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Argonaut Gold Announces Results of Magino Drilling Program and Increases Deep Drilling Exploration Program with the Closing of C$4.0 Million Bought Deal Private Placement of Flow-Through Common Shares

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Argonaut Gold Announces Results of Magino Drilling Program and Increases Deep Drilling Exploration Program with the Closing of C$4.0 Million Bought Deal Private Placement of Flow-Through Common Shares

 

 

 

 

 

Argonaut Gold Inc. (TSX: AR) is pleased to announce the drill results to date from an on-going exploration program that is targeting high-grade, deep mineralization at its 100% owned Magino property in Ontario, Canada that commenced in early July 2019.  The Company has completed approximately 3,500 metres of drilling since launching the original 6,000-metre program and, due to the results to date and success of identifying the same gold-bearing geological structures that strike westward into the Magino deposit from those of the adjacent Island Gold Mine, has expanded the drill program to 20,000 metres. 

 

The expanded program will focus on testing the down plunge extension of potential high-grade gold structures at depth.  Previous exploration conducted by Argonaut at the Magino project concentrated solely on expanding and upgrading the open-pit mineral resource and mineral reserve with drilling focused primarily to a depth of 300 metres.  This is the first drill program conducted on the Magino deposit targeting deeper, high-grade mineralization below the currently designed open pit. 

 

Pete Dougherty, President and CEO stated: “We have successfully developed a robust open-pit project at Magino and our next phase of exploration at the project is to target deeper, high-grade structures similar to those at the adjacent Island Gold Mine.  We had budgeted a 6,000-metre program this year with the goal of locating these structures on our property.  Approximately 3,500 metres through our program, we have already succeeded in locating Island-Gold-Mine-like structures and have now expanded the program to 20,000 metres through 2020.  Our focus at the Magino project is to link into these structures at depth, specifically targeting high-grade material outside of the planned pit and eastward towards the adjacent Island Gold Mine.  We are excited about the Magino project and the prospect of expanding the known mineralization at depth where, historically in the district, the grade of gold mineralization improves.” 

 

Expanded Drill Campaign Through 2020

 

The expanded drill campaign at Magino is aimed at testing higher-grade structures at depth.  The program has two phases.  The initial phase has been geared towards locating similar high-grade structures to those that exist on the adjacent property.  The results from the first approximate 3,500 metres of the program suggest that the Company has located these structures and will now begin the second phase of drilling down dip with a goal of targeting higher-grade chutes.  Argonaut’s exploration thus far in the district indicates that the grade of the mineralization at the Magino project has a strong potential to increase at depth.

 

Brian Arkell, Vice President Exploration stated: “We are encouraged by the drill results and our success of locating the higher-grade structures with values from five to over 20 grams per tonne gold.  We have now traced the Island Gold Mine’s Lochalsh zone and other structures onto our property from the adjacent property boundary, and they remain open to the west and at depth.  Based on this initial success, we are expanding this program to nearly 20,000 metres.  We expect to execute the remainder of the program over the next 12 months using two drill rigs.  This marks the first deep drill program on the project, as all previous drilling had been focused on near surface resource.” 

 

Below is a plan view map, a long section, cross sections and a table of initial drill results.  These maps, sections and drill results can also be viewed and downloaded at

https://www.argonautgold.com/English/assets/drill-results/default.aspx.

 

 

 

Hole #

 

Azimuth

 

Dip

From

(Metres)

To

(Metres)

Length*

(Metres)

Grade

(Au g/t)

MA-19-001 344.4 -81.9 41.0 66.0 25.0 2.14
including     51.0 53.0 2.0 5.63
including     58.0 62.0 4.0 4.41
MA-19-002 340.0 -49.0 320.0 332.0 12.0 4.69
including     323.0 328.0 5.0 10.97
MA-19-003 334.0 -58.0 425.0 428.3 3.3 4.81
including     426.0 428.3 2.3 6.77
and     546.0 548.3 2.3 4.94
including     546.0 546.8 0.8 13.60
and     557.0 559.0 2.0 4.30
MA-19-004 195.1 -65.8 222.0 225.0 3.0 14.33
including     223.0 225.0 2.0 21.35
and     319.0 331.0 12.0 7.96
including     326.0 331.0 5.0 18.16
and     350.0 353.0 3.0 2.89
and     356.0 358.0 2.0 3.59
and     375.0 377.0 2.0 2.98
and     428.0 430.0 2.0 4.68
including     429.0 430.0 1.0 7.48
and     535.0 536.0 1.0 4.89
   
* Down-hole width. Unable to determine true width at this time.  

 

 

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 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, 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 then dispatched and transported by Actlabs personal to the Actlabs facility in Thunder Bay, Ontario, for sample preparation and assaying.  The laboratory has its own QA/QC protocols, running standards and blanks with 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. 

 

 

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 and the La Colorada mine in Sonora, Mexico.  Advanced exploration projects include the San Antonio project in Baja California Sur, Mexico, the Cerro del Gallo project in Guanajuato, Mexico and the Magino project in Ontario, Canada.  The Company also has several exploration stage projects, all of which are located in North America.

 


A geological map of the Magino Project located approximately 14 kilometres southeast of Dubreuilville, Ontario, adjacent to the Island Gold Mine. The map shows key drillhole locations from our recent drilling program. (CNW Group/Argonaut Gold Inc.)

 


Section A is a longitudinal section through high grade zones in the Localsh Zone Western Extension on the Magino Project property, highlighting key drillhole intercepts from our recent drilling program. (CNW Group/Argonaut Gold Inc.)

 


Cross Section B is a section though high grade zones looking west showing highlighted intercepts from drillholes MA19-002, MA19-003 and MA19-004. (CNW Group/Argonaut Gold Inc.)

 


Cross Section B is a section though high grade zones looking west showing highlighted intercepts from drillhole MA19-004. (CNW Group/Argonaut Gold Inc.)

 

Posted September 10, 2019

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