Magino + Florida Canyon NPV The first discovery of gold in the area was in 1918 by J. W. Webb on what is now referred to as the Magino deposit, located about 1 km to the southwest of Island Gold’s western property boundary. The deposit is reported to be hosted in the Webb Lake Stock, a quartz porphyritic granodiorite, which intrudes mafic volcanic rocks. Both lithologies occur within the GLDZ and have been highly altered because of deformation associated with this structure. Gold is present within subparallel grey quartz veins and in silicified wall rocks of east-west striking shear zones in granodiorite within the GLDZ. According to public records, the Magino mine operated intermittently between 1933 and 1939 during which time 105,792 tonnes of ore at a grade of 2.57 g/t Au were mined, producing approximately 8,700 ounces. The mine was closed from 1940 until 1988, when it was reopened by McNellen Resources Inc. and Muscocho Exploration Ltd. During the 1988 to 1992 period, a total of 696,413 tonnes of ore averaging 4.56 g/t Au was mined using bulk mining methods, producing 105,543 ounces of gold. Golden Goose Resources Inc. (“Golden Goose”) acquired the Magino mine property in 1996. In April 2004, Golden Goose filed a Mineral Resource estimate to verify the potential for a large tonnage low grade gold mineralization amenable to open pit mining.
Excessively OVERSOLD
Magino PC3000 excavator Bucket Capacity 19.7 cu yds 19.7 cubic yards of sedimentary rocks equals ~ 39 1/4 tonnes
Magino HD1500 haul truck Rated payload: 153.2 U.S. tons (139.0 t)
PC3000 is capable of loading a HD1500 haul truck in as little as 4 buckets. For instance, an 11 hour work day, 10 minute load time, 10 minute delivery/unload time, will result in 4,587 tonnes of ore delivered to the crusher per one PC3000 and per one HD1500. Argonaut Gold's proposed fleet for year-2024 is HD1500 haul truck: 15 HD605 haul truck: 2 PC3000 excavator: 2 PC1250 excavator: 2 PC490 excavator: 2 WA900 wheel loader: 1 WA600 wheel loader: 2 Emphasize on the HD1500 haul trucks. If one truck is capable of hauling 4,587 tonnes per 11 hours. Sense the company operates 24/7 we need to account for night shift 4,587 tonnes * 2 = 9,174 tonnes per 24 hours. Fifteen HD1500 * 9,174 = 137,610 tonnes. The fact that the company has the equipment to potentially relocate 137,610 tonnes of materials per day is remarkable.
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