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)
----------------------------------------------------------------------------
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)
----------------------------------------------------------------------------
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)
----------------------------------------------------------------------------
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.
Contacts: Argonaut Gold Inc. Nichole Cowles Investor Relations
Manager (775) 284-4422 x 101 nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
Argonaut Gold (TSX:AR)
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