Corporate

Argo Gold Update – April 2021

Uchi Gold Project

Argo Gold press released the results of its 2020 exploration program at the Uchi Gold Project on December 1, 2020 as per https://www.newsfilecorp.com/release/69265.

In summary, significantly more high-grade gold mineralization was uncovered at Woco, Northgate and Raingold and multiple mineralized trends were confirmed.

• The mineralized strike length of the Woco Zone was extended to 280 metres from 70 metres previously.  Diamond-saw channel sampling composites include; 1.1 metres of 10.4 g/t Au and 0.55 metres of 58.2 g/t Au
• At the Northgate Zone, two new 15 metre sections of high-grade gold where identified within the known mineralized strike length of 225 metres.  Diamond-saw channel sample composites included; 4.9 m metres of 7.1 g/t Au, 5.35 metres of 4.1 g/t Au, 1.65 metres of 43.5 g/t Au, 1.65 metres of 40.1 g/t Au, 1.6 metres of 37.7 g/t Au and 0.65 metres of 77.5g/t Au

• At the Raingold Zone, high-grade gold was identified over 15 metres of the 20 metre strike length tested.  Diamond saw channel samples include; 2.3 metres of 31.2 g/t Au, 1.9 metres of 29.8 g/t Au, 1.9 metres of 10.3 g/t Au, 2.65 metres of 5.4 g/t Au, 2.6 metres of 5.5g/t and 1 metre of 21.2 g/t Au

On December 24, 2020, Argo Gold closed a financing for $1.8 million as per https://www.newsfilecorp.com/release/71003/Argo-Gold-Closes-Oversubscribed-Private-Placement-Financing.

Argo Gold recently started an overburden stripping and bedrock testing program at the Uchi Gold Project to test identified geochemical anomalies covered by overburden as well as locate the exact location of the extensions of the mineralized trends under the overburden cover.  Locating the extensions of the structures that are hosting the gold mineralization at site which is key to successfully finding additional high-grade mineralization.  Target areas include the southern extension of Woco South vein, the ENE and WSW extensions of Northgate, anomalous mineralization south of the Uchi Mine on the Uchi Break, biogeochemistry anomalies southwest of Northgate and the southern extension of Raingold.

Drilling at the Uchi Gold Project is planned for June 2021 targeting mineralization at Woco, Northgate and Raingold; as well as extensions of the mineralized structures.

Talbot Lake Gold Project

In June 2020, Argo Gold acquired the Talbot Lake Gold Project located 70 kilometres east of Pickle Lake in the prolific Uchi Geologic Subprovince.  (Argo Gold PR, June 11 2020).  There is approximately 50,000 ounces at 14 g/t Au in a quartz vein system starting right at surface and there is known gold mineralization in the associated banded iron formation.  At the Talbot Lake Gold project, Argo has over 23 line kilometres of banded iron formations that are targets for a Musselwhite Mine type mineralization (over 20 years of 200,000 ounces/year).  Gold mineralization in banded iron formations can be quite pervasive and the Argo Gold team believes the current historical resource can be expanded.  Talbot Lake has been sitting unexplored in a uranium company.  Argo Gold is currently in the permitting phase for Talbot Lake.

Sale of Non-core Assets

In November 2020, Argo Gold sold non-core assets to focus the company’s efforts on the Uchi Gold Project and Talbot Lake.  Non-core assets sold include; McVicar Lake (Argo Gold PR, November 12 2020), the Wawa area projects (Argo Gold PR, November 16 2020), and its shares of Manitou Gold and RT Minerals.  Argo Gold raised ~$2 million in cash and shares from the sale of these assets.  The transactions speak to the substance of the gold projects held by Argo Gold.

Hurdman Silver-Zinc – 2 Million Ounces of Silver

Argo Gold’s Hurdman Silver-Zinc Project is a metamorphosed sedimentary exhalative VMS deposit that is very similar to that of Australia’s Broken Hill deposit.  The Main Zone at surface has a resource estimate of 3.4 M tonnes @ 1.2% Zn, 18.1 g/t Ag and 0.34 g/t Au   Approximately 2 million in-situ silver ounces. The nature of the known mineralization indicates exploration potential for additional mineralization and higher-grade mineralization as a result of metamorphism.  Located 120 kilometres north of Timmins, there are 70 square kilometres of mineral claims surrounding the Main Zone that cover all of the area geophysical targets that have not been drill tested.  Argo Gold is currently in the permitting phase for the Hurdman Silver-Zinc Project.

Share Structure

Argo Gold currently has 63 M shares outstanding.  Eric Sprott is the largest shareholder of Argo Gold with an 18% interest.  The current $8.5 million market capitalization is an intriguing opportunity.

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