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Argonaut Gold Discovers Four New High-Grade Mineralized Gold Zones Below and to the West of the Planned Magino Open Pit

Scotland Zone Returns 7.0 Metres at 14.0 g/t Gold; #42 Zone Returns 8.0 Metres at 9.3 g/t Gold; Sandy Zone Returns 9.0 Metres at 5.4 g/t and South Zone Returns 7.0m at 4.2 g/t Gold

Argonaut Gold Inc. (TSX: AR) announced that it has discovered four new, high- grade zones below or adjacent to the planned open pit at its 100% owned Magino property in Ontario, Canada: the Scotland Zone, the #42 Zone, the Sandy Zone and the South Zone, which sit between 350 and 700 metres southwest of the previously identified Elbow Zone. Since commencing the exploration drilling program in July 2019, the Company has completed 56 diamond drill holes and approximately 48,000 metres of drilling targeting high-grade mineralized structures at depth.

Pete Dougherty, President and CEO stated: "The discovery of these four new high-grade zones below the planned Magino open pit demonstrates the exploration potential of the Magino project. Magino is a past-producing mine and has been a well-known project for decades; yet, we are only now beginning to scratch the surface of the full potential of the exploration upside to this mineralized system. The fact that we are now discovering new high-grade zones speaks to the future possibilities at Magino. These results continue to demonstrate the high-grade gold potential at the project. Importantly, we have now demonstrated results at depth farther westward from the boundary between Magino and the adjacent Island Gold Mine.”

About Argonaut Gold Inc.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the Florida Canyon mine in Nevada, USA. Advanced exploration projects include the Magino project in Ontario, Canada and the Cerro del Gallo project in Guanajuato, Mexico. The Company continues to hold several other exploration stage projects, all of which are located in North America. View the full report, including Plan Map of Magino showing the location of drill holes and Drill Highlights intercepting new high-grade mineralized gold zones.
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