Initial results from Argo Gold's (CNSX: ARQ; US-OTC: ARBTF) 2,500 metre winter drill program at its 100% owned Woco gold project near Ontario's Red Lake district have confirmed high grade results reported by previous operators.
The company has so far received results for five holes drilled at the Woco mineralized zone, previously identified in 1993. Two of those holes did not encounter any significant mineralization.
The other holes cut 132 grams gold per tonne over 1.8 metres from 87 metres downhole including 0.5 metre grading 304 grams gold from 88 metres downhole, 0.5 metre grading 20.4 grams gold from 107 metres downhole and 0.5 metre at 1.02 grams gold from 34 metres downhole.
The company drilled two holes at the project's Uchi Break and three holes at the Northgate Vein, several km south of the Woco zone. It drilled 10 holes at the Woco vein, testing strike and plunge extensions. The company expects to receive the remaining results in the coming weeks.
In early February 2019, Argo expanded Woco by staking two additional claim blocks contiguous with the main Woco gold property. The claims increased Woco by 15% to 21.7 sq. km.
Shares of Argo Gold are currently trading at 21 ? with a 52-week range of 7 ? to 33 ?. The company has a $2 million market capitalization. The company has several other Ontario-based gold, cobalt and zinc projects.