Argonaut Gold Inc. announced recent positive drill results from deep drilling at Magino with high-grade intercepts below. The ongoing drill program continues to intersect multiple zones of mineralization at depth along a strike length of 1500 meters, reinforcing the underground expansion potential below the planned Magino open pit. The deep drilling programme has now tested the gold mineralization along a 1.5km trend to depths great than 1km.With the Elbow and Central Zones on the eastern margins and the South Zone on the west, a large-scale mineralized system has been shown to continue significantly down dip below the planned open pit.

To date the company has drilled over 130,000 metres to establish the resource continuity of the mineralized system. In the eastern area of the Magino deposit, drilling this year has focused on establishing continuity of higher-grade mineralization in the Elbow and Central Zones. Thirty (30) diamond drill holes totaling 19,300m were completed to infill drill spacing to between 40 and 50 meters.

Results demonstrate good continuity of the mineralised zones and as expected an erratic nature to the higher grades. Highlights included hole MA22-132 which returned 8.33 g/t Au over a sample length of 11.0 m from the Elbow zone and 11.61 g/t Au over 3.0 m in the Central Zone. Many assays are still pending from this program, and Argonaut expects to issue a further update when received in September.

Concurrently, Argonaut is conducting a model update along with preliminary scoping-level underground design and costing. Second-pass follow-up drilling is in progress to further define gold resources along the Scotland, #42, Sandy, and South Zones in the central and western regions of the deposit. Although a considerable number of assays are still pending, initial results are encouraging with several high- grade intercepts over a large area below the planned Magino pit.

Highlights include 7.44 g/t Au over 13.0m in the #42 Zone including 24.4 g/t Au over 1.3m and 87.2 g/t Au over 0.65 m in hole MA22-134. The Sandy zone also returned 14.25 g/t Au over 2.0 m. In the South Zone drilling focused on extending known mineralization beneath the western extents of the open pit to vertical depths exceeding 1000m. Drilling encountered north dipping veins as expected as well as several south dipping veins.

This resulted in a few intercepts where veins were drilled sub-parallel to the core axis. These intercepts have been identified in the drill tables with double asterix and the true widths are indeterminant at this time. In the north dipping veins where drilling crossed near-perpendicular, highlights include 7.50 g/t Au over 13.0m in hole MA21-104 and 14.3 g/t Au over 5.0m in wedge hole MA22-114W1A.

The ongoing program has produced mineralized intervals at depth across the deposit footprint. Argonaut will continue exploratory drilling in the near-mine environment through the end of year and plans to initiate first-pass district exploration drilling during the winter season on several targets to the south and west of Magino. Although many assays are pending, Argonaut expects to release further results in the upcoming months.