gold mineralization. Tulune, a strong pipeline of other
regional targets, and the large Mineral Resource at Burnt Timber
and Linkwood, all highlight the significant potential within the
district and upside beyond what was outlined in the Feasibility
Study” said John A. McCluskey, President and Chief Executive
Officer.
New highlight intercepts can be found in Table
1, and in Figures 1 to 5 at the end of this news release.
Lynn Lake Project
The Lynn Lake Project (“LLGP”) encompasses most
of the east-trending, 125 kilometre (“km”) long, Paleoproterozoic
Lynn Lake Greenstone Belt (“LLGB”) in northwestern Manitoba (Figure
1) with a total of 58,000 hectares of mineral tenure.
A positive Feasibility Study on the LLGP was
completed in December 2017 based on Mineral Reserves within the
MacLellan and Gordon deposits. The Feasibility Study outlined
average annual production of 143,000 ounces over a 10-year mine
life at average mine-site all-in sustaining costs of $745 per
ounce. The project economics (based on the 2017 Feasibility Study)
at a $1,500 per ounce gold price include an after-tax IRR of 21.5%
and an after-tax NPV of $290 million (12.5% IRR at a $1,250 per
ounce gold price). During the second quarter of 2020, the Company
filed the Environmental Impact Statement ("EIS") with the federal
government. The federal and provincial permitting process is
expected to take approximately two years, with a construction
decision planned in the second half of 2022.
Following the completion of the Feasibility
Study in 2017, ongoing exploration success has driven a 435,000
ounce increase in Mineral Reserves to 2.1 million ounces of gold
(36.5 million tonnes (“mt”) grading 1.75 g/t Au) and a 116,000
ounce increase in Measured and Indicated Mineral Resources at
Gordon and MacLellan to 360,000 ounces of gold (6.1 mt grading 1.85
g/t Au). Additionally, the Burnt Timber and Linkwood deposits
contain Inferred Mineral Resources of 1.6 million ounces of gold
(44.4 mt grading 1.10 g/t Au) which were not included in the
Feasibility Study and remain a source of further potential
upside.
The 2021 exploration program was focused on the
Gordon, MacLellan, and Burnt Timber deposits, which are all past
producing mine sites, as well as several advanced stage greenfield
targets. Drilling successfully intersected significant gold
mineralization at all three brownfield sites and at two of the
regional targets, Tulune and McBride (Figure 1).
A total of 17,020 metres (“m”) of drilling was
completed at the LLGP in 2021 with total exploration expenditures
of $8.1 million as of November 30, 2021.
Tulune Target Area – New
Discovery
The Tulune target area is located in the
northern portion of the Lynn Lake greenstone belt, 23 km east of
the MacLellan Deposit, and 11 km west of the Gordon Deposit (Figure
1), at a flexure in the regional crustal-scale Agassiz Shear Zone
that is interpreted to extend the length of the north belt.
Drilling completed in 2020 and 2021 intersected gold mineralization
in two elongated granodiorite intrusions.
Gold mineralization was initially identified in
the Tulune area during a prospecting program conducted in 2015. The
prospecting program resulted in the discovery of frost-heaved
altered granodiorite boulders which returned gold values up to 361
g/t Au (associated with visible gold in a quartz vein).
Alamos completed additional prospecting,
mapping, soil sampling, and reprocessing of historic induced
polarization (IP) survey data in the area which resulted in 978 m
of drilling completed in five holes in 2020 (Figure 2). Initial
drilling tested two east-southeast striking granodiorite intrusions
and adjacent mafic and sheared ultramafic volcanic rocks. The most
significant result was from drillhole 20LLX010 that intersected
1.22 g/t Au over 47.25 m from the top of the hole in the northern
granodiorite. Gold mineralization was also intersected in the
southern granodiorite in drillhole 20LLX006 (0.50 g/t Au over 9.8
m).
A follow-up drill campaign was completed in
2021, comprised of 12 holes totaling 4,986 m following up on
drillhole 20LLX010. The program was heli-supported with drill holes
designed to step back and undercut the shallow mineralization
intersected in drillhole 20LLX010. Two step-out drill fences were
also completed approximately 200 m west and 500 m east of drillhole
20LLX010, and in the central portion of the northern granodiorite
to test the strike extension along the southern contact, as well as
a stratigraphic hole to test the northern contact (Figure 2).
All 17 holes drilled to date have intersected
gold mineralization. Anomalous gold values are most widespread in
the northern granodiorite which was the primary target of the 2021
drilling, though gold mineralization has been intersected in both
intrusions. Gold mineralization is hosted within intervals of
fracture-controlled pyrite. Pyrite occurs within the semi-pervasive
healed biotite-silica-chlorite-carbonate-sericite stockwork and is
also observed interstitially within the matrix. Although the
controls of gold mineralization are still under investigation, gold
grades appear proportional to pyrite-bearing fracture densities
that are spatially associated with hematite alteration, mylonitic
shears, cataclasites, breccias, and with late mafic dykes in the
granodiorite.
Significant intersections from the 2020 and 2021
drilling programs in the Tulune target area include (Figure 2):
- 1.22 g/t
Au over 47.25 m (20LLX010);
- 0.50 g/t Au
over 63.00 m, and 0.82 g/t over 29.00 m (21LLX019);
- 1.43 g/t Au
over 16.40 m (21LLX017);
- 0.52 g/t Au
over 41.80 m (21LLX020);
- 0.83 g/t Au
over 17.90 m (21LLX016);
- 1.05 g/t Au
over 12.75 m (21LLX026);
- 0.53 g/t Au
over 25.87 m (20LLX009), including;
- 0.56 g/t Au
over 31.58 m (21LLX024); and
- 0.50 g/t Au
over 27.65 m (21LLX021).
Drilling at Tulune in 2022 will focus on
targeting various structural and lithological settings with the
objective of defining higher-grade mineralization within this newly
discovered gold system. Interpretation of the HeliFALCON airborne
gravity gradiometry and magnetic data suggests that the host
granodiorite intrusion is 7,500 m long by up to 1,200 m wide and
occurs within a structural corridor up to 2,500 m wide. The 2020
and 2021 drill programs tested the western most 750 m of strike
length. Gold values of >0.1 g/t Au from grab samples are
widespread in this corridor and additional reprocessing of historic
IP/resistivity survey data is in progress to support targeting.
Gordon
Deposit
The Gordon gold deposit is located 37 km
east-northeast of the town of Lynn Lake and accessed by an
all-weather gravel road that extends 14 km north from Highway 391
(Figure 1). Gold mineralization at Gordon is predominantly hosted
in banded magnetite iron formation (“BIF”) in
quartz-pyrrhotite-pyrite veins and in halos of sulphide replacement
adjacent to the veins. There are two dominant vein sets: one that
is parallel to a subvertical east-striking foliation and a second
that dips moderately southwest at a high angle to the foliation.
The BIF occurs north and south of an argillite-wacke unit situated
in the core of an upright west-plunging isoclinal synform. The BIF
is separated from a diorite stock to the south by an interval of
dacite, greywacke, and silicate iron formation up to 100 m wide.
Though BIF is the primary host of gold mineralization, gold occurs
in all lithologies.
The 2021 Gordon drilling program consisted of 34
holes totaling 5,545 m, with the objective of further extending
gold mineralization within and in proximity to the Mineral Reserve
pit (Figure 3). Drilling tested two geological targets:
mineralization along the diorite contact in the southwest and
eastern extents of the Mineral Reserve pit (Figure 3, cross section
21GDX074), and veins in the diorite in the southeast portion of the
Mineral Reserve pit. Significant gold mineralization was
intersected in both targets.
Diorite Contact
Mineralization was intersected along the diorite
contact in both the southwest and eastern extent of the Mineral
Reserve pit (Figure 3). This drilling was planned to follow up on
mineralization intersected from drilling completed in 2019 and 2020
along this contact on the southwest side of the pit. Drillhole
21GDX042 intersected 1.49 g/t (1.49 g/t cut) over 20.53 m in the
southwestern portion of the Mineral Reserve pit along the diorite
contact. In the eastern portion of the Mineral Reserve pit,
drillhole 21GDX074 intersected 7.42 g/t Au (4.73 g/t cut) over 7.20
m from 10.5 m downhole along the diorite contact (Figure 3, cross
section). Reinterpretation of gold mineralization intersected in
2015 drillhole FL15-72 (1.81 g/t Au (1.81 g/t cut) over 10.29 m
true width), located 40 m below drillhole 21GDX074 suggests that
this mineralization is associated with a steeply dipping zone of
mineralization along the diorite contact, which is open to the
east. Further drilling will be completed in 2022 to test this
contact to the east.
High-grade veins hosted within the diorite
In 2020, a trench was excavated to expose the
diorite in the southeast corner of the proposed open pit, where
high-grade quartz veins with visible gold had been intersected
beneath 2 to 3 m of overburden in drillhole 17FLX007 (8.36 g/t Au
(8.36 g/t Au cut) over 2.6 m from 1.6 to 4.2 m, 27.45 g/t Au (18.80
g/t Au cut) over 6.1 m from 14.4 to 20.5 m, including 53.32 g/t Au
(36.31 g/t Au cut) over 3.1 m from 14.4 to 17.5 m).
Based on detailed geological and structural
mapping of the trench, five holes were completed in 2020 to further
evaluate the geometry, frequency, and extent of the quartz veins
within the diorite. The most significant results were obtained in
drillhole 20GDX041 which intersected several mineralized intervals,
including 71.0 g/t Au (10.6 g/t Au cut) over 1.05 m, 18.64 g/t Au
(2.8 g/t Au) over 13.15 m and 5.24 g/t Au (3.11 g/t Au cut) over
8.60 m. Based on these results, this area was a focus of drilling
in 2021 with the objective of defining high-grade gold
mineralization in the upper benches of the proposed pit in an area
that is currently modelled as waste. New highlights
include:
-
28.36 g/t Au (7.77 g/t cut) over 10.40 m (21GDX054),
including;
- 302.00
g/t Au (40 g/t cut) over 0.24 m;
- 372.00
g/t Au (40 g/t cut) over 0.21 m;
- 176.00
g/t Au (40 g/t cut) over 0.24 m;
- 96.20
g/t Au (40 g/t cut) over 0.70 m;
- 73.30
g/t Au (40 g/t cut) over 0.23 m;
- 67.64
g/t Au (4.38 g/t cut) over 5.04 m (21GDX052), including;
- 1,105.00
g/t Au (40 g/t cut) over 0.30 m;
- 7.42 g/t
Au (4.73 g/t cut) over 7.20 m (21GDX074), including;
- 35.07
g/t Au (17.34 g/t cut) over 1.07 m; and
- 1.49 g/t
Au (1.49 g/t cut) over 20.53 m (21GDX042).
The Gordon deposit geological model is currently
being updated with the new drill results. Follow up drilling will
be completed in 2022 with the objective of continuing to evaluate
opportunities to add to near surface gold mineralization.
MacLellan Deposit
The MacLellan gold-silver deposit is located 7
km northeast of the Town of Lynn Lake and is accessible by an
all-weather gravel road 5 km north from Highway 391 (Figure 1).
Gold and silver mineralization is associated with pyrite and
pyrrhotite in biotized, silicified and amphibitolized, tightly
folded and foliated, sub-vertically dipping mafic and ultramafic
volcanic rocks. Gold mineralization is concentrated in steeply
plunging ore shoots interpreted to be controlled along the axial
planes of folds developed along the mafic/ultramafic contacts.
The 2021 MacLellan drilling program was
comprised of 16 holes totaling 3,306 m designed to test targets
within and in proximity to the Mineral Reserve pit. The most
significant target for potential expansion of Mineral Resources is
the down-plunge extension of a steeply plunging ore shoot defined
near-surface in the northeastern extent of the MacLellan deposit
(Figure 4). Significant drill hole intersections within this ore
shoot from 2019 and 2020 include 11.49 g/t Au (8.98 g/t cut) over
14.9 m (19MCX037), 3.24 g/t Au (3.24 g/t cut) over 23.1 m
(19MCX028), and 2.84 g/t Au (2.84 g/t cut) over 20.2 m (20MCX044).
The 2019 and 2020 drill results were included in the 2020 year-end
Mineral Reserves and Resources.
Drilling completed in 2021 was successful in
further extending this ore shoot 45 m down-plunge from existing
Mineral Reserves, intersecting 1.81 g/t Au (1.81 g/t cut) over
17.44 m true width at 184 m vertical depth (21MCX081),
demonstrating that mineralization remains open down-plunge.
Drilling was also completed to test a potential
hanging wall zone south of the Mineral Reserve pit which had been
identified from historic drilling. The best intersection from this
zone returned 0.80 g/t Au (0.80 g/t cut) over 20.27 m (21MCX082).
New highlights include:
- 1.81 g/t
Au (1.81 g/t cut) over 17.44 m (21MCX081); and
- 0.80
g/t Au (0.80 g/t cut) over 20.27 m (21MCX082).
Further drilling will be completed in 2022 to
continue to target both the down-plunge extension of the northeast
ore shoot, and the significant gap in drilling in the eastern
portion of the deposit, below the current proposed bottom of the
Mineral Reserve pit (Figure 4).
Burnt Timber Deposit
Burnt Timber is accessible by an all-season
gravel road from Highway 397, 14 km south of the Town of Lynn Lake,
and 28 km from the proposed MacLellan mill. The Burnt Timber and
Linkwood Mineral Resources were not included in the 2017
Feasibility Study and represent a source of potential future
upside. Six holes totalling 1,944 m were completed at the Burnt
Timber gold deposit in 2021 (Figure 5). The focus of the drilling
was to support the development of the Burnt Timber geological model
and to further evaluate the controls on mineralization beneath the
historic open pit. This will be used to support further targeting
of higher-grade mineralization. New highlights include:
- 2.51 g/t
Au (2.51 g/t cut) over 16.45 m and 1.63 g/t Au (1.63 g/t cut) over
15.54 m (21BTX045);
- 3.11 g/t
Au (3.11 g/t cut) over 9.36 m (21BTX044); and
- 1.06
g/t Au (1.06 g/t cut) over 15.99 m (21BTX047).
These intersections confirm results of historic
holes drilled beneath the open pit and attest to the exploration
potential down-dip and along strike from the historic open pit.
Gold mineralization is associated with mafic and felsic dykes, and
with ultramafic rocks on the northern, hanging wall side of the
east-striking crustal-scale Johnson shear zone. The host units are
highly strained, and mineralization is associated with sulphides,
silicification, sericitization, and quartz-carbonate veins.
In addition to insights from the 2021 drill
holes, information gained from relogging and sampling historic
drill core, surveying historic drill hole collars and grids, and
from LiDAR and high-resolution tri-axial magnetic gradiometer
surveys will be integrated into a new geological model which will
be utilized to guide future drilling. Core relogging is underway to
support an updated geological model for the Linkwood deposit which
is located 4 km to the west of Burnt Timber (Figure 5).
In addition to evaluating opportunities to
expand Mineral Resources at Burnt Timber and Linkwood, the
potential for a smaller, higher-grade Mineral Resource is also
being evaluated as potential upside to the LLGP.
McBride Target
The McBride target area is located 14 km
southwest of the Town of Lynn Lake and is directly adjacent to
Highway 396.
Gold mineralization at the McBride Zone was
discovered in the 1980’s by diamond drilling completed by Granges
Exploration. Prior to the 2021 program, no drilling had been
completed at McBride since 2007.
In 2019 and 2020, Alamos completed mapping,
prospecting, soil sampling and channel sampling programs. In 2021,
five drill holes were completed totalling 1,239 m over a 1,500 m
east-northeast strike length. The 2021 drilling focused on
undercutting and stepping out from historic drill hole
intersections. The new drillholes will be used to support the
development of a geological model for McBride, with the focus on
defining the controls on gold mineralization which will be used for
exploration targeting.
Similar to the Burnt Timber and Linkwood gold
deposits located approximately 19 km to the east, the McBride
target is situated on the north side of the crustal-scale Johnson
shear zone. Mineralization intersected in 2021 is associated with
sulphides within a silicified diorite and in adjacent mafic
volcanic and sedimentary rocks. Follow-up drilling is being planned
for 2022 with the objective of exploring the McBride zone along
strike. New highlights include:
- 1.31 g/t
Au over 22.00 m true width (21LLX013);
- 1.55 g/t
Au over 12.32 m true width (21LLX015); and
- 1.73 g/t
Au over 5.96 m true width (21LLX011).
Regional Exploration
Tulune and McBride are part of a pipeline of
early-stage conceptual targets to drill-ready targets that will be
evaluated by regional drilling and summer field programs in
2022.
Much of the prospective LLGB is
overburden-covered. Work to advance regional exploration targets
includes mapping, prospecting, and trenching to evaluate historic
prospects identified through compilation. Alamos is generating and
testing highly prospective targets under cover across the LLGB by
interpreting airborne magnetic, gravity, electromagnetic, and LiDAR
data acquired across the entire project; reprocessing and
interpretation of induced polarization surveys; and systematic till
and B-horizon soil sampling.
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 within the
meaning of Canadian Securities Administrator’s National Instrument
43-101 (“NI 43-101”).
Exploration programs at the Lynn Lake are
directed by Dr. Daniel Brisbin, P.Geo., Exploration Manager at the
Lynn Lake Project and a Qualified Person within the meaning of NI
43-101.
Quality Control
Alamos Gold maintains an internal QA/QC program
at the Lynn Lake project to ensure sampling and analysis of all
exploration work is conducted in accordance with best
practices.
Drill core is logged and sampled at the core
logging facility, located in the Town of Lynn Lake, 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. Individual samples are zip tied in a
plastic sample bag, and samples are placed in rice bags. Core
samples are transported by Gardewine Transport to ALS in Thunder
Bay. The other half of the core is returned to the core box
and retained for future reference.
Gold is analyzed by a 50 grams fire assay with
an Atomic Absorption (AA) finish. Samples greater than 5 g/t Au are
re-analyzed using gravimetric finish methods. ALS is a certified
laboratory and has internal quality control (“QC”) programs that
include insertion of laboratory 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.
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 significant
portfolio of development stage projects in Canada, Mexico, Turkey,
and the United States. Alamos employs more than 1,700 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 |
|
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
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 “continue”, “focus”, "estimate", “expect”,
“appear”, “suggests”, “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. In particular, this news release
contains forward-looking statements including, without limitation,
with respect to the exploration program on the Lynn Lake Project in
Manitoba, Canada, drilling results and expectations, the estimation
of Mineral Resources, potential for Mineral Reserve and Resource
growth, exploration results, potential mineralization, potential
gold grades, changes in Mineral Resources and Mineral Reserves,
expectations surrounding completion of the Federal and Provincial
permitting process and the timing of construction decisions in
respect of the Lynn Lake Project 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
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.
Forward-looking statements are necessarily based
upon a number of 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.
Such factors and assumptions underlying the
forward-looking statements in this news release include: 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 widespread
pandemic; the impact of the COVID-19 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 our operations) in Canada, Mexico, the United
States and Turkey; the duration of regulatory responses to the
COVID-19 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); 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; disruptions
affecting operations; availability of and increased costs
associated with mining inputs and labour; delays with the Federal
and/or Provincial permitting process for the Lynn Lake Project;
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, Turkey 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.
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 found in this news
release.
The Company disclaims any intention or
obligation to update or revise any forward-looking statement,
whether written or oral, or whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Cautionary Note to U.S. Investors –
Mineral Reserve and Resource Estimates
All resource and reserve estimates included in
this news release have been prepared in accordance with Canadian
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. The terms
“Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral
Reserve” are Canadian mining terms as defined in accordance with NI
43-101 and the CIM Standards. Investors are cautioned not to assume
that all or any part of mineral deposits in these categories will
ever be converted into reserves. “Inferred Mineral Resources” have
a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an Inferred Mineral Resource
will ever be upgraded to a higher category. Under Canadian rules,
estimates of Inferred Mineral Resources may not form the basis of
feasibility or pre-feasibility studies, except in very limited
circumstances. Investors are cautioned not to assume that all or
any part of an Inferred Mineral Resource exists or is economically
or legally mineable. Disclosure of “contained ounces” in a Mineral
Resource is permitted disclosure under Canadian regulations.
Table 1: Lynn Lake – Select Composite
Intervals from 2021 Surface Exploration
Drilling, Lynn Lake Project
Hole ID |
Target |
Including/ And |
From (m) |
To (m) |
Core Length (m) |
True Width (m) |
Au Uncut (g/t) |
Au Cut (g/t) |
Vertical Depth (m) |
21GDX042 |
Gordon |
|
164.10 |
196.00 |
31.90 |
20.53 |
1.49 |
1.49 |
153 |
Including |
166.80 |
167.40 |
0.60 |
0.39 |
6.77 |
|
|
Including |
180.00 |
181.00 |
1.00 |
0.64 |
6.37 |
|
|
Including |
195.00 |
196.00 |
1.00 |
0.64 |
10.05 |
|
|
21GDX052 |
Gordon |
|
23.90 |
28.95 |
5.05 |
5.04 |
67.64 |
4.38 |
20 |
Including |
24.40 |
24.70 |
0.30 |
0.30 |
1105.00 |
|
|
Including |
27.80 |
28.10 |
0.30 |
0.30 |
26.10 |
|
|
21GDX054 |
Gordon |
|
15.05 |
30.00 |
14.95 |
10.40 |
28.36 |
7.77 |
20 |
Including |
20.30 |
20.65 |
0.35 |
0.24 |
302.00 |
|
|
Including |
20.65 |
21.10 |
0.45 |
0.31 |
26.50 |
|
|
Including |
21.60 |
21.90 |
0.30 |
0.21 |
372.00 |
|
|
Including |
21.15 |
23.50 |
0.35 |
0.24 |
176.00 |
|
|
Including |
23.50 |
23.88 |
0.33 |
0.23 |
73.30 |
|
|
Including |
23.88 |
24.30 |
0.42 |
0.29 |
6.95 |
|
|
Including |
29.00 |
30.00 |
1.00 |
0.70 |
96.20 |
|
|
21GDX074 |
Gordon |
|
10.50 |
26.75 |
16.25 |
7.20 |
7.42 |
4.73 |
15 |
Including |
14.10 |
16.46 |
2.36 |
0.27 |
9.13 |
|
|
Including |
14.70 |
15.00 |
0.30 |
0.13 |
11.90 |
|
|
Including |
15.75 |
16.46 |
0.71 |
0.32 |
9.46 |
|
|
Including |
22.90 |
23.50 |
0.60 |
0.27 |
12.25 |
|
|
Including |
23.50 |
25.30 |
1.80 |
1.07 |
35.07 |
17.34 |
|
21MCX081 |
MacLellan |
|
257.00 |
278.43 |
21.43 |
17.44 |
1.81 |
1.81 |
184 |
21MCX082 |
MacLellan |
|
85.70 |
110.80 |
25.10 |
20.27 |
0.80 |
0.80 |
66 |
21BTX044 |
Burnt Timber |
|
289.78 |
301.00 |
11.22 |
9.36 |
3.11 |
3.11 |
255 |
21BTX045 |
Burnt Timber |
|
128.00 |
145.70 |
17.70 |
16.45 |
2.51 |
2.51 |
101 |
and |
161.30 |
178.00 |
16.70 |
15.54 |
1.63 |
1.63 |
125 |
21BTX047 |
Burnt Timber |
|
237.65 |
257.00 |
19.35 |
15.99 |
1.06 |
1.06 |
215 |
21LLX011 |
McBride |
|
14.40 |
24.00 |
9.60 |
9.59 |
0.58 |
|
12 |
and |
141.30 |
146.70 |
5.40 |
5.10 |
1.29 |
|
106 |
and |
189.00 |
195.30 |
6.30 |
5.96 |
1.73 |
|
142 |
21LLX013 |
McBride |
|
53.28 |
75.38 |
22.10 |
22.00 |
1.31 |
|
42 |
21LLX014 |
McBride |
|
220.00 |
225.00 |
5.00 |
4.91 |
2.05 |
|
163 |
21LLX015 |
McBride |
|
124.00 |
136.67 |
12.67 |
12.32 |
1.55 |
|
104 |
and |
197.32 |
204.92 |
7.60 |
7.28 |
1.11 |
|
160 |
20LLX006 |
Tulune |
|
133.20 |
143.00 |
9.80 |
|
0.50 |
|
94 |
20LLX007 |
Tulune |
|
153.00 |
161.59 |
8.59 |
|
0.55 |
|
103 |
20LLX008 |
Tulune |
|
73.85 |
79.00 |
5.15 |
|
0.57 |
|
52 |
and |
105.70 |
123.00 |
17.30 |
|
0.50 |
|
74 |
20LLX009 |
Tulune |
|
60.00 |
85.87 |
25.87 |
|
0.53 |
|
42 |
Including |
85.40 |
85.87 |
0.47 |
|
20.20 |
|
|
and |
94.04 |
94.60 |
0.56 |
|
9.74 |
|
48 |
and |
133.00 |
138.00 |
5.00 |
|
0.53 |
|
88 |
20LLX010 |
Tulune |
|
1.75 |
49.00 |
47.25 |
|
1.22 |
|
3 |
21LLX016A |
Tulune |
|
1.70 |
9.00 |
7.30 |
|
0.50 |
|
2 |
21LLX016 |
Tulune |
|
28.90 |
39.15 |
10.25 |
|
0.51 |
|
22 |
and |
92.10 |
110.00 |
17.90 |
|
0.83 |
|
69 |
21LLX017 |
Tulune |
|
9.00 |
25.40 |
16.40 |
|
1.43 |
|
8 |
Including |
23.45 |
24.45 |
1.00 |
|
13.20 |
|
|
and |
71.70 |
90.60 |
18.90 |
|
0.57 |
|
61 |
and |
247.00 |
256.27 |
9.27 |
|
0.62 |
|
203 |
21LLX019 |
Tulune |
|
18.00 |
27.00 |
9.00 |
|
0.51 |
|
15 |
and |
32.00 |
61.00 |
29.00 |
|
0.82 |
|
26 |
and |
69.00 |
132.00 |
63.00 |
|
0.50 |
|
56 |
and |
173.80 |
180.00 |
6.20 |
|
0.51 |
|
141 |
21LLX020 |
Tulune |
|
13.30 |
18.40 |
5.10 |
|
0.50 |
|
11 |
and |
33.00 |
74.80 |
41.80 |
|
0.52 |
|
28 |
21LLX021 |
Tulune |
|
24.00 |
30.00 |
6.00 |
|
0.51 |
|
19 |
and |
54.95 |
67.45 |
12.50 |
|
0.64 |
|
43 |
and |
246.35 |
274.00 |
27.65 |
|
0.50 |
|
194 |
21LLX023 |
Tulune |
|
565.00 |
570.10 |
5.10 |
|
0.52 |
|
447 |
21LLX024 |
Tulune |
|
9.35 |
40.93 |
31.58 |
|
0.56 |
|
7 |
21LLX026 |
Tulune |
|
20.25 |
33.00 |
12.75 |
|
1.05 |
|
18 |
and |
354.00 |
364.20 |
10.20 |
|
0.62 |
|
296 |
MacLellan, Gordon, and Burnt Timber gold composites are
generated using a 0.5 g/t Au cut-off over ≥5.0 m true width. Select
composite intervals reported are ≥20 g*m and do not include more
than 5 m of internal waste. Drillhole composite intervals reported
as “cut” include higher grade samples which have been cut to 40 g/t
Au at the Gordon and Burnt Timber deposits and 45 g/t Au at the
MacLellan deposit. All composite lengths are reported as true
width.
Tulune and McBride gold composites are generated using a 0.1 g/t
Au cut-off over ≥5.0 m core length. Composites intervals must be
>0.5 g/t Au and do not include more than 5 meters of internal
waste.
Table 2: Surface exploration drill holes;
azimuth, dip, drilled length, and collar location at surface (UTM
NAD83).
Hole ID |
Azimuth (°) |
Dip (°) |
Drilled Length (m) |
UTM Easting (m) |
UTM Northing (m) |
UTM Elevation (m) |
21BTX044A |
180 |
-62 |
60 |
384561 |
6292158 |
333 |
21BTX044B |
180 |
-62 |
57 |
384560 |
6292160 |
333 |
21BTX044 |
180 |
-62 |
375 |
384568 |
6292157 |
333 |
21BTX045 |
180 |
-47 |
255 |
384630 |
6292064 |
333 |
21BTX046 |
165 |
-65 |
261 |
384722 |
6292136 |
334 |
21BTX047 |
180 |
-61 |
306 |
384691 |
6292147 |
335 |
21BTX048 |
181 |
-49 |
270 |
384469 |
6292065 |
339 |
21BTX049 |
180 |
-55 |
363 |
384470 |
6292134 |
337 |
21GDX042 |
353 |
-58 |
210 |
412211 |
6307633 |
325 |
21GDX043 |
353 |
-65 |
225 |
412174 |
6307630 |
323 |
21GDX044 |
352 |
-55 |
147 |
412112 |
6307787 |
316 |
21GDX045 |
352 |
-55 |
160 |
412089 |
6307739 |
318 |
21GDX046 |
352 |
-56 |
153 |
412084 |
6307780 |
319 |
21GDX047 |
353 |
-55 |
153 |
412065 |
6307736 |
318 |
21GDX048 |
352 |
-56 |
174 |
412071 |
6307700 |
318 |
21GDX049 |
352 |
-57 |
120 |
412028 |
6307785 |
317 |
21GDX050 |
352 |
-57 |
111 |
412026 |
6307814 |
316 |
21GDX051 |
15 |
-61 |
131 |
412547 |
6307692 |
318 |
21GDX052 |
16 |
-50 |
111 |
412553 |
6307708 |
317 |
21GDX053 |
15 |
-62 |
249 |
412537 |
6307672 |
317 |
21GDX054 |
15 |
-62 |
84 |
412557 |
6307677 |
317 |
21GDX055 |
172 |
-65 |
57 |
412606 |
6308027 |
316 |
21GDX056 |
174 |
-59 |
54 |
412546 |
6308028 |
316 |
21GDX057 |
350 |
-55 |
225 |
412709 |
6307705 |
315 |
21GDX058 |
350 |
-58 |
234 |
412750 |
6307719 |
316 |
21GDX059 |
20 |
-50 |
318 |
410979 |
6307821 |
326 |
21GDX060 |
20 |
-50 |
276 |
411025 |
6307941 |
321 |
21GDX061 |
290 |
-55 |
375 |
411121 |
6307934 |
318 |
21GDX062 |
0 |
-56 |
276 |
411506 |
6307502 |
319 |
21GDX063 |
16 |
-60 |
81 |
412539 |
6307604 |
316 |
21GDX064 |
15 |
-54 |
120 |
412571 |
6307643 |
316 |
21GDX065 |
16 |
-59 |
93 |
412544 |
6307633 |
316 |
21GDX066 |
15 |
-61 |
120 |
412586 |
6307594 |
314 |
21GDX067 |
15 |
-60 |
126 |
412597 |
6307616 |
313 |
21GDX068 |
17 |
-60 |
129 |
412607 |
6307647 |
314 |
21GDX069 |
14 |
-61 |
174 |
412612 |
6307664 |
315 |
21GDX070 |
15 |
-60 |
126 |
412645 |
6307665 |
314 |
21GDX071 |
14 |
-60 |
129 |
412633 |
6307642 |
314 |
21GDX072 |
4 |
-50 |
201 |
412728 |
6307743 |
319 |
21GDX073 |
350 |
-55 |
120 |
412788 |
6307727 |
315 |
21GDX074 |
349 |
-55 |
156 |
412714 |
6307821 |
314 |
21GDX075 |
351 |
-50 |
142 |
412774 |
6307741 |
315 |
21LLX011 |
155 |
-55 |
237 |
367028 |
6291287 |
377 |
21LLX012 |
154 |
-54 |
180 |
366422 |
6291073 |
377 |
21LLX013 |
156 |
-55 |
231 |
366031 |
6291159 |
380 |
21LLX014 |
154 |
-55 |
324 |
366996 |
6291356 |
378 |
21LLX015 |
155 |
-55 |
270 |
365505 |
6291041 |
378 |
21LLX016A |
200 |
-50 |
12 |
402096 |
6311957 |
337 |
21LLX016 |
200 |
-49 |
333 |
402096 |
6311957 |
337 |
21LLX017 |
230 |
-55 |
267 |
402097 |
6311957 |
337 |
21LLX018 |
171 |
-55 |
327 |
402096 |
6311957 |
337 |
21LLX019 |
200 |
-55 |
480 |
402117 |
6312017 |
338 |
21LLX020 |
240 |
-55 |
408 |
402116 |
6312017 |
338 |
21LLX021 |
160 |
-55 |
561 |
402117 |
6312017 |
338 |
21LLX022 |
21 |
-55 |
405 |
402118 |
6312020 |
338 |
21LLX023 |
205 |
-55 |
644 |
401998 |
6312152 |
338 |
21LLX024 |
280 |
-50 |
334 |
401998 |
6312153 |
338 |
21LLX025 |
180 |
-56 |
575 |
402531 |
6311876 |
328 |
21LLX026 |
334 |
-55 |
641 |
402530 |
6311879 |
328 |
21MCX068 |
156 |
-45 |
150 |
380709 |
6307099 |
336 |
21MCX069 |
155 |
-45 |
111 |
380722 |
6307064 |
336 |
21MCX070 |
157 |
-46 |
132 |
380701 |
6307041 |
336 |
21MCX071 |
155 |
-50 |
165 |
380658 |
6307068 |
336 |
21MCX072 |
156 |
-45 |
139 |
380621 |
6307018 |
338 |
21MCX073 |
156 |
-45 |
231 |
380585 |
6307074 |
339 |
21MCX074 |
156 |
-46 |
282 |
380555 |
6307075 |
338 |
21MCX075 |
156 |
-46 |
83 |
381166 |
6307358 |
334 |
21MCX076 |
155 |
-46 |
189 |
381187 |
6307400 |
332 |
21MCX077 |
156 |
-45 |
243 |
381119 |
6307453 |
337 |
21MCX078 |
157 |
-50 |
381 |
381396 |
6307895 |
339 |
21MCX079 |
156 |
-51 |
348 |
381427 |
6307898 |
338 |
21MCX080 |
155 |
-51 |
324 |
381471 |
6307886 |
336 |
21MCX081 |
155 |
-50 |
321 |
381369 |
6307879 |
340 |
21MCX082 |
155 |
-45 |
156 |
380587 |
6307001 |
341 |
21MCX083 |
155 |
-45 |
51 |
380532 |
6306987 |
344 |
Figure 1: Lynn Lake
Project is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/571610d1-9484-4f77-a022-64f66df1b5cc
Figure 2: Lynn Lake – Tulune Target Area
– Drillhole Plan Map is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/19ad39bd-5854-4e4c-8cf7-2b1223f56a8e
Figure 3: Lynn Lake – Gordon Deposit –
Drillhole Plan and Cross Section Looking West is
available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e6799583-cfd0-4d0f-981b-d22f4e2022e8
Figure 4: Lynn Lake – MacLellan Deposit
– Drillhole Plan and Composite Longitudinal Looking
Northwest is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/5e337f70-0a71-4c6d-9395-0b9ebad13ed3
Figure 5: Lynn Lake – Burnt Timber and
Linkwood – Drillhole Plan Map is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/807a3414-4f4a-43eb-9c83-129c0a1472df
Alamos Gold (NYSE:AGI)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Alamos Gold (NYSE:AGI)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024