Wednesday, 19 January 2011

Argonaut Announces Final Drill Results – Molybdenum, Copper & Gold

Argonaut Exploration
Shares Outstanding - 27.2 Million
Fully Diluted - 38.6 Million

Today, Argonaut Exploration released its final drill results from its 2010 drill program on its High Gold property located just outside of Smithers, BC.
Overall, the company drilled 2,500 metres and encountered long intercepts of consistent mineralization from surface to depth.
AGA encountered intercepts of over 300 metres, which is important for mining purposes, should this become an economic deposit.
Below is a table of the results.

The company sums up the results in the news release by saying, “Results from the 2010 High Gold exploration program indicate a molybdenum – copper mineralized Bulkley-type porphyry system. The High Gold porphyry system contains zones of elevated metals associated with a distinct well-fractured stockwork zone. Geological mapping, geochemistry, drilling and a “deep penetrating” I.P. survey indicate a large and deep metal-bearing system located just 18km from a major highway with power and rail infrastructure.”

When evaluating the value a porphyry system, consider the following: At today’s copper / molybdenum / gold prices 0.25 % copper equivalent with sizable tonnage should be economic. 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.

To view the full news release, please click here.