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ARGO GOLD INC ORD - ARBTF STOCK NEWS

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Argo Gold Inc. (ARBTF) is a Canadian mineral exploration and development company that has ventured into oil production in Alberta, Canada. The company's 2023 reserves report by Petrotech and Associates details its interest in producing and planned oil wells, providing valuable insight into its operations and future prospects.

With total 2023 oil production of 17,553 barrels and $952,692 in oil revenue, Argo Gold marked its entry into the oil market. The company's ongoing projects at Lindbergh and Lloydminster, Alberta, underscore its commitment to growth and sustainability in the energy sector.

As a listed entity on the Canadian Securities Exchange, Argo Gold continues to showcase resilience and innovation in its exploration and production endeavors. With a focus on transparency and compliance, the company remains dedicated to delivering value to its stakeholders and investors.

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Argo Gold (CSE: ARQ, OTC: ARBTF) has acquired the Thunderclap mineral claim in Saskatchewan's Athabasca Basin for $1,000 in cash. The 97-hectare claim expands Argo's uranium mineral claims to 16,059 hectares in the region. Thunderclap is strategically located near several major uranium operations, including McLean Lake, Rabbit Lake, and Cigar Lake mines.

Historical drilling in nearby areas has shown promising results, with uranium concentrations up to 0.13% eU3O8 over 4 metres and 0.17% U3O8 over 1.0 metre. The property is considered highly prospective but has never been drill-tested. Additionally, Argo has completed the previously announced acquisition of Thunderbolt and Zig Zag claims, issuing 500,000 common shares at $0.08 per share and paying $5,000 in cash.

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Argo Gold reported its October 2024 oil production results, achieving 3,651 barrels for the month, averaging 118 barrels per day. The company generated oil revenue of $258,369 with net operating cash flow of $170,041, at average oil prices of CDN$71 per barrel.

The company's production comes from multiple wells: Lindbergh 1 (37.5% interest), Lloyd 1 (18.75% interest), Lindbergh 2 (37.5% interest), Lloyd 2 (18.75% interest), and Lindbergh 3 (18.75% interest). Notably, Lindbergh 3 began production in late October, while Lloyd 2 experienced operational issues with a collapsed horizontal well bore, leading to its shutdown in late November after producing 8,000 barrels from mid-September to late October.

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Argo Gold has signed agreements to acquire uranium mineral claims in Saskatchewan's Athabasca Basin. The acquisition includes the Parker Lake claims (11,644 hectares), purchased for a 2% NSR royalty, and the Thunderbolt and ZigZag claims (4,318 hectares combined), acquired for $5,000 cash and 500,000 company shares.

The Parker Lake claims feature 69 radioactive boulders and a 30km stretch of the Parker Lake Shear Zone. The Thunderbolt claims are located near ISO Energy's Hurricane Deposit, while the ZigZag claims are situated along the Patterson Lake Shear Zone, on-trend with several significant uranium deposits. Saskatchewan ranks third globally for mineral exploration and mining according to the Fraser Institute.

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Argo Gold reported its September 2024 oil production results, achieving a total of 3,565 barrels for the month, averaging 118 barrels per day. The company generated oil revenue of $241,198 with net operating cash flow of $163,738 at average oil prices of CDN$68 per barrel. Production came from four wells: Lindbergh 1 (37.5% interest), Lloyd 1 (18.75% interest), Lindbergh 2 (37.5% interest), and Lloyd 2 (18.75% interest). Lloyd 2 began production in mid-September, and the company participated in a third Lindbergh well (18.75% interest) that started production in late October.

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Argo Gold Inc. (CSE: ARQ) (OTC Pink: ARBTF) has announced its participation in a second horizontal oil well, Lloyd 2, at the General Petroleum (GP) Formation. The company holds an 18.75% pro rata interest in this well, which was drilled in late August and is now in production. This marks Argo's fourth oil well participation, following Lindbergh 1, Lloyd 1, and Lindbergh 2. The company also revealed plans for the development drilling of a third oil well at Lindbergh in Q4 2024. This update demonstrates Argo's continued expansion in oil exploration and production activities, potentially impacting its future revenue streams and market position.

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Argo Gold Inc. (CSE: ARQ, OTC Pink: ARBTF) reported its July 2024 oil production results. The company produced a total of 2,947 barrels for the month, averaging 95 barrels per day. Oil prices averaged CDN$81.79 per barrel, resulting in oil revenue of $241,065 and net operating cash flow of $161,982.

Argo's production comes from three wells: Lindbergh 1 (37.5% interest), Lloyd 1 (18.75% interest), and Lindbergh 2 (37.5% interest). In late August, a second horizontal oil well was drilled at Lloyd, with Argo holding an 18.75% interest. The company plans to drill a third oil well at Lindbergh in Q4 2024.

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Argo Gold Inc. (CSE: ARQ) (OTC Pink: ARBTF) reported its oil production for June 2024. The company produced a total of 3,214 barrels for the month, averaging 107.5 barrels per day. With oil prices averaging CDN$80.85 per barrel, Argo's June oil revenue reached $259,855, resulting in a net operating cash flow of $170,750.

The production breakdown includes:

  • Lindbergh 1 (37.5% interest): 105 bbl/day, contributing 39.5 bbl/day to Argo
  • Lloyd (18.75% interest): 181 bbl/day, contributing 34 bbl/day to Argo
  • Lindbergh 2 (37.5% interest): 90 bbl/day, contributing 34 bbl/day to Argo

These figures demonstrate Argo Gold's ongoing oil production activities and the resulting revenue streams from its various interests in oil fields.

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Argo Gold Inc. (CSE: ARQ) (OTC Pink: ARBTF) has acquired mineral claims in North Saskatchewan for $7,000 cash and 1,000,000 common shares. The claims, totaling 5,955 hectares, are located near the former Rottenstone Mine, which produced nickel, copper, gold, and platinum group metals from 1965 to 1969. Argo has also staked an additional 15,161 hectares in the area.

The company now owns 21,116 hectares of high-quality exploration targets in an emerging metallogenic district. Recent discoveries by Ramp Metals Inc. and exploration activities by Fathom Nickel highlight the area's potential. Saskatchewan ranks third globally in the Fraser Institute's Annual Survey of Mining Companies, positioning Argo favorably for mineral exploration in a mining-friendly jurisdiction.

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Argo Gold reported its May 2024 oil production at 3,375 barrels, averaging 109 barrels per day. The company earned an average oil price of CDN$79.43 per barrel, resulting in total revenue of $268,111 and a net operating cash flow of $175,732. Argo holds interests in three oil fields: Lindbergh 1, Lindbergh 2, and Lloyd. In Lindbergh 1, with a 37.5% interest, Argo produced 41 barrels per day, earning $100,878 in revenue and generating $65,952 in net operating cash flow. At Lloyd, with an 18.75% interest, the company produced 37.5 barrels per day, garnering $92,210 in revenue and $61,398 in net operating cash flow. Lastly, in Lindbergh 2, with a 37.5% interest, Argo produced 30.5 barrels per day, earning $75,023 in revenue and resulting in $48,382 in net operating cash flow.

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Argo Gold announced its plan to initiate a normal course issuer bid (NCIB) starting June 27, 2024, to repurchase up to 3,617,692 common shares, representing 5% of its issued and outstanding shares. This initiative will span 12 months, concluding on June 26, 2025, unless the maximum shares are acquired before then or the program is terminated early. The company believes the current market price undervalues its business and prospects, making this buyback a strategic move to enhance long-term shareholder value. Purchases will be conducted through the Canadian Securities Exchange or alternative trading systems at prevailing market prices. All repurchased shares will be canceled.

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FAQ

What is the current stock price of ARGO GOLD ORD (ARBTF)?

The current stock price of ARGO GOLD ORD (ARBTF) is $0.05602 as of December 16, 2024.

What is the market cap of ARGO GOLD ORD (ARBTF)?

The market cap of ARGO GOLD ORD (ARBTF) is approximately 4.2M.

What is Argo Gold Inc. known for?

Argo Gold Inc. is a Canadian mineral exploration and development company that has expanded into oil production in Alberta, Canada.

What are some key highlights of Argo Gold's 2023 performance?

In 2023, Argo Gold recorded total oil production of 17,553 barrels and generated $952,692 in oil revenue, marking its entry into the oil market.

Which areas does Argo Gold have ongoing projects in?

Argo Gold is actively involved in projects at Lindbergh and Lloydminster, Alberta, focusing on producing and planned oil wells.

Where is Argo Gold listed?

Argo Gold is listed on the Canadian Securities Exchange, making its operations and performance accessible to investors and stakeholders.

What is Argo Gold's commitment to sustainability and growth?

Argo Gold showcases a strong commitment to sustainability and growth in the energy sector, emphasizing transparency and compliance in its operations.

ARGO GOLD INC ORD

OTC:ARBTF

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ARBTF Stock Data

4.18M
54.32M
25.88%
Gold
Basic Materials
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United States of America
Toronto