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Argo Gold Update – November 2020

Argo Gold is focused on high-grade gold projects in the greenstone belts in northwestern (Red Lake area) and central (Wawa area) Ontario.  Argo Gold is the 100% owner of seven high-grade gold projects in these greenstone belts.  Narrow vein, high-grade gold deposits have created 100 years of mining wealth in the greenstone belts of northwestern Ontario.  The Wawa area greenstone belts have created 2 billion dollar gold mining companies.  These greenstone belts West of the Abitibi are grossly under explored.   The 2018 Great Bear discovery is a testament to this.  Argo has worked diligently to acquire prospective gold projects with known high-grade gold mineralization in these belts.

Uchi Gold Project Highlights:

  • At its flagship Uchi Gold Project, Argo Gold’s Summer/Fall 2020 field exploration program was extended after the discovery of the Woco South Discovery (Argo Gold PR, September 9, 2020)
  • Visible gold was observed during the programe at Woco and Northgate.  Over 200 assays from diamond-saw channel sampling are pending and will be released in late November 2020
  • As a result of the Woco South discovery and subsequent follow-up overbruden stripping, the structure hosting the high-grade Woco Vein has been extended from 70 metres to 280 metres
  • A till and bedrock sampling program at Uchi to further identify diamond drilling targets is planned for February 2021, followed by a targeted dimaond drilling program in June 2021

Uchi Lake Gold Project

Argo Gold’s flagship Uchi Gold Project showed multi ounce per tonne intercepts over a mineable width at a relatively shallow depth at both Woco and Northgate during the Winter 2019 drill program.  The 2 kilometre trend between Woco and Northgate is considered prospective.  Pervasive overburden – lack of outcrop – creates a challenging exploration environment.

Argo Gold’s Summer/Fall 2020 field exploration program included overburden stripping and washing, mapping and over 200 metres of diamond saw channel sampling at Woco, the newly identified Woco South extension, Northgate, and Raingold.  This program gave Argo Gold its’ first look at the gold mineralization on surface; including the structure that hosts the gold mineralization and the associated volcanic rocks and alteration halos.  The initial program was extended because of the Woco South discovery where structure, quartz veining and alteration similar to that of the high-grade Woco Vein was discovered 175 metres south of Woco.  (Argo Gold PR, September 9, 2020).  Woco South was initially identified by the Summer 2019 Biogeochem Survey which identified multiple blind high priority anomalies proximal to the high-grade Woco vein and other blind anomalies along the 5 kilometre strike length of the main mineralized trend; (Argo Gold PR, October 28 2019).  Mechanical stripping of overburden extended the structure that hosts the high-grade Woco vein from the previous known length of 70 metres to the current length of 280 metres as a result of the Woco South discovery.  (Argo Gold PR, October 15, 2020).  Visible gold was observed at Woco and Northgate in diamond-saw samples and over 200 assays are pending and will be released in late November 2020.  The 10 metre wide mineralized structure at Northgate was extended to 235 metres of strike length by the Summer/Fall 2020 program.  Argo Gold is planning to go back to the Uchi Gold Project in February 2021 to do a till and bedrock sampling program with a drill that will sample 6” to 1 foot of bedrock to further locate the structures that are hosting the known mineralization at site which is key to successfully finding additional high-grade mineralization.  This bedrock sampling program can only be done in the winter and we are targeting areas that have indications of mineralization and structure (from geophysics and biogeochem and interpreting known geology) but are not accessible in the summer as there is too much swamp and bog.  The Argo Gold technical team expects to develop additional drill targets from this program.   A June 2021 drill program is planned where the daylight hours at this time of year are needed for the follow-up drill program at the Uchi Gold project.

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 planning a March 2021 drill program at Talbot Lake to target additional mineralization.  >From a logistics perspective, Talbot is better accessed at this time.

McVicar Lake Gold Project

Argo Gold’s third big gold project in the NW is the McVicar Lake Gold Project.  McVicar Lake is located 70 kilometres west of Pickle Lake in the prolific Uchi Geologic Subprovince and 30 kilometres NW of the past-producing Golden Patricia Mine (600,000 ounces @ 14 g/tonne Au) along the Bear Head Fault structure.  The Chellow Vein averages 28 g/t gold over 70 metres of strike length on 2 metre channel sampling intervals indicating discovery potential.

Wesdome Area Gold Projects

Argo Gold’s Wawa area projects include; Macassa Creek, Mishi and Abbie Lake which are peripheral to Wesdome Gold Mines operations (the Mishi open pit and the Eagle River Mine).  Macassa Creek and Mishi are located on the Mishibishu Lake Deformation Zone that also hosts Wesdome’s Mishi Gold Mine and the Magnacon Deposit – a past-producing mine.  Historic drilling at Macassa Creek includes 3 feet of 0.53 oz/ton Au.  Abbie Lake is located on the western portion of the Iron Lake Deformation Zone – about 10 kilometres north of Wesdome’s gold mill.  Historic drilling at Abbie Lake includes 4.5 feet of 0.45 oz/ton Au and 3 feet of 0.34 oz/ton Au.  It is interesting to note that exploration drilling grades and widths at both Wesdome Gold Mines’ and Alamos Gold’s operations in the Wawa area greenstone belts have continued to outperform over the last 5 years.  Argo Gold recently initiated a compilation and review of all current data in preparation for a follow-up drill program.

Argo Gold currently has 52.8 M shares outstanding.  Eric Sprott is the largest shareholder of Argo Gold with a 20% interest.  The current $8 million market capitalization is an intriguing opportunity.

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