Argonaut Exploration Inc. Drills Victor Vein Gold at Terrace, British Columbia
Published : November 29, 2012
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Keywords :   Canada | Copper | Gold | Silver |

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2012) - 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).

Drill Hole Drill Pad   Azimuth degrees / Dip degrees   Interval (m ) Width (m ) Au (g/t ) Ag (g/t ) Cu %
CV12-01 1   250/-45   44.25 - 45.45   1.2   11.5   29.8   0.74  
Including         44.75 - 45.16   0.41   31.23   38.7   0.51  
Including         45.04 - 45.16   0.12   87.9   122.0   1.52  
CV12-02 1   260/-45   46.63 - 47.10   0.47   2.63   1.7   0.11  
Including         46.92 - 47.10   0.18   5.25   2.5   0.14  
CV12-03 1   270/-55   53.34 - 53.67   0.33   1.72   1.1   0.02  
CV12-04 1   280/-65   59.53 -60.25   0.72   trace (tr ) tr   0.31  
CV12-05 1   -90   62.13 - 62.75   0.62(i ) 3.6   3.2   0.09  
Including         62.13 - 62.45   0.32   6.17   3.1   0.09  
CV12-06 2   250/-45   not apparent   n/a   n/a   n/a   n/a  
CV12-07 2   240/-45   43.9 - 45.91   2.01   tr   tr   tr  
CV12-08 2   275/-45   62.48 - 62.72   0.24   3.70   3.1   tr  
(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."

Drill Pad Elevation (m) Easting Northing
1 1253 539860 6046120
2 1205 539848 6046177

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.

Sample Number Description   Location   Elevation (m)   Width (m)   Au (g/t)   Ag (g/t)
G0750909 chip/channel   North Portal, vein adit   1152   0.7   0.92   1.2
G0750910 chip/channel   4.5 m south of north portal   1152   0.55   46.4   6.3
G0750911 chip/channel   23 m south of portal   1165   0.3   0.38   0.75
G0750912 chip/channel   40 m south of portal   1180   0.5   0.31   trace
G0750913 chip/channel   56 m south of portal   1196   0.3   6.38   1.6
G0750914 chip/channel   86 m south of portal   1215   0.7   0.02   trace
G0750915 chip/channel   100 m south of portal   1224   0.55   1.24   1.1
G0750916 chip/channel   113 m South of portal   1229   0.4   34.1   24.0
G0750917 chip/channel   110 m South of portal   1229   0.3   72.4   33.9

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

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 The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Argonaut Exploration Inc.
Ray Cook
President and C.E.O.
(403) 969-7903
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Argonaut Exploration Inc.

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Argonaut Exploration is an exploration company based in Canada.

Its main exploration properties are TERRACE PROPERTIES and HIGH GOLD in Canada.

Argonaut Exploration is listed in Canada. Its market capitalisation is CA$ 504 100 as of today (US$ 398 794, € 352 573).

Its stock quote reached its highest recent level on April 23, 2010 at CA$ 0.30, and its lowest recent point on February 11, 2015 at CA$ 0.01.

Argonaut Exploration has 50 410 000 shares outstanding.

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Financings of Argonaut Exploration Inc.
2/28/2013Announces Signing of Financing Engagement with IBK Capital C...
12/21/2012Closes Private Placement
10/9/2012Announces Non-Brokered Private Placement
9/11/2012Mobilizes Drill Program and Closure of Private Placement
Corporate news of Argonaut Exploration Inc.
11/1/2013Enters Into A New Option Agreement to Acquire Hidden Valley ...
8/14/2013Creates Data Room for Columario Gold Mine Investment Opportu...
5/16/2013Announces AGM Results
4/16/2013Will Showcase the Company at the Minerals North Conference, ...
4/11/2013Announces Change of Auditors
1/18/2013Announces Incentive Stock Options
1/15/2013Fulfills Obligations Under Acquisition Agreements for the Hi...
12/14/2012s Lucky Luke Mine, Cordillera Mine and Dorreen Mine Status a...
12/4/2012Completes Two Acquisition Agreement Cash Payments for the Hi...
11/29/2012Drills Victor Vein Gold at Terrace, British Columbia
10/30/2012Comments on Recent High Trading Volume
10/16/2012Acquires Historic Lucky Luke and Cordillera Gold Properties
9/26/2012Completes Victor Vein Drill Program and Final Share Payment ...
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