Business
Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2022
TORONTO, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its updated Mineral Reserves and Reso
About this update from Alamos Gold Inc.
[{"type":"text","content":" TORONTO, Feb. 21, 2023 (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, 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, $1...