Scotland Zone Returns 7.0 Metres at 14.0 g/t Gold; #42 Zone Returns 8.0 Metres at 9.3 g/t Gold; Sandy Zone Returns 9.0 Metres at 5.4 g/t and South Zone Returns 7.0m at 4.2 g/t Gold
Recent highlights include:
Scotland Zone : MA20-50A with 7.0m at 14.0 g/t Au, including 3.0m at 31.9 g/t Au;- #42 Zone: MA20-051 with 8.0m at 9.3 g/t Au, including 5.0m at 14.6 g/t Au;
Sandy Zone : MA20-051 with 9.0m at 5.4 g/t Au, including 3.0m at 13.5 g/t Au;South Zone : MA20-051 with 7.0m at 4.2 g/t Au, including 2.0m at 10.0 g/t Au; andElbow Zone : MA20-053 with 4.4m at 14.1 g/t Au, including 3.4m at 18.15 g/t Au.
Recent drilling has focused on widely spaced scout drilling to test multiple potential high-grade mineralized structures at depth westward from the Elbow and Central zones. Results indicate that the four high-grade structures continue down dip, as the first drilling to test these down dip extensions has encountered high-grade gold mineralization in all four targets. Drilling will now focus on continuing to test the continuity of the Elbow and Central zones as well as moving westward to continue testing new targets below and to the west of the planned open pit.
Table 1 below highlights select drill results from the on-going drill program. A three-dimensional model of the Magino deposit and these drill results in relation to the planned open pit, Elbow and Central zones and property boundary is available on the Company's website at https://www.argonautgold.com/English/assets/drill-results/default.aspx
Table 1: Select Drill Results
Hole | Zone | Azimuth | Dip | From (metres) | To (metres) | Length (metres) | Grade* (Au g/t) | Estimated True Width (meters) |
MA20-017W1 | Elbow | 170.1 | -61.2 | 647.0 | 648.0 | 1.0 | 5.4 | 0.8 |
and | Elbow | 767.0 | 769.0 | 2.0 | 6.4 | 1.6 | ||
including | Elbow | 767.0 | 768.1 | 1.1 | 11.4 | 0.9 | ||
MA20-050A | 160.0 | -60.3 | 431.0 | 438.0 | 7.0 | 14.0 | 5.3 | |
including | 431.0 | 434.0 | 3.0 | 31.9 | 2.3 | |||
and | #42 | 717.0 | 725.0 | 8.0 | 4.5 | 6.0 | ||
including | #42 | 721.0 | 724.0 | 3.0 | 10.1 | 2.3 | ||
MA20-051 | #42 | 165.1 | -62.1 | 365.0 | 373.0 | 8.0 | 9.3 | 6.0 |
including | #42 | 366.0 | 371.0 | 5.0 | 14.6 | 3.8 | ||
and | Sandy | 605.0 | 613.0 | 8.0 | 5.5 | 6.0 | ||
including | Sandy | 605.0 | 607.0 | 2.0 | 18.3 | 1.5 | ||
and | Sandy | 741.0 | 750.0 | 9.0 | 5.4 | 6.8 | ||
including | Sandy | 742.0 | 745.0 | 3.0 | 13.5 | 2.3 | ||
and | South | 884.0 | 891.0 | 7.0 | 4.2 | 5.3 | ||
Including | South | 884.0 | 886.0 | 2.0 | 10.0 | 1.5 | ||
MA20-052 | #42 | 164.8 | -71.9 | 703.0 | 708.0 | 5.0 | 7.3 | 3.5 |
including | #42 | 706.0 | 708.0 | 2.0 | 17.5 | 1.4 | ||
and | Sandy | 945.00 | 950.00 | 5.0 | 5.7 | 3.5 | ||
including | Sandy | 945.00 | 948.00 | 3.0 | 8.9 | 2.1 | ||
MA20-053 | Elbow | 182.1 | -72.0 | 419.60 | 424.00 | 4.4 | 14.1 | 3.1 |
including | Elbow | 419.60 | 423.00 | 3.4 | 18.2 | 2.4 | ||
*Grade uncut |
All table of all drill results as well as maps are available on the Company's website at https://www.argonautgold.com/English/assets/drill-results/default.aspx
This round of drilling has shown promising results in the #42 zone where visible gold has been observed in many of the quartz veins. Several stopes from past production are within this zone and using the historical level plans, detailed information on vein orientation and density was extracted. Hole MA20-051 intersected the down-plunge extension some 150m below the old workings returning 8.0m at 9.3 g/t Au. Testing along strike on this zone, MA20-050A intersected 8.0m at 4.5 g/t Au, including 3.0m at 10.2 g/t Au. This intersection was a further 150m down plunge and to the east of MA20-051. Along with these holes, MA20-052 also intersected 5.0m at 7.3 g/t Au another 200m down plunge. With these positive intersections in this pattern of drilling, the zone has expanded by 350m down plunge and approximately 150m of strike length to a vertical depth from surface greater than 650m.
Qualified Person Comments / Quality Control Procedures
The preparation of this press release was supervised and approved by
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
Please see below under the heading "Cautionary note regarding forward-looking statements" for further details regarding risks.
Creating Value Beyond Gold
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
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 further information on the Magino project, please see the report as listed below on the Company's website or on www.sedar.com:
Feasibility Study Technical Report on the |
About
For more information, contact:
Vice President, Corporate Development & Investor Relations
Phone: 416-915-3107
Email: dan.symons@argonautgold.com
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