Alamos Gold Reports Additional High-Grade Intercepts Beyond Existing Mineral Resources Across Multiple Areas of Focus at Island Gold

Alamos Gold Reports Additional High-Grade Intercepts Beyond Existing Mineral Resources Across Multiple Areas of Focus at Island Gold

TORONTO, July 13, 2020 (GLOBE NEWSWIRE) — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported new results from surface and underground exploration drilling at the Island Gold Mine, further extending high-grade gold mineralization in all three areas of focus. All reported drill widths are true width of the mineralized zones, unless otherwise stated.Island East Lower: high-grade mineralization intersected in the 120 metre (“m”) gap between Mineral Resources in the middle and lower portion of Island East. All 28 holes drilled to date in this area have intersected the E1E Zone including 17 intersecting ore grade gold mineralization. This continues to confirm the vertical continuity of the E1E Zone over 1.2 kilometres (“km”), between a depth of 300 m and 1,500 m in the eastern part of the deposit. New highlights include:

  44.30 g/t Au (44.30 g/t cut) over 2.25 m (MH21-04); and
•  
29.05 g/t Au (26.67 g/t cut) over 4.86 m (620-MH2-01).

Island East Upper: high-grade mineralization intersected 200 m east of the nearest Mineral Reserves (620-616-07). New highlights include:

  18.72 g/t Au (16.44 g/t cut) over 3.64 m (620-616-07); and
•  
21.30 g/t Au (15.52 g/t cut) over 2.24 m (620-616-02).

Island Main: high-grade mineralization intersected 150 m east of existing Mineral Reserves at the 840-level (840-566-06) and 80 m east of existing Mineral Reserves at the 1000-level (840-570-02). New highlights include:

  52.10 g/t Au (22.54 g/t cut) over 10.31 m (840-566-01);
•  
21.01 g/t Au (21.01 g/t cut) over 4.26 m (840-566-06); and
•  
31.19 g/t Au (31.19 g/t cut) over 2.22 m (840-572-02).

Island West: high-grade gold mineralization extended 70 m from the nearest previously reported drillhole MH16-03 (152.07 g/t Au (35.74 g/t cut) over 5.01 m). New highlights include:

  25.41 g/t Au (23.07 g/t cut) over 5.58 m (MH22-04).

Note: Drillhole composite intervals reported as “cut” may include higher grade samples which have been cut to 225 g/t Au for Main and Extension 1 areas, and 160 g/t Au for Extension 2 Area.“Island Gold has seen exceptional growth over the last several years with the deposit doubling in size since we acquired it in 2017. This includes the addition of nearly one million ounces of Mineral Reserves and Resources through our 2019 exploration program to now total 3.7 million ounces. This growth has been incorporated into a Phase III Expansion Study of the operation which we will be releasing the details of later this week,” said John A. McCluskey, President and Chief Executive Officer.“These new high-grade results from the 2020 program demonstrate both the significant potential for further growth in Mineral Reserves and Resources and upside to a Phase III Expansion of the operation,” Mr. McCluskey added.2020 Exploration Drilling Program – Island Gold MineExploration activities at Island Gold remain focused on continuing to define new near mine Mineral Resources and building on the success of the 2019 drilling program. Exploration drilling programs at Island Gold were temporarily suspended on March 25, 2020 given the COVID-19 pandemic; however, began ramping back up in May. The underground diamond drilling program restarted in May with four undergound diamond drill rigs currently operating including two focused on underground directional drilling. The surface directional diamond drilling program resumed in early June with three drill rigs currently drilling.A total of 11,886 m of surface directional diamond drilling and 9,169 m of underground exploration diamond drilling has been completed as of June 30, 2020. New highlight intercepts can be found in Figures 1, 2, and 3 and Tables 1 and 2 at the end of this news release.Island East LowerSurface and underground directional drilling continue to extend gold mineralization with drill hole spacing ranging from 50 m to 100 m (Figure 2).New highlights from the surface drilling program include (E1E-Zone) (Table 1):29.05 g/t Au (26.67 g/t cut) over 4.86 m (620-MH2-01);44.30 g/t Au (44.30 g/t cut) over 2.25 m (MH21-04); and10.98 g/t Au (10.98 g/t cut) over 2.09 m (MH23-01).Gold mineralization continues to be intersected within the 120 m gap between the Inferred Mineral Resource blocks in the middle and lower portion of Island East. This includes new drillholes MH21-04 44.30 g/t Au (44.30 g/t cut) over 2.25 m and 620-MH2-01 29.05 g/t Au (26.67 g/t cut) over 4.86 m. All 28 holes drilled to date in this area have intersected the E1E Zone including 17 intersecting ore grade gold mineralization. This continues to confirm the E1E Zone extends vertically over 1.2 km, between a depth of 300 m and 1,500 m in the eastern part of the deposit.Island East UpperUnderground exploration drilling is being conducted from the 620 level exploration drift. Drilling is testing an area to the east of the Mineral Reserve and Resource blocks in the Eastern Area, between 300 m and 1,100 m vertical depths, and above Inferred Mineral Resources in the lower portion of Island East. New highlights from the underground exploraton drilling program in the E1E Zone include (Figure 3, Table 2):18.72 g/t Au (16.44 g/t cut) over 3.64 m (620-616-07);8.41 g/t Au (8.41 g/t cut) over 6.30 m (620-610-26);21.30 g/t Au (15.52 g/t cut) over 2.24 m (620-616-02); and8.15 g/t Au (8.15 g/t cut) over 3.83 m (620-616-04).New drillholes 620-616-07 (18.72 g/t Au (16.44 g/t cut) over 3.64 m) intersected high-grade mineralization within the E1E zone 200 m east of the nearest Mineral Reserves of Island East.Two surface directional drill rigs and one underground directional diamond drill rig remain active in Island East, focused on further extending high-grade mineralization and defining additional Mineral Resources, including within the gap area between Inferred Resources.Island MainUnderground exploration drilling is being conducted from the 840 level exploration drift. Drilling is testing an area to the east of the Mineral Reserve and Mineral Resource blocks in the extension of the Main Zone, between 700 m and 1,100 m vertical depths, and above Inferred Mineral Resources of the Main Area. New highlights from the underground exploraton drilling program in the E1E Zone include (Figure 3, Table 2):52.10 g/t Au (22.54 g/t cut) over 10.31 m (840-566-01);21.01 g/t Au (21.01 g/t cut) over 4.26 m (840-566-06); 31.19 g/t Au (31.19 g/t cut) over 2.22 m (840-572-02); and13.53 g/t Au (13.53 g/t cut) over 2.36 m (840-566-02).Island WestSurface directional drilling in Island West intersected and extended high-grade gold mineralization (drillhole MH22-04) 70 m from the nearest previously reported drillhole MH16-03 (152.07 g/t Au (35.74g/t cut) over 5.01 m).New highlights from the surface drilling program include (C-Zone) (Table 1):25.41 g/t Au (23.07 g/t cut) over 5.58 m (MH22-04).One surface directional drill rig remains active in this area focused on defining new near mine Mineral Resources.Other ZonesThe Island Gold Deposit consists of a number of subparallel mineralized zones, with the majority of Mineral Reserves and Resources being defined in the C Zone and E1E Zone which constitute the main production horizons at the Island Gold mine. Highlights of new intersections from underground and surface exploration drilling of parallel zones and zones in which the lateral continuity is not yet established (“Unknown Zone”) include (reported composite intervals are core lengths) (Table 1 and 2):40.34 g/t Au (40.34 g/t cut) over 2.75 m (620-MH2-01); and3.90 g/t Au (3.90 g/t cut) over 8.60 m (620-610-26).Qualified PersonsChris 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 (“NI 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 ControlAssays for the surface exploration drilling program were completed at LabExpert in Rouyn-Noranda, Quebec. The Corporation inserts at regular intervals quality control (QC) samples (blanks and reference materials) to monitor laboratory performance. Cross check assays are done on a regular basis in a second accredited laboratory. The Quality Assurance / Quality Control procedures are more completely described in the Technical Report filed on SEDAR by Richmont Mines, July 13, 2017.About AlamosAlamos 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:
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