Doubling down: Alamos Gold is aiming to turn its Island Gold mine in Ontario into one of the lowest cost and most profitable gold mines in Canada by 2026 – by Ailbhe Goodbody (CIM Magazine – September 05, 2023)

With the latest expansion under way at Alamos Gold’s Island Gold mine in northern Ontario, which is slated for completion in 2026, its gold production is set to double. “Island Gold is quickly transforming into one of the best assets in all of Canada,” said Greg Fisher, chief financial officer at Alamos Gold. “I would argue it’s probably the best asset that’s not currently owned by a major mining company.”

The mine is located near Dubreuilville, within the historic gold producing area of the Michipicoten greenstone belt of the Archean Superior Province; Argonaut Gold’s Magino mine and Wesdome Gold Mines’ Eagle River complex are nearby.

According to Alamos Gold, Island Gold is the world’s sixth highest grade gold mine. For the year ending 2022, its measured and indicated gold resources stood at 1,276,000 tonnes containing 291,000 ounces of gold at 7.09 grams per tonne (g/t), along with proven and probable reserves of 4,225,000 tonnes at 10.78 g/t of gold for 1,464,000 ounces of gold. Its inferred mineral resources were 8,066,000 tonnes containing 3,529,000 ounces of gold at 13.61 g/t.

The company credits continued exploration activities with supporting a multi-phase expansion of the mine, which currently has a life of 17 years. Island Gold began commercial production in October 2007 as a joint venture between Richmont Mines and Patricia Mining Corp., averaging less than 50,000 ounces of gold per year. Richmont Mines acquired Patricia Mining the following year.

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