Alamos Gold sets ambitious gold targets for its two Northern Ontario operations
Capital spending at the Island Gold Mine in the Dubreuilville-area is expected to be between $210 million and $235 million this year as the third wave of expansion starts to speed up.
The annual gold production targets for 2022 were met with 460,400 ounces produced at all three mines.This all was pleasing to John A. McCluskey, company president-CEO, who’s setting strong expectations for greater production and lower mining costs in the years ahead. The company said capital spending on this project will remain at similar levels in 2024 and 2025, then drop off in 2026 once the expansion is complete.
The main exploration thrust for 2023 is on underground drilling, with 45,000 metres scheduled, in order to tap into gold reserves and resources in the vicinity of current mining operations.At Young-Davidson, outside Matachewan, Alamos has budgeted $8 million for exploration with 21,000 metres queued up.
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