Argonaut Gold finds more High-Grade Gold Mineralization below the Planned Open Pit Reserves

Argonaut Gold Inc. current 20,000-metre exploration drilling program continues to find high-grade gold mineralization below the previously defined open pit reserves. That defined reserves were the basis for the Company’s recently completed Feasibility Study.

The media release stated, “Since July 2019, drilling has intersected a number of high-grade, gold-bearing structures trending westward from the adjacent Island Gold Mine below and adjacent to the planned Magino open pit mine.  Recent drilling has continued to confirm and focus on two high-grade structural zones, the Elbow Zone and the South Zone, which both remain open along strike and at depth. The drill program is now expanded to test new deeper targets between the Elbow and South Zones, within the Webb Lake Stock (“WLS”) and along the southern geological contact between the WLS and volcanic rocks.”

Pete Dougherty, President, and CEO stated: “We are very pleased with the ongoing success of our exploration program at Magino, where we continue to intersect higher grade gold mineralization in structures at depth and as we step out to the west of Magino.  We are especially pleased with the results of our deeper drilling where hole 20 intersected some of our best results yet, more than 700 metres vertically below surface, with 6 metres at 10.79 g/t Au, including a 2.95-metre interval of 21.07 g/t Au.”

Brian Arkell, Vice President Exploration stated: “Our exploration will continue to test the high-grade structures as we drill to the west and the higher grade shoots at depth. Drilling is still very wide-spaced, but we can see continuity in a number of high-grade structural zones, laterally and at depth. Our structural work is helping immensely to define potential ore zones where mineralization is wider and higher grade, such as in hole 16 where we cut 19 metres of over 7 g/t Au including 7 metres running 15.54 g/t Au or one-half ounce per tonne.”

“We are especially looking forward to our upcoming district exploration program. Our property to the west and north of Magino has seen very little exploration until last year when our prospecting teams mapped and identified a number of targets. These targets have the right alteration and strong geochemistry where exposed, but for the most part are in flat, covered ground. The recently completed geophysics will help delineate drill targets. Our plans for this second phase starting in April are for an additional 20,000 metres of drilling on the high-grade targets at Magino plus 5,000 metres of first-pass scout drilling on newly defined district targets.”