Argonaut Exploration Inc. Drills Victor Vein Gold at Terrace, British Columbia
November 29 2012 - 9:29AM
Marketwired Canada
Argonaut Exploration Inc. (TSX VENTURE:AGA) ("Argonaut" or "the Company") is
pleased to release the drill results from the 2012 Victor vein exploration
program (Table 1).
TABLE 1. 2012 VICTOR VEIN DRILL RESULTS
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Azimuth
Drill degrees / Interval Width Au Ag
Drill Hole Pad Dip degrees (m) (m) (g/t) (g/t) Cu%
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CV12-01 44.25 -
1 250/-45 45.45 1.2 11.5 29.8 0.74
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Including 44.75 -
45.16 0.41 31.23 38.7 0.51
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Including 45.04 -
45.16 0.12 87.9 122.0 1.52
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CV12-02 46.63 -
1 260/-45 47.10 0.47 2.63 1.7 0.11
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Including 46.92 -
47.10 0.18 5.25 2.5 0.14
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CV12-03 53.34 -
1 270/-55 53.67 0.33 1.72 1.1 0.02
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CV12-04 59.53 trace
1 280/-65 -60.25 0.72 (tr) tr 0.31
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CV12-05 62.13 -
1 -90 62.75 0.62(i) 3.6 3.2 0.09
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Including 62.13 -
62.45 0.32 6.17 3.1 0.09
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CV12-06 not
2 250/-45 apparent n/a n/a n/a n/a
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CV12-07 43.9 -
2 240/-45 45.91 2.01 tr tr tr
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CV12-08 62.48 -
2 275/-45 62.72 0.24 3.70 3.1 tr
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(i) Not a True Width
Drill holes CV12-01, CV12-02, CV12-03 and CV12-04 were located to test at depth
the south half of the Victor vein. CV12-05 was drilled to test the vein at the
maximum depth possible from the Pad 1 location. Drill holes CV12-06, CV12-07 and
CV12-08 were drilled from Pad 2 to test at depth the Victor vein's north half
(Table 2). The drill core was NQ in size and the total meterage drilled in the
2012 program was 725.4 m. The drill pads were located to the east of the vein's
generalized north - south strike and the holes were drilled west in a fanning
direction to intercept the east dipping vein at anticipated high angles.
Drill hole CV12-01 with the widest and highest grade gold intercept was located
beyond the known surface outcrop of the Victor vein to the south. This intercept
has no vein expression on surface but continues the vein's extension at depth.
Prior fieldwork had concluded that the Victor vein had disappeared and been
terminated to the south by faulting. The 2012 drill results contradict the
earlier conclusions and support the veins southern continuity and
mineralization. The drill results including the gold content and vein widths
present in drill holes CV12-01, CV12-02 and CV12-05 indicate that the potential
exists to locate a high grade Victor vein deposit in the south with additional
drilling.
Argonaut President Ray Cook states; "The 2012 Victor vein drill program confirms
that significant gold and silver values sampled from surface continue to depth
in the vein systems present on the Company's Terrace properties."
TABLE 2. 2012 DRILL PAD LOCATIONS
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Drill Pad Elevation (m) Easting Northing
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1 1253 539860 6046120
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2 1205 539848 6046177
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The cored vein is composed of several quartz layers varying in width from 1
centimeter (cm) to 15 cm of massive to coarse crystalline quartz. The coarse
quartz tends to be on the footwall side of the vein and as is evident in CV12-01
contains coarse amphibole and chalcopyrite mineralization. The drilled vein in
the remaining mineralized holes most frequently contained, oxidized sulphides,
mainly pyrite, that stained the vein rusty brown and, in places, green from the
copper carbonate malachite.
The gold mineralization below surface roughly correlates spatially with the
surface vein gold values and widths sampled in 2011 (Table 3). The current
surface samples and drill results support a generalized Victor vein gold -
sulphide trend at the south end of the vein. The gold trend appears open to the
south and to depth based on the results of 2012 drill holes CV12-01, CV12-02,
CV12-03, CV12-05 and the 2011 surface channel samples. The northernmost drill
hole CV12-08 also indicates the presence of gold mineralization both on surface
at the portal of the vein adit and to depth.
The northern half of the Victor vein has complex structural controls and offset
that is not evident in the south half of the vein. All but one hole CV12-06, due
to a shear zone, intersected the vein which varies from 0.2 to 2.0 m true width.
The approximated subsurface depths to the drill intercepted vein ranged from 25
to 40 m for the angle holes and 62.5 m for vertical hole CV12- 05. The nearest
Victor vein surface outcrop to vertical hole CV12-05 is 50 m west which
approximates an intercepted 75 m Victor vein length. The gold mineralization has
the potential, based on the drill results, to continue to depth.
TABLE 3. 2011 SURFACE VICTOR VEIN CHANNEL SAMPLES
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Elevation Width
Sample Number Description Location (m) (m) Au (g/t) Ag (g/t)
----------------------------------------------------------------------------
North
Portal,
G0750909 chip/channel vein adit 1152 0.7 0.92 1.2
----------------------------------------------------------------------------
4.5 m south
of north
G0750910 chip/channel portal 1152 0.55 46.4 6.3
----------------------------------------------------------------------------
23 m south
G0750911 chip/channel of portal 1165 0.3 0.38 0.75
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40 m south
G0750912 chip/channel of portal 1180 0.5 0.31 trace
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56 m south
G0750913 chip/channel of portal 1196 0.3 6.38 1.6
----------------------------------------------------------------------------
86 m south
G0750914 chip/channel of portal 1215 0.7 0.02 trace
----------------------------------------------------------------------------
100 m south
G0750915 chip/channel of portal 1224 0.55 1.24 1.1
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113 m South
G0750916 chip/channel of portal 1229 0.4 34.1 24.0
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110 m South
G0750917 chip/channel of portal 1229 0.3 72.4 33.9
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The Victor vein is located on the 100% owned Terrace Property 2.1 kilometres
south of the Columario mine workings, on the north flank of Kleanza Mountain, at
an elevation ranging from 1,152 to 1,229 m. The Victor and associated veins were
historically described as the potential extension of the Columario mine vein
system. The vein is exposed intermittently over a strike length of 115 m with an
average width of approximately 0.5 m. The host rock is lower Jurassic Hazelton
volcanic andesite and lapilli tuff, the same as that exposed with diorite at the
Columario mine. The vein quartz weathered resistantly and is easily explored in
the higher sub-alpine setting. In 2011, nine surface channel samples were
collected across the vein width along 113 m of the 115 m exposed Victor vein
strike length. The surface samples returned significant gold results with the
best result being 72.4 g/t gold and 10.2 g/t silver across a 0.3 m vein width
(Table 3).
About Argonaut Exploration Inc.
Argonaut is a junior mineral exploration company focused on the acquisition,
exploration and development of gold, silver and copper bearing mineral
properties. For more information on the Corporation visit its website at
www.argonautexploration.com.
Dr. Mathias Westphal P. Geo., White North West Consulting, is a qualified person
as defined by National Instrument 43-101 and has reviewed and approved the
technical information in the News Release. Analytical results are provided by
ALS Canada Ltd of Vancouver, British Columbia. All core and rock samples were
digested by a four acid leach followed by a 33 element ICP analysis. High ends
were assayed. Gold was determined separately using a 30 gram sample split
treated by fire assay with an ICP- AES finish. Gold results greater than 1 gram
were re-analyzed using a 30 gram sample split and treated by fire assay with a
gravimetric finish.
Forward-Looking Statements
This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, are
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the Company's disclosure documents on the SEDAR website at
www.sedar.com. The Company does not undertake to update any forward-looking
information except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Argonaut Exploration Inc.
Ray Cook
President and C.E.O.
(403) 969-7903
ray@argoexp.com
www.argonautexploration.com
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