Alamos Gold (TSX: AGI; NYSE: AGI) has reported new results from underground and surface drilling at the Island Gold mine, part of its 552.8 sq. km. property situated 83 km northeast of Wawa in Northern Ontario.With an estimated mine life of 18 years, Island Gold is considered one of the highest-grade and lowest-cost gold mines Canada. Company officials estimated the proven and probable reserves to be 4.1 million tonnes grading at 10.12% g/t gold containing 1.3 million oz. of gold.Exploration drilling continues to extend high-grade gold mineralization across the Island Gold deposit, as well as within several hanging wall and footwall structures, the company said, adding that the extension occurred at the E1E and C-zones, the main structures hosting most of the currently defined mineral resources at Island Gold.“Our drilling program at Island Gold over the past year has been one of the most successful in the history of the asset in terms of the magnitude of high-grade intercepts across the lateral extent of the main deposit, and within the numerous newly defined hanging wall and footwall zones,” John McCluskey, CEO of Alamos Gold, commented.“With the main structure open laterally and down-plunge, and significant high-grade results being intersected within emerging and yet to be defined zones in proximity to the main structure, we see excellent potential for this pace of growth to continue,” he added.In 2024, Alamos invested C$19 million for exploration at Island Gold, up from C$14 million in 2023. The company’s goal was to define new mineral reserves and resources in proximity to existing production horizons and infrastructure.For the year, the company completed 50,416 metres of underground exploration drilling in 185 holes, relative to a goal of 41,000 metres. It also completed 9,849 metres of surface exploration drilling in 11 holes.The company expects a successful 2024 to drive another year of growth in mineral reserves and resources. The miner said it will release its year-end update in February.
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