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Argo Gold truly is the triple crown of oil and mineral exploration

Jun 16, 2023

By Frank Giorno, editor, www.mininglifeonline.net

Argo Gold truly is the triple crown of oil and mineral exploration.

Founded by Judy Baker, its CEO, Argo Gold has developed into an oil producer in Alberta with its shares in the Lindbergh Oil well, part of the Sparky Oil Project.

Argo also has gold exploration projects in Northwestern Ontario headed by its Uchi Gold project and its zinc silver copper properties in North Eastern Ontario

Argo Gold Inc. announced that Argo’s 37.5% share of the Lindbergh oil well in the Sparky started production in late March 2023.  In April 2023, the Lindbergh well produced 115 barrels of oil per day, and Argo’s 37.5% share of the production was 43.4 barrels of oil per day, generating revenue of $90,334 and $57,491 operating cash flow net to Argo.

Argo also has a mutual area of interest at Lindbergh, whereby Argo can participate in additional oil wells for 37.5% of the production for 37.5% of the oil well cost.  In the area proximal to the current Lindbergh oil well, there are drilling locations for five oil wells based on current seismic coverage.

Argo is currently completing a private placement of ­12,000,000 shares at a price of $0.10 per share, for gross proceeds of up to $1,200,000.  The proceeds of the financing will be used for participation in the Sparky oil wells at Lloyd and Lindbergh, and for general corporate purposes.  Finder’s fees may be payable to qualified individuals pursuant to which the finder may receive a finder’s fee equal to 8% of the gross proceeds of the financing attributable to such finder.

Argo Gold's Uchi Gold Project (which includes the Woco Gold Prospect) is located west of Uchi Lake at the south end of a series of historical gold mines (Uchi Mine) on a north-south trend.

These zones are near the historic Uchi Lake Gold Mine (which lies 1km E of Raingold and 1.5 km NE of Woco) This mine had 2 shafts that produced 114,467 oz Au and 14,435 oz Ag between 1939 and 1943, Shaft No. 1 had 4 levels over 622 ft of depth and Shaft No. 2 had 6 levels over 1176 ft.

High-grade gold mineralization was discovered at the Woco Prospect in 1993 by St. Jude Resources Ltd. Two drill programs identified a mineralized quartz vein extending over a distance of 100 m along strike and 150 m depth.

The high-grade core plunges north at -60o and is cut-off at the south end by a late E-W fault. The offset continuation has not been discovered.

Gold mineralization occurs as fine specks of gold disseminate in the quartz and closely associated with hairline fractures in the quartz. The Woco Vein is located in a high strain zone that occurs at the contact between a competent felsic metavolcanics (dacite) and pillowed mafic metavolcanics (basalt).

The Woco Vein and structure trend northerly and dip steeply west occurring 300 m west of the Uchi Break, a regional N-S structure hosting a series of past gold producers (Uchi Gold Mine). Shearing and alteration extends 1-2 m from the vein contact; felsic metavolcanic (dacite) are sheared and strongly sericitized and mafic metavolcanics (basalt) are sheared and carbonatized.

Zinc Silver Cobalt Projects
Argo Gold also has one high-grade zinc-silver project in northern Ontario, the Hurdman Property near Timmins. The Hurdman Zinc-Silver Project has 433 claims over 6,929 acres and has been explored for base-metals since the 1960’s in a large Zn-Ag system.

Argo Gold Inc. has a cobalt project in northern Ontario at Keelow Lake. The Keelow Lake Property is in granitoid and metasedimentary rocks with lake sediment showing wide-spread high-anomalous cobalt.

Argo Gold is a Canadian mineral exploration and development company. Information on Argo Gold can be obtained from SEDAR at www.sedar.com and on Argo Gold’s website at www.argogold.com. Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) CSE: ARQ as well as OTCQB: ARBTF and XFRA, XSTU, XBER: A2ASDS.

For more information please contact:

Judy Baker, CEO
(416) 786-7860

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Image Argo Gold_Ontario_June 16 2023
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Tags: Western Canada / Operational Updates / Minerals / All Articles