Toronto, Ontario--(Newsfile Corp. - July 25, 2019) - Argo Gold Inc. (CSE: ARQ) ("Argo Gold" or the "Company") has initiated a detailed geochemical sampling survey at the Woco Gold Project, in the Uchi Lake area, east of Red Lake, Ontario. The program is designed to follow up on a Spring 2019 geochemical orientation survey which successfully identified known gold mineralization. The detailed geochemical survey will sample a 600 metre wide swath along 5 kilometres of the Uchi Break corridor. Approximately 1,100 samples will be collected on a 60 x 60 m diamond pattern.
In the Spring of 2019, a geochemical orientation survey was designed and carried out by an independent geochemical expert and the Company's technical team at the Woco Gold Project. There is minimal outcrop at the Woco Gold Project which now consists of 22 square kilometres of mineral claims. Argo Gold does have very high quality AEM/AMAG coverage on the property which does define the approximate location of the Uchi Break at the Woco Gold Project.
Quality control for the geochemical sampling will be identical to what was performed for the orientation survey, which included collection of field duplicates and the insertion of control samples to monitor laboratory instrument drift. As before, all samples will be analyzed at ALS Laboratories which are accredited by the Standards Council of Canada (SCC) for specific tests listed in their Scopes of Accreditation which conform with CAN-P-1579: Requirements of the Accreditation of Mineral Analysis Testing Laboratories, and CAN-P-4E ISO/IEC 17025" General Requirements for the Competence of Testing and Calibration Laboratories.
Argo Gold will also be initiating geological mapping and sampling at the more recently acquired RainGold vein system now part of the Woco Gold Project.
High grade gold intercepts in winter 2019 drilling by Argo Gold includes 132 g/t Au over 1.8 metres and historic drilling by St. Jude Resources in 1993 includes; 139 g/t Au over 2.1 metres, 65 g/t Au over 1.83 metres, and 62 g/t Au over 3.6 metres. Results are compelling enough to advance exploration activities at the Woco Gold Project.
Bill Kerr, P. Geo, Lead Exploration Geologist of Argo Gold, is the Qualified Person who assumes responsibility for the technical disclosures in this press release.
Argo Gold also announces that it has also granted an aggregate of 2,200,000 options to purchase common shares of the Company exercisable at a price of $0.15 per share and expiring on July 25, 2022 to officers and consultants of the Corporation. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant.
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 in 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.
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Forward-looking Information Cautionary Statement
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.
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