Argonaut Gold Inc

Description

Argonaut Gold Inc, a gold exploration company, is engaged in development, exploration, and production activities.

The gold-focused company’s asset portfolio consists of various mines such as the Florida Canyon mine in Nevada, the United States; the La Colorada mine in Sonora; and the El Castillo mine and San Agustin mine in Mexico.

The El Castillo and San Augustin mines are referred to as El Castillo Complex in the Durango state of Mexico.

The exploration company also focuses on various advanced exploration-stage projects, including the Mexico-based Cerro del Gallo and Ana Paula project and the Canada-based Magino project.

The company also has exploration projects in North America.

It owns and operates the San Antonio advanced exploration project in Mexico.

The El Castillo Complex

It is a wholly-owned mining complex located in Durango. The company acquired the open-pit gold and silver mines, El Castillo and San Augustin, in 2009 and 2013, respectively.

The El Castillo project consists of two crushing facilities, two gold recovery plants, two cyanide heap-leach pads and supporting infrastructure. The company began the construction at the gold mine in 2007, followed by the commencement of commercial production in 2008.

The mining company owns surface rights in the 2045-hectare property.

By the end of 2010, the company reportedly achieved a production rate of 72,000-ounce run rate within one year of acquisition of the gold mine.

The San Augustin property consists of four mineral claims covered in 1065 hectares. The property is located in the Ocampo mining district. The TSX-listed company acquired two concessions from Silver Standard Resources in 2013.

Argonaut started mining operations at the San Augustin property in February 2017 and began commercial production in October 2017.

Another wholly-owned gold-silver mine is La Colorada in Mexico’s Sonora state. It is an operating open-pit mine acquired by Argonaut Gold in January 2011. The high-grade deposit is located 40 kilometers to the southeast of Hemosillo in Sonora.

The high-grade underground mine reportedly produced more than three million ounces of yellow metal between 1876 to 1914.

La Colorada mine consists of well-equipped infrastructure that is accessible by highway. In addition, the company claims that the facility’s location enables connectivity to suppliers and a skilled workforce.

Florida Canyon is another operational mine, which is 100 per cent owned by Argonaut Gold. The gold-focused mining company acquired the US-based property in July 2020.

The Canadian exploration projects include Hardrock East and Highland, located in Ontario.