Argonaut Gold Finds New High Grade Gold Mineralization

Argonaut Gold continues to discover high-grade gold mineralization in three distinct veins (North, Central and South) below the El Crestón open pit at its La Colorada mine in Sonora, Mexico.

This latest drilling phase was part of a follow-up program to the initial discovery of high-grade gold veins below the El Crestón open pit, which included 12.2 meters at 98.9 g/t Au and 30.3 g/t Ag and 21.3 meters at 44.6 g/t Au and 274.9 g/t Ag. The second phase of the program which consists of approximately 6,900 meters was designed to test lateral continuity and down-dip extensions of the gold-silver system and it showed three distinct high-grade gold veins (North, Central and South) extending at least 250 meters below the planned bottom of the El Crestón pit.

The company reports that their high-grade gold intercepts include:

Drill hole 21-LCRC-667 intersected 38.1 meters at 9.1 g/t Au and 126.6 g/t Ag, including 4.6 meters of 51.9 g/t Au and 28.5 g/t Ag at the South Vein. In addition, drill hole 21-LCRC-657 intersected 29.0 meters at 3.62 g/t Au and 10.1 g/t Ag, including 4.6 meters of 17.4 g/t Au and 29.0 g/t Ag on the North Vein. And lastly, drill hole 21-LCRC-673 intersected 22.9 metres at 6.7 g/t Au and 30.1 g/t Ag, including 1.5 metres of 90.0 g/t Au and 14.8 g/t Au.

"In April of this year, we announced the discovery of high-grade gold veins below the El Crestón open pit at our La Colorada mine. We were excited to increase our exploration program at La Colorada to test the continuity and down-dip extension of these veins and are encouraged by the phase-two drill results.  Not only are we encountering additional high gold grades, but we are also pleased with the estimated average true width of the high-grade in the three veins discovered thus far." Said Pete Dougherty, President & CEO of Argonaut Gold in a company’s press release.

The company reports that the La Colorada Gold District has many of the characteristics of a low sulphidization epithermal-vein type gold-silver deposit and as reported by MBN, Argonaut Gold is pushing the mine to become an underground mine from an open pit mine.