The Argosy project is a past producing gold mine located 120km ENE of Red Lake, in NW Ontario, Canada. It includes a package of 44 patent mineral claims totaling 604 hectares located in the prolific Red Lake Mining Division. The claims are 100% owned by Great Panther through the 2015 Cangold acquisition and are subject to NSR royalties of 2.5% outstanding to previous owners with a re-purchase option of up to 1.5% ($1M).
The Birch-Uchi greenstone belt, hosting the Argosy project, is of similar age to the Red Lake greenstone belt. Neighbouring deposits to the Argosy Mine include Richardson Lake and Springpole Lake.
The Argosy mine closed in 1952 after producing 101,875 ounces of gold at an average grade of 12.7 g/t gold and was only mined to a depth of 270 meters. Mining was focused in quartz veins occurring in N-S fractures dipping 30-85° to the west. Quartz is associated with variable amounts of arsenopyrite, pyrrhotite, chalcopyrite, pyrite, sphalerite, galena and native gold. Subsequent drilling has successfully focused on depth and lateral extent of known, and new zones.