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20.03.2017 13:43
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Argonaut Gold Announces Drill Results at the La Colorada Mine's El Creston Deposit that Signal Potential Open Pit Expansion
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TORONTO, March 20, 2017
Results Include 133 metres at 1.29 g/t Gold
TORONTO, March 20, 2017 /CNW/ - Argonaut Gold Inc. (TSX: AR) (the "Company", "Argonaut Gold" or "Argonaut") is pleased to announce that it has completed a 22 hole reverse-circulation ("RC") drill program totaling 5,139 metres at the La Colorada mine in Sonora, Mexico (the "2017 drill program"). The drilling was designed to test for the down dip extension of potential open pit mineralization at the El Creston deposit. The Company believes the results of the 2017 drill program, coupled with the results of 70 RC holes drilled during 2016 (see press release dated October 3, 2016) (the "2016 drill program"), have the potential to expand the El Creston open pit beyond its current design.
The recently completed El Creston drill program was mainly designed to convert Inferred Resource projected down-dip to a Measured and Indicated Resource. All 22 holes were spaced along the northern fringes of the historical El Creston pit and drilled to intersect mineralized zones that dip northerly below the currently designed pit limits. In addition to upgrading Inferred Resources and confirming Indicated Resource, the 2017 drill program was intended to further de-risk the project prior to the commencement of mining. Table 1 below illustrates the El Creston deposit Mineral Resource estimate year-over-year that was most recently updated at December 31, 2016 and shows the high conversion rate of Inferred Resource to Indicated Resource through the 2016 drill program as well as the ability to discover new Inferred Resource. The results from the 2017 drill program are not included in the Mineral Resource estimate.
Table 1: El Creston Mineral Resource Estimate – 2015 vs. 20161
| El | | Class | | Tonnes (000s) | | Au (g/t) | | Au Ozs (000s) | | Ag (g/t) | | Ag Ozs (000s) |
| December | | Indicated | | 12,869 | | 0.61 | | 251 | | 12.5 | | 5,154 |
| 31, 2015 | | Inferred | | 487 | | 0.92 | | 14 | | 17.9 | | 280 |
| | | | | | | | | | | | | |
| December | | Indicated | | 13,097 | | 0.63 | | 264 | | 16.5 | | 6,937 |
| 31, 2016 | | Inferred | | 2,381 | | 0.82 | | 63 | | 12.1 | | 923 |
1 The El Creston Deposit December 31, 2015 Mineral Resource Estimate was updated internally and reviewed by Qualified Persons Mike Lechner and Richard Rhoades. The Mineral Resource update used a gold price of $1,300 and a silver price of $18. A gold equivalent cut-off grade of 0.106 g/t was used.
The El Creston Deposit December 31, 2016 Mineral Resource Estimate was updated internally and reviewed by Qualified Persons Mike Lechner and Richard Rhoades. The resource update used a gold price of $1,400 and a silver price of $20. A cut-off grade of 0.11 g/t Au was used and is supported by the current operating costs. The Mineral Resources are confined within a conceptual pit using MineSight software and slope templates developed by Golder Associates.
Pete Dougherty, President and CEO commented: "The results of the drill campaigns over the past 11 months have further delineated and de-risked the El Creston deposit and give us further confidence in the potential to expand the El Creston open pit beyond its current design. These results substantiate the Company's decision to accelerate stripping at El Creston and is an example of how brownfields exploration continues to yield positive results at La Colorada."
Gold samples were capped at 10 g/t Au. Table 2 below illustrates key highlight holes from the 2017 drill program. For a full table of all drill results, plan view maps and cross sections, please visit: http://www.argonautgold.com/gold_operations/drill_results/
Table 2: Key Highlight Holes
| Hole | Azimuth | Dip | From (m) | To (m) | Interval |
| Ag (g/t) |
| 17-LCRC-479 | 180 | 65° | | | | | |
| Interval | | | 161.5 | 166.1 | 4.6 | 0.32 | 1 |
| Interval | | | 175.3 | 190.5 | 15.2 | 0.62 | 5 |
| Including | | | 179.8 | 182.9 | 3.0 | 1.69 | 8 |
| Interval | | | 195.1 | 214.9 | 19.8 | 0.72 | 10 |
| Including | | | 201.2 | 204.2 | 3.0 | 2.32 | 17 |
| Including | | | 211.8 | 213.4 | 1.5 | 1.93 | 7 |
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