Alamos Gold Inc. Reports Results from the Ongoing Exploration Program at Cerro Pelon and La Yaqui Satellite Deposits at its Mulatos Mine
Sep 21 15
Alamos Gold Inc. reported results from the ongoing exploration program at the Cerro Pelon and La Yaqui satellite deposits at its Mulatos mine. Highlights: Cerro Pelon: Multiple high grade intercepts encountered in new zone of mineralization approximately 100 metres (m) north of the existing mineral reserve, including: 14.47 g/t Au over 50.30m (15PEL012), 9.65 g/t Au over 34.60m (15PEL020), 2.46 g/t Au over 94.20m (15PEL010), further potential exists over an additional 900m strike length; La Yaqui: Step-out drilling has encountered a new zone of mineralization 500m northeast and along strike from the existing in-pit mineral reserve. Results include: 1.36 g/t Au over 117.40m (15YAQ058), 1.34 g/t Au over 64.00m (15YAQ061), Ore-grade intercepts have also been encountered another 750m along strike to the northwest (total 1.25 kilometres ("km") from in-pit mineralization), results include: 5.68 g/t Au over 15.20m (15YAQ064), approximately 350m along strike from hole 15YAQ058 and 850m from in-pit mineralization, 2.03 g/t Au over 32.00m (15YAQ068) approximately 750m from 15YAQ058 and 1.25km from in-pit mineralization. Cerro Pelon: a first phase of infill and exploration drilling (approximately 16,500m in 81 holes) commenced at Cerro Pelon in April 2015 and has led to the definition of a new zone of mineralization. This zone sits approximately 100m to the north of reserve mineralization and outside previously designed pit limits. Excellent drill results were obtained with several intercepts averaging well above the current mineral reserve grade. Highlight intercepts include: 2.37 g/t Au over 45.70m (15PEL007), 3.83 g/t Au over 13.10m (15PEL008), 2.46 g/t Au over 94.20m and 2.21 g/t Au over 22.60m (15PEL010), 14.47 g/t Au over 50.30m (15PEL012), 9.65 g/t Au over 34.60m (15PEL020), 4.07 g/t Au over 15.20m and 2.24 g/t Au over 18.30m (15PEL031), 4.78 g/t Au over 41.10m (15PEL049), 3.94 g/t Au over 35.10m (15PEL050), 4.26 g/t Au over 18.30m (15PEL058). In addition to drilling, significant mapping and sampling has been conducted over a large area around the reserve mineralization. Combined results from all programs indicate that gold mineralization at Cerro Pelon is hosted in a number of discrete zones called quartz-alunite ledges or ribs. These zones generally widen upwards from a narrower root or base and ribs intersected at Cerro Pelon to date appear to be up to 160m in depth. Given the flare /conical shape of these ledges, true widths vary depending on where drilling intersects them and the angle of drilling relative to the zone. Depth to mineralization in this new zone varies with drill holes in the western part intersecting mineralization very close to surface (within 10m) and the higher grades (in 15PEL012 and 15PEL020) occurring at approximately 90m vertical. Exploration over the larger area has indicated potential for further quartz-alunite ledges along strike to the north. The exploration focus for the remainder of 2015 is to drill test the next 200m of strike length, with three rigs expected to complete approximately 3,000m drilling in this zone. Even further to the north, a large zone (approximately 700m by 150m) of massive silica outcrops and it is believed that fully-preserved (non-eroded) ledges may exist below this silica horizon. This zone will be the focus of Cerro Pelon exploration early in 2016. Preliminary metallurgical test work indicates mineralization is very amenable to heap leaching. A portion of the results of this exploration drilling will be incorporated into the 2015 year-end mineral reserve and resource statement with the majority being incorporated into subsequent updates.
Alamos Gold, Inc. Reports Earnings and Production Results for the Second Quarter of 2015; Provides Production Guidance for the Second Half of 2025
Aug 12 15
Alamos Gold, Inc. reported earnings and production results for the second quarter of 2015. For the quarter, The company generated $0.1 million ($0.00 per share) cash from operating activities (before changes in non-cash working capital). Cash used for operating activities of $1.9 million or $0.02 per share in the second quarter decreased 44% relative to the same period of 2014 as a result of higher cash operating costs and transaction costs incurred associated with the Merger. Loss before income taxes was $12.2 million or $0.10 per share for the second quarter of 2015 compared to earnings of $4.5 million or $0.04 per share in the same period of 2014. Loss for the second quarter of 2015 included approximately $8.2 million in transaction costs incurred in the period. On an after-tax basis, the company recorded a loss in the second quarter 2015 of $14.2 million or $0.11 per share compared to earnings of $0.7 million in the same period of 2014 as a result of lower gold prices, higher operating costs and transaction costs. Capital expenditures in the second quarter of 2015 totaled $13.7 million. The company reported net loss of $379.5 million in the second quarter of 2015, compared to a net loss of $16.8 million in second quarter of 2014. Sold 36,748 ounces of gold at an average realized gold price of $1,198 for revenues of $44.0 million.
For the quarter, the company produced 33,000 ounces of gold at a total cash cost of $861 per ounce of gold sold and AISC of $1,154 per ounce of gold sold. Achieved above budgeted crusher throughput levels at the Mulatos mine of 18,100 TPD. Received a positive ruling from the Turkish High Administrative Court which reinstated the Environmental Impact Assessment (EIA) certificate for the Kirazli gold project.
For the year 2015, the company is on track to achieve its full year production and cost guidance. On a combined full year 2015 basis, the company anticipates total production from the Young Davidson, Mulatos and El Chanate mines to be between 375,000 and 425,000 ounces of gold.
Alamos Gold, Inc.(TSX:AUQ) dropped from PHLX Gold Silver Sector Index
Jul 19 15
Alamos Gold, Inc. will be removed from PHLX Gold Silver Sector Index .