Mining News
Argonaut Gold announces significant increase in mineral resources at two principal assets
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(Kitco News) - Argonaut Gold (TSX: AR) today reported a significant increase in mineral resources for the company's two principal assets: the Magino project, in the final stages of construction, located in Ontario, Canada, and the Florida Canyon mine located in Nevada, USA.
The company said that measured and indicated mineral resources at the company's two principal assets increased by 14% to 5.7 million gold ounces, while inferred mineral resources more than quadrupled to 3.0 million gold ounces.
Argonaut added that on a consolidated basis, measured and indicated mineral resources total 11.3 million gold ounces, inferred mineral resources total 3.5 million gold ounces, and proven and probable mineral reserves total 5.6 million gold ounces effective December 31, 2022.
"This updated resource statement underpins our belief that the combination of Magino and a redevelopment of Florida Canyon can provide the foundation for Argonaut's transition into a low-cost mid-tier gold producer in North America," stated Richard Young, President and Chief Executive Officer.
Argonaut Gold is a Canadian gold company with a portfolio of operations and multi-stage assets in North America. The company is in the final stages of construction at its Magino project, located in Ontario, Canada. Magino is expected to achieve commercial production in the third quarter of 2023 and become Argonaut's largest and lowest cost mine.
The company also has three operating mines including the Florida Canyon mine in Nevada, USA, where it is pursuing additional growth, La Colorada mine in Sonora, Mexico and San Agustin mine in Durango, Mexico.
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