Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today reported new
results from its ongoing exploration program on the Lynn Lake
project in Manitoba, Canada. The results are being released in
advance of an updated Feasibility Study on the Lynn Lake project
(“2023 Study”) to be issued later this week, which will incorporate
the Gordon and MacLellan gold deposits. Several regional
exploration targets and drilling completed at Gordon over the past
year and a half have not been incorporated into the 2023 Study
highlighting the significant exploration upside potential.
-
Gordon Gold Deposit: gold mineralization extended outside
of Mineral Reserves and Resources in the northeastern extent of the
planned Gordon pit, in an area modeled as waste in the 2023
Study. New highlights include (Figure 2):
-
11.19 g/t Au over 10.40 metres (“m”) (5.87 m true width)
(22GDX082);
-
2.51 g/t Au over 25.10 m (17.30 m true width) (22GDX081);
and
-
2.86 g/t Au over 10.59 m (7.74 m true width), and 4.72 g/t
Au over 5.35 m (3.55 m true width) (22GDX080).
-
Maynard Regional Target: significant gold mineralization
extended over a 700 m strike length and to a depth of 280 m.
Maynard is located in proximity to the Burnt Timber and Linkwood
deposits and one kilometre (“km”) from an all-season road,
representing a high-priority target as a potential satellite
deposit within trucking distance of the MacLellan mill. To
date, all 16 holes drilled within the Maynard target have
intersected gold mineralization. New highlights include1 (Figure
4):
-
5.87 g/t Au over 11.88 m, including 13.81 g/t Au over 2.80
m, and 20.29 g/t Au over 1.22 m (23LLX066);
-
1.01 g/t Au over 56.90 m, including 6.09 g/t Au over 2.50 m
(22LLX031);
-
2.63 g/t Au over 13.00 m, including 39.70 g/t Au over 0.73
m, and 0.80 g/t Au over 16.00 m, and 0.58 g/t Au over 23.15 m
(22LLX027);
-
0.68 g/t Au over 40.13 m (22LLX028); and
-
1.09 g/t Au over 23.75 m, including 4.72 g/t over 4.01 m
(22LLX030).
-
Tulune Regional Target: additional drilling has extended
broad zones of near surface gold mineralization over a 1.5 km
strike length, including a 350 m step out hole to the east. Tulune
is a greenfields discovery made in 2020, and is located between the
Gordon and MacLellan deposits. All 29 holes drilled within
the felsic intrusive at the Tulune target to date have intersected
gold mineralization. New highlights include1 (Figure 5):
-
1.12 g/t Au over 23.00 m (22LLX059);
-
1.08 g/t Au over 16.10 m, including 34.30 g/t Au over 0.30
m (22LLX054); and
-
0.75 g/t Au over 21.90 m (22LLX060).
-
Burnt Timber and Linkwood Gold Deposits: an updated
deposit-scale geological model has been completed for both
deposits, demonstrating excellent potential for a smaller,
higher-grade Mineral Resource that could provide additional ore to
the MacLellan mill. The deposits contained Inferred Mineral
Resources totaling 1.6 million ounces grading 1.1 g/t Au (44.4
million tonnes “mt”) as of December 31, 2022. The Burnt
Timber and Linkwood deposits are connected by an existing
all-season road to the planned MacLellan site and mill,
representing further upside potential to the upcoming 2023 Study
(Figure 3).
1Gold grades reported as uncut, composite
intervals reported as core length, true width is unknown at this
time.
“The Lynn Lake greenstone belt is a large,
underexplored district with potential we are only starting to
realize. Through our Gordon and MacLellan deposits we have
increased Mineral Reserves to more than two million ounces. With
another two million ounces of Mineral Resources across multiple
deposits, and significant gold mineralization being intersected
across a number of promising regional targets including Maynard and
Tulune, we see excellent potential to continue adding Mineral
Reserves to the Lynn Lake project. We expect the 2023 Study will
confirm Lynn Lake as an attractive, long-life, low-cost project in
Canada, and as we are demonstrating through ongoing near-mine and
regional exploration success, a project with significant
exploration upside,” said John A. McCluskey, President and Chief
Executive Officer.
New highlight drill hole intercepts can be found
in Table 1 and in Figures 2 to 5 at the end of this news release.
Drill hole collar location, dip, and azimuth details are presented
in Table 2.
Lynn Lake Project
The Lynn Lake gold project (“LLGP”) encompasses
most of the east-trending, 125 km long, Paleoproterozoic Lynn Lake
greenstone belt (“LLGB”) in northwestern Manitoba (Figure 1) with a
total of 58,000 hectares of mineral tenure.
A positive Feasibility Study on the LLGP was
completed in December 2017 based on Mineral Reserves within the
MacLellan and Gordon deposits. The Feasibility Study outlined
average annual production of 143,000 ounces over a 10-year mine
life at average mine-site all-in sustaining costs of $745 per
ounce. The 2023 Study is expected to demonstrate a longer mine life
and higher rate of annual production over its initial 10 years with
a similar low-cost profile.
Exploration drilling completed at Gordon since
April 2022 has not been factored into the 2023 Study. This
represents potential upside, along with several regional targets in
the pipeline, including the Burnt Timber and Linkwood deposits
which contain 1.6 million ounces of Inferred Mineral Resources
(44.4 mt at 1.1 g/t Au) in proximity to the planned MacLellan
mill.
In March 2023, the Company achieved a
significant permitting milestone for the Lynn Lake project with a
positive Decision Statement issued by the Ministry of Environment
and Climate Change Canada based on the completed Federal
Environmental Impact Statement, and Environment Act Licenses issued
by the Province of Manitoba. The 2022 and 2023 exploration programs
have focused on the Gordon, Burnt Timber, and Linkwood deposits, as
well as several advanced stage greenfield targets including the
Maynard and Tulune targets. Drilling successfully intersected
significant gold mineralization at both brownfield sites, as well
as at Maynard and Tulune (Figure 1).
A total of 18,233 m of drilling was completed in
Lynn Lake in 2022. Through the first half of 2023, 7,979 m of
drilling has been completed with exploration expenditures totalling
$4.6 million.
Gordon
Deposit
The Gordon gold deposit is located 37 km
east-northeast of the town of Lynn Lake and accessed by an
all-weather gravel road that extends 14 km north from Highway 391
(Figure 1). Gold mineralization at Gordon is predominantly hosted
in banded magnetite iron formation (“BIF”) in
quartz-pyrrhotite-pyrite veins and in halos of sulphide replacement
adjacent to the veins. There are two dominant vein sets: one that
is parallel to a subvertical east-striking foliation and a second
that dips moderately southwest at a high angle to the foliation.
The BIF occurs north and south of an argillite-wacke unit situated
in the core of an upright west-plunging non-cylindrical isoclinal
fold. The BIF is separated from a diorite stock to the south by an
interval of dacite, greywacke, and iron formation up to 100 m wide.
BIF is the primary host of gold mineralization, although gold
occurs in all lithologies.
The 2022 and 2023 Gordon drilling program,
consisted of 11 holes totaling 1,823 m, with the objective of
further extending gold mineralization within and proximal to the
2023 Study Mineral Reserve pit (Figure 2).
Drilling was successful in intersecting
significant gold mineralization within the far eastern portion of
the 2023 Study Mineral Reserve Pit in an area currently modeled as
waste. This has the potential to both increase the Mineral Reserve
and reduce the strip ratio, representing upside to the 2023 Study.
Highlights include:
- 11.19 g/t Au
over 10.40 m (5.87 m true width) (22GDX082);
- 2.51 g/t Au
over 25.10 m (17.30 m true width) (22GDX081); and
- 2.86 g/t Au
over 10.59 m (7.74 m true width), and 4.72 g/t Au over 5.35 m (3.55
m true width) (22GDX080).
The Gordon geological model is currently being
updated with the new drill results. Pending interpretation and
targeting, further follow up drilling may be warranted with the
objective of continuing to evaluate opportunities to add to near
surface gold mineralization.
Burnt Timber and Linkwood
Deposit
Burnt Timber is accessible by an all-season gravel road from
Highway 397, 14 km south of the Town of Lynn Lake, and 28 km from
the proposed MacLellan mill. The Burnt Timber and Linkwood Mineral
Resources were not included in the 2023 Study and represent a
source of potential future upside.
Updated deposit-scale geological models have now been completed
for the Burnt Timber and Linkwood deposits, demonstrating excellent
potential for a smaller, higher-grade Mineral Resource that could
provide additional ore to the MacLellan mill. The updated models
will also form the basis for infill and expansion drilling at both
Burnt Timber and Linkwood in 2024.
In 2022, six holes totalling 1,516 m were
completed at the Burnt Timber gold deposit in (Figure 3).
Highlights include:
- 2.48
g/t Au over 5.91 m (5.35 m true width) (22BTX050);
- 0.89
g/t Au over 13.52 m (12.35 m true width) (22BTX053);
and
- 1.22
g/t Au over 8.72 m (7.99 m true width) (22BTX054).
In addition to evaluating opportunities to
expand Mineral Resources at Burnt Timber and Linkwood, the
potential for a smaller, higher-grade Mineral Resource is also
being evaluated as potential upside to the 2023 Study.
Maynard Target
The Maynard target area (Figure 4) is situated
in the southern Lynn Lake greenstone belt and is favourably located
1 km southwest of an all-season gravel road from Highway 397 with
existing drill trail access. The Maynard target is also located 8
km northwest of the Burnt Timber deposit, 5 km northwest of the
Linkwood deposit, and 20 km by road from the proposed MacLellan
mill.
Gold mineralization at the Maynard zone was
discovered in 1999 through diamond drilling completed by Black Hawk
Mining. Prior to the 2022 program, no drilling had been completed
at Maynard since 2015. Alamos has completed relogging of available
historic drill cores, as well as mapping, prospecting, soil
sampling, and till sampling throughout the greater Maynard area
over the past several years.
In 2022, six drill holes were completed,
totaling 2,253 m across a 400 m west-northwest strike. The 2022
drilling focused on undercutting and stepping out from historic
drill hole intersections with a focus on drilling off the most
prospective areas of a chargeability high delineated from an IP
survey completed in 2015.
In 2023, seven additional drill holes were
completed totaling 2,832 m. The objective of this program was to
further extend the known mineralization strike-length up to 1000 m,
further undercut mineralization to depth, as well as test for
higher-grade potential using observations and interpretations to
date.
The Maynard target is situated on the northern
extent of the Elb Lake pluton and is hosted within a folded and
sheared mafic volcanic rock. Gold mineralization has also been
intersected within the Elb Lake pluton in drillholes 22LLX028 (0.68
g/t Au over 40.13 m) and 23LLX069 (0.51 g/t Au over 10.35 m, and
0.87 g/t Au over 5.25 m). The Elb Lake pluton has been
underexplored historically and will be part of the focus of future
work.
Drilling interpretations and additional field
work is currently underway. Results from this work will aid in
follow-up drilling planned for 2024. New highlights include1:
- 5.87 g/t Au
over 11.88 m, including 13.81 g/t Au over 2.80 m and 20.29 g/t Au
over 1.22 m (23LLX066);
- 1.01 g/t Au
over 56.90 m including 6.09 g/t Au over 2.50 m
(22LLX031);
- 2.63 g/t Au
over 13.00 m, including 39.70 g/t Au over 0.73 m, and 0.80 g/t Au
over 16.00 m, and 0.58 g/t Au over 23.15 m
(22LLX027);
- 0.68 g/t Au
over 40.13 m (22LLX028);
- 1.09 g/t Au
over 23.75 m including 4.72 g/t over 4.01 m
(22LLX030);
- 0.88 g/t Au
over 18.50 m including 19.85 g/t over 0.52 m (23LLX065);
and
- 0.59 g/t Au
over 18.17 m (22LLX029).
1Gold grades reported as uncut, composite
intervals reported as core length, true width is unknown at this
time.
Tulune Target Area
The Tulune target area is located in the
northern portion of the Lynn Lake greenstone belt, 23 km east of
the MacLellan Deposit, and 11 km west of the Gordon Deposit (Figure
1), at a flexure in the regional crustal-scale Agassiz Shear Zone
that is interpreted to extend the length of the north belt.
Gold mineralization was initially identified in
the Tulune area during a prospecting program conducted in 2015. The
prospecting program resulted in the discovery of frost-heaved
altered granodiorite boulders which returned gold values up to 361
g/t Au (associated with visible gold in a quartz vein).
Alamos completed additional prospecting,
mapping, soil sampling, and reprocessing of historic induced
polarization (IP) survey data in the area which resulted in 978 m
of drilling completed in five holes in 2020 (Figure 5). Initial
drilling tested two east-southeast striking granodiorite intrusions
and adjacent mafic and sheared ultramafic volcanic rocks. The most
significant result was from drillhole 20LLX010 that
intersected 1.22 g/t Au over 47.25 m from the top of the
hole in the northern granodiorite.
In 2021, 12-drill holes were completed totaling
4,985 m following up on drillhole 20LLX010 (see Press Release
”Alamos Gold Provides Exploration Update for the Lynn Lake Project,
Manitoba, Including a New Greenfields Discovery” from 16 December
2021). In 2022 and 2023, an additional 20 holes were completed,
totalling 6,581 m.
Assay results are pending from the 2023 drill
program at Tulune, however, all 29 holes drilled within the granite
and granodiorite prior to 2023 have intersected gold
mineralization.
Gold mineralization is associated with fracture
controlled pyrite within a biotite and hematite altered
granite/granodiorite, in proximity to sheared contacts with the
supracrustal rocks which have been the focus of drilling to date.
The most significant result from the 2022 program is from drill
hole 22LLX059, which was a 400 m step-out to the southeast within
the granite/granodiorite from the focus area of the previous
drilling. Drillhole 22LLX059 intersected 1.12 g/t over
23.00 m. In 2023, 1,416 m in five holes were completed
with the objective of following up in this area. Results from the
2023 program are pending.
Highlights from the 2022 drilling program at
Tulune include1 (Figure 5):
-
1.12 g/t Au over 23.00 m (22LLX059);
-
1.08 g/t Au over 16.10 m, including 34.30 g/t Au over 0.30
m, and 0.71 g/t Au over 15.30 m (22LLX054); and
-
0.75 g/t Au over 21.90 m (22LLX060).
1Gold grades reported as uncut, composite
intervals reported as core length, true width is unknown at this
time.
Updated interpretations and additional targeting
will be completed at Tulune once the results have been received
from the 2023 program. Drill results to date have demonstrated a
significant gold system, with gold mineralization intersected in
every drill hole over a 1.5 kilometre strike within the felsic
intrusive. The focus for future targeting will be continuing to
define and test a variety of structural and lithological settings
with the objective of defining higher-grade mineralization within
this newly discovered gold system.
Regional Exploration
Maynard and Tulune are part of a significant
highly prospective pipeline of early-stage conceptual targets to
drill-ready targets that will continue to be evaluated as part of
Alamos’ exploration programs at the Lynn Lake gold project.
In addition to the drill programs completed at
Maynard and Tulune, drilling was also completed in 2022 and 2023 at
several additional regional targets including McBride (six holes,
1,014m), Wedge (two holes, 870m), and Arbour (seven holes, 1,598
m).
Highlights from these limited drill programs
include1:
McBride:
-
1.20 g/t Au over 14.70 m (22LLX036).
Wedge:
-
1.62 g/t Au over 6.90 m (23BTX058).
Arbour:
-
0.90 g/t Au over 16.18 m (22LLX040).
1Gold grades reported as uncut, composite
intervals reported as core length, true width is unknown at this
time.
Much of the prospective LLGB is
overburden-covered. Work to advance regional exploration targets
includes mapping, prospecting, and stripping and/or trenching to
evaluate historic prospects identified through compilation. Alamos
is generating and testing highly prospective targets under cover
across the LLGB by interpreting airborne magnetic, gravity,
electromagnetic, and LiDAR data acquired across the entire project;
reprocessing and interpretation of induced polarization surveys;
and systematic till and B-horizon soil sampling.
Qualified Persons
Scott R.G. Parsons, P.Geo., FAusIMM, Alamos
Gold’s Vice President, Exploration, has reviewed and approved the
scientific and technical information contained in this news
release. Scott R.G. Parsons is a “Qualified Person” as defined by
Canadian Securities Administrators’ National Instrument 43-101 -
Standards of Disclosure for Mineral Projects.
Exploration programs at the Lynn Lake Project
are directed and supervised by Dean Crick, P.Geo., Alamos Gold’s
Exploration Manager, Canada. Dean Crick is a “Qualified Person” as
defined by Canadian Securities Administrators’ National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
Quality Control
Alamos Gold maintains an internal QA/QC program
at the Lynn Lake project to ensure sampling and analysis of all
exploration work is conducted in accordance with best
practices.
Drill core is logged and sampled at the core
logging facility, located in the Town of Lynn Lake, under the
supervision of a Qualified Geologist. A geologist marks the
individual sample intervals for analysis, assigns sample numbers,
as well as standards and blanks that are entered into the database.
The core is cut in half using an electric core saw equipped with a
diamond tipped blade. Individual samples are zip tied in a plastic
sample bag, and samples are placed in rice bags. Core samples
are transported by Gardewine Transport to ALS in Thunder Bay or
Winnipeg for preparation, followed by analysis in Vancouver. The
other half of the core is returned to the core box and retained for
future reference.
Gold is analyzed by a 50 grams fire assay with
an Atomic Absorption (AA) finish. Samples greater than 5 g/t Au are
re-analyzed using gravimetric finish methods. ALS is a certified
laboratory and has internal quality control (“QC”) programs that
include insertion of laboratory blanks, reference materials, and
pulp duplicates.
The Corporation inserts QC samples (blanks and
reference materials) at regular intervals to monitor laboratory
performance. Cross check assays are completed on a regular basis in
a secondary accredited laboratory.
About Alamos
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. The Company’s shares are traded on the TSX
and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. ParsonsSenior Vice
President, Investor Relations(416) 368-9932 x 5439
All amounts are in United States dollars, unless
otherwise stated.
The TSX and NYSE have not reviewed and do not
accept responsibility for the adequacy or accuracy of this
release.
Cautionary Note
This news release includes certain statements
that constitute forward-looking information within the meaning of
applicable Canadian and U.S. securities laws ("forward-looking
statements"). All statements in this news release, other than
statements of historical fact, which address events, results,
outcomes or developments that Alamos expects to occur are
forward-looking statements. Forward-looking statements are
generally, but not always, identified by the use of forward-looking
terminology such as “future”, “target”, “planned”, “objective”,
“continue”, “focus”, "estimate", “expect”, “promising”,
“prospective” or “potential” or variations of such words and
phrases and similar expressions or statements that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved or the negative connotation of such
terms. In particular, this news release contains forward-looking
statements including, without limitation, with respect to the
Company’s expectations regarding: the exploration program on the
Lynn Lake Gold Project in Manitoba, Canada (the “LLGP”); regional
exploration targets representing significant upside potential; the
planned release of an updated Feasibility Study for the LLGP and
the expectation that it will confirm Lynn Lake as an attractive,
long-life, low-cost project; development of the LLGP, including the
planned MacLellan site and mill; drilling results and targets; cost
profiles for LLGP; potential annual production rates at LLGP;
Mineral Reserves and Resources; Inferred Mineral Resources; gold
grades; mineralization; mine life; and other statements or
information that express forecasts and projections of future
operational, geological or financial results, estimates of amounts
not yet determinable and assumptions of management.
Exploration results that include geophysics,
sampling, and drill results on wide spacings may not be indicative
of the occurrence of a mineral deposit. Such results do not provide
assurance that further work will establish sufficient grade,
continuity, metallurgical characteristics and economic potential to
be classed as a category of Mineral Resource. A Mineral Resource
that is classified as "Inferred" or "Indicated" has a great amount
of uncertainty as to its existence and economic and legal
feasibility. It cannot be assumed that any or part of an "Indicated
Mineral Resource" or "Inferred Mineral Resource" will ever be
upgraded to a higher category of Mineral Resource. Investors are
cautioned not to assume that all or any part of mineral deposits in
these categories will ever be converted into Proven and Probable
Mineral Reserves.
Forward-looking statements are necessarily based
upon a number of factors and assumptions that, while considered
reasonable by management at the time of making such statements, are
inherently subject to significant business, economic, technical,
legal, political and competitive uncertainties and contingencies.
Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements,
and undue reliance should not be placed on such statements and
information.
Such factors include (without limitation): the
actual results of current and future exploration activities;
changes to current estimates of mineral reserves and mineral
resources; conclusions of economic and geological evaluations;
changes in project parameters as plans continue to be refined; the
speculative nature of mineral exploration and development; risks in
obtaining and maintaining necessary licenses, permits and
authorizations for the Company’s development stage and operating
assets; operations may be exposed to new diseases, epidemics and
pandemics, including any ongoing or future effects of COVID-19 (and
any related ongoing or future regulatory or government responses)
and its impact on the broader market and the trading price of the
Company's shares; provincial and federal orders or mandates
(including with respect to mining operations generally or auxiliary
businesses or services required for operations) in Canada, Mexico,
the United States and Türkiye, all of which may affect many aspects
of the Company's operations including the ability to transport
personnel to and from site, contractor and supply availability and
the ability to sell or deliver gold doré bars; changes in national
and local government legislation, controls or regulations; failure
to comply with environmental and health and safety laws and
regulations; labour and contractor availability (and being able to
secure the same on favourable terms); disruptions in the
maintenance or provision of required infrastructure and information
technology systems; fluctuations in the price of gold or certain
other commodities such as, diesel fuel, natural gas, and
electricity; operating or technical difficulties in connection with
mining or development activities, including geotechnical challenges
and changes to production estimates (which assume accuracy of
projected ore grade, mining rates, recovery timing and recovery
rate estimates and may be impacted by unscheduled maintenance);
changes in foreign exchange rates (particularly the Canadian
dollar, U.S. dollar, Mexican peso and Turkish Lira); the impact of
inflation; employee and community relations; the impact of
litigation and administrative proceedings (including but not
limited to the application for judicial review of the positive
Decision Statement issued by the Ministry of Environment and
Climate Change Canada commenced by the Mathias Colomb Cree Nation
(MCCN) in respect of the LLGP and the MCCN’s corresponding internal
appeal of the Environment Act Licences issued by the Province of
Manitoba for the project) and any interim or final court, arbitral
and/or administrative decisions; disruptions affecting operations;
availability of and increased costs associated with mining inputs
and labour; delays in completing an updated Feasibility Study,
construction decisions and any development of the LLGP; inherent
risks and hazards associated with mining and mineral processing
including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures and cave-ins; the risk that the
Company’s mines may not perform as planned; uncertainty with the
Company's ability to secure additional capital to execute its
business plans; contests over title to properties; expropriation or
nationalization of property; political or economic developments in
Canada, Mexico, the United States, Türkiye and other jurisdictions
in which the Company may carry on business in the future; increased
costs and risks related to the potential impact of climate change;
the costs and timing of exploration, construction and development
of new deposits; risk of loss due to sabotage, protests and other
civil disturbances; the impact of global liquidity and credit
availability and the values of assets and liabilities based on
projected future cash flows; risks arising from holding derivative
instruments; and business opportunities that may be pursued by the
Company.
For a more detailed discussion of such risks and
other factors that may affect the Company's ability to achieve the
expectations set forth in the forward-looking statements contained
in this news release, see the Company’s latest 40-F/Annual
Information Form and Management’s Discussion and Analysis, each
under the heading “Risk Factors” available on the SEDAR website at
www.sedar.com or on EDGAR at www.sec.gov. The foregoing should be
reviewed in conjunction with the information found in this news
release.
The Company disclaims any intention or
obligation to update or revise any forward-looking statement,
whether written or oral, or whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Cautionary Note to U.S. Investors –
Mineral Reserve and Resource Estimates
All resource and reserve estimates included in
this news release have been prepared in accordance with Canadian
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (“NI 43-101”) and the Canadian Institute of Mining,
Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council,
as amended (the “CIM Standards”). NI 43-101 is a rule developed by
the Canadian Securities Administrators, which established standards
for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. Mining
disclosure in the United States was previously required to comply
with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United
States Securities Exchange Act of 1934, as amended. The U.S.
Securities and Exchange Commission (the “SEC”) has adopted final
rules, to replace SEC Industry Guide 7 with new mining disclosure
rules under sub-part 1300 of Regulation S-K of the U.S. Securities
Act (“Regulation S-K 1300”) which became mandatory for U.S.
reporting companies beginning with the first fiscal year commencing
on or after January 1, 2021. Under Regulation S-K 1300, the SEC now
recognizes estimates of “Measured Mineral Resources”, “Indicated
Mineral Resources” and “Inferred Mineral Resources”. In addition,
the SEC has amended its definitions of “Proven Mineral Reserves”
and “Probable Mineral Reserves” to be substantially similar to
international standards.
Investors are cautioned that while the above
terms are “substantially similar” to CIM Definitions, there are
differences in the definitions under Regulation S-K 1300 and the
CIM Standards. Accordingly, there is no assurance any mineral
reserves or mineral resources that the Company may report as
“proven mineral reserves”, “probable mineral reserves”, “measured
mineral resources”, “indicated mineral resources” and “inferred
mineral resources” under NI 43-101 would be the same had the
Company prepared the mineral reserve or mineral resource estimates
under the standards adopted under Regulation S-K 1300. U.S.
investors are also cautioned that while the SEC recognizes
“measured mineral resources”, “indicated mineral resources” and
“inferred mineral resources” under Regulation S-K 1300, investors
should not assume that any part or all of the mineralization in
these categories will ever be converted into a higher category of
mineral resources or into mineral reserves. Mineralization
described using these terms has a greater degree of uncertainty as
to its existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, investors are cautioned not
to assume that any measured mineral resources, indicated mineral
resources, or inferred mineral resources that the Company reports
are or will be economically or legally mineable.
Table 1: Lynn Lake – Select Composite
Intervals from 2022-2023 Surface Exploration Drilling, Lynn Lake
Project
Gordon, and Burnt Timber gold composites are
generated using a 0.5 g/t Au cut-off over ≥5.0 m core length.
Select composite intervals reported are ≥10 g*m and do not include
more than 5 m of internal waste. Drillhole composite intervals
reported as “cut” include higher grade samples which have been cut
to 40 g/t Au at the Gordon deposit..
Maynard, Tulune, Wedge, McBride, and Arbour gold
composites are generated using a 0.1 g/t Au cut-off over ≥5.0 m
core length. Composites intervals reported are >0.5 g/t Au and
do not include more than 5 meters of internal waste.
Hole ID |
Target |
Including/And |
From (m) |
To (m) |
Core Length (m) |
True Width (m) |
Au Uncut (g/t) |
Au Cut (g/t) |
Vertical Depth (m) |
22GDX077 |
Gordon |
|
86.00 |
91.30 |
5.30 |
3.01 |
3.37 |
2.88 |
68.15 |
22GDX077 |
Gordon |
Including |
86.50 |
86.80 |
0.30 |
0.17 |
48.70 |
40.00 |
66.62 |
22GDX080 |
Gordon |
|
37.15 |
42.50 |
5.35 |
3.55 |
4.72 |
|
28.95 |
22GDX080 |
Gordon |
|
64.81 |
75.40 |
10.59 |
7.74 |
2.86 |
|
50.27 |
22GDX081 |
Gordon |
|
76.55 |
101.65 |
25.10 |
17.30 |
2.51 |
|
63.49 |
22GDX082 |
Gordon |
|
95.80 |
106.20 |
10.40 |
5.87 |
11.19 |
|
72.18 |
22BTX050 |
Burnt Timber |
|
206.19 |
212.10 |
5.91 |
5.35 |
2.48 |
|
162.71 |
22BTX053 |
Burnt Timber |
|
112.41 |
125.93 |
13.52 |
12.35 |
0.89 |
|
91.27 |
22BTX054 |
Burnt Timber |
|
135.00 |
143.72 |
8.72 |
7.99 |
1.22 |
|
106.25 |
22LLX027 |
Maynard |
|
76.00 |
89.00 |
13.00 |
|
2.63 |
|
57.36 |
22LLX027 |
Maynard |
Including |
79.82 |
80.55 |
0.73 |
|
39.70 |
|
55.93 |
22LLX027 |
Maynard |
|
195.75 |
218.90 |
23.15 |
|
0.58 |
|
125.47 |
22LLX027 |
Maynard |
|
240.00 |
256.00 |
16.00 |
|
0.80 |
|
147.37 |
22LLX028 |
Maynard |
|
361.00 |
401.13 |
40.13 |
|
0.68 |
|
235.61 |
22LLX029 |
Maynard |
|
104.00 |
122.17 |
18.17 |
|
0.59 |
|
83.31 |
22LLX030 |
Maynard |
|
162.45 |
186.20 |
23.75 |
|
1.09 |
|
119.06 |
22LLX030 |
Maynard |
Including |
170.99 |
175.00 |
4.01 |
|
4.72 |
|
118.56 |
22LLX031 |
Maynard |
|
107.45 |
164.35 |
56.90 |
|
1.01 |
|
96.81 |
22LLX031 |
Maynard |
Including |
124.00 |
126.50 |
2.50 |
|
6.09 |
|
89.90 |
23LLX065 |
Maynard |
|
277.50 |
296.00 |
18.50 |
|
0.88 |
|
201.35 |
23LLX065 |
Maynard |
Including |
290.18 |
290.70 |
0.52 |
|
19.85 |
|
203.64 |
23LLX066 |
Maynard |
|
271.20 |
283.08 |
11.88 |
|
5.87 |
|
182.90 |
23LLX066 |
Maynard |
Including |
274.00 |
276.80 |
2.80 |
|
13.81 |
|
182.19 |
23LLX066 |
Maynard |
and |
280.10 |
281.32 |
1.22 |
|
20.29 |
|
184.53 |
22LLX054 |
Tulune |
|
163.70 |
179.00 |
15.30 |
|
0.71 |
|
103.19 |
22LLX054 |
Tulune |
|
184.90 |
201.00 |
16.10 |
|
1.08 |
|
113.51 |
22LLX054 |
Tulune |
Including |
191.00 |
191.30 |
0.30 |
|
34.30 |
|
112.61 |
22LLX059 |
Tulune |
|
207.85 |
230.85 |
23.00 |
|
1.12 |
|
159.70 |
22LLX060 |
Tulune |
|
52.60 |
74.50 |
21.90 |
|
0.75 |
|
48.80 |
23BTX058 |
Wedge |
|
468.30 |
475.20 |
6.90 |
|
1.62 |
|
312.73 |
22LLX036 |
McBride |
|
142.50 |
157.20 |
14.70 |
|
1.20 |
|
113.10 |
22LLX040 |
Arbour |
|
233.82 |
250.00 |
16.18 |
|
0.90 |
|
174.68 |
Table 2: 2022-2023 surface exploration
drill holes; azimuth, dip, drilled length, and collar location at
surface (UTM NAD83).
Hole ID |
Azimuth (°) |
Dip (°) |
Drilled Length (m) |
UTM Easting (m) |
UTM Northing (m) |
UTM Elevation (m) |
22BTX050 |
180 |
-55 |
453.10 |
383736 |
6292132 |
342 |
22BTX050A |
180 |
-55 |
12.00 |
383736 |
6292134 |
341 |
22BTX051 |
180 |
-50 |
361.30 |
383826 |
6292095 |
340 |
22BTX052 |
181 |
-50 |
305.00 |
383898 |
6292007 |
341 |
22BTX053 |
178 |
-50 |
200.00 |
384119 |
6291937 |
337 |
22BTX054 |
180 |
-50 |
185.00 |
384182 |
6291924 |
339 |
22GDX076 |
349 |
-53 |
162.00 |
412812 |
6307751 |
316 |
22GDX077 |
350 |
-52 |
144.00 |
412870 |
6307759 |
317 |
22GDX078 |
170 |
-50 |
183.00 |
412871 |
6307759 |
316 |
22GDX079 |
350 |
-52 |
138.00 |
412924 |
6307766 |
315 |
22GDX080 |
352 |
-47 |
181.30 |
412689 |
6307792 |
317 |
22GDX081 |
348 |
-46 |
162.53 |
412722 |
6307779 |
318 |
22GDX082 |
39 |
-46 |
155.00 |
412722 |
6307779 |
318 |
22LLX027 |
175 |
-47 |
407.00 |
376588 |
6294047 |
370 |
22LLX028 |
175 |
-50 |
473.00 |
376646 |
6293979 |
367 |
22LLX029 |
175 |
-53 |
401.00 |
376706 |
6294021 |
368 |
22LLX030 |
175 |
-53 |
386.00 |
376791 |
6293979 |
365 |
22LLX031 |
175 |
-53 |
302.00 |
376870 |
6293948 |
361 |
22LLX032 |
176 |
-53 |
386.00 |
376973 |
6293948 |
362 |
22LLX033 |
154 |
-55 |
224.00 |
365990 |
6291240 |
382 |
22LLX034 |
160 |
-50 |
137.00 |
364452 |
6290763 |
384 |
22LLX035 |
160 |
-50 |
167.00 |
364417 |
6290843 |
387 |
22LLX036 |
155 |
-51 |
182.00 |
365077 |
6291028 |
376 |
22LLX037 |
156 |
-50 |
152.00 |
364991 |
6290973 |
380 |
22LLX038 |
155 |
-50 |
152.00 |
364951 |
6291061 |
377 |
22LLX039 |
70 |
-45 |
201.00 |
391641 |
6312374 |
345 |
22LLX040 |
120 |
-45 |
302.00 |
391303 |
6312107 |
338 |
22LLX041 |
130 |
-45 |
215.00 |
391639 |
6312375 |
345 |
22LLX042 |
130 |
-45 |
331.00 |
391542 |
6312262 |
346 |
22LLX043 |
140 |
-50 |
254.00 |
391353 |
6312535 |
346 |
22LLX043A |
140 |
-45 |
38.00 |
391350 |
6312534 |
344 |
22LLX044 |
140 |
-50 |
257.00 |
391540 |
6312491 |
337 |
22LLX045 |
170 |
-50 |
278.00 |
376071 |
6291897 |
366 |
22LLX046 |
170 |
-50 |
215.00 |
376100 |
6291729 |
369 |
22LLX047 |
351 |
-49 |
251.00 |
376070 |
6291902 |
365 |
22LLX048 |
170 |
-50 |
287.00 |
375819 |
6292042 |
363 |
22LLX049 |
169 |
-50 |
353.00 |
375802 |
6292170 |
366 |
22LLX050 |
130 |
-50 |
425.00 |
403777 |
6312084 |
325 |
22LLX051 |
285 |
-55 |
385.00 |
403976 |
6311906 |
324 |
22LLX052 |
161 |
-51 |
305.00 |
401329 |
6312196 |
322 |
22LLX053 |
20 |
-50 |
371.76 |
406626 |
6311816 |
334 |
22LLX054 |
160 |
-50 |
308.00 |
401394 |
6312009 |
322 |
22LLX055 |
20 |
-51 |
489.70 |
406712 |
6312033 |
336 |
22LLX056 |
197 |
-49 |
386.00 |
401755 |
6311992 |
337 |
22LLX057 |
205 |
-45 |
350.00 |
402722 |
6312350 |
330 |
22LLX058 |
200 |
-55 |
395.00 |
402077 |
6312156 |
341 |
22LLX059 |
200 |
-50 |
314.00 |
402929 |
6311814 |
324 |
22LLX060 |
200 |
-50 |
300.00 |
402302 |
6311974 |
333 |
22LLX061 |
200 |
-55 |
425.00 |
402156 |
6312105 |
342 |
22LLX062 |
200 |
-55 |
501.00 |
402265 |
6312117 |
336 |
22LLX063 |
21 |
-50 |
212.00 |
405603 |
6312489 |
332 |
22LLX064 |
21 |
-50 |
203.00 |
405648 |
6312606 |
343 |
22MCX084 |
151 |
-51 |
410.00 |
381367 |
6307957 |
345 |
22MCX085 |
152 |
-54 |
560.00 |
381373 |
6308044 |
350 |
22MCX086 |
152 |
-56 |
557.00 |
381457 |
6307996 |
340 |
22MCX086A |
151 |
-55 |
47.00 |
381449 |
6307995 |
342 |
22MCX087 |
152 |
-55 |
644.00 |
381456 |
6308089 |
347 |
22MCX087A |
152 |
-56 |
47.00 |
381455 |
6308087 |
346 |
22MCX088 |
152 |
-52 |
581.00 |
381290 |
6307916 |
347 |
22MCX089 |
151 |
-52 |
558.86 |
381292 |
6308006 |
354 |
22MCX090 |
151 |
-56 |
560.00 |
381219 |
6307951 |
352 |
22MCX090A |
151 |
-55 |
6.00 |
381219 |
6307951 |
351 |
23BTX055 |
168 |
-49 |
293.00 |
378597 |
6293448 |
367 |
23BTX056 |
168 |
-50 |
251.00 |
378554 |
6293602 |
366 |
23BTX057 |
170 |
-51 |
275.00 |
378526 |
6293758 |
361 |
23BTX058 |
167 |
-48 |
516.50 |
380964 |
6292783 |
343 |
23BTX059 |
167 |
-48 |
353.00 |
380924 |
6292998 |
356 |
23GDX083 |
351 |
-48 |
175.20 |
412790 |
6307737 |
316 |
23GDX084 |
350 |
-46 |
143.00 |
412812 |
6307769 |
315 |
23GDX085 |
352 |
-48 |
155.00 |
412836 |
6307761 |
315 |
23GDX086 |
145 |
-55 |
224.00 |
412764 |
6307985 |
314 |
23LLX065 |
180 |
-52 |
503.00 |
376833 |
6294075 |
365 |
23LLX066 |
182 |
-52 |
517.00 |
376532 |
6294136 |
363 |
23LLX067 |
185 |
-52 |
435.00 |
376374 |
6294192 |
352 |
23LLX068 |
184 |
-55 |
438.00 |
376278 |
6294171 |
355 |
23LLX069 |
181 |
-56 |
333.00 |
376686 |
6293732 |
362 |
23LLX070 |
180 |
-51 |
253.35 |
377143 |
6293749 |
357 |
23LLX071 |
182 |
-53 |
251.00 |
377203 |
6293753 |
356 |
23LLX072 |
158 |
-46 |
107.00 |
359546 |
6288834 |
401 |
23LLX073 |
159 |
-45 |
113.00 |
359528 |
6288869 |
404 |
23LLX074 |
158 |
-46 |
108.00 |
359501 |
6288862 |
405 |
23LLX075 |
158 |
-45 |
101.00 |
359561 |
6288871 |
402 |
23LLX076 |
201 |
-46 |
289.50 |
411507 |
6310271 |
320 |
23LLX077 |
199 |
-44 |
311.00 |
411136 |
6310491 |
315 |
23LLX078 |
200 |
-46 |
315.00 |
412253 |
6310137 |
330 |
23LLX079 |
199 |
-46 |
366.00 |
402946 |
6311756 |
321 |
23LLX080 |
200 |
-46 |
255.00 |
402892 |
6311801 |
322 |
23LLX081 |
212 |
-47 |
330.00 |
403174 |
6311639 |
319 |
23LLX082 |
159 |
-46 |
246.00 |
403356 |
6311589 |
318 |
23LLX083 |
201 |
-47 |
219.00 |
402833 |
6311762 |
324 |
Figure 1: Lynn Lake Project
Figure 2: Lynn Lake – Gordon Deposit
Drillhole Plan Map
Figure 3: Burnt Timber and Linkwood
Deposits – Drillhole Plan Map
Figure 4: Lynn Lake – Maynard Target
Drillhole Plan Map
Figure 5: Lynn Lake – Tulune Target Area
Drillhole Plan Map
Figures accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/a567e3ff-7b5e-4d64-bce2-b22bd8909437https://www.globenewswire.com/NewsRoom/AttachmentNg/1cfde83d-5546-4dd1-8c11-f47feba50db1https://www.globenewswire.com/NewsRoom/AttachmentNg/1296d4e0-f3f0-4cf1-8acb-3f03cb9715cfhttps://www.globenewswire.com/NewsRoom/AttachmentNg/70ac0b0c-5222-4237-a56b-1b3dcd171d3ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/aedac404-2bf0-4932-9911-4cda938f7d18
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