Argo Gold Inc (C:ARQ)
Shares Issued 22,988,128
Last Close 3/14/2017 $0.165
Wednesday March 15 2017 – News Release
Ms. Judy Baker reports
ARGO GOLD UPDATE ON THE ROCKSTAR GOLD PROJECT IN THE WAWA AREA
Argo Gold Inc.’s Rockstar gold project is located 50 kilometres north-northeast of Wawa, Ont., in the Michipicoten greenstone belt and covers 2,656 hectares comprising 16 mineral claims in Jacobson and Riggs townships. The Michipicoten Greenstone Belt hosts Richmont’s Island Gold Mine and past producers including the Magino, Edwards, Cline and Renabie Mines. Argo Gold’s Rockstar Gold Project contains six known areas of gold mineralization including the Rockstar Vein and the Tracanelli Vein.
The Rockstar Vein was discovered early in 2004 by two prospectors who noted visible gold mineralization in a quartz carbonate vein system hosted in a carbonate alteration zone within mafic volcanics. This vein system was mechanically stripped over a strike length of approximately 80 metres, with surface widths varying from 0.3 to 1.5 metres. Surface grab samples collected in 2004 and 2008 along strike by Band-Ore Resources and Upper Canada Explorations, respectively, had assay results ranging from 1 to 7.89 grams gold per tonne. Grab samples were analyzed by iPL Laboratories and Accurassay Laboratories in Thunder Bay – respectively – using standard fire assay with an AA finish. The grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property. No channel sampling has been completed on the mineralized vein and altered shear zone.
In 2004 – 2005, Band-Ore Resources completed a sixteen-hole, 1,285 metre diamond drill program to test the Rockstar vein over a strike length of 250 metres and to a depth of 250 metres. The continuity of the Rockstar Vein was also noted by the fact that all drill holes intersected the vein structure. Average intersections ranged from 1-3 grams per tonne over 2 to 3 metres for most intersections with several intersection containing higher grade sections averaging 5 grams per tonne over 1 metre. The Rockstar Vein was intersected to a down-dip length of 250 metres with a consistent dip of -60o. The surface extrapolation of drill hole intersections extends the vein and related structure and alteration for a distance of 250 metres along strike. Figure 1 is a Section view of the Rockstar Gold Vein demonstrating the continuity of the vein.
At the time of drilling of the Rockstar Vein (2004 -2005), the strike length of the Rockstar Vein was limited by the property boundary. The adjacent property is now incorporated into the Rockstar Gold Property. Argo Gold has noted that the Rockstar Vein correlates to a linear magnetic anomaly that extends for 5 kilometres on the current Rockstar Gold Property. Figure 2 notes the 5 kilometre linear magnetic anomaly that correlates with the Rockstar Vein.
In summary, the continuity of gold mineralization associated with the Rockstar Vein is impressive and the vein system is open down-dip from 250 metres and the horizon is interpreted to extend for 5 kilometres on the Rockstar Gold Property. The east-northeast trending linear magnetic anomaly associated with the Rockstar Vein has been mapped as a gabbro-quartz gabbro (Ontario Geological Survey, Sage, 1990) in contact with mafic metavolcanics. The deposit model under consideration is a shear-hosted quartz vein system at or near the contact between mafic metavolcanics and a gabbro sill.Figure 1 – Rockstar Gold Project – Drill Hole Cross Section (looking westerly)To view an enhanced version, please visit: [http://orders.newsfilecorp.com/files/3921/25643_a1489525633869_89.jpg]
ALS Chemex Chimitec in Val d’Or, Quebec completed all the core sample analyses for the 2004 drill program. Gold assaying was by standard fire assay techniques with standard internal laboratory quality control typical of Canadian labs. All gold assaying was performed using a 30g standard fire assay with an AA finish and/or gravimetric finish. Band-Ore maintained a regular quality control, quality assurance program for the Rock Star drilling consisting of one blank and one certified standard per hole which were blindly placed into the sample stream and sent to the lab.
Swastika Laboratories of Swastika, Ontario completed all the core sample analyses for the 2005 drill program. Gold assaying was by standard fire assay techniques with standard internal laboratory quality control typical of Canadian labs. All gold assaying was performed using a 30g standard fire assay with an AA finish and/or gravimetric finish.Figure 2 – Rockstar Gold Project and Area &#8212; Total Magnetic IntensityTo view an enhanced version, please visit: [http://orders.newsfilecorp.com/files/3921/25643_a1489525634088_17.jpg]
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. 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 Delio Tortosa, P.Eng., a “Qualified Person” as defined by NI 43-101 and a Technical Advisor for Argo Gold.
Argo Gold believes follow-up exploration activity is warranted at the Rockstar Gold Project.
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.