New Finds Below And West Of Planned Magino Open Pit
Argonaut Gold Inc.(TSX: AR) has discovered four new, high-grade zones below or adjacent to the planned open pit at its 100% owned Magino property in Ontario, Canada: the Scotland Zone, the #42 Zone, the Sandy Zone and the South Zone, which sit between 350 and 700 metres southwest of the previously identified Elbow Zone.
President and CEO, Pete Dougherty, said that since commencing the exploration drilling programme in July 2019, the company has completed 56 diamond drill holes and approximately 48,000 metres of drilling targeting high-grade mineralised structures at depth.
Recent highlights include:
- Scotland Zone: MA20-50A with 7.0m at 14.0 g/t Au, including 3.0m at 31.9 g/t Au;
- #42 Zone: MA20-051 with 8.0m at 9.3 g/t Au, including 5.0m at 14.6 g/t Au;
- Sandy Zone: MA20-051 with 9.0m at 5.4 g/t Au, including 3.0m at 13.5 g/t Au;
- South Zone: MA20-051 with 7.0m at 4.2 g/t Au, including 2.0m at 10.0 g/t Au; and
- Elbow Zone: MA20-053 with 4.4m at 14.1 g/t Au, including 3.4m at 18.15 g/t Au.
“The discovery of these four new high-grade zones below the planned Magino open pit demonstrates the exploration potential of the Magino project,” Mr Dougherty said.
“Magino is a past-producing mine and has been a well-known project for decades; yet, we are only now beginning to scratch the surface of the full potential of the exploration upside to this mineralized system.
“The fact that we are now discovering new high-grade zones speaks to the future possibilities at Magino. These results continue to demonstrate the high-grade gold potential at the project. Importantly, we have now demonstrated results at depth farther westward from the boundary between Magino and the adjacent Island Gold Mine.”
Vice President of Exploration, Brian Arkell, said that through an ongoing structural investigation over the past two years, Great Panther can now trace higher-grade ore shoots within the planned open pit and test the down dip potential of these structures.
“It’s very encouraging to intersect high-grade gold mineralization in our initial drill holes testing these structures at depth, and we’ve hit some of the highest grades encountered to date,”Mr Arkell said.
“Based on the success we have demonstrated in our first drilling at depth at the new Scotland, #42, Sandy and South zones, combined with the Elbow and Central zones, we now have six very exciting high-grade mineralised targets that all warrant further drilling.”
Recent drilling has focused on widely spaced scout drilling to test multiple potential high-grade mineralized structures at depth westward from the Elbow and Central zones. Results indicate that the four high-grade structures continue down dip, as the first drilling to test these down dip extensions has encountered high-grade gold mineralisation in all four targets. Drilling will now focus on continuing to test the continuity of the Elbow and Central zones as well as moving westward to continue testing new targets below and to the west of the planned open pit.
