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.
Congratulations to Rafaela Aranda Vega for receiving the 2023 Distinguished Geologist Award from the Assoc. of Mining Engineers, Metallurgists & Geologists of Mexico C.A., Sonora District. Learn more about Rafaela's award and her lifetime achievement here: https://t.co/rQHcp5nnfb
— Alamos Gold Inc. (@AlamosGoldInc) February 2, 2023
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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.
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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 is committed to ensuring that our contribution to #sustainability remains meaningful in a continuous effort to make the #gold mining industry a sustainable practice. #environment #environmental #USA #Nevada #Nicaragua #America #WeAreCalibreMining #sustainable pic.twitter.com/JAGvi3DzTG
— Calibre Mining Corp. (@CalibreMiningCo) February 1, 2023
Calibre’s stock value dropped by 4.35 per cent today to $1.10 on the TSX.
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