Investors

Argo Gold Update – April 2020

 

 

Argo Gold is focused on high-grade gold project in the greenstone belts in northwestern and central Ontario. Narrow vein, high-grade gold deposits have created 100 years of mining wealth in the Red Lake camp. The Wawa area greenstone belts have created 2 billion dollar gold mining companies. The greenstone belts west of the Abitibi are grossly under explored. Great Bear is a testament to this. Argo has worked diligently to acquire prospective gold projects with known high-grade gold mineralization in these belts.

 

Argo Gold’s flagship Uchi Gold Project has multi ounce per tonne intercepts over a mineable width at a relatively shallow depth. Argo Gold’s Winter 2019 drill program intersected 132 g/t Au over 1.8 metres at the high-grade Woco Vein and 34.4 g/t Au over 0.5 metres at the Northgate Shear Zone. The Woco Vein and the Northgate Shear Zone are 2 kilometres apart on a 5 kilometre mineralized trend that is considered highly prospective. Lack of outcrop has hampered previous exploration efforts. The Summer 2019 Biogeochem Survey identified multiple blind high priority anomalies proximal to the high-grade Woco vein and identified multiple other blind anomalies along the 5 kilometre strike length of the main mineralized trend; (Argo Gold PR, October 28 2019). The 22 square kilometre Uchi Gold Project has multiple mineralized trends including the HST Zone which hosts a past-producing gold mine and the Raingold vein system. The Summer 2019 field program also included mapping and sampling at the adjacent Raingold vein system where there are anomalous gold assays over 600 metres of strike length and one of the continuous chips of five samples returning 14.5 g/t Au across 2.6 m; (Argo Gold PR, November 6 2019).

 

One of the biggest reasons world-class gold discoveries can be made in present times is a lot areas in the Red Lake District have 1 to 4 metres of overburden and lack outcrop. The Summer 2020 program at the Uchi Gold Project includes a mechanical and hydraulic stripping the Uchi Gold Project. We need access to outcrop a known high-grade gold mineralization – the Woco Vein, The Northgate Zone, Raingold and the gold anomalies identified by the recent BioGeoChem survey. Access to outcrop at mineralized areas at the Uchi Gold Project is critical for mapping to develop a geological and structural model of known gold mineralization for drill targeting and discovering additional gold mineralization. A 2020 drill program will include; down plunge at the Woco Vein, down dip at Northgate, down dip at Raingold, the mineralized areas identified by the BioGeoChem survey, the south extension of the Uchi Break which host 3 past producers and the 1.5 kilometre horizon of interest between Woco and Northgate.

 

Argo Gold’s Wawa area projects include; Macassa Creek, Mishi and Abbie Lake which are peripheral to Wesdome Gold Mines operations (the Mishi open pit and the Eagle River Mine). Macassa Creek and Mishi are located on the Mishibishu Lake Deformation Zone that also hosts Wesdome’s Mishi Gold Mine and the Magnacon Deposit. Historic drilling at Macassa Creek includes 3 feet of 0.53 oz/ton Au. Abbie Lake is located on the western portion of the Iron Lake Deformation Zone – about 10 kilometres north of Wesdome’s gold mill. Historic drilling at Abbie Lake includes 4.5 feet of 0.45 oz/ton Au and 3 feet of 0.34 oz/ton Au. It is interesting to note that exploration drilling grades and widths at both Wesdome Gold Mines’ and Alamos Gold’s operations in the Wawa area greenstone belts have continued to outperform over the last 5 years.