Toronto, Ontario–(Newsfile Corp. – November 29, 2017) – Argo Gold Inc. (“Argo Gold” or the “Company”) (CSE: ARQ) recently carried out field exploration at its 100% owned Northgate Gold Project located 50 kilometres east of Red Lake, Ontario. The property is immediately adjacent to Argo Gold’s Woco Gold Project reported on in an Argo Gold press release of October 17, 2017.
The Northgate Gold Project fieldwork consisted of locating the old trench system, tying the trenches into the current UTM fabric, as well as geological mapping and rock chip sampling. A number of samples returned high-grade gold results, consistent with the historic work reported on the property from the 1930’s. The current sampling has confirmed that the Northgate Gold Project is significant with mineralized widths of up to 4 metres, and chip samples returning up to 27.4 g/t Au over 0.65 metre widths. A map of the Northgate Gold Project trench and assay results is attached.
As previously disclosed in the Argo Gold press release of August 8, 2017, Woco Gold Developments in 1937 reported that a detailed surface sample of the main quartz vein at the Northgate Gold Project indicated a strike length of 200 feet assaying 0.497 oz/ton Au over a width of 3.0 feet. The Ontario Geological Survey (Thurston, 1985) mapped the quartz vein over a strike length of 244 metres with a width of 0.9 to 9.2 metres. Woco Gold Developments drilled approximately 32 holes over a NE-SW strike length of 700 feet. Northgate Exploration drilled 7 holes in 1959 and reported a resource of 64,400 tons grading 0.28 oz/ton Au. However, the information is not available to verify the 1959 Northgate Gold Project resource calculation or methodology and only seven drill hole logs with assays are available and include;
|Northgate Gold Project DDH||From (feet)||To (feet)||(Oz./ ton Au)||Length (feet)|
|Note: Assay composites recalculated from historical drill logs with assays in assessment files|
2017 Exploration at the Northgate Gold Project
A total of 33 rock samples were collected at historic trenches including 27 rock chips and rock chip channels including 3 blanks and 3 duplicates. The trenches extend over a distance of just over 200 metres and the vein has a strike of 080° degrees and a vertical dip. The Northgate gold system is interpreted to be anomalous in gold throughout its length. The most western chip samples consisted of a four-metre continuous sample with 1 metre chip samples of 14.3 g/t Au, 0.184 g/t Au, 4.75 g/t Au, and 0.487 g/t Au respectively. The most eastern sample consisted of a 0.70 metre continuous chip, with 0.30 metres of 0.07 g/t Au and 0.40 metres of 4.74 g/t Au, respectively. The old trenches had not been cleared since the work in the 1930’s, and collapsing prevented continuous sampling. Also, there was not a sample site noted where both the hangingwall and footwall were present so the true width of the vein/shear remains unknown. The geology was primarily massive and sheared basalts, and in several locations is interpreted to be a sheared schist (mylonite). Significant alteration was noted in several places in the form of semi-massive tourmaline. Tourmaline has been noted in several of the more prominent gold deposits in the Uchi Lake Camp. A map of the Northgate Gold Project trench and assay results is attached.
QA/QC Samples were tagged and placed in security sealed bags in the field, and transported to Toronto by the geologist, where they were packaged and transported to Canada Post for shipment to Activation Laboratories Ltd. (Actlabs), which is ISO 17025 accredited. The samples were sorted and dried in a 60C oven. Each sample was then crushed up to 90% passing 10 mesh, riffle split, and a 250g sample was pulverized to 95% passing 150 mesh. Preparation duplicates were added every 50 samples. The pulverized samples were analyzed for gold using a Near Total Digestion and INAA (Instrumental Neutron Activation Analysis). Any samples returning over 2g/t Au were subsequently analyzed by Fire Assay with a gravimetric finish. Actlabs inserted one known Standard sample every 11th sample and also inserted one blank per order. All Actlabs standards, duplicate, and blank sample results were well within the required precision.
For historical data disclosed, the Company has not yet completed the work necessary to verify the past exploration results and some of these results are historical in nature and some results predate National Instrument 43-101 (“NI 43-101“) standards. In addition, a qualified person has not completed sufficient work to verify these historical results. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by William Kerr, P.Geo., a “Qualified Person” as defined by NI 43-101 and a Technical Advisor for Argo Gold.
Figure 1: Location and Regional Geology of the Woco Gold Property, Argo Gold
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Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com.