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Thursday, Feb 22, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Alamos Gold drills one of its best holes near Mexico’s Mulatos mine

The company intersected 33.4 g/t Au over 26 m in the Puerto Del Aire underground deposit

Alamos Gold drills one of its best holes at Mexico's Mulatos Mine
Gold refinery at Mulatos Mine, Sonora, Mexico. Photo via Alamos Gold

Alamos Gold Inc. (TSX: AGI) (NYSE: AGI) has intersected a substantial length of high-grade gold mineralization in an underground deposit adjacent to its open-pit mine in Mexico.

On Thursday, the company announced that it had drilled one of its best holes to date at the Puerto Del Aire (PDA) deposit. The hole yielded 33.4 g/t gold over 26 metres.

The underground deposit is located next to the Mulatos mine in the Mexican state of Sonora.

Alamos Gold is also celebrating one of its geologists receiving a prestigious award from the Association of Mining Engineers, Metallurgists & Geologists of Mexico today for her contributions to geology in the country throughout her 35-year career.

Read more: Calibre Mining finds robust drill results from Golden Eagle project

Read more: Calibre Mining offers a ‘very attractive’ value-risk proposition: Haywood Securities

The Mulatos mine has produced approximately 2.5 million ounces of gold over the past 18 years. Mineral resource estimates for the PDA deposit have indicated that it holds approximately 428,000 ounces.

“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,” said John A. McCluskey, CEO of Alamos.

“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.”

Alamos expects to significantly accelerate its exploration program at the Mulatos mine this year and has budgeted $17 million, more than twice as much as the budget for 2022.

According to the World Gold Council, Mexico placed eighth on the list of the world’s top gold producers in 2021 and generated about 124.5 tonnes of the commodity that year.

Read more: Calibre Mining Pan Mine assays show strong potential for Coyote mine target

Read more: Calibre Mining 2022 operating results show year round gold production of 222K ounces

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is another Canadian gold producer with successful ongoing operations in Latin America.

In December, Calibre intersected 17.8 g/t Au over 7.9 metres at its Limon Mine Complex in Nicaragua. The company also released a short documentary showcasing its environmental initiatives in the country at the end of last year.

Calibre’s stock value dropped by 4.35 per cent today to $1.10 on the TSX.

 

Calibre Mining is a sponsor of Mugglehead news coverage 

 

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