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Argonaut Gold Inc ARNGF


Primary Symbol: T.AR Alternate Symbol(s):  T.AR.DB.U

Argonaut Gold Inc. is a gold producer with a portfolio of operations in North America. The Company’s operating mines include Florida Canyon, Magino, La Colorada and San Agustin. The Florida Canyon Gold Mine area is situated in northwestern Nevada within the Basin and Range physiographic province. The Magino mine property is a past producing underground gold mine located 40 kilometers (km) northeast of Wawa, Ontario, approximately 14 kilometers southeast of the town of Dubreuilville. The property consists of seven patented mining claims, four leased mining claims and 69 unpatented mining claims totaling 2,204.495 hectares. The past producing La Colorada gold-silver mine property is located approximately 40 km southeast of Hermosillo, Sonora State, Mexico. The San Agustin property consists of four mineral claims totaling 1,065 ha and is located in the northern San Lucas de Ocampo Mining District.


TSX:AR - Post by User

Post by Lifexprton May 16, 2024 10:23am
176 Views
Post# 36043290

Only reasonable decision was to sell Magino

Only reasonable decision was to sell Magino Now that everyone had a chance to review nreview the report, you realize this was the best scenario that could have materialized due to Magino being effectively a massive drain on resources, almost pushing Argonaut into bankruptcy. Hope is in FC as it seems to be outperforming and we should get a new extended LOM plan including possibility of unlocking sulphide deposits which would keep FC operating for years to come, that's still up in the air but upcoming NI 43-101 will be telling. Magino has longer term potential although AGI purchased this primarily for mill capacity and tailings. You can't keep operating at $3,000+ while selling at $1,860. Management is working with flawed feasibility study with subpar grades and underperforming equipment, which is strange as I remember hearing Young say that Ausenco built a Cadillac. Magino should come around by year end but it will never become a sub $1,000 AISC operation as originally planned
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