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Argonaut announces expanded drilling at Magino Project

Promising exploration results prompt Argonaut to drill deeper

Argonaut Gold Inc. (TSX: AR) has announced the drill results to date from an on-going exploration program that is targeting high-grade, deep mineralization at its 100 per cent owned Magino property in Northern Ontario, Canada that commenced in early July 2019.

The Company has completed approximately 3,500 metres of drilling since launching the original 6,000-metre program, said a company release. Due to the results to date and success of identifying the same gold-bearing geological structures that strike westward into the Magino deposit from those of the adjacent Island Gold Mine, Argonaut has expanded the drill program to 20,000 metres, said the release.

The Magino project is located roughly 14 kilometres southeast of Dubreuiville in the Algoma District.

The expanded drill program will focus on testing the down plunge extension of potential high-grade gold structures at depth. Previous exploration conducted by Argonaut at the Magino project concentrated solely on expanding and upgrading the open-pit mineral resource and mineral reserve with drilling focused primarily to a depth of 300 metres.

This is the first drill program conducted on the Magino deposit targeting deeper, high-grade mineralization below the currently designed open pit, said the release.

"We have successfully developed a robust open-pit project at Magino and our next phase of exploration at the project is to target deeper, high-grade structures similar to those at the adjacent Island Gold Mine,” said Pete Dougherty, Argonaut President and CEO.

“We had budgeted a 6,000-metre program this year with the goal of locating these structures on our property. Approximately 3,500 metres through our program, we have already succeeded in locating Island-Gold-Mine-like structures and have now expanded the program to 20,000 metres through 2020. Our focus at the Magino project is to link into these structures at depth, specifically targeting high-grade material outside of the planned pit and eastward towards the adjacent Island Gold Mine. We are excited about the Magino project and the prospect of expanding the known mineralization at depth where, historically in the district, the grade of gold mineralization improves,” Dougherty continued.