TORONTO, Sept. 16, 2020 /CNW/ - Argonaut Gold
Inc. (TSX: AR) (the "Company", "Argonaut Gold" or "Argonaut")
is pleased to announce drill results from its ongoing drill
campaign targeting high-grade mineralization below the proposed
open pit mine at its 100% owned Magino property in Ontario, Canada.
Highlights include:
- MA20-043 with 9.0m at 13.4 g/t
Au, including 2.0m at 55.6 g/t
Au
- MA20-044 with 3.0m at 46.8 g/t
Au, including 1.0m at 140.0 g/t
Au
- MA20-045 with 12.4m at 10.6 g/t
Au, including 2.0m at 48.7 g/t
Au
- MA20-046 with 11.0m at 4.4 g/t
Au, including 1.0m at 22.8 g/t
Au
- MA20-047 with 5.0m at 11.0 g/t
Au, including 1.0m at 37.0 g/t
Au
Pete Dougherty, President and CEO
stated: "The continuous high-grade nature of gold mineralization
observed in the Elbow Zone is now also observed in the Central
Zone. We continue to encounter high-grade gold intercepts
below and adjacent to the proposed open pit, and now believe there
is potential for a possible connection between the Elbow and
Central Zones that we will be testing. We also have several
other high-grade structures to test at depth within and below the
current mineral resource model at Magino west of the Elbow and
Central Zones."
Recent drilling has focused on testing continuity and depth
extent in the Central Zone, a steeply plunging ore shoot dominated
by high-grade gold veins within a broad lower gold grade
halo. Results indicate the high-grade gold mineralization
shows good continuity and extends to depths of at least 750 metres
below surface. In addition, the geologic model shows the
Central Zone has good lateral continuity and has potential to
connect westward to the Elbow Zone.
Table 1 below highlights select drill results from the Central
Zone from the on-going drill program. A three-dimensional
model of the Magino deposit and the Elbow and Central Zones in
relation to the proposed pit and property boundaries is available
on the Company's website at
https://www.argonautgold.com/English/assets/drill-results/default.aspx
Table 1: Select Drill Results – Phase Two Central
Zone
Hole
|
Azimuth
|
Dip
|
From
(metres)
|
To
(metres)
|
Length
(metres)
|
Grade
(Au
g/t)
|
Estimated
True
Width
(meters)
|
MA20-043
|
198.8
|
-78.0
|
312.9
|
316.0
|
3.1
|
6.41
|
2.2
|
including
|
|
|
314.0
|
315.0
|
1.0
|
12.6
|
0.7
|
and
|
|
|
476.0
|
485.0
|
9.0
|
13.4
|
6.3
|
including
|
|
|
477.0
|
479.0
|
2.0
|
55.6
|
1.4
|
and
|
|
|
540.6
|
559.0
|
18.4
|
2.6
|
12.9
|
including
|
|
|
540.6
|
542.2
|
1.6
|
15.4
|
1.1
|
|
|
|
|
|
|
|
|
MA20-044
|
196.2
|
-70.0
|
307.0
|
310.0
|
3.0
|
46.8
|
2.1
|
including
|
|
|
308.0
|
309.0
|
1.0
|
140.0
|
0.7
|
and
|
|
|
398.0
|
400.0
|
2.0
|
7.1
|
1.4
|
including
|
|
|
399.0
|
400.0
|
1.0
|
13.9
|
0.7
|
|
|
|
|
|
|
|
|
MA20-045
|
205.9
|
-52.0
|
327.0
|
365.0
|
38.0
|
4.3
|
26.6
|
including
|
|
|
328.6
|
341.0
|
12.4
|
10.6
|
8.7
|
including
|
|
|
339.0
|
341.0
|
2.0
|
48.8
|
1.4
|
|
|
|
|
|
|
|
|
MA20-046
|
166.0
|
-52.2
|
285.0
|
301.0
|
16.0
|
3.4
|
12.8
|
including
|
|
|
290.0
|
298.0
|
8.0
|
5.2
|
6.4
|
including
|
|
|
290.0
|
291.0
|
1.0
|
22.8
|
0.8
|
and
|
|
|
433.0
|
434.0
|
1.0
|
15.4
|
0.8
|
|
|
|
|
|
|
|
|
MA20-047
|
176.9
|
-63.7
|
406.0
|
423.0
|
17.0
|
4.1
|
12.8
|
including
|
|
|
412.0
|
417.0
|
5.0
|
11.0
|
3.8
|
including
|
|
|
414.0
|
415.0
|
1.0
|
37.0
|
0.8
|
|
|
|
|
|
|
|
|
MA20-048
|
184.1
|
-57.0
|
349.0
|
361.0
|
12.0
|
3.3
|
9.0
|
including
|
|
|
355.0
|
358.0
|
3.0
|
7.0
|
2.3
|
|
|
|
|
|
|
|
|
MA20-049
|
141.1
|
-82.1
|
644.0
|
654.0
|
10.0
|
4.3
|
7.5
|
including
|
|
|
644.0
|
646.0
|
2.0
|
17.2
|
1.5
|
and
|
|
|
724.0
|
728.0
|
4.0
|
5.8
|
3.0
|
including
|
|
|
727.0
|
728.0
|
1.0
|
20.2
|
0.8
|
All Central Zone drill results as well as maps and sections are
available on the Company's website at
https://www.argonautgold.com/English/assets/drill-results/default.aspx
Brian Arkell, Vice President
Exploration stated: "These drill results in the Central Zone were
designed to offset an earlier Central Zone intercept MA19-012,
which returned 18.1 metres of 8.3 g/t Au, and to test the
continuity of gold mineralization in this zone. We are very
pleased to see similar gold mineralization plus, gangue minerals,
deformation and alteration when compared to the Elbow Zone.
These assay results suggest continuity of high-grade gold
mineralization exists between the Elbow and Central Zones and will
be the focus of further drilling to test this theory."
Qualified Person Comments / Quality Control
Procedures
The preparation of this press release was supervised and
approved by Brian Arkell, Argonaut
Gold's Vice President Exploration and a Qualified Person under NI
43-101. Mr. Arkell also reviewed the diamond drilling,
sampling and on-site sample preparation procedures at Magino.
For sample analysis, the Company utilizes a system of Quality
Assurance/Quality Control (QA/QC) that includes insertion and
verification of standards, blanks and duplicates consistent with
industry standards.
The Company has implemented a QA/QC program to ensure sampling
and analysis of all exploration work is conducted in accordance
with the CIM Exploration Best Practices Guidelines. The
entire drill hole is sampled and tagged by geologic personnel.
Cores are then photographed and sawn in half by experienced
geotechnicians, placed in numbered plastic bags, and gathered in
rice bags which are sealed with tamper-proof security tags under
the supervision of the project geologists. The other half of
the core is retained for future assay verification and/or
metallurgical testing. Other QA/QC procedures include the
insertion of coarse blanks and Canadian Reference Standards for
every tenth sample in the sample stream. Samples are bagged, sealed
with numbered security tags and shipped to the Activation
Laboratories facility, Thunder Bay,
Ontario, for sample preparation and assaying. The
laboratory has its own QA/QC protocols, running standards, blanks
and duplicate samples in each batch stream. Gold analysis is
conducted by lead collection, fire assay with a gravimetric finish
on a 50-gram sample. Metallic screen fire assaying is now completed
using a 1.0 kg sample and two 50 gm fire assays of the pass (-100
mesh) pulverized material on all samples containing visible gold.
Check assays are conducted at a secondary ISO certified
laboratory.
Please see below under the heading "Cautionary note regarding
forward-looking statements" for further details regarding
risks.
For further information on the Magino project, please see the
report as listed below on the Company's website or on
www.sedar.com:
Magino Gold
Project
|
Feasibility Study
Technical Report on the Magino Project, Ontario, Canada
dated December 21, 2017 (effective date November 8,
2017)
|
About Argonaut Gold
Argonaut Gold is a Canadian gold company engaged in exploration,
mine development and production. Its primary assets are the
El Castillo mine and San Agustin mine, which together form the El
Castillo Complex in Durango,
Mexico, the La Colorada
mine in Sonora, Mexico and the
Florida Canyon mine in Nevada,
USA. Advanced exploration projects include the Magino project
in Ontario, Canada, the Cerro del
Gallo project in Guanajuato,
Mexico and the Ana Paula project in Guerrero, Mexico. The Company continues
to hold the San Antonio advanced
exploration project in Baja California
Sur, Mexico and several other exploration stage projects,
all of which are located in North
America.
Cautionary Note Regarding Forward-looking
Statements
This press release contains certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian securities laws concerning the business,
operations and financial performance and condition of Argonaut Gold
Inc. ("Argonaut" or "Argonaut Gold"). Forward-looking statements
and forward-looking information include, but are not limited to
statements with respect to permitting and legal processes in
relation to mining permitting and approvals; estimated
production and mine life of the various mineral projects of
Argonaut; the ability to obtain permits for operations; synergies;
the realization of mineral reserve estimates; the timing and amount
of estimated future production; costs of production; and financial
impact of completed acquisitions; the benefits of the development
potential of the properties of Argonaut; the future price of gold,
copper, and silver; the estimation of mineral reserves and
resources; success of exploration activities; and currency exchange
rate fluctuations. Except for statements of historical fact
relating to Argonaut, certain information contained herein
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may", "should" or "will" occur. Forward-looking statements are
based on the opinions and estimates of management at the date the
statements are made, and are based on a number of assumptions and
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements. Many of these
assumptions are based on factors and events that are not within the
control of Argonaut and there is no assurance they will prove to be
correct.
Factors that could cause actual results to vary materially from
results anticipated by such forward-looking statements include
variations in ore grade or recovery rates, changes in market
conditions, risks relating to the availability and timeliness of
permitting and governmental approvals; risks relating to
international operations, fluctuating metal prices and currency
exchange rates, changes in project parameters, the possibility of
project cost overruns or unanticipated costs and expenses, labour
disputes and other risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Argonaut's most
recent Annual Information Form and in the most recent Management's
Discussion and Analysis filed on SEDAR, which also provide
additional general assumptions in connection with these statements.
Argonaut cautions that the foregoing list of important factors is
not exhaustive. Investors and others who base themselves on
forward-looking statements should carefully consider the above
factors as well as the uncertainties they represent and the risk
they entail. Argonaut believes that the expectations reflected in
those forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements included in this press release
should not be unduly relied upon. These statements speak only as of
the date of this press release.
Although Argonaut has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Argonaut
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking
statements. Statements concerning mineral reserve and resource
estimates may also be deemed to constitute forward-looking
statements to the extent they involve estimates of the
mineralization that will be encountered if the property is
developed. Comparative market information is as of a date prior to
the date of this document.
For more information, contact:
Argonaut Gold Inc.
Dan Symons
Vice President, Investor Relations
Phone: 416-915-3107
Email: dan.symons@argonautgold.com
SOURCE Argonaut Gold Inc.