Toronto, Ontario–(Newsfile Corp. – February 22, 2018) – Argo Gold Inc. (CSE: ARQ) (“Argo Gold” or the “Company“) has entered into a mining claim acquisition agreement with Premier Gold Mines Limited (“Premier“) pursuant to which Argo Gold can acquire a 100% interest in certain mineral claims adjacent to Argo Gold’s 100%-owned Woco Gold Project located in Earngey Township, which is approximately 90 kilometres east of Red Lake, Ontario and 1.5 kilometres south of the past-producing Uchi Gold Mine. In exchange for these mineral claims, Premier will receive 200,000 common shares of the Company. The acquisition of the mineral claims is subject to receipt of regulatory approval and the common shares issuable thereunder will be subject to a statutory hold period of four months and one day from the date of issuance.
The newly acquired mineral claims are comprised of six mining patents known as the “Geisler Patents” covering 115 hectares, bringing Argo Gold’s Woco Gold Project area to 30 mineral claims covering 875 hectares in the Birch-Uchi Greenstone Belt proximal to the Uchi Lake Deformation Zone. The Geisler Patents are thought to contain the southern extension of the HST Vein and the Raingold shear zone, where gold-bearing quartz veins were identified in 1937 (Thompson, 1938, Ontario Department of Mines, Report ARV47). The patented claims are 800 metres due west of the Uchi Gold Mine (Past Producer).
The Geisler Patents are adjacent to Argo Gold’s Woco Gold Project where 1993 high grade drill intercepts included;
|Woco Gold Project DDH||From (feet)||To (feet)||(Oz./ ton Au)||Length (feet)||True Width (feet)|
|All assays were done by Wawa Assaying in 1993 using a Fire Assay with Gravimetric finish.|
And 1994 high grade drill intercepts include;
|Woco Gold Project DDH||From (feet)||To (feet)||(Oz/ton Au)||Length (feet)|
All assays were completed by Accurassay Laboratories, Thunder Bay, Ontario in 1994 using a standard fire assay method. The results from duplicate samples were averaged. Estimated true widths were not provided with the 1994 drill data.
The Company has not yet completed the work necessary to verify the past exploration results and since these results are historical in nature and these 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 is listed on the Canadian Securities Exchange under the ticker ARQ. Argo Gold is focused on gold exploration projects in central and northwestern Ontario. All of Argo Gold’s projects are 100% owned by the company and have historic exploration results that are currently being followed up upon.