Key Facts
Location Ontario, Canada
Ownership 100%
Status Operating
Mine Type Open pit
ProcessingConventional CIP mill
Metals Gold
Acquisition December 2012
Mine Life 19 years (2041)

Magino Mineral Resource Estimate
(as at december 31, 2022)

Mineral Resource
(g/t Au)
Contained Au Ounces
Measured 48.8 0.99 1,556
Indicated 102.0 0.92 3,001
Measured & Indicated 150.8 0.94 4,557
Inferred 31.6 0.83 843

Magino Mineral Reserve Estimate
(AS AT DECEMBER 31, 2022)

Mineral Reserve
(g/t Au)
Contained AOUNCES
Proven 26.3 1.24 1,044
Probable 37.0 1.11 1,317
Total Proven & Probable 63.3 1.16 2,361
Mineral Reserves and Mineral Resources have been estimated as at December 31, 2022 in accordance with NI 43-101 as required by Canadian securities regulatory authorities. Mineral Resources are presented inclusive of Mineral Reserves. Numbers may not sum due to rounding.

The Mineral Reserves for the Magino Project set out in the table above were based on the technical report titled "Magino Gold Project, Ontario, Canada, NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update", dated effective as of February 14, 2022, prepared by John M. Marek, P. Eng., Independent Mining Consultants, Inc.; Christo Marais, P. Geo., Argonaut; Philip Addis, P. Eng., SLR Consulting (Canada) Ltd.; Tommaso Roberto Raponi, P. Eng., T.R. Raponi Consulting Ltd.; and Kyle L. Stanfield, P. Eng., Argonaut (the "Magino Technical Report"). The Mineral Reserves were estimated using a gold price of $1,350 per ounce. The Mineral Reserves used a variable gold cut-off grade of between 0.38 g/t Au and 0.70 g/t Au, depending on mine sequencing.

The M&I Mineral Resources and Inferred Mineral Resources for the Magino Project set out in the table above were based on pit cones using a gold price of $1,800 per ounce and preliminary stope designs below the $1,800 per ounce cone.


The Magino mine property is a past producing underground gold mine located 40 kilometres northeast of Wawa, Ontario, approximately 14 kilometres 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. A positive feasibility study was published December 2017 showcasing open-pit mining opportunity.


The property is located within the Michipicoten greenstone belt of the Archean Superior Province. The Michipicoten greenstone belt is a structurally and stratigraphically complex assemblage of volcanic, sedimentary and intrusive rocks that were metamorphosed to greenschist and amphibolite facies. Several suites of plutonic rocks ranging in composition from gabbro to monzogranite and syenite occur in and around the Michipicoten greenstone belt. The property is situated in the Goudreau-Lochalsh gold district of the Wawa gold camp.

Supracrustal rocks in the Goudreau-Lochalsh district consist of Cycle 2 felsic to intermediate pyroclastic metavolcanics capped by pyrite-bearing ironstone. To the north are pillowed, massive and schistose, mafic to intermediate metavolcanics and minor intercalations of Cycle 3 mafic pyroclastic rock. Several medium to coarse-grained quartz dioritic to dioritic sills and/or dikes intrude all metavolcanic rocks.

Gold mineralization at the former Magino Mine is primarily hosted by the Webb Lake Stock, which intrudes Cycle 3 mafic volcanic rocks. The Webb Lake Stock is a felsic intrusion that has been interpreted as being a trondhjemite but is referred to as a granodiorite in mine terminology and in this report. The long axis of the Webb Lake Stock is aligned roughly parallel to the regional supracrustal rock stratigraphy. The Webb Lake Stock is east northeast-striking and has a steep northerly dip. The granodiorite contains 5 to 10% veins of quartz with lesser carbonate veins and minor pyrite. The veins - 27 - generally parallel the orientation of the Webb Lake Stock and surrounding metavolcanics.

Argonaut is currently focusing its evaluation on shear related zones of gold-bearing quartz-sericitemineralization that contain narrow higher-grade gold-bearing quartz veins and stockworks which were the focus of former underground mining. Argonaut and the predecessor company that owned the Magino Project, Prodigy Gold Inc., completed surface drilling campaigns in 2011, 2012, 2015, and 2016. These programs were designed to in-fill and expand mineralization identified by earlier drilling, and in some cases, replace older, non-compliant drill sample data.


The discovery of iron ore deposits around the turn of the 20th century in the Michipicoten area southwest of Wawa led to prospecting for other minerals. Gold was discovered in 1918 near Goudreau.

Prospecting and mining have been semi-continuous since then, being particularly active from the mid-1920s to the beginning of World War II. Gold production from the area was sporadic. Various companies owned, operated and explored Magino from 1917 to today.

Total drilling, both surface and underground, within the Magino resource area is approximately 371,450 metres in 2,414 holes. The Qualified Person responsible for this section was unable to verify drilling completed before 2006 and excluded that data from being used to estimate Mineral Resources. This resulted in the removal of about 114,000 metres of data associated with 1,273 holes, most of which were short, small diameter underground core holes.

Total historic production from the Magino property is 803,135 tonnes of ore yielding 114,319 ounces Au at 4.43 g/t Au.

We are focused on ramping up to full operations in the third quarter. Commissioning Magino will be the first step in transforming the Company during Argonaut's pivotal growth stage.

Technical Reports


Prodigy Gold Incorporated (Prodigy) is a wholly owned subsidiary of Argonaut Gold Incorporated (Argonaut) and holds 100 percent (%) of the land tenure that comprises the Magino property. Both Argonaut and Prodigy are committed to operating in a safe, environmentally responsible, cost efficient manner, while honouring commitments to the communities where they operate. This commitment is grounded in their corporate culture and is operationalized through their corporate governance activities, community contributions, and their environment, health, and safety practices.

For more information on the Magino Gold project, please contact


Supplemental Impact Assessment Report for the Magino Gold Project

Environmental Assessment Decision Statement

Minister's Decision Statement - January 24, 2019

Draft Environmental Assessment Report

Environmental Impact Statement

Technical Supporting Documents

Project Description Reports

Fish Habitat Offsetting and Mine Waste Consultation

Impact Assessment Agency of Canada Documents

Reportable Incidents

Annual Reports