- South Vein: Drill hole 21-LCRC-667 intersected 38.1 metres at 9.1 g/t Au and 126.6 g/t Ag, including 4.6 metres of 51.9 g/t Au and 28.5 g/t Ag
- North Vein: Drill hole 21-LCRC-657 intersected 29.0 metres at 3.62 g/t Au and 10.1 g/t Ag, including 4.6 metres of 17.4 g/t Au and 29.0 g/t Ag
- Central Vein: Drill hole 21-LCRC-673 intersected 22.9 metres at 6.7 g/t Au and 30.1 g/t Ag, including 1.5 metres of 90.0 g/t Au and 14.8 g/t Au
The latest phase of drilling was a follow-up program to the initial discovery of high-grade gold veins below the El Crestón open pit, which included 12.2 metres at 98.9 g/t Au and 30.3 g/t Ag and 21.3 metres at 44.6 g/t Au and 274.9 g/t Ag (see press release dated
Table 1: Select Drill Results From the Phase Two Drill Program Targeting High-Grade Gold Veins Below the El Crestón
Hole | Vein | Azimuth | Dip | From | To | Length | Gold (Au g/t) | Silver (Ag g/t) | Estimated True Width |
21-LCRC-643 | North | 180 | -70 | 21.3 | 33.5 | 12.2 | 3.5 | 84.9 | 8.8 |
including | 32.0 | 33.5 | 1.5 | 23.7 | 59.1 | 1.1 | |||
and | Central | 121.9 | 137.2 | 15.2 | 2.1 | 82.7 | 11.0 | ||
including | 121.9 | 126.5 | 4.6 | 6.0 | 217.7 | 3.3 | |||
21-LCRC-645 | Central | 180 | -72 | 115.8 | 135.6 | 19.8 | 2.3 | 7.2 | 16.0 |
including | 115.8 | 121.9 | 6.1 | 6.7 | 10.8 | 4.9 | |||
21-LCRC-646 | North | 0 | -90 | 35.1 | 42.7 | 7.6 | 7.3 | 201.2 | 4.0 |
including | 39.6 | 42.7 | 3.0 | 17.8 | 369.0 | 1.6 | |||
21-LCRC-648 | North | 0 | -90 | 64.0 | 68.6 | 4.6 | 8.9 | 121.1 | 2.2 |
21-LCRC-651 | North | 0 | -90 | 68.6 | 103.6 | 35.1 | 1.4 | 4.6 | 21.0 |
including | 68.6 | 71.6 | 3.0 | 9.6 | 14.1 | 1.8 | |||
21-LCRC-653 | North | 180 | -70 | 1.5 | 47.2 | 45.7 | 4.1 | 28.3 | 42.5 |
including | 19.8 | 39.6 | 19.8 | 8.4 | 52.6 | 18.4 | |||
21-LCRC-655 | North | 180 | -62 | 0.0 | 48.8 | 48.8 | 3.1 | 16.4 | 46.0 |
including | 27.4 | 29.0 | 1.5 | 62.6 | 60.4 | 1.4 | |||
and | Central | 115.8 | 195.1 | 79.2 | 2.5 | 19.0 | 74.8 | ||
including | 160.0 | 161.5 | 1.5 | 37.1 | 60.2 | 1.4 | |||
21-LCRC-657 | North | 180 | -87 | 59.4 | 88.4 | 29.0 | 3.6 | 10.1 | 17.1 |
including | 77.7 | 82.3 | 4.6 | 17.4 | 29.0 | 2.7 | |||
21-LCRC-658 | Central | 180 | -56 | 32.0 | 88.4 | 56.4 | 2.5 | 52.0 | 47.0 |
including | 33.5 | 38.1 | 4.6 | 21.3 | 349.0 | 3.8 | |||
21-LCRC-663 | Central | 180 | -54 | 1.5 | 25.9 | 24.4 | 1.4 | 18.1 | 19.2 |
including | 21.3 | 22.9 | 1.5 | 13.8 | 103.0 | 1.2 | |||
and | South | 89.9 | 123.4 | 33.5 | 2.4 | 6.6 | 31.0 | ||
including | 103.6 | 115.8 | 12.2 | 4.7 | 11.4 | 11.2 | |||
21-LCRC-667 | South | 180 | -77 | 44.2 | 85.3 | 41.1 | 1.4 | 4.8 | 22.1 |
including | 59.4 | 62.5 | 3.0 | 6.2 | 5.9 | 1.6 | |||
and | 89.9 | 128.0 | 38.1 | 9.1 | 12.6 | 32.0 | |||
including | 115.8 | 120.4 | 4.6 | 51.9 | 28.5 | 3.8 | |||
21-LCRC-672 | Central | 180 | -65 | 71.6 | 79.2 | 7.6 | 7.5 | 10.7 | 6.0 |
including | 77.7 | 79.2 | 1.5 | 34.8 | 29.5 | 1.2 | |||
21-LCRC-673 | Central | 180 | -58 | 42.7 | 57.9 | 15.2 | 4.1 | 5.2 | 12.0 |
including | 48.8 | 50.3 | 1.5 | 39.4 | 22.8 | 1.2 | |||
and | 68.6 | 91.4 | 22.9 | 6.7 | 30.1 | 21.0 | |||
including | 73.2 | 74.7 | 1.5 | 90.0 | 14.8 | 1.4 | |||
21-LCDD-196 | South | 180 | -67 | 103.2 | 118.8 | 15.6 | 3.0 | 7.6 | 12.5 |
including | 117.0 | 118.0 | 1.0 | 28.7 | 24.0 | 0.8 | |||
and | 121.1 | 136.0 | 14.9 | 2.4 | 17.3 | 11.6 | |||
including | 121.1 | 122.0 | 0.9 | 28.7 | 62.9 | 0.7 |
*Grade uncut |
A 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
The high-grade zones occur in three distinct oxide low sulphidation quartz veins – North, Central and South – extending below the current El Crestón open pit mine operations and are part of a larger low sulphidation system with gold and silver hosted in quartz and quartz-breccia zones. Drilling and mine operations have currently defined over 800 metres of strike length along the veins. The veins remain open along strike and at depth and are known to go well below the planned open pit.
For the phase-two program, two reverse-circulation ("RC") drill rigs were utilized due to the speed of which the program could be completed to work around active mining operations. A diamond drill rig was utilized in both phase one and two drill programs to twin select holes for grade and width confirmation. Assays received to date from core twin holes during the phase one and two programs confirmed good sample quality in the RC drilling.
A plan view map and cross sections detailing the high-grade gold and silver intercepts are presented below:
Mining activity in the
Gold and silver at
For further information on the
NI 43-101 Technical Report on Resources and Reserves, |
Qualified Person Comments / Quality Control Procedures
The preparation of this press release was supervised and approved by
The Company has implemented a QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with industry and CIM Exploration Best Practices Guidelines. RC holes are drilled with air or water injection depending on the geology, sampled through rotary splitters and / or Gilson-type splitter, and collected in micropore sample bags. Cores are logged then photographed and sawn in half by experienced geotechnicians, placed in numbered plastic bags. All samples are gathered in rice bags which are sealed with tamper-proof security tags under the supervision of the project geologists. RC chips and the remaining half of the core are retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of blanks and Reference Standards along with sample duplicates. The laboratory has its own QA/QC protocols, running standards, blanks, and duplicate samples in each batch stream. Gold analysis is conducted by lead collection, fire assay with a gravimetric finish on a 50-gram sample. Metallic screen fire assaying is completed using a 1.0 kg sample and two 50 gm fire assays of the pass (-100 mesh) pulverized material on all samples containing visible gold. Check assays are conducted at a secondary ISO certified laboratory.
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.
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Email: dan.symons@argonautgold.com
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