Argo Gold Initiates Drilling On Its Woco Gold Project

Toronto, Ontario--(Newsfile Corp. - February 19, 2019) - Argo Gold (CSE: ARQ) (the "Company" or "Argo Gold") is pleased to announce the start of a diamond drilling program at their 100% owned Woco Gold Project, located in the Birch-Uchi Greenstone Belt, located 75 kms east of Great Bear Resources' Dixie Project and outside the Red Lake Gold District.

Key features of the Woco Gold Project are:

  • High grade gold intercepts in historic drilling, including 139 g/t Au over 2.1 metres, 65 g/t Au over 1.83 metres, and 62 g/t Au over 3.6 metres.
  • New detailed 3D modelling of historic drill holes has identified down-plunge, down-dip and on-strike drill targets.
  • The Woco vein is situated 1.5 kms south, and parallel to the strike of the past producing Uchi Mine, where mining the No. 1 Zone started with a grade of 10.62 g/t Au over 9 metres for a length of 103 metres. (Summarized from Bateman (1940), ODM ARV 48, pt.8)
  • The through-going "Uchi Break", is considered to be a gold-controlling structure for the Uchi Mines, the Woco and Northgate gold prospects, and is also a target of this drill campaign.
  • The recently sampled Northgate Vein, located several kilometres south of Woco is up to 4 metres wide and will have two holes to verify the depth continuity of surface sampling results and historical drilling completed by Northgate Exploration in 1959.
  • Argo Gold's total land package in the prospective Birch Uchi Greenstone Belt is 2,176 hectares and follows geologically favourable rocks and structures hosting gold mineralization.

Exploration Program Details

This exploration program is being overseen by Argo Gold's lead exploration geologist Bill Kerr who comments:

"The current drill program will confirm the size and tenor of the Woco gold mineralization intersected by Chester Kuryliew over 25 years ago, and will then attempt to confirm continuity down plunge, down dip, and along strike where the high-grade zone remains open. The completely separate Northgate Showing will also be tested by several holes. The controlling structure for the Uchi Mine No. 1 Zone, which was 100 metres long by 9 metres wide at a grade of 10.62 g/t gold, will also be a continuing and increasing focus of this and subsequent drill programs."

This 2,500-metre diamond drill program will test the continuity of the Woco Vein and accompanying shear zone along with the down dip and on-strike extension of the previously identified mineralized zones. Drilling will focus on the core mineralized zone to verify the historical high-grade gold intersections but will also be testing areas along strike and down-dip in areas not previously tested. The intent is to identify additional plunging high-grade mineralized zones and expand the extent of the mineralized vein system. This exploration program began on February 15, 2019, is expected to be completed in approximately 30 days. The Company is currently fully funded to complete this program.

The historical results presented above were from an 1994 final assessment file report submitted by St. Jude Resources, which was completed prior to the implementation of the National Instrument 43-101 ("NI 43-101") requirements; however, given the high quality of the historic work completed and the reputation of St. Jude Resources, the Company believes the historical results to be both relevant and reliable. In addition, a Qualified Person has not completed sufficient work to classify these historic mineral results as current.

About Argo Gold Inc.

Argo Gold is listed on the Canadian Securities Exchange under the ticker symbol ARQ. Argo Gold is focused on gold exploration projects in central and northwestern Ontario. Argo Gold's website is www.argogold.ca.

Mr. Delio Tortosa, P. Eng, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

For more information, please contact:

Paul Poggione
Vice-President, Corporate Development
613-277-1989

Ken Storey
Chief Financial Officer

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42918

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