Argo Gold Inc. (CSE: ARQ) has entered into a mining claim acquisition agreement with Rubicon Minerals Corporation pursuant to which Argo Gold can acquire a 100% interest in certain mineral claims adjacent to Argo Gold’s 100%-owned Woco Gold Project located in Earngey Township, which is approximately 90 kilometres east of Red Lake, Ontario and 1.5 kilometres south of the past-producing Uchi Gold Mine. In exchange for these non-core mineral claims, Rubicon will receive 500,000 common shares of the Company and the grant of a 2.0% NSR on the claims (with 1.0% of this 2.0% NSR entitled to a third party per an existing agreement). The acquisition of the mineral claims is subject to receipt of regulatory approval and the common shares issuable thereunder will be subject to a statutory hold period of four months and one day from the date of issuance.
The acquired claims are comprised of three mineral claims covering 384 hectares, bringing Argo Gold’s project area to 23 mineral claims covering 704 hectares in the Birch-Uchi Greenstone Belt proximal to the Uchi Lake Deformation Zone, and contains the southerly extension of the “Uchi Break”, a NNE-SSW structure closely associated with the historic Uchi Gold Mine, the Woco Gold Prospect, and the Northgate Gold Prospect.
The acquired mineral claims include the Northgate Gold Project where the project information is historical and sufficient work has not been completed to verify the results. In 1937, Woco Development reported that a detailed surface sample of the main quartz vein at the Northgate Gold Project indicated a strike length of 200 feet assaying 0.497 oz/ton Au over a width of 3.0 feet. The Ontario Geological Survey (Thurston, 1985) mapped the quartz vein over a strike length of 244 metres with a width of 0.9 to 9.2 metres. Northgate drilled approximately 39 holes over a NW-SE strike length of 700 feet and in 1959 reported a resource of 64,400 tons grading 0.28 oz/ton Au. However, the information is not available to verify the 1959 Northgate Gold Project resource calculation or methodology and only seven drill hole logs with assays are available and include;
|Northgate Gold Project DDH||From (feet)||To (feet)||(Oz./ ton Au)||Length (feet)|
|Note: Assay composites recalculated from historical drill logs with assays in assessment files|
The newly acquired mineral claims are adjacent to Argo Gold’s Woco Gold Project where 1993 high grade drill intercepts included;
|Woco Gold Project DDH||From (feet)||To (feet)||(Oz./ ton Au)||Length (feet)||True Width (feet)|
|All assays were done by Wawa Assaying in 1993 using a Fire Assay with Gravimetric finish.|
and 1994 high grade drill intercepts include;
|Woco Gold Project DDH||From (feet)||To (feet)||(Oz/ton Au)||Length (feet)|
All assays were completed by Accurassay Laboratories, Thunder Bay, Ontario in 1994 using a standard fire assay method. The results from duplicate samples were averaged. Estimated true widths were not provided with the 1994 drill data.
The Company has not yet completed the work necessary to verify the past exploration results and since these results are historical in nature and these results predate National Instrument 43-101 standards and therefore should not be relied upon. In addition, a qualified person has not completed sufficient work to verify these historical results. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Delio Tortosa, P.Eng., a “Qualified Person” as defined by NI 43-101 and a Technical Advisor for Argo Gold.
Argo Gold is listed on the Canadian Securities Exchange under the ticker ARQ. Argo Gold is focused on gold exploration projects in central and northwestern Ontario. All of Argo Gold’s projects are 100% owned by the company and have historic exploration results that are currently being followed up upon.
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