Best Hole Drilled To Date At Island Gold

TORONTO - Alamos Gold Inc. reported high-grade gold mineralization in Island East and West. All reported drill widths are true width of the mineralized zones. Island East: high-grade gold mineralization extended 20 meters (“m”) east from the nearest Inferred Mineral Resource block, over significantly greater widths. This included the best hole drilled to date, 45 m down-plunge from the previous best surface directional hole MH25-04 (28.97 g/t Au (27.96 g/t cut) over 21.76 m). MH25-08 and the previously reported MH25-04 have true widths approximately four times greater than the average width of the large high-grade Inferred Resource block up-plunge, demonstrating the zone has widened in this area. New highlights include: 71.21 g/t Au (39.24 g/t cut) over 21.33 m (MH25-08); and 34.87 g/t Au (34.87 g/t cut) over 5.98 m (MH25-07). Island West: underground directional drilling extended high-grade gold mineralization 50 m below the nearest Inferred Mineral Resource block and partially closed the 185 m gap between two high-grade Inferred Mineral Resource blocks. New highlights include: 31.58 g/t Au (28.74 g/t cut) over 2.43 m (740-471-41).

“Over the past year, ongoing exploration success has driven another one million ounce increase in Mineral Reserves and Resources at Island Gold and returned the two best intersections to date. We expect these new results to drive further Mineral Resource growth in one of the highest grade portions of the ore body. This already large Mineral Resource block in Island East is in proximity to the planned shaft and remains open laterally and down-plunge demonstrating further significant upside to the Phase III Expansion,” said John A. McCluskey, President and Chief Executive Officer.

A total of $25 million is budgeted in 2021 for surface and underground exploration at Island Gold, up from $13 million spent in 2020. The focus remains on continuing to define new near mine Mineral Resources across the two-kilometer long Island Gold Main Zone, as well as advancing and evaluating several regional targets. The 2021 exploration budget includes 27,500 m of surface directional drilling, 24,000 m of underground directional drilling, 28,000 m of underground exploration drilling, and 900 m of underground exploration development to extend drill platforms on the 620, 790, and 840-levels. A 25,000 m regional exploration drill program is also planned in 2021, significantly larger than in previous years.

A total of 6,683 m of surface directional diamond drilling, 3,233 m of underground directional drilling and 8,948 m of standard underground exploration diamond drilling has been completed as of May 31, 2021. Assays remain pending on a significant portion of this drilling; however, the turnaround time from assay laboratories has improved over the past several weeks.

Surface directional drilling continues to extend high-grade gold mineralization beyond Mineral Resource blocks in the lower portions of Island East with drill hole spacing ranging from 50 m to 100 m. New highlights from the drilling program include (E1E-Zone): 71.21 g/t Au (39.24 g/t cut) over 21.33 m (MH25-08); and 34.87 g/t Au (34.87 g/t cut) over 5.98 m (MH25-07). Drillhole MH25-08 (71.21 g/t Au (39.24 g/t cut) over 21.33 m) intersected significantly wider, high-grade mineralization 45 m and 80 m from previously reported drillholes MH25-04 (28.97 g/t Au (27.96 g/t cut) over 21.76 m) and MH25-05 (54.18 g/t Au (33.12 g/t cut) over 6.54 m), respectively. In addition, drillhole MH25-08 extended high-grade mineralization 20 m east of the existing Inferred Mineral Resource block which contained 1,309,700 ounces, grading 18.26 g/t Au (2.23 million tonnes) as of December 31, 2020. Using the cut weighted gold grade for metal factor calculation, drillhole MH25-08 (71.21 g/t Au (39.24 g/t cut) over 21.33 m) is the best hole drilled to date at Island Gold in terms of gold content for a drill hole intersect. Drillhole MH25-07 (34.87 g/t Au (34.87 g/t cut) over 5.98 m) also further extended high-grade mineralization at Island East, intersecting high-grade mineralization 60 m above MH25-04, and 40 m from the nearest Inferred Mineral Resource block.

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 850 m and 1,100 m). New highlights include (E1E-Zone): 8.88 g/t Au (8.88 g/t cut) over 8.45 m (840-584-03); and 16.75 g/t Au (16.75 g/t cut) over 2.64 m (840-590-10).

Underground directional drilling extended high-grade mineralization 50 m beyond existing Mineral Resources and partially closed the 185 m gap between Inferred Mineral Resource blocks in Island West which contained 454,300 ounces, grading 15.83 g/t Au (0.9 million tonnes) as of December 31, 2020. New highlights include: 31.58 g/t Au (28.74 g/t cut) over 2.43 m (740-471-41).