Intersections At Magino’s South Zone

TORONTO – Argonaut Gold Inc. reported that drill hole MA21-070 has intersected a core length of 7.0m at 13.3 g/t Au approximately 1.5 kilometers west from the border between the Magino property and the Island Gold mine, as a follow-up drill hole to previously announced drill intercept MA20-057 which encountered 10.0m at 19.0 g/t Au in the South Zone at its 100% owned Magino property in Ontario, Canada.

Recent highlights include: South Zone: MA21-070 with 7.0m at 13.3 g/t Au and 8.0m at 5.1 g/t Au; Elbow Zone: MA21-063 with 8.0m at 7.7 g/t Au, including 1.1m at 36.8 g/t Au; MA21-064 with 3.0 m at 6.7 g/t Au, including 1.0 m at 18.4 g/t Au; MA21-065 with 19.0m at 3.7 g/t Au, including 2.0m at 14.8 g/t Au; MA21-066 with 3.5m at 8.0 g/t Au; MA21-067 with 6.0m at 6.5 g/t Au, including 2.0m at 17.7 g/t Au; and MA21-068 with 26.0m at 1.7 g/t Au, including 1.0m at 7.7 g/t Au.

The 2021 drilling program is primarily focused on tightening the drill spacing to approximately 40 m (upper portion) and 80 m (lower portion) within the Elbow Zone from the bottom of the planned pit to a vertical depth from surface of around 1,000 m. The secondary focus of the program is to continue to drill test previously discovered high-grade gold structures within the South Zone, Central Zone, Scotland Zone, #42 Zone and Sandy Zone as well as other prospective showings located elsewhere on the Magino property. Argonaut plans to drill approximately 25,000 meters on these targets this year, is currently drilling with four diamond drill rigs and anticipates completing the program during the fourth quarter of 2021.

Pete Dougherty, President and CEO, said, “The goal of our 2021 program is to tighten the drill spacing within the Elbow Zone to the point where we can evaluate the resource potential of this important structure. Due to the exploration team’s success to date at discovering high-grade gold structures below and adjacent to the planned open pit, we have numerous highly prospective drill targets.”

The South Zone follows the southern contact of the Webb Lake Stock (granodiorite rocks) and volcanic rocks. Drill holes MA21-070 (7.0m at 13.3 g/t Au and 8.0 m at 5.1 g/t Au) and MA21-071 (9.5m at 3.7 g/t Au) were designed to test the South Zone as follow up holes to previously reported intercepts MA20-057 (10.0m at 19.0 g/t Au) and MA12-424 (21.0 m at 11.0 g/t Au including 7.6m at 29.4 g/t Au). This zone contains two parallel vein systems within a structure that has an approximate true width of 25 meters that mimics the trend of a nearby aplite dyke, appears to transect eastward into the volcanic rock package for an apparent strike length of 1.5 km to the eastern property boundary. Drill holes MA20-057 and MA20-070 intersected the gold-bearing vein system down-plunge for an estimated apparent true width ranging between 3.4m to 4.8m. With only three holes completed at depth to define this zone, additional drilling perpendicular to the vein system is required to accurately define the width of the vein systems that comprise the South Zone.