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Cerro Del Gallo Project

Status: Advanced Exploration
Location: Guanajuato, Mexico
Ownership: 100% Argonaut Gold
Acquisition: November 2017
Gold reserve (at $1,200 gold) and resource (at $1,400 gold) estimates:
 
Category K tonnes g Au/t K Ozs Au
Measured & Indicated 1 47,878 0.60 923
Proven & Probable 32,219 0.69 712

1 Excludes Proven and Probable Reserves
2 For further information on the Cerro del Gallo project, please see historical estimates disclosed in the technical report titled “First Stage Heap Leach Feasibility Study Cerro del Gallo Gold Silver Project Guanajuato, Mexico” dated June 29, 2012 and available Primero Mining Corp. (“Primero”) at www.sedar.com.  Per Primero, the historical Mineral Reserves estimate was completed by Thomas Dyer, P.E., a Qualified Person and the historical Mineral Resources estimate was completed by by Timothy Carew, P. Geo, a Qualified Person pursuant to National Instrument (“NI”) 43-101, in a technical report completed by Sedgman Ltd, Reserva International and Mine Development Associates.  The report was reviewed by Brian Arkell on behalf of Argonaut Gold Inc. (“Argonaut”), who has concluded that it continues to be relevant and reliable as a basis for understanding the potential Mineral Reserves and Resources at the property.  To the best of Argonaut’s knowledge, information and belief, there is no new material, scientific or technical information that would make the disclosure of the Mineral Reserves and Resources inaccurate or misleading.  Argonaut has not done sufficient work to classify the historical estimate as current Mineral Reserves and Resources and is not treating the historical estimate as current Mineral Reserves and Resources.  Argonaut plans to complete metallurgical test work and re-log the available drill core to update the Mineral Resource model and verify or update the historical work to support the development of a current estimate.

 

About Cerro del Gallo

The Cerro del Gallo deposit sits within the San Antón property, which covers an area of 25,269 hectares and consists of 12 granted, contiguous mining concessions. The concessions include areas of historical mines formerly worked for high grade vein-hosted gold and silver.

The Cerro del Gallo deposit is located in the state of Guanajuato in central Mexico, approximately 30 kilometres west of the Guanajuato International Airport, 55 kilometres west of the city of Leon and major facilities and in an active mining district. The property is accessible by road, rail and air services. Additionally, there is availability of a skilled local workforce, grid power, water, sealed roads, equipment suppliers and established transport routes.

Previous project owners completed a Definitive Feasibility Study (DFS) for the Cerro del Gallo project in May 2012. The DFS outlines an initial 7.2 year mine life heap leach operation, which would produce an average of 95,000 gold equivalent ounces annually at estimated cash costs of $700/oz.

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