Argonaut Gold Announces Results of Magino Drilling Program and Increases Deep Drilling Exploration Program

Argonaut Gold Inc. has announced the drill results to date from an on-going exploration program that targets high-grade, deep mineralization at the Magino property that commenced in early July 2019.  Just over half of that drilling program has been completed, and with 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, the drill program has been expanded.

The press release explains “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.”

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.”

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.