Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) reported new results from surface and underground exploration drilling at the Island Gold mine, further extending high-grade gold mineralization in Island East and West. All reported drill widths are true width of the mineralized zones, unless otherwise stated.

• Island East: high-grade gold mineralization extended 20 metres east from the nearest Inferred Mineral Resource block, over significantly greater widths. This included the best hole drilled to date, 45 m down-plunge from the previous best surface directional hole MH25-04 (28.97 g/t Au (27.96 g/t cut) over 21.76 m). MH25-08 and the previously reported MH25-04 have true widths approximately four times greater than the average width of the large high-grade Inferred Resource block up-plunge, demonstrating the zone has widened in this area. New highlights include:
  • 71.21 g/t Au (39.24 g/t cut) over 21.33 m (MH25-08); and
  • 34.87 g/t Au (34.87 g/t cut) over 5.98 m (MH25-07).

• Island West: underground directional drilling extended high-grade gold mineralization 50 m below the nearest Inferred Mineral Resource block and partially closed the 185 m gap between two high-grade Inferred Mineral Resource blocks. New highlights include:
  • 31.58 g/t Au (28.74 g/t cut) over 2.43 m (740-471-41).

Note: Drillhole composite intervals reported as “cut” may include higher grade samples which have been cut to 185 g/t Au for the Island East Area, and 225 g/t for Island Main and West.

“Over the past year, ongoing exploration success has driven another one million ounce increase in Mineral Reserves and Resources at Island Gold and returned the two best intersections to date. We expect these new results to drive further Mineral Resource growth in one of the highest grade portions of the ore body. This already large Mineral Resource block in Island East is in proximity to the planned shaft and remains open laterally and down-plunge demonstrating further significant upside to the Phase III Expansion,” said John A. McCluskey, President and Chief Executive Officer.

2021 Exploration Drilling Program – Island Gold Mine

A total of $25 million is budgeted in 2021 for surface and underground exploration at Island Gold, up from $13 million spent in 2020. The focus remains on continuing to define new near mine Mineral Resources across the two-kilometre long Island Gold Main Zone, as well as advancing and evaluating several regional targets. The 2021 exploration budget includes 27,500 m of surface directional drilling, 24,000 m of underground directional drilling, 28,000 m of underground exploration drilling, and 900 m of underground exploration development to extend drill platforms on the 620, 790, and 840-levels. A 25,000 m regional exploration drill program is also planned in 2021, significantly larger than in previous years.

A total of 6,683 m of surface directional diamond drilling, 3,233 m of underground directional drilling and 8,948 m of standard underground exploration diamond drilling has been completed as of May 31, 2021. Assays remain pending on a significant portion of this drilling; however, the turnaround time from assay laboratories has improved over the past several weeks.

New highlight intercepts can be found in Tables 1 and 2, and in Figures 1 and 2 at the end of this news release.

Island East

Surface Directional Drilling

Surface directional drilling continues to extend high-grade gold mineralization beyond Mineral Resource blocks in the lower portions of Island East with drill hole spacing ranging from 50 m to 100 m (Figures 1 and 2).

New highlights from the drilling program include (E1E-Zone) (Table 1):

• 71.21 g/t Au (39.24 g/t cut) over 21.33 m (MH25-08); and
• 34.87 g/t Au (34.87 g/t cut) over 5.98 m (MH25-07).

Drillhole MH25-08 (71.21 g/t Au (39.24 g/t cut) over 21.33 m) intersected significantly wider, high-grade mineralization 45 m and 80 m from previously reported drillholes MH25-04 (28.97 g/t Au (27.96 g/t cut) over 21.76 m) and MH25-05 (54.18 g/t Au (33.12 g/t cut) over 6.54 m), respectively.

In addition, drillhole MH25-08 extended high-grade mineralization 20 m east of the existing Inferred Mineral Resource block which contained 1,309,700 ounces, grading 18.26 g/t Au (2.23 million tonnes) as of December 31, 2020. Using the cut weighted gold grade for metal factor calculation, drillhole MH25-08 (71.21 g/t Au (39.24 g/t cut) over 21.33 m) is the best hole drilled to date at Island Gold in terms of gold content for a drill hole intersect. Drillhole MH25-07 (34.87 g/t Au (34.87 g/t cut) over 5.98 m) also further extended high-grade mineralization at Island East, intersecting high-grade mineralization 60 m above MH25-04, and 40 m from the nearest Inferred Mineral Resource block.

Underground Exploration Drilling

Underground drilling from the 840-level exploration drift continues to extend high-grade mineralization and close the gap between Mineral Reserves and Resources in the upper and middle portions of Island East (between depths of 850 m and 1,100 m). New highlights include (E1E-Zone) (Table 2):

• 8.88 g/t Au (8.88 g/t cut) over 8.45 m (840-584-03); and
• 16.75 g/t Au (16.75 g/t cut) over 2.64 m (840-590-10).

Island West

Underground directional drilling extended high-grade mineralization 50 m beyond existing Mineral Resources and partially closed the 185 m gap between Inferred Mineral Resource blocks in Island West which contained 454,300 ounces, grading 15.83 g/t Au (0.9 million tonnes) as of December 31, 2020. New highlights include (Table 1 and Figure 1):

• 31.58 g/t Au (28.74 g/t cut) over 2.43 m (740-471-41).

Qualified Persons

Chris Bostwick, FAusIMM, Alamos Gold’s 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.

Exploration programs at the Island Gold Mine are directed by Raynald Vincent, P.Eng., M.G.P., Chief Geologist at the Island Gold Mine and a Qualified Person within the meaning of NI 43-101.

Quality Control

Alamos Gold maintains an internal QA/QC program at the Island Gold Mine to ensure sampling and analysis of all exploration work is conducted in accordance with best practices.

Access to the Island Gold Mine is controlled by security personnel. Drill core is logged and sampled at the core logging facility within the mine site 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. One half of the core is placed into a plastic sample bag and sealed with zip ties in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. The samples are placed in large heavy-duty nylon reinforced Fabrene bags, which are identified and sealed before being placed on pallets. The core samples are picked up at the mine site and delivered to Laboratoire Expert Inc. in Rouyn-Noranda, Québec or to AGAT Laboratories in Thunder Bay, Ontario.

Gold is analyzed by a one assay-ton fire assay (29.16 grams) with an Atomic Absorption finish. Samples greater than 6.8 g/t are re-analyzed using gravimetric finish methods. Laboratoire Expert Inc. has internal quality control programs that include insertion of reagent 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. The QA/QC procedures are more completely described in the Technical Report filed on SEDAR August 31, 2020.

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”.

Table 1: Island Gold – Previously Unreleased Select Composite Intervals from Surface and Underground Directional Exploration Drilling

Composite intervals greater than 3 g/t Au weighted average, capping values:
Island West @ 225 g/t Au; Island East @ 185 g/t Au.

Table 2: Island Gold – Previously Unreleased Select Composite Intervals from Underground Exploration Drilling

Composite intervals greater than 3 g/t Au weighted average, capping values:
Western and Main Extension areas @ 225 g/t Au; Eastern Extension area @ 185 g/t Au.

Table 3: Surface and underground directional drill holes; azimuth, dip, drilled length, and collar location at surface (UTM NAD83)

Note: UTM mine surface elevation 382 m

Table 4: UG Exploration drill holes; azimuth, dip, drilled length, and collar location at surface (UTM NAD83)

Note: UTM mine surface elevation 382 m

Figure 1: Island Gold Mine Longitudinal

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Figure 2: Island Gold Mine Main and East Areas – Surface and Underground Directional Drilling Results

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