NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ARGENTINA GOLD CORP.
VSE SYMBOL: ARP
JANUARY 26, 1999
Argentina Gold: Hole 104 Further Extends High-Grade Zone
of Western Filo Federico Towards NW Target; Complete
Results From Hole 103 in Southeast Amable Adds 85 Metres
of High Grade Gold
VANCOUVER, BRITISH COLUMBIA--Argentina Gold Corp. (the "Company")
is pleased to announce partial results for Hole 104 and complete
results for Hole 103, drilled at the Company's Veladero project in
San Juan, Argentina. A conference call (note change of date) will
be held on Wednesday, January 27th at 2:00 p.m. with Mr. Patricio
Jones, President, Mr. Lukas Lundin, Director and Mr. Ricardo
Martinez, Exploration Manager. The numbers to dial in for the
conference call are listed below.
WESTERN FILO FEDERICO - HOLE 104 ENLARGES POSSIBLE STARTER PIT
ZONE FOR FILO FEDERICO RESOURCE
Hole 104, collared 50 metres southwest of Hole 98 in the area
between Filo Federico and the NW target, returned (partial) 77
metres of 3.48 grams per tonne gold and 21.18 grams per tonne
silver.
Starting near surface, Hole 104 encountered the same geology as
found at both Filo Federico and the NW target providing further
evidence that the Filo Federico resource may link with the NW
target resource. Preliminary indications are that the expanding
high-grade sector of western Filo Federico and the higher-grade NW
target may be a possible starter pit zone for the Filo Federico
resource.
Independent consulting engineers, Giles R. Peatfield, Ph.D. and
J.A. Zbeetnoff, B.Sc., P.Geo., have completed an updated resource
estimate for the Filo Federico and NW target areas. The revised
estimate contains a substantially increased gold grade as follows:
(note: this resource estimate does not contain data from Hole 104)
/T/
Filo Federico:
Indicated 7.2 million tonnes grading 1.91 g/t gold and 21.1
g/t silver
Inferred 5.1 million tonnes grading 1.89 g/t gold and 20.6
g/t silver
NW Target:
Indicated 4.4 million tonnes grading 1.43 g/t gold and 20.8
g/t silver
Inferred 3.2 million tonnes grading 1.49 g/t gold and 21.4
g/t silver
The above listed resource for Filo Federico is within a larger
mineralized body which has been estimated at:
Indicated: 42.7 million tonnes grading 0.81 g/t gold and 25.2
g/t silver
Inferred: 42.7 million tonnes grading 0.70 g/t gold and 26.0
g/t silver
/T/
Details of the partial results available on Hole 104 are in the
following table.
/T/
Hole Total Inter From To Gold Silver Gold Azimuth Angle Coor-
Depth -val Equiv. dinates
(x)
(m) (m) (m) (m) (g/t) (g/t) (g/t)
104 (partial results)
236 77 63 140 3.48 21.18 3.90 125 -75 2406780 E
including 6752357 N
Elev: 4256
(x) 50 g/t Ag = 1 g/t Au
/T/
Drilling continues at the western extension of high-grade zone of
Filo Federico
Hole 107, collared 50 metres southwest of Hole 104, is complete
with assays pending.
Hole 109, collared 50 metres SSW of Hole 72, is underway.
SOUTHEAST AMABLE - COMPLETE RESULTS FROM HOLE 103 - HIGH-GRADE
SOUTHEAST ZONE FURTHER EXTENDED
The complete results for Hole 103, collared 50 metres east of Hole
96, are 204 metres of 2.78 grams per tonne gold and 22.37 grams
per tonne silver including a 149 metre interval of 3.55 grams per
tonne gold and 25.31 grams per tonne silver and 95 metres of 4.53
grams per tonne gold and 28.24 grams per tonne silver.
The entire length of the hole was mineralized.
Details of the complete results for Hole 103 are in the following
table:
/T/
Hole Total Inter From To Gold Silver Gold Azimuth Angle Coor-
Depth -val Equiv. dinates
(x)
(m) (m) (m) (m) (g/t) (g/t) (g/t)
103 350 204 146 350 2.78 22.37 3.23 270 -75 2407744 E
including 149 146 295 3.55 25.31 4.06 6750391 N
including 95 194 279 4.53 28.24 5.09 Elev: 4330
(x) 50 g/t Ag = 1 g/t Au
/T/
Drilling continues along the eastern extension of the Amable
target.
Hole 105, collared 50 metres east of Hole 90, is complete with
assays pending.
Hole 106, collared 60 metres SSE of Hole 103, is also complete
with assays pending.
Hole 108, collared 10 metres east of Hole 80, drilling vertical,
is testing potential deep continuity of high grade zones.
CONFERENCE CALL
We invite you to participate in a conference call on Wednesday,
January 27th which will provide further information on the drill
results from our first diamond hole, DDA1, and the significance of
these results to the Veladero project.
Date: Wednesday, January 27th, 1999
Time: 2:00 p.m. eastern (Toronto time).
Please call one of the following numbers 5 to 10 minutes before
the start of the call:
1-888-209-3778 (toll free within North America) or 212-271-4760
Following the presentation, the lines will be opened for your
questions. Please see attached maps for reference during the
call.
A taped replay of the call will be available. Please call
1-800-558-5253 (toll free within North America) and enter the
password: 1613387 or call 416-626-4150 (no password needed).
A summary of all drill results to date for the 1998/1999 season is
in the attached table.
Please visit our website for maps and detailed information on the
Veladero project. The website address is www.argentinagold.com
Argentina Gold is the operator of the Veladero project holding a
60 percent interest. The Company's partner, Barrick Gold Corp.,
holds the remaining 40 percent. The drill samples are assayed by
CIMM Labs of Chile using top quality control systems and interlab
check assays.
ON BEHALF OF THE BOARD
Lukas H. Lundin, Director
NOTE: Location maps and drill results summary table available from
the Company at the phone number listed below.
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