Mining News: Argo Gold
(CSE: $ARQ) Acquires the Mishi Lake Gold Project
Toronto, Ontario - March 30, 2017
(Investorideas.com Newswire) Argo Gold Inc. (CSE: ARQ) ("Argo Gold" or the "Company") has entered into a
mining claim acquisition agreement with 2362516 Ontario Inc. pursuant to which
Argo Gold can acquire a 100% interest in certain mineral claims located in the
Mishibishu Lake Area and St. Germain Township of the Sault St. Marie Mining
District in exchange for an aggregate of 250,000 common shares of the Company.
The acquisition of the mineral claims is subject to receipt of regulatory
approval and the common shares issuable thereunder will be subject to a statutory
hold period of four months and one day from the date of issuance.
The Mishi Lake Gold Project is comprised of 3
mineral claims; one is in the Mishibishu Lake Area and two are in St. Germain
Township covering 656 hectares located on the eastern central portion of the
Mishibishu Deformation Zone in the Mishibishu Lake Greenstone Belt. The Mishi
Lake Gold Project is located 40 kilometres west of Wawa, Ontario, 10 kilometres
east of Wesdome's open pit Mishi Mine and 5 kilometres east of the past producing
Magnacon Gold Mine.
In addition to the acquired claims, Argo Gold has
also staked two small claims in the Mishibishu Lake Area adjacent to the
acquired claims. The two additional claims have been staked to cover open
portions of the Mishibushu Deformation Zone.
The newly acquired claims and staked claims are
adjacent and east of the Wesdome Lease which contain several historical gold
prospects (Discovery, Hollinger, Amichi, Northwest Prospects). The Mishibishu
Deformation Zone extends onto the Argo Gold claims and is estimated to be 1.5
kilometres wide over a strike length of 2.5 kilometers on the Argo Gold
property. In 2011, extensive stripping of the Mishi North gold occurrence
indicated the presence of highly deformed and altered mafic metavolcanics
containing foliation parallel quartz veins as well as late fissure-filling
quartz veins. Three grab samples indicated variable gold tenor (pyritic
argillite: 0.002 g/t Au; quartz-sericite-fuchsite-pyrite: 0.06 g/t Au;
quartz-ankerite-pyrite vein: 75 g/t Au; source AFRI file: 20000006614 Ministry
of Northern Development and Mines). No channel sampling has been completed on
the vein system.
Argo Gold believes follow-up exploration activity
is warranted at the Mishi Lake Gold Project.
The Company has not yet completed the work
necessary to verify the past exploration results and since some of these
results are historical in nature and some results predate National Instrument
43-101 ("NI 43-101") standards. In addition, a qualified person has
not completed sufficient work to verify these historical results. The technical
information in this news release has been prepared in accordance with the
Canadian regulatory requirements set out in NI 43-101 and reviewed and approved
by Delio Tortosa, P.Eng., a "Qualified Person" as defined by NI
43-101 and a Technical Advisor for Argo Gold.
In addition, Argo Gold has also granted an
aggregate of 400,000 options to purchase common shares of the Company
exercisable at a price of $0.18 per share and expiring on March 30, 2020 to
consultants of the Corporation. The common shares issuable upon exercise of the
options are subject to a four-month hold period from the original date of
grant.
About Argo Gold Inc.
Argo Gold is listed on the
Canadian Securities Exchange under the ticker ARQ. Argo Gold is focused on gold
exploration projects central and northwestern Ontario. All of Argo Gold's
projects are 100% owned and have indications of economic viability. Argo Gold's
website is www.argogold.ca.
For more information please contact:
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS
REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news
release contains certain "forward-looking information" within the
meaning of applicable securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect",
"project", "intend", "believe",
"anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions
and estimates at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those anticipated in the forward-looking statements
including, but not limited to delays or uncertainties with regulatory
approvals, including that of the CSE. There are uncertainties inherent in
forward-looking information, including factors beyond the Company's control.
The Company undertakes no obligation to update forward-looking information if
circumstances or management's estimates or opinions should change except as
required by law. The reader is cautioned not to place undue reliance on
forward-looking statements. Additional information identifying risks and
uncertainties that could affect financial results is contained in the Company's
filings with Canadian securities regulators, which filings are available at www.sedar.com.
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