Qiqavik Gold Project Canada

Quick Facts

Ownership 100% Interest

Location Quebec, Canada

Stage Exploration

Commodity Gold

The Qiqavik Gold Project is an early-stage exploration project containing high-grade gold showings over a 40 kilometre strike of the Cape Smith Greenstone Belt (CSGB).

Location
Overview
History
Geology & Mineralization
Other Properties

Quartz Mine Map Larger

Qiqavik Gold Project is located in Northern Quebec

The 100% owned Qiqavik Gold Project is a camp scale property covering 438 square kilometres in the CSGB in Nunavik, Quebec. The Qiqavik Property covers 40 kilometres of strike along the Qiqavik Break, a major crustal-scale structure controlling gold mineralization on the belt. Early-stage exploration completed to date indicates that high-grade gold occurrences are controlled by structural splays off the Qiqavik Break.

Orford Mining commenced exploration on the Qiqavik Gold Project in 2016. From 2016 to 2023, Orford identified over 40 highly prospective targets across the previously underexplored property through mapping, prospecting, till sampling, geophysics, and limited drilling. Alamos Gold acquired Orford Mining in April 2024. Through the acquisition, Alamos also acquired interests in several exploration stage critical mineral and gold projects in Quebec, including West Raglan, the Joutel Properties, and Nunavik Lithium.

The Qiqavik gold exploration property is located in the volcano-sedimentary Parent Group in the North Domain of the CSGB. The CSGB is dominated by basalts and basaltic to andesitic pyroclastics interlayered with thin clastic sediment bands. Several mafic to ultramafic sills as well as dioritic to tonalitic post-tectonic intrusives intrude the volcano-sedimentary package. Historically exploration in the cape smith belt was focused on base metals as the CSB hosts the Glencore Raglan Mine and the Canadian Royalties Nunavik Nickel Mine in the South Domain of the CSB. There had been very limited gold exploration in the CSB until Orford began exploring the Parent group in 2016.

Since 2016, over 40 highly prospective targets have been identified across the previously underexplored property through mapping, prospecting, till sampling, geophysics, and limited drilling. These targets include several high-grade boulder (up to 648g/t Au) and gold grain-in-till trends, as well as outcrop gold showings across the camp scale property.

The CSB is Paleoproterozoic (1.8-1.9 billion years in age), which is consistent with, and has undergone similar geological/tectonic evolution as other significant gold belts globally including the Trans-Hudson in Canada, the Ashanti Gold Fields in West Africa, the Tapajos-Parima Belt in Brazil, and the Tanami Region in Australia.

As supported by the exploration completed to date, and given the scale of the property, Qiqavik has the potential for multiple significant new greenfield discoveries.

West Raglan
The West Raglan Property is currently under an Option agreement with Wyloo Metals Pty. Ltd., whereby Wyloo can earn up to up to 80% of the West Raglan Project for total expenditures of C$25 million over seven years. In 2023, Wyloo satisfied the first earn-in milestone and acquired 51% ownership interest in the West Raglan Project and has provided notification that it intends on earning-in an additional 19% to take its interest to 70%.

The West Raglan property is a large 646 km² property situated in the Cape Smith Belt in the Nunavik Region of Northern Quebec. West Raglan Ni, Cu, PGE, Co mineralization is hosted in the ultramafic units of the Lac Esker Suite (1.89-1.87 Ga). These ultramafic units host all known nickel sulphide mineralization in the Cape Smith Belt, including Glencore's Raglan mine (North Trend) and Canadian Royalties’ Nunavik Nickel mine (South Trend). The West Raglan property covers a 50-km strike of both the "North" trend, that hosts Raglan- style deposits, and the "South" Trend, that hosts Canadian Royalties-style deposits.

Joutel Properties, Abitibi Quebec
Joutel Eagle is located along the historical Eagle-Telbel Mine Trend in the Abitibi Greenstone belt. Alamos can earn 100% interest in the 50 km² Joutel Eagle Property through an option agreement from Globex Mining Enterprises Inc. The Joutel Eagle Property is an advanced exploration stage gold property with approximately 20,000 metres (“m”) of historic drilling and 3,253 m of current drilling completed by Orford in 2022 and 2023 that has identified multiple gold zones. The property is adjacent to Agnico Eagle’s past producing Eagle-Telbel operation which produced in excess of 1.1 million ounces of gold. The Joutel Eagle Property covers 11 km of strike length of the Casa Berardi structural zone south splay which is associated with several gold deposits.

Nunavik Lithium
The 100% owned Nunavik Lithium properties are comprised of 598 km² of claims in the Cape Smith area of the Nunavik Region in northern Quebec. Following the acquisition of the claims in 2023, Lithium-Cesium-Tantalum (“LCT”) bearing pegmatites were discovered on three projects through the initial exploration program. An additional 12 new exploration targets for LCT pegmatites were subsequently identified during the 2023 field program based on till geochemical results. These results also generated two potential exploration targets within the properties for gold. The Nunavik Lithium properties have had no previous exploration for any commodities.

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181 bay street, suite 3910
toronto, on m5j 2t3
canada

toll free: 1-866-788-8801
tel: 1-416-368-9932
info@alamosgold.com

Disclaimer

Reconciliation of non-GAAP and additional GAAP measures

General Disclaimer

Alamos Gold Inc. ("Alamos" or the “Company”), has taken all reasonable care in producing and publishing information contained in this website, and will endeavour to do so regularly. Material on this site may contain technical or other inaccuracies, omissions, or typographic errors, for which Alamos assumes no responsibility. Alamos does not warrant or make any representations regarding the use, validity, accuracy, completeness, or reliability of any claims, statements, or information on this site. Under no circumstances, including but not limited to, negligence, shall Alamos be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer or other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material on this site. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use, unless you have obtained our express written permission. The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of information on this website.

Cautionary Notes – Forward Looking Statements

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Note to U.S. Investors

Alamos prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this website are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The United States Securities and Exchange Commission (the “SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Alamos may use certain terms, such as “measured mineral resources”, “indicated mineral resources”, “inferred mineral resources” and “probable mineral reserves” that the SEC does not recognize (these terms may be used in this website and are included in the public filings of Alamos, which have been filed with the SEC and the securities commissions or similar authorities in Canada).

Cautionary non-GAAP Measures and Additional GAAP Measures

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.
Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income include “Mine operating costs”, “Earnings from mine operations” and “Earnings from operations”. These measures are intended to provide an indication of the Company’s mine and operating performance. “Cash flow from operating activities before changes in non-cash working capital” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in non-cash working capital to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows. “Free cash flow” is a non-GAAP performance measure that is calculated as cash flows from operations net of cash flows invested in mineral property, plant and equipment and exploration and evaluation assets as presented on the Company’s consolidated statements of cash flows and that would provide an indication of the Company’s ability to generate cash flows from its mineral projects. Return on Equity is defined as Earnings from Continuing Operations divided by the average Total Equity for the current and previous year. “Mining cost per tonne of ore” and “Cost per tonne of ore” are non-GAAP performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. “Cost per tonne of ore” is usually affected by operating efficiencies and waste-to-ore ratios in the period. “Cash operating costs per ounce”, “total cash costs per ounce” and “all-in sustaining costs per ounce” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, “cash operating costs per ounce” reflects the cash operating costs allocated from in-process and dore inventory associated with ounces of gold sold in the period. “Cash operating costs per ounce” may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore processed and gold recovery rates in the period. “Total cash costs per ounce” includes “cash operating costs per ounce” plus applicable royalties. Cash operating costs per ounce and total cash costs per ounce are exclusive of exploration costs. “All-in sustaining costs per ounce” include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. For a reconciliation of non-GAAP and GAAP measures, please refer to Alamos’ Managements’ Discussion and Analysis as presented on SEDAR and the Company’s website.

Technical Information

Except as otherwise noted herein, Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this website. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101. For more information, please refer to the Alamos Gold Inc. and AuRico Gold Inc. 2014 Annual Information Forms and the technical reports referenced therein and in this website, available on SEDAR (www.sedar.com).

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