Toronto, Ontario–(Newsfile Corp. – November 6, 2019) – Argo Gold Inc. (CSE: ARQ) (“Argo Gold” or the “Company”) has completed initial geological mapping and sampling at Raingold – ground acquired with the Geisler patents -which is now part of the 22 square kilometre Uchi Gold Project. Raingold is one of the mineralized areas of the HST Zone which is a fractured/sheared gold-bearing zone associated with a lean iron formation that extends for several kilometres and follows a lithologic horizon between rhyolite and greenstones. At the north end of the HST Zone, the Grassett Mine was developed in the late 1930’s with 5 levels. The Raingold area is additional mineralized trend located west of the main mineralized corridor where the summer biogeochem survey was carried out.
Raingold is a shear-hosted north-south striking gold vein system where the last reported work was 1937 and trenching reported 8.1 g/t Au over a strike length of 122 metres and 2.1 metre width (1938, Thomson, J. ODM Annual Report, Volume 47).
This summer exploration work by Argo Gold identified 20 pits up to 2 metres square over a strike length of 700 m. Hand-stripping and chip sampling was carried out on east-west fences perpendicular to strike. Almost all pits were sampled in this manner and attempts were made to close them off with flank samples at each end of the mineralization. Shearing and gold mineralization occurs at the basalt/dacite-rhyolite contact. Gold mineralization occurs in pyritic shear zones containing tourmaline-bearing quartz veins and stringers. The quartz veins vary from 0.6 m to 2 metres wide. The shear zone strikes north-south and dips steeply east. Argo Gold assays indicate anomalous gold in all pits over 600 metres of strike length with one continuous chip of five samples returning 14.5 g/t Au across 2.6 m. Follow-up work will include backhoe stripping, hydraulic washing, additional sampling, more extensive geological and structural mapping and drill targeting.
The rock sampling at Raingold consisted of continuous chip samples along the lip of each pit with the smallest sample length being 30 cms and the largest 100 cm. Eighty-four samples were taken, inclusive of four blank samples, four duplicate samples, and three inserted OREAS control standards with known values. Samples were tagged and placed in security sealed bags in the field and transported to Dryden (Activation Laboratories Ltd. (Actlabs), which is ISO 17025 accredited) by Argo field staff. Samples were sorted and dried in a 60C oven. Each sample was then crushed up to 90% passing 10 mesh, riffle split, and a 250g sample was pulverized to 95% passing 150 mesh. Preparation duplicates were added every 50 samples by the laboratory. Thirty gm samples of the pulverized material were analyzed for Fire Assay gold with a gravimetric finish. The Argo-inserted blanks, control standards and duplicates are all deemed within reasonable limits.
Bill Kerr, P. Geo, Lead Exploration Geologist of Argo Gold, is the Qualified Person who assumes responsibility for the technical disclosures in this press release.
Argo Gold is pleased to announce Bryan Wilson has joined the board of directors. Mr. Wilson has worked in the mining industry for over 30 years in geological and financial analyst positions. He has held senior management and executive positions in resource exploration and mining companies. Mr. Wilson was CEO and President of St. Genevieve Resources and Gee Ten Ventures Inc., and Director of Spider Resources, his previous financial roles include being a Mining Analyst for C.M Oliver and Dominick & Dominick Securities Inc. and as a corporate Finance Specialist for Thames Capital. Mr. Wilson is currently the Director Exploration Business Development of Centerra Gold Corp, and a director of Doubleview Capital and Colorado Resources Ltd.
About Argo Gold Inc.
Argo Gold’s flagship Uchi Gold Project is 22 square kilometers of multiple mineralized trends and widespread gold mineralization. High grade gold intercepts from the winter 2019 drill program by Argo Gold include 132 g/t Au over 1.8 metres at the Woco Vein. Historic drilling by St. Jude Resources in 1993 includes; 139 g/t Au over 2.1 metres, 65 g/t Au over 1.83 metres, and 62 g/t Au over 3.6 metres. Results at Argo Gold’s Uchi Gold Project continue to be compelling.
Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) under the ticker ARQ and on the OTC under the ticker ARBTF. Argo Gold is focused on gold exploration projects in central and northwestern Ontario. All of Argo Gold’s projects are 100% owned and have indications of economic viability. Argo Gold’s website is www.argogold.ca.
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com.
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