TORONTO, Feb. 20, 2024 (GLOBE NEWSWIRE) — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its updated Mineral Reserves and Resources as of December 31, 2023. For a detailed summary by asset, refer to the tables below.
Highlights
- Global Proven and Probable Mineral Reserves increased 2% to 10.7 million ounces of gold (202 million tonnes (“mt”) grading 1.65 grams per tonne of gold (“g/t Au”)), with grades increasing 1%, reflecting higher-grade additions at Island Gold and Puerto Del Aire (“PDA”), and growth at Lynn Lake. Mineral Reserve additions more than replaced depletion at a rate of 132%
- Island Gold’s Mineral Reserves increased 18% to 1.7 million ounces (5.2 mt grading 10.30 g/t Au), marking the 11th consecutive year of growth
- PDA’s Mineral Reserves increased 33% to 1.0 million ounces (5.4 mt grading 5.61 g/t Au) with a 16% increase in grades
- Lynn Lake’s Mineral Reserves increased 13% to 2.3 million ounces (47.6 mt grading 1.52 g/t Au)
- Island Gold’s Mineral Reserves and Resources increased 16% to 6.1 million ounces driven by significant high-grade additions near existing infrastructure within the main zone and recently defined zones in the hanging wall and footwall
- PDA Mineral Reserves and Resources increased 26% to 1.2 million ounces. A development plan incorporating the larger and higher-grade Mineral Reserve is expected to be completed later this quarter
- Global Measured and Indicated Mineral Resources increased 12% to 4.4 million ounces of gold (108 mt grading 1.27 g/t Au), with grades increasing 9% reflecting higher grade additions at Island Gold and growth at Young-Davidson
- Global Inferred Mineral Resources increased 3% to 7.3 million ounces of gold (128 mt grading 1.77 g/t Au), reflecting increases at Island Gold and Lynn Lake
- Gold price assumptions unchanged from 2022 with $1,400 per ounce used for estimating Mineral Reserves, and $1,600 per ounce used for estimating Mineral Resources. Both remain conservative relative to the three-year trailing average gold price of nearly $1,850 per ounce
- Global exploration budget of $62 million in 2024, the largest in the Company’s history following up on the broad based exploration success in 2023. This includes $19 million budgeted at the Mulatos District, $19 million at Island Gold, $12 million at Young-Davidson and $9 million at Lynn Lake
“Our global Mineral Reserve base continues to expand both in size and quality. This reflects not only another strong year of exploration success, but also the quality of our asset base. Global Mineral Reserves have increased for five consecutive years for a combined increase of 10%, after depletion of three million ounces, with grades also increasing 9% driven by higher-grade additions at Island Gold and PDA,” said John A. McCluskey, President and Chief Executive Officer.
“Our global Mineral Resources also increased, and at higher grades with another tremendous year of exploration success at Island Gold the key driver. Island Gold’s Mineral Reserve and Resource base achieved a new milestone, surpassing six million ounces of gold and extending the mine life beyond 20 years. We also expect the growth at PDA will support a significant mine life extension at Mulatos as part of the development plan to be completed later this quarter. Both Island Gold and Mulatos will remain the primary focus of our 2024 exploration program with our largest budget ever planned. The expanded budget reflects the excellent potential for further growth we see at both assets, and across our asset base,” Mr. McCluskey added.
An infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/96109cb7-5315-453f-b428-cb84f4296b57
| Proven and Probable Gold Mineral Reserves | |||||||||
| 2023 | 2022 | % 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 | 43,911 | 2.31 | 3,261 | 44,208 | 2.35 | 3,335 | -1% | -2% | -2% |
| Island Gold | 5,210 | 10.30 | 1,725 | 4,225 | 10.78 | 1,464 | 23% | -4% | 18% |
| Mulatos Mine | – | – | – | 2,872 | 1.17 | 108 | |||
| Stockpiles | – | – | – | 2,658 | 2.06 | 176 | |||
| La Yaqui Grande | 11,318 | 1.33 | 483 | 16,531 | 1.25 | 667 | |||
| Puerto Del Aire | 5,375 | 5.61 | 969 | 4,673 | 4.84 | 728 | 15% | 16% | 33% |
| Total Mulatos | 16,693 | 2.71 | 1,452 | 26,734 | 1.95 | 1,679 | -38% | 39% | -14% |
| MacLellan | 39,738 | 1.34 | 1,717 | 27,820 | 1.54 | 1,382 | |||
| Gordon | 7,873 | 2.43 | 615 | 8,723 | 2.42 | 678 | |||
| Total Lynn Lake | 47,610 | 1.52 | 2,332 | 36,542 | 1.75 | 2,060 | 30% | -13% | 13% |
| 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 | 201,647 | 1.65 | 10,688 | 199,932 | 1.63 | 10,455 | 1% | 1% | 2% |
| Measured and Indicated Gold Mineral Resources (exclusive of Mineral Reserves) | |||||||||
| Young-Davidson – Surface | 1,739 | 1.24 | 69 | 1,739 | 1.24 | 69 | |||
| Young-Davidson – Underground | 9,914 | 3.32 | 1,057 | 8,643 | 3.40 | 944 | |||
| Total Young-Davidson | 11,653 | 3.01 | 1,127 | 10,381 | 3.03 | 1,013 | 12% | -1% | 11% |
| Golden Arrow | 6,442 | 1.19 | 246 | 6,442 | 1.19 | 246 | – | – | – |
| Island Gold | 2,552 | 8.73 | 716 | 1,276 | 7.09 | 291 | 100% | 23% | 146% |
| Mulatos Mine | 7,083 | 1.13 | 258 | 6,103 | 1.07 | 210 | |||
| La Yaqui Grande | 1,073 | 0.87 | 30 | 1,506 | 0.87 | 42 | |||
| Puerto Del Aire | 2,106 | 3.54 | 240 | 1,338 | 4.98 | 214 | 57% | -29% | 12% |
| Carricito | 1,355 | 0.83 | 36 | 1,355 | 0.83 | 36 | |||
| Total Mulatos | 11,617 | 1.51 | 564 | 10,302 | 1.52 | 502 | 13% | -1% | 12% |
| Lynn Lake | 7,848 | 1.37 | 345 | 8,178 | 1.74 | 457 | -4% | -21% | -25% |
| 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 | 107,932 | 1.27 | 4,405 | 104,399 | 1.17 | 3,917 | 3% | 9% | 12% |
| Inferred Gold Mineral Resources | |||||||||
| Young-Davidson – Surface | 31 | 0.99 | 1 | 31 | 0.99 | 1 | |||
| Young-Davidson – Underground | 1,350 | 3.31 | 144 | 1,586 | 2.89 | 147 | |||
| Total Young-Davidson | 1,381 | 3.26 | 145 | 1,617 | 2.85 | 148 | -15% | 14% | -2% |
| Golden Arrow | 2,028 | 1.07 | 70 | 2,028 | 1.07 | 70 | |||
| Island Gold | 7,857 | 14.58 | 3,682 | 8,066 | 13.61 | 3,529 | -3% | 7% | 4% |
| Mulatos Mine | 571 | 0.92 | 17 | 560 | 0.92 | 17 | |||
| La Yaqui Grande | 107 | 1.30 | 4 | 175 | 1.31 | 7 | |||
| Puerto Del Aire | 73 | 5.97 | 14 | 139 | 5.90 | 26 | -47% | 1% | -46% |
| Carricito | 900 | 0.74 | 22 | 900 | 0.74 | 22 | |||
| Total Mulatos | 1,651 | 1.07 | 57 | 1,774 | 1.27 | 72 | -7% | -15% | -21% |
| Lynn Lake | 48,685 | 1.09 | 1,699 | 45,873 | 1.10 | 1,622 | 6% | -1% | 5% |
| 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 | 128,052 | 1.77 | 7,282 | 125,809 | 1.75 | 7,070 | 2% | 1% | 3% |
Mineral Reserves
Global Proven and Probable Mineral Reserves total 10.7 million ounces of gold as of December 31, 2023, a 2% increase from 10.5 million ounces at the end of 2022 with grades also increasing 1%. This reflected increases at Island Gold, Lynn Lake and PDA which more than offset mining depletion of 728,000 ounces in 2023. Depletion in 2023 was higher than in 2022 reflecting the 15% increase in production, as well as the stacking of lower recovery/higher-grade stockpiled ore at Mulatos.
Island Gold continues to grow with an 18% increase in Mineral Reserves to 1.7 million ounces, net of depletion, at slightly lower grades of 10.30 g/t Au. This marked the 11th consecutive year that Mineral Reserves have increased at Island Gold. The majority of the growth was in proximity to existing underground infrastructure within the main zone and multiple recently defined zones in the hanging wall and footwall. Given the large and growing Mineral Resource base, emerging opportunities in the hanging wall and footwall, and with the deposit open laterally and at depth, this long term trend of growth is expected to continue.
Mulatos District Mineral Reserves decreased 14% to 1.5 million ounces while grades increased 39% to 2.71 g/t Au. This reflected depletion of lower-grade open pit ore from the main Mulatos pit, stockpiled ore and La Yaqui Grande, partly offset by higher-grade additions from the PDA underground deposit. PDA continues its significant pace of growth with a 33% increase in Mineral Reserves to 1.0 million ounces, at 16% higher grades of 5.61 g/t Au. A development plan incorporating the larger, higher-grade Mineral Reserve at PDA is expected to be completed later this quarter and outline a significant mine life extension at Mulatos.
Lynn Lake’s Mineral Reserve base increased 13% to 2.3 million ounces as incorporated into the updated Feasibility Study completed on the project in August 2023. The study outlined a larger, longer-life, low-cost operation, with attractive economics and significant exploration upside, including through a number of satellite deposits in proximity to the planned mill.
Young-Davidson offset the majority of mining depletion in 2023 resulting in a small decrease in Mineral Reserves (74,000 ounces) to 3.3 million ounces at slightly lower grades of 2.31 g/t Au. The deposit remains open at depth and to the west, and drilling in 2024 will be focused on extending mineralization within the Young-Davidson syenite, which hosts the majority of Mineral Reserves and Resources. Drilling will also test the hanging wall and footwall of the deposit where higher grades have been previously intersected.
A detailed summary of Proven and Probable Mineral Reserves as of December 31, 2023, is presented in Table 1 at the end of this press release.
An infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f3e66dc-a027-4f9f-b45d-b7a86310c698
Mineral Resources
Global Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) increased 12% to total 4.4 million ounces with grades also increasing 9% to 1.27 g/t Au, as of December 31, 2023. The majority of the increase was driven by the significant growth in higher-grade Mineral Resources at Island Gold, along with additions at Young-Davidson and Mulatos.
Global Inferred Mineral Resources increased 3% to total 7.3 million ounces with grades also increasing 1%, as of December 31, 2023, reflecting additions at Island Gold and Lynn Lake.
Detailed summaries of the Company’s Measured and Indicated Mineral Resources and Inferred Mineral Resources as of December 31, 2023, are presented in Tables 3 and 4, respectively, at the end of this press release.
Island Gold
Island Gold’s significant pace of growth continued with Mineral Reserves and Resources increasing 16% across all categories to 6.1 million ounces, net of…
Read More:Alamos Gold Reports Mineral Reserves and Resources for the
2024-02-20 22:00:56
