B2Gold Corp. press release
Alamos Gold Provides Exploration Update Across Key Projects Including Extending Mineralization Beyond Mineral Reserves at Lynn Lake and Intersecting High-Grade Mineralization at Qiqavik
TSX - Toronto Stock Exchange · Gold · Canada
All amounts are in United States dollars, unless otherwise stated.
TORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Alamos Gold Inc.(TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported new results from its 2025 exploration program at the Lynn Lake project in Manitoba, and the Qiqavik Gold project, located in Nunavik, Quebec, Canada. Drilling continues to extend and define new gold mineralization at both projects.
“Our 2025 exploration program was successful across our assets supporting both our near and longer-term growth initiatives. Our success at Lynn Lake is expected to drive additional Mineral Reserve and Mineral Resource growth and highlight the potential for further production upside over the life of the project. At Qiqavik, our first year of drilling on the project intersected high-grade gold mineralization across multiple targets demonstrating the potential for a significant discovery in the underexplored region. Both projects are important elements of our strategy of developing a pipeline of projects that can support sustainable organic growth over the longer-term,” said John A. McCluskey, President and Chief Executive Officer.
Lynn Lake Project Exploration Highlights
Drilling over the past year has been focused on the Linkwood and Burnt Timber (“BT”) satellite deposits. As outlined in the February 2025 internal study (“2025 Study”), the Linkwood and BT deposits are expected to leverage the infrastructure being constructed for the Lynn Lake project and provide a source of additional mill feed (Figure 1). This is expected to extend the mine life of the combined Lynn Lake project, increase longer term production rates by deferring the processing of lower grade stockpiles, and enhance its economics.
Exploration drilling over the past year has successfully extended mineralization beyond Mineral Reserves utilized in the 2025 Study at both Linkwood and BT. This is expected to contribute to another year of Mineral Reserve and Mineral Resource growth at both deposits, highlighting further upside to the combined project. New highlights include1(Figure 2 and 3, Table 1):
Linkwood:
21.70 g/t Au (3.85 g/t Au cut) over 5.25 m (25LWX082) including; 231.00 g/t Au (40.00 g/t Au cut) over 0.48 m.
9.93 g/t Au (5.26 g/t Au cut) over 7.26 m (25LWX081) including; 83.20 g/t Au (40.00 g/t Au cut) over 0.78 m.
7.86 g/t Au (6.00 g/t Au cut) over 5.83 m (25LWX087) including; 17.60 g/t Au over 0.27 m; and 23.34 g/t Au over 1.41 m.
3.48 g/t Au over 8.73 m (25LWX081); and 1.57 g/t Au over 15.62 m (25LWX086) including; 9.59 g/t Au over 0.45 m.
East Foster:
27.68 g/t Au (3.38 g/t Au cut) over 6.26 m (25LWX070) including; 356.00 g/t Au (40.00 g/t Au) over 0.48 m.
1.05 g/t Au over 16.19 m (25LWX066); and 3.19 g/t Au over 5.12 m (25LWX072) including; 16.45 g/t Au over 0.98 m.
Burnt Timber:
2.77 g/t Au over 13.04 m (25BTX073)_;_ 1.52 g/t Au over 15.76 m (25BTX082)_;_ 1.46 g/t Au over 15.71 m (25BTX082) including; 6.86 g/t Au over 0.64 m; and 8.77 g/t Au over 0.49 m; and
1.96 g/t Au over 8.25 m (25BTX074) including; 18.15 g/t Au over 0.65 m.
_1Linkwood and Burnt Timber primary gold composites are generated using a 0.5 g/t Au cut-off over ≥5.0 m core length. Select composite intervals reported are ≥10 g*m and do not include more than 5.0 m of internal waste. Drillhole composite intervals reported as “cut” include higher grade samples which have been cut to 40 g/t Au.All reported composite widths are estimated true width of the mineralized zones._
Qiqavik Project Exploration Highlights
The 2025 drill program at Qiqavik was the first completed by Alamos since acquiring the asset in 2024. Drilling in all five target areas intersected gold mineralization, with 72% of the holes reporting gold grades above 1.0 grams per tonne of gold (“g/t Au”) (Table 3). Additionally, the program successfully intersected gold mineralization associated with several previously identified high-grade gold boulder trends, confirming proximal bedrock sources and short glacial transport distances.
The success of this early-stage greenfield drilling program across multiple target areas continues to support the significant gold endowment potential of the Qiqavik Project. New highlights from the 2025 exploration drilling program include1 (Figure 4, Table 3):
Avinngaq Target:
54.44 g/t Au over 2.10 m (25QKX009) including; 80.00 g/t Au over 1.00 m.
1.75 g/t Au over 12.70 m (25QKX011) including; 26.80 g/t Au over 0.37 m.
3.07 g/t Au over 8.10 m (25QKX014) including; 10.33 g/t Au over 1.15 m.
Focused Target:
36.10 g/t Au over 0.65 m (25QKX004).
Kuulti Target:
2.06 g/t Au over 14.95 m, (25QKX020) including; 11.35 g/t Au over 1.20 m.
Gerfaut Target:
4.10 g/t Au over 3.85 m (25QKX026) including; 17.15 g/t Au over 0.80 m; and
2.10 g/t Au over 10.85 m, (25QKX026) including; 12.80 g/t Au over 0.75 m.
1Qiqavik gold composites are generated using a 0.5 g/t Au cut-off with no minimum core length applied. All reported composite widths are core length.
Lynn Lake 2025 Exploration Program
A total of $3.4 million was spent on exploration at Lynn Lake in 2025 with the focus on Mineral Resource expansion drilling at both Linkwood and BT. A total of 7,268 metres (“m”) of drilling was completed in 41 holes.
As reported on February 18, 2025, total Mineral Reserves for the Lynn Lake District increased 42% to 3.3 million ounces grading 1.29 g/t Au (80.1 mt). The increase was driven by the successful conversion of Mineral Resources to Reserves at Linkwood and BT in 2024 resulting in an initial Mineral Reserve of 0.9 million ounces grading 0.95 g/t Au (31 mt).
Linkwood and BT are satellite deposits to the Lynn Lake project and are expected to provide additional mill feed. The deposits are accessible by an all-season gravel road from Highway 397, approximately 28 km from the planned MacLellan mill. An internal economic study on Burnt Timber and Linkwood was released on February 13, 2025, outlining an attractive, low capital, high-return project. Linkwood and BT are expected to extend the mine life of the Lynn Lake project to 27 years (from 17), increase longer term rates of production, and enhance the overall economics.
There is significant potential to continue expanding mineralization beyond the currently defined Mineral Reserve pits at both Linkwood and BT. Additionally, the East Foster target is located in proximity to the Linkwood deposit one kilometre (“km”) to the southwest representing an additional potential satellite deposit with mineralization open at depth and along strike. East Foster occurs along an east-west trending splay of the Johnson shear zone with mineralization occurring within silicified felsic dykes intruding carbonate and biotite altered mafic volcanic rock.
The 2025 drill program at Linkwood was successful in extending mineralization to the west, and below the Mineral Reserve pit. The deposit remains open at depth and to the west, with the extent of the Mineral Reserve pit at depth having been defined by the limit of historical drilling. At BT, drilling was successful in extending mineralization to both the west of, and below the eastern extent of the Mineral Reserve pit. This is expected to contribute to another year of growth in Mineral Reserves and Mineral Resources at both deposits which represents further upside to the Lynn Lake project.
New highlights include (Figure 2 and 3, Table 1):
Linkwood:
21.70 g/t Au (3.85 g/t Au cut) over 5.25 m (25LWX082) including; 231.00 g/t Au (40.00 g/t Au cut) over 0.48 m.
9.93 g/t Au (5.26 g/t Au cut) over 7.26 m (25LWX081) including; 83.20 g/t Au (40.00 g/t Au cut) over 0.78 m.
7.86 g/t Au (6.00 g/t Au cut) over 5.83 m (25LWX087) including; 17.60 g/t Au over 0.27 m; and 23.34 g/t Au over 1.41 m.
3.48 g/t Au over 8.73 m (25LWX081); 1.57 g/t Au over 15.62 m (25LWX086) including; 9.59 g/t Au over 0.45 m.
2.67 g/t Au over 8.34 m (25LWX084)_;_ 17.90 g/t Au (6.92 g/t Au cut) over 2.71 m (25LWX083) including; 131.50 g/t Au (40.00 g/t Au cut) over 0.32 m.
3.53 g/t Au over 5.13 m (25LWX075) including; 34.10 g/t Au over 0.52 m.
3.53 g/t Au over 4.74 m (25LWX085)_;_ 1.71 g/t Au over 8.30 m (25LWX086); 2.76 g/t Au over 4.97 m (25LWX077)_;_ 4.71 g/t Au over 2.79 m (25LWX083) including; 14.55 g/t Au over 0.13 m; 17.95 g/t Au over 0.25 m; and 12.25 g/t Au over 0.25 m.
2.48 g/t Au over 4.69 m (25LWX088)_;_ 2.17 g/t Au over 4.99 m (25LWX072)_;_ 2.05 g/t Au over 5.09 m (25LWX081)_;_ 1.14 g/t Au over 8.92 m (25LWX083)_;_ 1.67 g/t Au over 6.08 m (25LWX080)_; _and 1.25 g/t Au over 8.07 m (25LWX082).
East Foster:
27.68 g/t Au (3.38 g/t Au cut) over 6.26 m (25LWX070) including; 356.00 g/t Au (40.00 g/t Au) over 0.48 m.
1.05 g/t Au over 16.19 m (25LWX066); 3.19 g/t Au over 5.12 m (25LWX072) including; 16.45 g/t Au over 0.98 m; and
2.04 g/t Au over 5.07 m (25LWX073)_._
Burnt Timber:
2.77 g/t Au over 13.04 m (25BTX073)_;_ 1.52 g/t Au over 15.76 m (25BTX082)_;_ 1.46 g/t Au over 15.71 m (25BTX082) including; 6.86 g/t Au over 0.64 m; and 8.77 g/t Au over 0.49 m.
1.96 g/t Au over 8.25 m (25BTX074) including; 18.15 g/t Au over 0.65 m.
1.11 g/t Au over 14.99 m (25BTX079); 2.65 g/t Au over 5.70 m (25BTX075); and 1.24 g/t Au over 9.30 m (25BTX082).
Exploration upside underground at MacLellan and Gordon
The MacLellan and Gordon deposits remain open at depth with high-grade mineralization intersected historically through the limited drilling that has been completed below the current Mineral Reserve pits. This represents a potential opportunity for underground mining as a source of higher-grade mill feed for the Lynn Lake project. In the current life of mine plan for the Lynn Lake Gold Project, the Gordon open pit mining ends in year five. The 2026 exploration drilling program will focus on continuing to evaluate the potential for higher-grade mineralization below the Reserve pits that could be a potential source of underground ore for the MacLellan Mill, once open pit mining is completed.
The MacLellan deposit previously operated as an underground mine between 1986 and 1989 and reportedly produced 141,912 oz of gold from 969,680 tonnes of ore, grading 5.36 g/t Au. The Gordon deposit previously operated between 1996 and 1999 as two high-grade open pits, known as the Farley Lake Gold Mine, and reportedly produced 214,800 oz of gold from 1.7 mt of ore grading 3.92 g/t Au. Highlights from previous drilling below the Mineral Reserve pits include2:
MacLellan:
3.37 g/t Au over 60.00 m (10075-1) including; _9.46 g/t Au over 2.00 m__; and_ 16.62 g.t Au over 2.06 m.
9.29 g/t Au over 20.00 m (MG08-16A) including; 17.46 g/t Au over 9.00 m.
9.69 g/t Au over 18.29 m (MU242) including; _16.80 g/t Au over 4.13 m__; and_ 30.70 g/t Au over 1.46 m.
9.11 g/t Au over 18.42 m (MU206) including; 30.42 g/t Au over 1.73 m.
4.55 g/t Au over 31.00 m (MG08-17) including; 13.19 g/t Au over 3.00 m.
9.13 g/t Au over 14.22 m (MU236) including; 41.50 g/t Au over 1.11 m; and
6.28 g/t Au over 19.07 m (MU249) including; 11.01 g/t Au over 7.52 m.
Gordon:
7.79 g/t Au over 30.00 m (FL12-25) including; _9.88 g/t Au over 6.4 m__; and_ 15.26 g/t Au over 3.00 m.
5.44 g/t Au over 18.00 m (FL13-15) including; 9.79 g/t Au over 5.00 m.
4.28 g/t Au over 17.29 m (654-342) including; 23.12 g/t Au over 2.13 m.
5.88 g/t Au over 10.00 m (FL12-02) including; 13.51 g/t Au over 3.00 m; and
7.70 g/t Au over 6.60 m (FL13-09) including; 10.54 g/t Au over 4.60 m.
2MacLellan and Gordonprimary gold composites are generated using a 1 g/t Au cut-off over ≥5.0 m core length and do not include more than 5.0 m of internal waste.
Significant regional exploration potential
The Lynn Lake project encompasses most of the east-west trending Lynn Lake Greenstone Belt in northwestern Manitoba, of which Alamos has a total of 58,000 hectares (“ha”) of mineral tenure covering 80 km of strike length, representing significant exploration potential including the Maynard and Tulune regional targets.
The Maynard target is located 8 km northwest of the Burnt Timber deposit, and 20 km by road from the proposed MacLellan mill. Through additional drilling and exploration, Maynard has the potential to become an additional satellite deposit, and future source of mill feed, similar to Burnt Timber and Linkwood. Significant gold mineralization has been extended over a 750 m strike length and to a depth of 330 m. Alamos drilled a total of 24 holes within the Maynard target between 2022 and 2024, with all holes intersecting gold mineralization, including previously reported higher grade intercepts such as 5.87 g/t Au over 11.88 m, including 13.81 g/t Au over 2.80 m, and 20.29 g/t Au over 1.22 m (23LLX066).
Tulune is a greenfields discovery made in 2020 and is located between the Gordon and MacLellan deposits. Between 2020 and 2023, drilling extended broad zones of near surface gold mineralization over a 2 km strike length. All 29 holes drilled within the granite and granodiorite have intersected gold mineralization.
Qiqavik Project Overview and 2025 Exploration Program
Project Overview
In April 2024, Alamos announced the acquisition of Orford Mining Corporation, and its 100% owned Qiqavik Gold Project in Nunavik, Quebec. The acquisition was consistent with the strategy of building out a pipeline of high-quality, long-term projects to complement the Company’s near-term organic growth projects in Canada.
The Qiqavik Gold Project is a district-scale, greenfield exploration project covering 63,400 ha in the Cape Smith Greenstone Belt (“CSB”). The Property encompasses more than 40 km of strike length within the Parent Volcano‑Sedimentary Group (“Parent Group”) which is crosscut by several major crustal‑scale deformation corridors, including the Bergeron, Qiqavik, and Mivviq shear zones which are interpreted to be a primary control on the distribution of gold mineralization across the CSB (Figure 4).
Early‑stage exploration has indicated that clusters of high‑grade gold boulders are spatially associated with second and third structures proximal to the major shear zones and structural corridors, highlighting the potential for multiple prospective target areas across the property.
2025 Exploration Program
The 2025 drill program consisted of 29 drill holes totalling 8,736 m across five target areas (Figure 4). Drilling in all five target areas returned gold values, with 72% of all the 2025 holes drilled reporting gold grades above 1.0 g/t Au (Table 3).
Including the 2025 program, drilling completed on the Qiqavik Property now totals 19,687 m. Of this, 10,951 m were completed between 2018 and 2024, targeting gold mineralization. Prior to 2018, only 400 metres of drilling had been completed on the property by Falconbridge in 1996, testing a potential nickel target in the Gerfaut area. That drilling intersected gold mineralization, including 4.01 g/t Au over 3.85 metres. Gold mineralization was associated with sulphide stringers hosted within sheared ultramafic and mafic rocks.
The success of the early-stage greenfield drilling across five target areas further reinforces the strong gold endowment and district-scale potential of the Qiqavik Project. The 2025 program intersected gold mineralization associated with several high-grade gold boulder dispersal trends identified through prospecting from 2016 to 2024. Drilling confirmed the bedrock source areas of these dispersal trains, validating the interpretation of short glacial transport distances derived from recent Quaternary mapping on the property.
Avinngaq Target
At the Avinngaq target, 14 diamond drill holes totaling 4,218 m were completed in 2025. Drilling tested the area situated between the Bergeron and Mivviq structural corridors - two major, sub-parallel, east–west–striking, steeply north-dipping fault systems.
The Avinngaq Boulder Trend, defined through prospecting from 2019 to 2024, is an approximately 3 km long, 50 m wide corridor of high-grade boulders oriented north-northeast, subparallel to the dominant glacial transport direction. “Avinngaq-style” boulders are typically angular, up to 2.0 m in size, and characterized by smoky-grey quartz containing centimetre-scale veins of massive pyrite +/- arsenopyrite, sphalerite, and galena. Grab samples from the trend returned assays of up to 648.00 g/t Au.
The 2025 drill program successfully identified two distinct bedrock sources of Avinngaq-style gold mineralization. Holes 25QKX006 and 25QKX009 (Figures 4 to 6) successfully intersected high-grade gold mineralization 30 m and 40 m, respectively below a surface showing discovered in 2025. Hole 25QKX027 was drilled as a step-out hole, 200 m northeast from the surface showing, and also intersected gold mineralization. New highlights include:
54.44 g/t Au over 2.10 m (25QKX009) including; 80.00 g/t Au over 1.00 m.
11.04 g/t Au over 0.75 m (25QKX006); and 5.39 g/t Au over 1.65 m (25QKX027) including; 19.90 g/t Au over 0.40 m.
Approximately 1.25 km to the north, holes 25QKX011 and 25QKX014 were drilled as 75 m step outs to the west of a 2022 drill hole, 22-QK-002, which intersected 1.00 g/t over 8.90 m. New highlights include:
1.75 g/t Au over 12.70 m (25QKX011) including; 26.80 g/t Au over 0.37 m; and
3.07 g/t Au over 8.10m (25QKX014) including; 10.33 g/t Au over 1.15 m.
Further drilling is planned for 2026 to follow up on the results from the 2025 program, with a focus on defining the geometry and extent of the mineralized structures and determining the plunge of the mineralized shoots. Early-stage results across this large target area (0.7 km × 2.0 km) suggest the presence of a broader, potentially extensive gold system with multiple mineralized targets or shoots within the Avinngaq area.
Kuulti Target
The Kuulti Boulder Trend is approximately 700 m long and 50 m wide, characterized primarily by angular white quartz boulders, locally up to a metre in size. Many of these boulders contain visible gold and have returned assays exceeding 600 g/t Au.
The largest boulders are angular and tabular, indicating minimal transport and suggesting a proximal bedrock source. The up-ice termination of the boulder dispersal trend coincides with the northern margin of the Mivviq deformation corridor, which is up to approximately 800 m wide in this area. Fieldwork completed in 2025 significantly expanded the known width of the Kuulti boulder corridor from 50 m to 250 m, suggesting a potentially larger bedrock source for the boulders.
The 2025 drill program included six holes totaling 1,743 m (Table 3), designed to identify the bedrock source of the Kuulti boulders. Five of the six holes intersected gold mineralization, and two holes (25QKX018 and 25QKX020) intersected milky-white quartz veins containing visible gold and arsenopyrite. These veins share several mineralogical and textural characteristics with the Kuulti-style boulders; however, the lower grades and reduced abundance of visible gold in core suggest that a higher-grade portion of the system may lie nearby.
New highlights from holes 25QKX018 and 25QKX020 include:
2.06 g/t Au over 14.95 m (25QKX020) including; 11.35 g/t Au over 1.20 m; and
2.11 g/t Au over 4.05 m (25QKX020) including; 9.23 g/t Au over 0.30 m.
The 2026 program will focus on further testing the Mivviq deformation corridor and stepping out from the gold mineralization intersected in the 2025 program, with the objective of defining the bedrock source of the high-grade, metre-sized boulders identified within the Kuulti boulder dispersal train.
Focused Target
Within the Focused area, the primary target tested during the 2025 program was a high-grade quartz boulder train that was discovered during the 2024 field program. The boulder train is semi-continuous over a strike length of 400 m, and trends approximately east–west, which is at a high angle to the regional ice-flow direction. The quartz boulders are angular to subangular, generally less than 1.0 m in size, with variable visible gold, pyrite, +/- sphalerite, galena, and chalcopyrite. Assays from surface boulders returned values of up to 528 g/t Au.
Six diamond drill holes, totaling 1,851 m, were completed within the broader Focused target area in 2025 with the below holes specifically targeting the high-grade, quartz boulder train. Drilling successfully intersected high-grade gold mineralization in a quartz vein with visible gold, which is consistent with the characteristics of the boulders. New highlights include: