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Argo Gold Inc. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") has increased its uranium mineral claim position at Thunderclap in the Athabasca Basin, Saskatchewan. Argo Gold's 100% interest at Thunderclap now covers 264 hectares of prospective uranium mineral claims in the Athabasca Basin. Argo Gold also has a 100% interest in three other uranium areas in the Athabasca Basin - Parker Lake, Thunderbolt and ZigZag - which altogether total 15,962 hectares and are considered prospective for uranium mineralization.
Thunderclap is located 16 kilometres SSW of the McLean Lake Uranium Mine and Mill, 18 kilometres SW of the Rabbit Lake Mine and Mill, 30 kilometres NE of Cameco's Cigar Lake High Grade Uranium Mine, 12 kilometres south of the Points North Landing camp and airstrip, and 17 kilometres south of Denison Mine's Midwest Lake ISR uranium deposit. Thunderclap is surrounded by Cameco Corporation, with Uranium Energy Corp (UEC) to the immediate east.
To the east of the Thunderclap mineral claim, drilling by Asamera in 1982 returned 0.13% eU3O8 over 4 metres in sheared, reduced yellow brown to olive green chlorite schist from the diamond drillhole Q12a-9. The unconformity lies at a depth of 182 metres with bleaching, hematite and chlorite alteration in basement rocks. (Reference: SMDI 1969 located 600 metres east of Thunderclap). A second drill hole (SHA-042) intersected the unconformity at 197.2 metres returning 0.021% U3O8/4.0 m from 306-310 m and 0.071% U3O8/7.0 m from 499-506 m at the contacts of semipelitic gneisses and pegmatites. (Reference: SDMI 3480 is located 1500 metres east of Thunderclap).
To the NW of Thunderclap and 5.28 kilometres south of the Midwest Lake Uranium Deposit, historical drilling intersected 0.25% eU3O8 over 4.0 metres in DDH Q8-24 from 166.3 to 170.3 metres in the lower sandstone and regolith in black pyritic sandstone and 1.1 metres in the lower sandstone of 14.8% Ni, 7.2% Co, 1.44% Cu, 1.14% As and 0.16% Pb. (Reference: SMDI 2551). Historic drilling 3.5 kilometres to the SW of Thunderclap returned 0.34% U3O8 over 0.5 metres as well as anomalous nickel arsenide, cobalt, copper, lead and zinc. (Reference: SMDI 2751). The anomalous polymetallic mineralization is considered to be very significant, as the Cigar Lake high grade uranium mine carries similar polymetallic mineralization along with the uranium and gold/silver. The Thunderclap Property is considered highly prospective and has never been drilled-tested.
The Fraser Institute's Annual Survey of Mining Companies ranked Saskatchewan as third in the world for mineral exploration and mining investment attractiveness. Argo is well positioned to advance mineral exploration with high-quality assets in a mining friendly jurisdiction.
Map 1: Location of Thunderclap uranium mineral claims
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3921/272912_0b8cd34944519b50_001full.jpg
National Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Michael Guo, who is a "Qualified Person" as defined in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the Government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its Qualified Person, but Argo believes they create a scientific foundation for the exploration in the district. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on Argo's mineral properties.
Note on U3O8 Equivalence
Some of the reported U3O8 results represent "equivalent uranium," or eU3O8, which is determined through downhole probing techniques. These methods estimate the uranium content in situ by measuring gamma radiation, which is then converted into an eU3O8 value based on standard calibration factors. It's important to note that this is an indirect measurement, and the actual uranium species may vary. The eU3O8 values provide an estimate of uranium concentrations in the mineralization, but further assaying and metallurgical testing would be needed to confirm the precise uranium species and chemical grade.
Map 2: Location of Thunderclap, Thunderbolt, Zig Zag and Parker Lake uranium mineral claims
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3921/272912_0b8cd34944519b50_002full.jpg
National Instrument 43-101 Disclosure
The technical information in this news release has been reviewed and approved by Michael Guo, who is a "Qualified Person" as defined in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the Government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its Qualified Person, but Argo believes they create a scientific foundation for the exploration in the district. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on Argo's mineral properties.
Note on U3O8 Equivalence
Some of the reported U3O8 results represent "equivalent uranium," or eU3O8, which is determined through downhole probing techniques. These methods estimate the uranium content in situ by measuring gamma radiation, which is then converted into an eU3O8 value based on standard calibration factors. It's important to note that this is an indirect measurement, and the actual uranium species may vary. The eU3O8 values provide an estimate of uranium concentrations in the mineralization, but further assaying and metallurgical testing would be needed to confirm the precise uranium species and chemical grade.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Information on Argo Gold can be obtained from SEDAR+ at www.sedarplus.ca and on Argo Gold's website at www.argogold.com. Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) CSE: ARQ as well as quoted on OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS.
Judy Baker, CEO
(416) 786-7860
jbaker@argogold.ca
www.argogold.com
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, statements in this news release constitute "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 information contained in this press release include, without limitation, statements regarding the prospectivity of the mineral claims. 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 future uranium prices and the supply of uranium; the results of exploration work; inability to raise the money necessary to incur the expenditures required to retain and advance the mineral claims, delays or uncertainties with drilling and surface preparation work, and not achieving hoped for exploration success. 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 under the Company's profile on sedarpus.ca.
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