Alamos Gold drills 33.40 g/t gold over 25.95 metres at Puerto Del Aire, Mexico

TORONTO – Alamos Gold Inc. [AGI-TSX, NYSE] reported new results from ongoing surface exploration drilling at Puerto Del Aire (PDA), further extending high-grade gold mineralization outside of Mineral Reserves and Resources. PDA is a higher-grade underground deposit, adjacent to the 100%-owned main Mulatos pit, Sonora, Mexico, and is comprised of five zones including PDA1, PDA2, Gap, Victor and Estrella. All reported composite widths are estimated true width of the mineralized zones.

Puerto Del Aire: high-grade gold mineralization extended within 200 metre gap between Mineral Reserves and Resources at PDA1 and PDA2 as drilling continues to close the gap between the two zones. This includes the best hole drilled in the 2022 program and one of the best holes drilled to date at PDA (22MUL077).

New highlights include drill holes PDA1 and PDA2 that returned 33.40 g/t gold (11.48 g/t cut) over 25.95 metres (22MUL077); 67.58 g/t gold (32.11 g/t cut) over 3.25 metres (22MUL064); 18.33 g/t (15.83 g/t cut) gold over 6.20 metres (22MUL085); 75.50 g/t gold (40.00 g/t cut) over 1.50 metres (22MUL063); 36.50 g/t gold over 2.35 metres (22MUL086); 60.20 g/t gold (40.00 g/t cut) over 1.40 metres (22MUL065); 11.16 g/t gold over 6.75 metres (22MUL090); and 6.73 g/t gold over 9.00 metres (22MUL071).

Note: Drillhole composite gold grades reported as “cut” may include higher grade samples which have been cut to 40 g/t gold.

John A. McCluskey, President and CEO, commented: “We expect these results to drive a significant increase in Mineral Reserves at PDA in our year end update to be released later this month. With the deposit open in multiple directions, and an expanded exploration program planned at Mulatos in 2023, we expect this growth to continue. These results will be incorporated into an updated development plan to be released in the second half of 2023.

“Given PDA’s higher grades and proximity to the Mulatos pit, we see excellent potential for this to be another low-cost, high-return project further extending the mine life at Mulatos. Over the past 18 years, Mulatos has produced 2.5 million ounces of gold while maintaining a similar Reserve life today as it had in 2005. Given our ongoing exploration success at PDA, and the potential within the District, we expect this trend to continue.”

PDA is a higher-grade underground deposit located adjacent to the main Mulatos pit, and is comprised of five mineralized zones – PDA1, PDA2, Gap, Victor, and Estrella. In February 2022, Alamos announced an initial Mineral Reserve at PDA totalling 428,000 ounces (2.85 million tonnes grading 4.67 g/t gold) as part of the December 31, 2021 Mineral Reserve and Mineral Resource update. In addition to the Mineral Reserve, Measured and Indicated Mineral Resources totalled 124,000 ounces (0.77 Mt grading 5.05 g/t gold).

PDA1 and PDA2: Surface exploration drilling continues to extend high-grade mineralization beyond existing Mineral Reserves and Resources across multiple mineralized zones within PDA.

The exploration program at Mulatos is expected to ramp up significantly in 2023 with $17 million budgeted, more than double the 2022 budget. This includes $4 million budgeted at PDA with 16,000 metres of drilling focused on expanding higher-grade Mineral Reserves and Mineral Resources with the deposit open in multiple directions.

PDA is expected to be mined from underground and accessed from a ramp and development drifts off the main Mulatos pit. This will greatly reduce the development needed to access the deposit. The Company expects to expand and upgrade the existing mill at Mulatos to process the higher-grade ore from PDA.

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 strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 1,900 people and is committed to the highest standards of sustainable development.

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