More positive results from Diamond Drilling at Magino

• MA20-043 with 9.0m at 13.4 g/t Au, including 2.0m at 55.6 g/t Au
• MA20-044 with 3.0m at 46.8 g/t Au, including 1.0m at 140.0 g/t Au
• MA20-045 with 12.4m at 10.6 g/t Au, including 2.0m at 48.7 g/t Au
• MA20-046 with 11.0m at 4.4 g/t Au, including 1.0m at 22.8 g/t Au
• MA20-047 with 5.0m at 11.0 g/t Au, including 1.0m at 37.0 g/t Au

Pete Dougherty, President and CEO stated: “The continuous high-grade nature of gold mineralization observed in the Elbow Zone is now also observed in the Central Zone.  We continue to encounter high-grade gold intercepts below and adjacent to the proposed open pit, and now believe there is potential for a possible connection between the Elbow and Central Zones that we will be testing.  We also have several other high-grade structures to test at depth within and below the current mineral resource model at Magino west of the Elbow and Central Zones.”

Recent drilling has focused on testing continuity and depth extent in the Central Zone, a steeply plunging ore shoot dominated by high-grade gold veins within a broad lower gold grade halo.  Results indicate the high-grade gold mineralization shows good continuity and extends to depths of at least 750 metres below surface.  In addition, the geologic model shows the Central Zone has good lateral continuity and has potential to connect westward to the Elbow Zone.

Table 1 below highlights select drill results from the Central Zone from the on-going drill program.  A three-dimensional model of the Magino deposit and the Elbow and Central Zones in relation to the proposed pit and property boundaries is available on the Company’s website at https://www.argonautgold.com/English/assets/drill-results/default.aspx

Table 1: Select Drill Results – Phase Two Central Zone

Brian Arkell, Vice President Exploration stated: “These drill results in the Central Zone were designed to offset an earlier Central Zone intercept MA19-012, which returned 18.1 metres of 8.3 g/t Au, and to test the continuity of gold mineralization in this zone.  We are very pleased to see similar gold mineralization plus, gangue minerals, deformation and alteration when compared to the Elbow Zone.  These assay results suggest continuity of high-grade gold mineralization exists between the Elbow and Central Zones and will be the focus of further drilling to test this theory.”