Recent highlights include:
South Zone :- MA21-070 with 7.0m at 13.3 g/t Au and 8.0m at 5.1 g/t Au;
Elbow Zone :- MA21-063 with 8.0m at 7.7 g/t Au, including 1.1m at 36.8 g/t Au;
- MA21-064 with 3.0 m at 6.7 g/t Au, including 1.0 m at 18.4 g/t Au;
- MA21-065 with 19.0m at 3.7 g/t Au, including 2.0m at 14.8 g/t Au;
- MA21-066 with 3.5m at 8.0 g/t Au;
- MA21-067 with 6.0m at 6.5 g/t Au, including 2.0m at 17.7 g/t Au; and
- MA21-068 with 26.0m at 1.7 g/t Au, including 1.0m at 7.7 g/t Au.
Figure 1 – Plan Map of Magino Showing the Locations of Drill Holes in this Press Release
The 2021 drilling program is primarily focused on tightening the drill spacing to approximately 40 m (upper portion) and 80 m (lower portion) within the
Figure 2 – Drill holes MA21-070 and MA21-071 in relation to high-grade gold intercepts in previously announced drill holes MA20-057 and MA12-424
Infill definition drilling of the
Figure 3 – Long Section of Elbow Zone Showing Completed Drill Holes and Planned Drill Holes
Table 1: Drill Results From the On-Going Drill Program
Hole | From | To | Length | Grade* | Estimated True | |||
Zone | Azimuth | Dip | (Au g/t) | Width (meters) | ||||
MA21-070 | South | 153.3 | -72.1 | 433.0 | 440.0 | 7.0 | 13.3 | 3.4 |
and | 536.8 | 540.0 | 5.0 | 3.5 | 2.4 | |||
including | 537.5 | 538.5 | 1.0 | 18.2 | 0.5 | |||
and | 616.0 | 621.0 | 5.0 | 3.5 | 2.4 | |||
including | 620.0 | 621.0 | 1.0 | 13.5 | 0.5 | |||
and | 720.0 | 728.0 | 8.0 | 5.1 | 3.8 | |||
including | 726.0 | 727.0 | 1.0 | 19.5 | 0.5 | |||
MA21-071 | South | 331.7 | -75.1 | 877.5 | 887.0 | 9.5 | 3.7 | 4.6 |
including | 877.5 | 880.6 | 3.1 | 5.9 | 1.5 | |||
and | 884.0 | 886.0 | 2.0 | 6.0 | 1.0 | |||
MA21-063 | Elbow | 156.1 | -77.4 | 453.0 | 461.0 | 8.0 | 7.7 | 6.0 |
including | 459.9 | 461.0 | 1.1 | 36.8 | 0.8 | |||
MA21-064 | Elbow | 164.4 | -79.4 | 463.0 | 466.0 | 3.0 | 6.7 | 2.3 |
including | 464.0 | 465.0 | 1.0 | 18.4 | 0.8 | |||
MA21-065 | Elbow | 164.0 | -74.0 | 342.0 | 361.0 | 19.0 | 3.7 | 14.3 |
including | 359.0 | 361.0 | 2.0 | 14.8 | 1.5 | |||
MA21-066 | Elbow | 165.7 | -78.0 | 526.9 | 530.4 | 3.5 | 8.0 | 2.6 |
MA21-067 | Elbow | 153.9 | -73.1 | 444.0 | 450.0 | 6.0 | 6.5 | 4.5 |
including | 448.0 | 450.0 | 2.0 | 17.7 | 1.5 | |||
MA21-068 | Elbow | 173.7 | -81.2 | 462.0 | 488.0 | 26.0 | 1.7 | 19.5 |
including | 481.0 | 482.0 | 1.0 | 7.7 | 0.8 | |||
*Grade uncut |
A table of the drill results as well as maps and an interactive 3D model are available on the Company's website at https://www.argonautgold.com/English/assets/drill-results/default.aspx
Qualified Person Comments / Quality Control Procedures
The preparation of this press release was supervised and approved by
For sample analysis, the Company utilizes a system of Quality Assurance/Quality Control (QA/QC) that includes insertion and verification of standards, blanks, and duplicates consistent with industry standards.
The Company has implemented a QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. The entire drill hole is sampled and tagged by geologic personnel. Cores are then photographed and sawn in half by experienced geotechnicians, placed in numbered plastic bags, and gathered in rice bags which are sealed with tamper-proof security tags under the supervision of the project geologists. The other half of the core is retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of coarse blanks and Canadian Reference Standards for every tenth sample in the sample stream. Samples are bagged, sealed with numbered security tags and shipped to the
Please see below under the heading "Cautionary note regarding forward-looking statements" for further details regarding risks.
Creating Value Beyond Gold
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.
For further information on the Magino project, please see the report as listed below on the Company's website or on www.sedar.com:
| Feasibility Study Technical Report on the |
About
For more information, contact:
Vice President, Corporate Development & Investor Relations
Phone: 416-915-3107
Email: dan.symons@argonautgold.com
SOURCE
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