Argo Acquires Gold and Silver Mineral Claims in Saskatchewan

Rhea-AI Summary

Argo Gold (ARBTF) has entered into an option agreement to acquire the 1155-hectare Dreaver Lake property in Saskatchewan's Rottenstone Belt. The acquisition terms include a C$1,000 cash payment, C$40,000 in exploration work by September 2026, and a 2% net smelter returns royalty.

The property features weakly anomalous gold and silver deposits and three undrilled conductors with magnetic highs. Historical data shows promising indicators, including nearby high-grade gold samples from the Cook Showing (79.96 g/t Au over 1.0 metre) and significant nickel intersections at the adjacent Gochager Lake property.

The Dreaver Lake property is strategically located 12 km southeast of the Ramp Metals Property, where recent drilling revealed significant gold mineralization of 73.55 g/t Au over 7.5 metres. Argo has initiated the permitting process for its mineral claims in the Rottenstone Belt, positioned in Saskatchewan, ranked third globally for mining investment attractiveness by the Fraser Institute.

Positive

• Strategic acquisition in mining-friendly jurisdiction (Saskatchewan ranked 3rd globally)
• Low initial acquisition cost (C$1,000) with manageable exploration commitment (C$40,000)
• Property contains three undrilled conductors with magnetic highs
• Proximity to high-grade gold and nickel discoveries in adjacent properties

Negative

• Only weakly anomalous gold and silver present in lake sediments
• Significant exploration work required with no guaranteed results
• 2% net smelter royalty obligation on future production

Toronto, Ontario--(Newsfile Corp. - April 11, 2025) - Argo Gold Inc. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") is entering into a mineral claim option agreement (the "Option") to acquire a 100% interest in the 1155-hectare Dreaver Lake property (the "Claim") located in the Rottenstone Belt in Saskatchewan.

To exercise the Option and acquire the Claim, Argo must: (i) make a cash payment of C$1,000 (which has been made), (ii) incur or expend at least C$40,000 in exploration work by September 3, 2026 and (iii) grant to the vendor of the Claim a 2% net smelter returns royalty on any minerals produced from the Claim.

Dreaver Lake has weakly anomalous gold and silver in lake sediments as well as a highly anomalous halo of coincident gold and silver in lake sediments for 10 kilometres in the down-ice direction. (GSC). In 1968, prospecting at Dreaver Lake identified outcrops of quartz diorite rock consistent with rock hosting the gold mineralization in the Ramp Metals discovery hole Ranger 1 which intersected 73.55 grams/tonne Au over 7.5 metres from 227 to 234.5 metres. (Ramp Metals, June 17, 2024). Exploration work in the 1960's was focused on nickel and copper, not gold. An airborne survey conducted for Noranda Exploration in 1966 at Dreaver Lake delineated 3 conductors, all with associated magnetic highs, in the metasediments flanking the intrusive granites. The highest priority target is a strong, wide EM conductor that is approximately 1.5 km in length with associated magnetic highs on both sides. All 3 conductors remain undrilled. The Dreaver Lake mineral claims are located approximately 12 km southeast of the Ramp Metals Property.

The Dreaver Lake property is contiguous to that of Eagle Plains Resources where trench sampling on the Cook Showing returned 79.96 g/t Au over 1.0 metre, and a grab sample returned up to 78.84 g/t Au, 2.7 g/t Ag, 0.146% Pb and 0.019% Cu (Eagle Plains website, 2025). Approximately 5 kilometres southwest of the Dreaver Lake Property, Fathom Nickel is currently exploring at Gochager Lake where recent drilling intersected 18.1 metres @ 2.43% Ni, 0.51% Cu and 0.18% Co. (Fathom Nickel, April 12, 2023). Rock chip and soil geochemical sampling has extended the Gochager footprint by 2 kilometres to the southwest and 2 kilometres to the Northeast. (Fathom Nickel, August 26, 2024). Underground exploration drilling at the past-producing Roy Lloyd mine located 20 kilometres south of Dreaver Lake intersected 8.17 metres (5.32 metres true width) of 66.85 g/t Au, 6.79 metres (4.42 metres true width) of 80.12 g/t Au and 2.23 metres (1.73 metres true width) of 128.37 g/t Au at a depth of approximately 240 metres. (Matrixset Investment Corp. website).

Argo recently completed a compilation of all historic data on its mineral claims acquired this past year (Argo Gold, August 7, 2024 and Argo Gold, January 20, 2025); and identified additional prospective mineral exploration ground where anomalous gold, silver and copper in lake sediments (GSC) coincide with an interpreted fold axis from historic geophysical data. Argo's mineral claim position in the Rottenstone Belt covers areas of interest including: anomalous copper in soils, electromagnetic conductors identified by historic geophysical surveys, ultramafic rocks, the Gow Lake meteor crater area, and the geological strike extension of the Rottenstone Mine.

Argo Gold has initiated the permitting process for the company's mineral claims in the Rottenstone Belt, Saskatchewan.

The Fraser Institutes Annual Survey of Mining Companies ranked Saskatchewan as third in the world for mineral exploration and mining investment attractiveness Argo is well positioned to advance mineral exploration with high-quality assets in a mining friendly jurisdiction.

National Instrument 43-101 Disclosure

The technical information in this news release has been reviewed and approved by Michael Guo PhD, PGeo, MG Geological Consulting Ltd, who is a Qualified Person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the Government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its Qualified Person, but Argo believes they create a scientific foundation for the exploration in the district. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on Argo's mineral properties.

About Argo Gold

Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Information on Argo Gold can be obtained from SEDAR at www.sedarplus.ca and on Argo Gold's website at www.argogold.com. Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) CSE: ARQ as well as OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS.

Judy Baker, CEO
(416) 786-7860
jbaker@argogold.ca
www.argogold.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to the financing not being completed in its entirety, or at all, delays or uncertainties with drilling and surface preparation work, and not achieving hoped for exploration success. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available.

Map 1: Location of Argo Gold Rottenstone Belt Mineral Claims

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FAQ

What are the terms of Argo Gold's (ARBTF) Dreaver Lake property acquisition?

Argo must pay C$1,000 cash (already paid), spend C$40,000 on exploration by September 2026, and grant a 2% net smelter returns royalty to the vendor.

What significant mineral deposits have been found near ARBTF's Dreaver Lake property?

Nearby discoveries include Cook Showing with 79.96 g/t Au over 1.0m, Gochager Lake with 2.43% Ni over 18.1m, and Ramp Metals' 73.55 g/t Au over 7.5m.

How many undrilled conductors are present at ARBTF's Dreaver Lake property?

Three undrilled conductors with associated magnetic highs were identified by a 1966 Noranda Exploration airborne survey.

What is the size and location of ARBTF's new Dreaver Lake property?

The property spans 1155 hectares in Saskatchewan's Rottenstone Belt, located 12 km southeast of the Ramp Metals Property.