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Argonaut Gold Inc
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Close 2022-09-06 C$ 0.455
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Argonaut Gold drills eight m of 15 g/t gold at Magino

2022-09-06 10:38 ET - News Release

Mr. Larry Radford reports


Argonaut Gold Inc. has released recent positive drill results from deep drilling at Magino with high-grade intercepts in the "Selected results from the Magino drill program targeting high-grade gold mineralization at depth" table. The continuing drill program continues to intersect multiple zones of mineralization at depth along a strike length of 1,500 metres (see the "Selected results from the Magino drill program targeting high-grade gold mineralization at depth" table), reinforcing the underground expansion potential below the planned Magino open pit.

"The drill results further demonstrate the potential of a mineral resource expansion at depth at the Magino project. We continue to receive assays, and our goal is to expand the mineral resource envelope to include an open pit and underground scenario to meaningfully extend the project's mine life and increase mine profitability," commented Larry Radford, president and chief executive officer of Argonaut Gold.

A table of the full drill results, as well as maps, are available on the company's website.

The deep-drilling program has now tested the gold mineralization along a 1.5-kilometre trend to depths great than one kilometre. 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 diamond drill holes totalling 19,300 metres were completed to infill drill spacing to between 40 and 50 metres. Results demonstrate good continuity of the mineralized zones and, as expected, an erratic nature to the higher grades. Highlights included hole MA22-132 which returned 8.33 grams per tonne (g/t) Au over a sample length of 11 m from the Elbow zone and 11.61 g/t Au over three m in the Central zone. Many assays are still pending from this program and Argonaut expects to issue a further update when they are 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, No. 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 m in the No. 42 zone, including 24.4 g/t Au over 1.3 m 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 two m.

In the South zone, drilling focused on extending known mineralization beneath the western extents of the open pit to vertical depths exceeding 1,000m. Drilling encountered north dipping veins, as expected, as well as several south-dipping veins. This resulted in a few intercepts where veins were drilled subparallel 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 7.5 g/t Au over 13 m in hole MA21-104 and 14.3 g/t Au over five m in wedge hole MA22-114W1A.

The continuing 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.

Qualified person comments/quality control procedures

Technical information and preparation of this press release was supervised and approved by Brian Arkell, Argonaut Gold's vice-president of exploration and mine technical services, and a qualified person under National Instrument 43-101. Mr. Arkell also reviewed the diamond drilling, sampling and on-site sample preparation procedures at Magino.

The company has a QA/QC (quality assurance/quality control) program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM Exploration Best Practices Guidelines. Drill hole is logged and sample intervals are tagged by geologic personnel. Cores are then photographed and sawn in half by experienced geo-technicians, sampled and placed in numbered plastic bags, then gathered in rice bags which are sealed with tamper-proof security tags under the supervision of the project geologists. Independent assay lab personnel retrieve and transport samples to the independent commercial assay lab. The other half of the core is retained for future assay verification and/or metallurgical testing.

For sample analysis, the company utilizes a system of quality assurance/quality control that includes insertion and verification of standards, blanks and duplicates consistent with industry standards.

Sample preparation and assaying was conducted by Activation Laboratories, Thunder Bay, Ont. The laboratory has its own QA/QC protocols, and inserts 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 one-kilogram sample and two 50-gram fire assays of the pass (minus 100 mesh) pulverized material on all samples containing visible gold. Check assays are conducted at a secondary ISO certified laboratory.

Qualified person, technical information and mineral properties reports

Technical information included in this release was supervised and approved by Mr. Arkell, Argonaut's vice-president of exploration and a qualified person under NI 43-101.

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which, together, form the El Castillo complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico, and the Florida Canyon mine in Nevada, United States. The company also holds the construction stage Magino project, the advanced exploration stage Cerro del Gallo project and several other exploration-stage projects, all of which are located in North America.

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