Toronto, CANADA, May 22, 2018 – Argo Gold Inc. (“Argo Gold” or the “Company”) (CSE: ARQ) has staked additional mineral claims around its flagship and core projects as well as staking the Angela Lake Gold Project.
Argo Gold acquired nine claim units totaling 1.7 square kilometres near Angela Lake at the north end of the Birch Uchi greenstone belt in the Red Lake Mining Division. Very localized gold in basal till was discovered in the 1970’s in an area with very little outcrop. Further exploration in the 1980’s resulted in the discovery of boulders with visible gold, to 0.5 cm diameter on a cut surface, hosted within thin quartz veinlets in a metasedimentary host rock. Initial drilling in the 1980’s encountered 0.3 metres of 3.7 g/t, and confirmed that the metasedimentary host rock encountered in drilling was identical to the boulders hosting the high-grade mineralization. Argo Gold believes follow-up exploration activity is warranted at the Angela Lake Gold Project to better define the structure, geology and mineralization. Initial field work is planned for the upcoming field season.
Argo Gold also staked additional mineral claims at its flagship Woco Gold Project as well as McVicar Lake, Abbie Lake, Macassa Creek and the Hurdman Silver Zinc Project.
At the Woco Gold Project, Argo Gold staked 839 additional hectares to the west-southwest. An airborne aeromagnetic and electromagnetic geophysical survey covering the project area shows the structure associated with the gold mineralization – at both the Woco and Northgate areas of the Woco Gold Project – extends to the southwest.
At the McVicar Lake Gold Project, Argo Gold staked 963 additional hectares to the southeast. The mineral claims cover similar geology and structure as the Chellow Vein outcrop located near the southern boundary.
At the Abbie Lake Gold Project, Argo Gold staked 80 additional hectares to the east. These claims cover the northeast extension of the Iron Lake Deformation Zone and mineralized gold trend.
At the Macassa Creek Gold Project, Argo Gold staked 129 additional hectares to the west and 40 Ha to the south. These claims cover the extension of the Mishibushu Lake Deformation Zone and mineralized gold trend.
At the Hurdman Silver-Zinc Project, Argo Gold staked 63 additional hectares to the southeast to cover an airborne VTEM geophysical anomaly that is a known indicator of mineralization at the project.
The Company has not yet completed the work necessary to verify the past exploration results and since some of these results are historical in nature and some results predate National Instrument 43-101 (“NI 43-101”) standards. 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.
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Chief Executive Officer and Director
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.