Alamos Gold‘s (TSX: AGI; NYSE: AGI) Lynn Lake gold project in Manitoba has been approved by the Minister of Environment and Climate Change Canada. The province has also issued Environment Act licences for the MacLellan and Gordon sites. The environmental impact statement was submitted in 2020.
Alamos is now working to update a 2017 feasibility for the project, which has seen a 27% increase in reserves since then through exploration around the Gordon and MacLellan deposits. It expects to release the study during the first half of 2023.
Lynn Lake currently holds reserves of 2.1 million oz. of gold in 36.5 million tonnes grading 1.75 grams gold per tonne.
“Achieving both of these important regulatory milestones for the Lynn Lake gold project represents a multi-year, collaborative effort by our team and our commitment to environmental sustainability,” CEO John A. McCluskey said in a news release.
“Lynn Lake is a significant opportunity to drive the future growth of our business in Canada, with the potential to increase our annual production to approximately 800,000 ounces of gold per year.”
Alamos has budgeted $5 million for exploration in 2023 on its underexplored Lynn Lake land package totalling 580 sq. km. It plans to complete about 8,000 metres of drilling focused on several advanced regional targets.
The company aims to expand reserves and resources near the Gordon deposit, and evaluate the Burnt Timber and Linkwood deposits, which contain inferred resources totalling 1.6 million ounces in 44.4 million tonnes grading 1.1 grams gold per tonne.
Alamos said it also aims to advance a pipeline of prospective exploration targets within the property, including the Tulune greenfields discovery and the Maynard target.
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