High-Grade Gold Mineralization Extended At The Island Gold East

TORONTO - Alamos Gold Inc. reported new results from surface and underground exploration drilling at the Island Gold mine, further extending high-grade gold mineralization in the middle and lower portions of Island East. Island East Lower: high-grade gold mineralization significantly extended up to 300 meters (m) down-plunge from existing Inferred Mineral Resources in Island East (MH27-02). This confirms high-grade mineralization extends east of the most easterly diabase dyke in a previously untested area. This is the deepest hole drilled to date at Island Gold confirming high-grade gold mineralization extends well beyond Mineral Resources to a depth of more than 1,700 m. Wide, high-grade gold mineralization was also extended 50 m beyond the nearest Inferred Mineral Resource block and down-plunge from previously reported drill hole MH25-08 (71.21 g/t Au (39.24 g/t cut) over 21.33 m), the best hole drilled to date at Island Gold.

“Ongoing exploration success at Island Gold continues to demonstrate the significant potential for further growth in Mineral Reserves and Resources. This included intersecting high-grade mineralization 300 meters beyond existing Mineral Resources in the deepest hole drilled to date at Island Gold. These results are in proximity to the planned shaft and highlight the tremendous upside potential beyond what was outlined in the Phase III Expansion study,” said John A. McCluskey, President and Chief Executive Officer.

Drill holes MH25-10 (15.86 g/t Au (10.74 g/t cut) over 16.04 m) and MH25-11 (15.76 g/t Au (15.76 g/t cut) over 10.82 m) intersected wide, high-grade mineralization 50 m and 45 m beyond the nearest Inferred Mineral Resource block in Island East. These drill holes continue to extend gold mineralization down-plunge from drillhole MH25-08 (71.21 g/t Au (39.24 g/t cut) over 21.33 m), the best hole ever drilled at Island Gold, and drillhole MH25-04 (28.97 g/t Au (27.96 g/t cut) over 21.76 m) .

In addition, drill holes MH27-02 (11.90 g/t Au (11.90 g/t cut) over 4.60 m) and MH27-01 (9.07 g/t Au (9.07 g/t cut) over 2.12 m) intersected high-grade mineralization 300 m and 235 m from the nearest Inferred Mineral Resource block in Island East. Drillhole MH27-02 is the deepest hole drilled to date at Island Gold, intersecting high-grade mineralization at a depth of 1,717 m, well below existing Mineral Resources which extend to a depth of approximately 1,500 m. This also extended high-grade mineralization to within 200 m of the former Trillium Mining mineral tenure, reinforcing the strategic merit of acquiring Trillium and this property in December 2020.

Drill holes MH27-02 and MH27-01 targeted the main Island Gold zone to the east of a north-south trending diabase dyke which was emplaced along a pre-existing fault. The current geological interpretation, based on the initial holes, is that the zone appears to be displaced across the fault approximately 140 m to the north and closer to the planned shaft bottom. Additional drilling will be completed to confirm these intersections are within the same structure with the results to date highlighting the significant potential for further Mineral Reserve and Resource growth well below and down-plunge from existing Mineral Resources, and in closer proximity to planned infrastructure.

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 800 m and 1,000 m).

The Island Gold Deposit consists of a number of subparallel mineralized zones, with the majority of Mineral Reserves and Resources 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”).