re: our louise lake propertyright next door to our louise lake property are these guys and they put out some massive silver grades on one of their other properties today after market. trading at 15 cents, 20 million shares out and insiders control most of them this is a good one to start following
Argonaut Exploration Discovers High Grade Silver up to 2,470 g/t
March 2, 2010, Calgary, AB - Argonaut Exploration Inc. (TSX-V: AGA, "the Company") is pleased to announce surface sample results for the M&M showing at its 177 square kilometre, 100% owned, Terrace Properties at Terrace, British Columbia.
The Company collected a total of 19 surface rock chip and grab samples from the historical M&M showing during the fall of 2009. Rock chip sampling at the M&M Showing returned multiple high grade silver assays of up to 2,470 grams-per-tonne (g/t) silver (72 troy ounces-per-ton silver). The M&M showing surface chip samples averaged 703 g/t silver (20 troy ounces-per-ton) over a 65 metre length and 0.4 metre width (Table 1).
Table 1: 2009 M&M Showing Assay Highlights
Sample Type Showing Chip Width (cm) Au (g/t) Ag (g/t) Pb (%) Zn (%) 09SBC045 Chip M&M Vein 35 0.45 589 0.71 0.22 09SBC046 Chip M&M Wallrock 20 - 19 - 0.19 09SBC047 Chip M&M Vein 27 0.73 2470 1.12 - 09SBC048 Chip M&M Wallrock 40 - 21 0.47 0.23 09SBC049 Chip M&M Vein 25 - 570 0.17 - 09SBC050 Chip M&M Wallrock 45 - 188 - 0.28 09SBC051 Chip M&M Vein 40 - 753 0.56 - 09SBC052 Chip M&M Vein 37 - 457 0.23 - 09SBC053 Chip M&M Vein 75 0.71 2260 0.89 - 09SBC054 Chip M&M Wallrock 25 - 50 - 1.98 09SBC055 Chip M&M Vein 47 - 92 - - 09SBC056 Chip M&M Vein 80 - 191 - - 09SBP059 Chip M&M 400 metres South - - 321 - -
M&M Vein System
During the summer of 2009, exploration crews located the historic M&M vein system. Geological mapping defined a southeast trending, steeply west dipping quartz vein system over an approximate 100 metre strike length. Near its centre the vein system comprises an upper 25 centimetre (cm) and lower 30 cm thick quartz vein separated by an intervening zone of strongly ankerite chlorite altered diorite host rock. The quartz veins, which pinch and swell along their strike length, exhibit comb textures and are characterized by the presence of disseminated and coarse-grained silver bearing galena, chalcopyrite and pyrite mineralization.
Rock chip sampling of the upper vein returned assays of 2,260 g/t silver, 0.7 g/t gold and 0.9% lead over 75 cm. At the same location rock chip sampling of the lower vein returned assays of 753 g/t silver and 0.6% lead over 40 cm. Sampling of intervening ankerite altered diorite host rocks containing narrow quartz-sulphide stringer veins returned assays of up to 188 g/t silver over 45 cm (09SBC050).
A distance of 15 metres to the south, chip sampling across the vein returned assays of 2,470 g/t silver and 1.1% lead over 27 cm (09SBC047). Ankerite altered diorite rocks within the footwall of the vein returned assays of 21 g/t silver and 0.5% lead over 40 cm (09SBC048). Near the southern limit of the sampled exposure, 30 metres to the south of the central zone, rock chip samples returned assays of 589 g/t silver and 0.7% lead over 35 cm (09SBC035). At this location, ankerite altered diorite rocks within the footwall of the vein returned assays of 19 g/t silver (09SBC46). The widest zone of the M&M vein occurs near the northern limit of the sampled exposure, 30 metres to the north of the central portion of the vein. Here, chip sampling returned assays of up to 191 g/t silver over 80 cm. Additional prospecting 400 metres to the south of the M&M vein system resulted in the discovery of another vein or an extension of the same vein that returned an outcrop chip sample assaying 321 g/t silver (09SBC59).
The length weighted average grade of the 12 rock chip samples collected at the M&M Showing was 703 g/t silver and 0.37% lead. The rock chip samples collected comprised both vein and mineralized wallrock, ranged in width from 20 cm to 80 cm. The chip samples have an average width of 41 cm and were collected over strike length of 65 metres.
The Geological Survey of Canada (GSC) reported that a small amount of work was completed by Cominco at the M&M vein system during 1928 and 1929. The current sampling by Argonaut represents the only record of exploration since 1929. Historic mapping by the GSC indicates that other veins outcrop on steep slopes 70 metres to the west of the exposures sampled by Argonaut. These veins were not sampled due to access difficulties; however they were historically tested via an approximately 35 metre long adit driven into the hillside.
The results of the fall 2009 prospecting program at the Terrace Properties have resulted in the discovery of a significant high grade silver vein system at the M&M Showing. The vein system is exposed over a 100 metre strike length and is open to the north and south.
Argonaut Exploration Inc. is the first publically traded company to explore the forty documented mineral occurrences located on the Company's 177 square kilometre, 100% owned, properties near Terrace British Columbia. Exploration work has included geology mapping, rock sampling, ground geophysics and diamond drilling. Work to date on select mineral occurrences has resulted in several significant discoveries including; massive sulphide surface and drill intersections over a minimum 160 x 240 metre area with drill intersections to 8 metres assaying 3% copper, 38 g/t silver and 0.9% lead on the M&K showing. Surface rock chips from accessible locations on the Zona May vein established gold and silver in a 240 metre section of the 3 kilometre long Zona May Vein Complex. The sampled vein produced an average grade of 6.57 g/t gold and 47.1 g/t silver across an average 0.5 metre width. Assay values were to 21 g/t gold. Surface rock chip and grab samples at numerous mineral occurrences continue to yield high assay values in gold, silver and copper (see Argonaut Exploration Inc. News Releases dated 2009 and 2010).
The Company has recently acquired through option agreement a historically documented Gold-Copper-Molybdenum mineralized Porphyry occurrence described as the High Gold Property. The High Gold Property is located 38 kilometres northeast of the Company's Terrace properties and is bordered by two documented mineralized Porphyry deposits at Louise Lake and the Zymo property. Historical trench results on the High Gold porphyry have returned 30 metres that assayed 0.58% copper, 0.04% molybdenum and 0.22 g/t gold. Significant gold in rock assays have been discovered flanking the porphyry with assays to 40 g/t gold.
Argonaut Exploration Inc. will be presenting at PDAC booth 2425 on March 9 & 10, 2010 in Toronto.
Argonaut Exploration Inc. has 21,016,474 shares issued and outstanding with an experienced management team. The Company trades on the TSX Venture Exchange with the trading symbol AGA.
Kristopher J. Raffle, P. Geol., APEX Geoscience Ltd. is a qualified person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the News Release.
On behalf of the Board of Directors,
Ray Cook,