Argo Gold has expanded its exploration portfolio by acquiring a 100% interest in mineral claims located 120km north of La Ronge in Saskatchewan, Canada.
The agreement involves a payment of $7,000 and the issuance of one million common shares of Argo Gold.
These shares will be held for a statutory period of four months and one day from the date of issuance.
The North Saskatchewan mineral claims cover 5,955 hectares (ha) near the Rottenstone Mine, which produced nickel, copper, gold and platinum group metals between 1965 and 1969.
This mine, which operated seasonally with winter haulage, processed around 28,724t of ore with notable concentrations of nickel, copper, platinum, palladium and gold.
Historical exploration in the region includes ground prospecting, government mapping and airborne surveys conducted in 1959 and 1968.
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By GlobalData
Sherritt Gordon Mines undertook shallow drilling in 1968, revealing the presence of several metals, although assays for gold, platinum or palladium were not completed.
In a move to bolster its holdings, Argo Gold has also staked another 15,161ha in the Rottenstone area.
This new staking targets areas of interest such as anomalous copper in soils and electromagnetic conductors identified by historical geophysical surveys.
Argo Gold now holds a total of 21,116ha of “very high-quality” exploration targets in what is considered an emerging metallogenic district.
The mineral potential of this district has been further highlighted by Ramp Metals, a Canadian nickel-copper explorer.
Ramp Metals completed a four-hole drill programme on its Rottenstone SW property in early 2024.
One of the holes, Ranger-1, was drilled to investigate a deep geophysical conductor identified by a modern airborne electromagnetic survey, which is situated near a site where gold-bearing boulders and ultramafic outcrop were discovered by Ramp Metals in late 2023.
Argo Gold has expressed confidence in its strategic positioning to move ahead with further mineral exploration in this region.
