Argo Gold Update – July 2020
Argo Gold is focused on high-grade gold projects in the greenstone belts in northwestern and central Ontario. Narrow vein, high-grade gold deposits have created 100 years of mining wealth in the Red Lake camp. The Wawa area greenstone belts have created 2 billion dollar gold mining companies. The greenstone belts west of the Abitibi are grossly under explored. Great Bear is a testament to this. Argo has worked diligently to acquire prospective gold projects with known high-grade gold mineralization in these belts. The June 2020 acquisition of the Talbot Lake Gold Project is another marquis gold project for the company.
Argo Gold’s flagship Uchi Gold Project has multi ounce per tonne intercepts over a mineable width at a relatively shallow depth. Argo Gold’s Winter 2019 drill program intersected 132 g/t Au over 1.8 metres at the high-grade Woco Vein and 34.4 g/t Au over 0.5 metres at the Northgate Shear Zone. The Woco Vein and the Northgate Shear Zone are 2 kilometres apart on a 5 kilometre mineralized trend that is considered highly prospective. Lack of outcrop has hampered previous exploration efforts. The Summer 2019 Biogeochem Survey identified multiple blind high priority anomalies proximal to the high-grade Woco vein and identified multiple other blind anomalies along the 5 kilometre strike length of the main mineralized trend; (Argo Gold PR, October 28 2019). The 22 square kilometre Uchi Gold Project has multiple mineralized trends including the HST Zone which hosts a past-producing gold mine and the Raingold vein system. The Summer 2019 field program also included mapping and sampling at the Raingold vein system where there are anomalous gold assays over 600 metres of strike length and one of the continuous chips of five samples returning 14.5 g/t Au across 2.6 m; (Argo Gold PR, November 6 2019).
One of the biggest reasons world-class gold discoveries can be made in present times is a lot areas in the Red Lake District have 1 to 4 metres of overburden and lack outcrop. The Summer 2020 program at the Uchi Gold Project will include mechanical and hydraulic stripping at the Uchi Gold Project. We need access to outcrop at known high-grade gold mineralization – the Woco Vein, The Northgate Zone, Raingold and the numerous gold anomalies identified by the recent BioGeoChem survey. Access to outcrop at mineralized areas at the Uchi Gold Project is critical for mapping to further developing a geological and structural model for drill targeting and discovering additional gold mineralization. Ken Williamson – an experienced structural and economic geologist – joined Argo Gold in Q1 2020 and is compiling and reviewing all current project data to gear up for the summer program. A 2020 drill program could include; down plunge at the Woco Vein, down dip at Northgate, down dip at Raingold, the mineralized areas identified by the BioGeoChem survey, the south extension of the Uchi Break which host 3 past producers and the 1.5 kilometre horizon of interest between the known high-grade gold at both Woco and Northgate.
Argo Gold acquired the Talbot Lake Gold Project in June 2020. Talbot Lake is located 70 kilometres west of Pickle Lake in the prolific Uchi Geologic Subprovince. There is approximately 50,000 ounces at 14 g/t Au in a quartz vein system right at surface and known gold mineralization in the associated banded iron formation. Argo Gold has acquired 80 square kilometres of volcanics with 23 line kilometres of banded iron formations that are targets for Musselwhite Mine type mineralization.
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 2020 program.
Argo Gold is the 100% owner of seven high-grade gold projects in northwestern and central Ontario.
Argo Gold also owns the Hurdman Silver-Zinc Deposit and several zinc and cobalt exploration projects.
Argo Gold currently has 52.8 M shares outstanding. As a result of the last financing, Eric Sprott is now the largest shareholder of Argo Gold with a 22% interest. The current $5 million market capitalization is an intriguing opportunity.