Toronto, CANADA, February 23, 2017 – Argo Gold Inc. (“Argo Gold” or the “Company”) (CSE: ARQ) has staked 16 claim units totaling 256 hectares southeast of Wawa in Naveau Township, Sault Ste. Marie Mining Division. The newly acquired claims are 100% owned by Argo Gold.
Argo Gold’s Wawa area projects include; Macassa Creek and Abbie Lake which are peripheral to Wesdome Gold Mines operations (the Mishi open pit and the Eagle River Mine); and Rockstar Gold which is peripheral to Richmont Mines flagship asset the Island Gold Mine. All of Argo Gold’s Wawa area projects – Macassa Creek, Abbie Lake and Rockstar Gold – have the potential to be economic viable as low-grade open pit and high-grade underground mine scenarios based on historic surface channel sampling and drill results – particularly given the proximity to local mils. It is interesting to note that exploration drilling grades and widths at both Wesdome Gold Mines and Richmont Mines operations in the Wawa area greenstone belts have continued to outperform over the last couple of years.
Argo Gold has 22.9 M shares outstanding and a market capitalization of $3.5 million. The company trades as “ARQ” on the Canadian Stock Exchange (the CSE – www.thecse.com ).
The mineral claims cover a large portion of the Centennial Stock which host several past gold producers. The property is situated at the south end of the historic Wawa Gold Mining Camp and is easily accessible from Wawa by major roads (Highway 17 and High Falls Road).
The South Wawa Gold Property contains the Valentti Gold Vein which was trenched and sampled in the early 1990’s with channel samples ranging up to 15.4 g/t gold over 2.6 metres. The Valentti Gold Vein averages 4 g/t gold over the 3.4 metre width and 60 metre length of the exposed vein.
Argo Gold believes follow-up exploration activity is warranted at the South Wawa Gold Property particularly because there has been no drilling at the Valentti Gold Vein.
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, these results should not be relied upon. In addition, a qualified person has not completed sufficient work to verify these historical results and the Company is not treating these results as current. 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 Delio Tortosa, P.Eng., a “Qualified Person” as defined by NI 43-101 and a Technical Advisor for Argo Gold.
About Argo Gold Inc. Argo Gold is listed on the Canadian Securities Exchange under the ticker ARQ. Argo Gold is focused on gold exploration projects central and northwestern Ontario. All of Argo Gold’s projects are 100% owned and have indications of economic viability. Argo Gold’s website is www.argogold.ca.