Argonaut Exploration Inc.

TSX VENTURE : AGA


August 29, 2014 16:13 ET

Argonaut Exploration Inc. Samples Untested Gold from Surface Rock Samples to 65.9 Grams / Tonne at Terrace, B.C.

CALGARY, ALBERTA--(Marketwired - Aug. 29, 2014) - Argonaut Exploration Inc. (TSX VENTURE:AGA) ("Argonaut" or "the Company") releases 2014 sample results. Argonaut Exploration Inc. investigates untested gold mineralization at surface on the Company's Columario Gold Mine property. Several samples were collected by company personnel in late summer, 2014 from different locations including sulphide-bearing quartz vein sub-outcrop samples from the historic Valhalla vein, loose sulphide-bearing quartz vein talus from the upper mine road fill and a 17.4 kilogram bulk soil sample collected from an upper mine road cross-trench with approximate dimensions 3.66 meters (m) long by 12.7 centimeters (cm) wide by 7.6 cm deep. The results are presented in Tables 1 and 2.

Argonaut has commenced testing through sample analysis the hypothesis that mined and unprocessed mineralized quartz vein muck was deposited in front of the tunnel portals during the mine tunnel development period from 1927 to 1933. This period of development was prior to the building of the mine's 100 ton per day flotation mill in 1934 (British Columbia ARIS Assessment report 17551).

Based on the sample results and with further verification, it is increasingly apparent that Argonaut's upper mine road switchbacks that access five mine tunnels may potentially be located on a mixture of talus and non-transported ore muck.

TABLE 1: 2014 COLUMARIO MINE ROAD SAMPLES

Sample
Number
Sample Type Location Vein Elevation
(m)
Width
(m)
Gold
(g/t)
Silver
(g/t)
Val07-14 Sub-outcrop Valhalla tunnel
Haulage mine road
1 562 grab 65.9 16.5
Ad107-14 Talus quartz float aggregate Adit 1
Haulage mine road
- 564 grab 39.5 112.0

TABLE 2: 2014 COLUMARIO MINE ROAD - TRENCH BULK SOIL SAMPLE R1

Sample R1
(Elevation 615 m)
Description
Sample
Weight (kg)
Sample
•Mesh Size
%
By Weight
Gold
(g/t)
Silver
(g/t)
Total 17.46 All 100 *partly analyzed *partly analyzed
Dry Sieved 14.51 * > 4 83.1 *not analyzed *not analyzed
Dry Sieved 1.22 4 to 12 7.0 1.22 4.5
Dry Sieved 1.73 < 12 9.9 8.73 20.2
Tabled washed Concentrate 1.33 < 12 82.3 7.53 23
Tabled washed Middling 0.17 < 12 10.7 9.00 not analyzed
Tabled washed Tails 0.11 < 12 7.0 22.40 not analyzed
• Mesh size indicates the number of equal sized square holes in a square inch. A standard sieve scale.
* Unknown visible amounts of > 4 mesh to gravel sized gold and silver bearing vein fragments are present in the upper switchback mine road fill as indicated by Table 1 sample Ad 07-14.

Argonaut's prior Columario mine area sample program was conducted in 2011 with some of the results summarized below in Table 3. The prior results were news released on October 24th, 2011 and are posted on the Company's website and SEDAR. The Columario mine is located on veins 4, 5 and 6 (Dakota vein) with the Valhalla vein, vein 7, Tenderfoot, Victor and several other veins peripheral to the mine workings.

TABLE 3. 2011 COLUMARIO MINE: SIGNIFICANT ROAD VEIN CHANNEL SAMPLES

Sample
Number
Sample Type Location
(West to East)
Vein Elevation
(m)
Width
(m)
Gold
(g/t)
Silver
(g/t)
G0750891 chip/channel Adit 5, Site 1 4 655 0.7 37.0 103.0
G0750898 + G0750899 chip/channel Adit 4, Site 1 4 630 1.25 10.6 28.1

The Columario Property and Gold Mine are available for Sale and/or Option.

About Argonaut Exploration Inc.

Argonaut is a junior mineral exploration company focused on the acquisition, exploration and development of gold, silver and copper bearing mineral properties. For more information on the Corporation visit its website at www.argonautexploration.com.

Analytical results are provided by Loring Laboratories (Alberta) Ltd. of Calgary, Alberta. The rock samples were digested by a four acid leach followed by a 30 element ICP analysis. Gold and Silver were determined separately using a 30 gram sample split treated by fire assay with gravimetric finish.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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