Alamos Gold is moving forward with a major expansion of a local mine.
The Toronto-based miner says it's proceeding with a $500-million shaft expansion at its Island Gold Mine, prompted by a positive Phase III Expansion Study.
Its aim is to reach 2000 tonnes per day, with average annual gold production of 236,000 ounces starting upon completion of the shaft, in 2025, which would be a 72% increase from the mid-point of previously issued 2020 prouction guidance.
Under the plan, Island Gold would have a mine life of sixteen years, double the current eight-year Mineral Reserve life.
This comes as recent surface and underground exploration drilling further extended high-grade gold mineralization in all three areas of focus at Island Gold.