Argonaut Gold Inc. announced that it continues to discover high-grade gold mineralization in three distinct veins – North, Central and South – below the El Crestón open pit at its La Colorada mine in Sonora, Mexico. High-grade gold intercepts include: 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; and 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 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. Mining activity in the La Colorada district dates to the mid-1700s when underground mining took place at various periods of time until the early 1900s. In the 1990s, La Colorada was re-started as an open pit, heap leach mine until decommissioning in 2002. Argonaut re-started open pit, heap leach operations in 2012 and, through 2020, has produced over 400,000 gold ounces at La Colorada. Gold and silver at La Colorada are hosted in a series of low sulfidation epithermal style quartz veins formed along a major regional suture zone. Four deposits – Gran Central, La Colorada, El Crestón and Veta Madre – have been mined, or are currently being mined and/or are in the future mine plans. At El Crestón, mineralization occurs along east-west oriented sets of sub-parallel veins, vein breccias and stockworks that maintain good lateral continuity for over 800 metres along strike and are known to continue extensively at depth. Three major veins – the North, Central and South veins – comprise the principal mineral production at El Crestón.