Argonaut Gold Provides Update on 2011 Drilling at La Colorada; Board Approves Additional $3.9 Million to Double the 2011 Drill P
16 6월 2011 - 6:43AM
Marketwired Canada
Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is pleased to announce
exploration results to date at its 100% owned La Colorada project ("La
Colorada") located 50 km southeast of Hermosillo, Mexico.
DRILLING PROGRAM HIGHLIGHTS TWO MAIN ZONES: LA COLORADA AND GRAN CENTRAL
Favorable drill results from our 2011 drill program at La Colorada, have
prompted the Company to increase the exploration budget by an additional $3.9
million. This brings the total approved budget for 2011 to $7.7 million and
52,000 meters of drilling. To date, 25,780 meters of drilling have been
completed, consisting of approximately 171 holes. The Company is pleased to
report that drilling continues to confirm the continuity of the La Colorada gold
system as well as the identification of bonanza-grade vein intercepts reporting
up to 356 g/t gold over 2 meters. The drill programs for the project are
outlined below:
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Original Revised
Completed Planned Planned
Drilling Type Meters Meters Meters
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Reverse Circulation (RVC) 17,000 19,000 32,500
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Core 8,000 6,000 18,000
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Hammer 780 800 1,600
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TOTAL 25,780 25,800 52,100
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The primary objective of the ongoing drill program is to increase drill density,
as necessary, on the La Colorada and Gran Central vein systems to convert
previously identified inferred mineralization into a measured and/or indicated
category. The bulk of this potential mineralization occurs down dip and along
strike from past mining areas. These priority target areas represent two
parallel vein systems both striking east-west and dipping steeply to the north.
Combined, La Colorada and Gran Central represent a target area upwards of 300
meters wide with a known strike extension of near 700 meters. Within this large
target area, drilling has shown that pockets of high-grade gold mineralization
are present within the system.
The majority of drilling is oriented to cross the veins system as close as
possible to determine true widths. However, the Company cannot assure that all
the reported intervals represent the true widths of the mineral system.
Highlighted high-grade drill intercepts, La Colorada
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Section Azimuth/Dip From To Length Au
Drill hole Zone (Easting) (Degrees) (m) (m) (m) (g/t)
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11-LCRC-175 La Colorada 541479 0/-90 190.50 192.02 1.52 111.09
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11-LCRC-181 La Colorada 541331 180/-45 91.44 92.96 1.52 75.16
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LC-11-DD-21 La Colorada 541480 180/-60 42.00 44.00 2.00 271.00
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LC-11-DD-23 La Colorada 541431 180/-60 55.00 57.00 2.00 356.13
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11-LCRC-217 El Creston 542682 180/-60 178.31 179.83 1.52 133.60
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The Company has not determined the extent of these bonanza grades and has not
utilized them in calculating the composites.
LA COLORADA AND GRAN CENTRAL COMPOSITE DRILL RESULTS
Significant drill-hole composites for the Gran Central and La Colorada
exploration areas are summarized below and do not contain the high grade
intercepts. To date, the Company has completed 39 RVC drill holes on Gran
Central and 43 RVC holes on La Colorada as well as 25 core holes on Gran Central
and 14 core holes on La Colorada with preliminary results noted below.
Please see the Argonaut website for a complete report of drill holes for 2011
(http://www.argonautgoldinc.com/i/San_Antonio/2011_San_Antonio_Drill_Hole_Summary.pdf).
Composite highlights of Gran Central pit area
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Section Azimuth/Dip From To Length Au
Drill hole (Easting) (Degrees) (m) (m) (m) (g/t)
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11-LCRC-145 541185 180/-55 188.98 220.98 32.00 1.35
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11-LCRC-150 541134 180/-63 124.97 153.92 28.96 0.88
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11-LCRC-155 541239 180/-61 214.88 227.08 12.19 1.95
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11-LCRC-159 541282 180/-56 193.55 219.46 25.91 1.38
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11-LCRC-165 541328 180/-77 76.20 115.82 39.62 1.12
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11-LCRC-193 541396 180/-57 68.58 92.96 24.38 2.03
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including 77.72 80.77 3.05 13.30
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and 129.54 173.74 44.20 1.38
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including 131.06 132.59 1.52 19.49
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11-LCRC-194 541355 180/-69 102.11 150.88 48.77 1.23
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11-LCRC-197 541382 180/-57 96.01 150.88 54.86 0.75
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11-LCRC-202 541408 180/-60 114.30 143.26 28.96 1.21
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11-LCRC-202 541408 180/-60 179.83 207.26 27.43 0.97
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LC-11-DD-19 541584 180/-62 95.00 119.00 24.00 1.88
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LC-11-DD-31 541009 167/-45 102.00 116.55 14.55 2.42
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Composite highlights of La Colorada pit area
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Section Azimuth/Dip From To Length Au
Drill hole (Easting) (Degrees) (m) (m) (m) (g/t)
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11-LCRC-148 541177 180/-53 25.91 33.53 7.62 2.88
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11-LCRC-169 541426 180/-75 146.30 170.69 24.38 0.97
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11-LCRC-174 541433 180/-72 140.21 161.54 21.34 0.95
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11-LCRC-180 541681 180/-45 89.92 94.49 4.57 4.48
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11-LCRC-184 541531 0/-90 161.54 181.36 19.81 1.20
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11-LCRC-186 541531 180/-78 123.44 137.16 13.72 3.29
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including 128.02 131.06 3.05 11.56
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11-LCRC-198 541579 0/-90 97.54 121.92 24.38 1.22
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11-LCRC-200 541482 180/-75 126.49 158.50 32.00 2.13
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including 144.78 147.83 3.05 11.35
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11-LCRC-205 541433 180/-85 161.54 195.07 33.53 4.02
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including 178.31 179.83 1.52 26.60
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11-LCRC-208 541653 0/-90 175.26 195.07 19.81 1.22
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LC-11-DD-12 541182 180/-51 214.00 244.00 30.00 1.15
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LC-11-DD-24 541580 180/-50 78.00 104.00 26.00 1.00
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LC-11-DD-26 541533 180/-63 104.00 120.00 16.00 2.33
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LC-11-DD-27 541374 180/-60 13.50 24.00 10.50 2.44
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LC-11-DD-28 541177 0/-90 0.00 6.40 6.40 3.54
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EL CRESTON:
In addition to completing significant drilling on the Gran Central and La
Colorada targets, the Company has commenced preliminary drilling on the El
Creston and Veta Madre resource areas. At El Creston the objective is to upgrade
inferred resources related to the down dip projections of previously mined
mineralization. To date, 4 holes have been completed with the results tabulated
as follows:
Composite highlights of El Creston pit area
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Section Azimuth/Dip From To Length Au
Drill hole (Easting) (Degrees) (m) (m) (m) (g/t)
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11-LCRC-212 542608 180/-53 205.74 216.41 10.67 1.29
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11-LCRC-214 542557 180/-60 161.54 192.02 30.48 0.77
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and 262.13 277.37 15.24 0.57
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and 288.04 304.80 16.76 0.41
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11-LCRC-215 542633 180/-60 188.98 201.17 12.19 1.29
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and 208.79 225.55 16.76 1.23
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and 242.32 252.98 10.67 0.44
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and 294.13 309.37 15.24 3.37
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11-LCRC-217 542682 180/-60 195.07 224.03 28.96 1.72
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including 210.31 216.41 6.10 6.27
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VETA MADRE:
Veta Madre, situated 1 kilometer east of El Creston, is a shallow zone of
oxidized mineralization that has been partially drilled and remains open to
depth and on strike. In 2011, the Company has completed 20 drill holes with
preliminary results noted below (most assays are still pending).
Composite Veta Madre area drill highlights
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Section Azimuth/Dip From To Length Au
Drill hole (Easting) (Degrees) (m) (m) (m) (g/t)
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11-LCRC-209 544604 0/-90 13.72 44.20 30.48 0.92
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including 32.00 36.58 4.57 3.17
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Additional drilling is planned for 2011 at El Creston and Veta Madre.
LA COLORADA RESULTS TO DATE MERIT ADDITIONAL $3.9 MILLION IN DRILLING
The objective of the Company's initial budgeted 25,800 meter drill program was
to better define and upgrade inferred material within the La Colorada and Gran
Central mining areas to a measured and indicated category. Tom Burkhart,
Argonaut Gold's Vice President of Exploration stated, "Our philosophy has always
been that if we are successful in our drilling program, we will continue to
invest additional funds as warranted. The results at La Colorada speak for
themselves and we are very encouraged by the drilling. We look forward to
continued success at La Colorada." Mr. Burkhart went on to add, "The greatest
potential to create value is through the drill bit on properties we already own.
La Colorada shows similar potential to El Castillo where in 2010 the Company
completed over 35,000 meters of drilling resulting in the addition of
significant resources announced by Argonaut on May 9, 2011.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/ar_fig1.pdf.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/ar_fig2.pdf.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/ar_fig3.pdf.
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/ar_fig4.pdf.
STOCKPILES AND RUN OF MINE ("ROM") PAD
The Company engaged Kappas Cassidy & Associates to perform metallurgical testing
of run of mine ("ROM") material. Recent drilling by the Company includes 16
holes from ROM pads and 11 holes from four separate unprocessed stock pile
areas. Metallurgical results for the ROM pad should be available in late Q3 of
2011.
NEW 43-101 SCHEDULED TO BE COMPLETE BY YEAR END 2011
All drill data will be provided to SRK Consulting in Denver, Colorado who have
been contracted to complete an updated National Instrument 43-101 complaint
Technical Report on La Colorada, which will include an updated resource study.
This work is in progress and scheduled for completion by the end of 2011.
Qualified Person Comments/Quality Control Procedures
For sample analysis the Company utilizes a system of Quality Assurance/Quality
Control that includes insertion and verification of standards, blanks and
duplicates consistent with industry standards. The preparation of this Press
Release was supervised and approved by Thomas Burkhart, Argonaut Gold's Vice
President of Exploration and a Qualified Person under National Instrument
43-101. Mr. Burkhart also reviewed the reverse circulation and core drilling
programs and on-site sample preparation procedures at La Colorada.
Samples from the La Colorada Project are collected at site by personnel of
Inspectorate's preparation laboratory in Hermosillo where samples are prepared
and pulps sent for assay in Inspectorate's Sparks, NV laboratory. Samples are
analyzed for gold by Fire Assay and Atomic absorption finish (PKG-AuAg assay
code; 0.005 to 10ppm detection limit) plus Silver by Aqua Regia and Atomic
Absorption finish (0.1 to 200 ppm detection limit). Samples over 10 g/t Au are
assayed with gravimetric finish (Assay code Au-1AT-GV). All samples are also
assayed by ICP-AES (code GENX-30) for a suite of 30 elements.
(Au AA-23 assay method code). Samples over 10 g/t Au are assayed with
gravimetric finish (Assay code AU-GRA21). All samples are also assayed by ICP-MS
(code ME-ICP41) for a suite of 35 elements.
The potential quantities and grades disclosed herein are conceptual in nature,
there has been insufficient exploration to define an updated mineral resources
and it is uncertain if further exploration will result in these targets being
delineated as an updated mineral resource. For further information on the La
Colorada project please see the NI 43-01 compliant technical report entitled
"Geological Report on the La Colorada Property with a resource estimate on the
La Colorada and El Creston Mineralized Zones" dated November 30, 2009 and
available on www.sedar.com.
About Argonaut
Argonaut is a Canadian gold company engaged in exploration, mine development and
production activities. Its primary assets are the production-stage El Castillo
Mine in the State of Durango, Mexico, the development stage San Antonio project
and the past producing La Colorada project, both located in Mexico. Argonaut is
a producing gold company created by former executive management team members of
Meridian Gold Inc.
Creating the Next Quality Mid-Tier Gold Producer in the Americas.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements that involve risks and
uncertainties that could cause results to differ materially from management's
current expectations. Actual results may differ materially due to a number of
factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to
update the forward-looking information contained in this news release.
Argonaut Gold (TSX:AR)
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