Wednesday, 20 October 2010

Argonaut Exploration – Is It On To Something Big?

From High Gold Project

Argonaut Exploration
Shares Outstanding - 25.2 Million
Fully Diluted - 35.9 Million

Today Argonaut Exploration announced its initial results from its 2,500 metre drill program on its High Gold property. The length and consistency of Copper, Molybdenum and Gold in the drill intercepts indicate Argonaut’s High Gold property is a large porphyry system.

One hole demonstrated a strike length of 156.3m with a 0.25% copper equivalent. Another hole showed a strike length of 118.4m with a 0.30% copper equivalent.

Investors will ask, “Why is this significant?”

When evaluating the value a porphyry system, consider the following:At today’s copper / molybdenum / gold prices 0.25 % copper equivalent with sizable tonnage is economic and is appealing to the majors. This is a big change from ten years ago when copper was below $1 per pound, and 1% copper was considered economic.

See the illustration below.

Stay tuned for more drill results, today’s news is just the beginning from Argonaut.

To view the full news release, please click here