The immediate area of the San Agustin property has a documented exploration history of about 30 years. A few small adits, shafts and pits focusing on narrow veins are situated throughout the San Agustin Mine area but no commercial production took place prior to Argonaut’s ownership.
Monarch Resources Ltd. ("Monarch") acquired 4,800 hectares in the San Agustin area including the current claims. Its surface work defined a distinct gold anomalous zone over a 1.5 square kilometre area.
Monarch carried out a Phase I drilling program consisting of 35 RC drill holes totaling 3,703 metres and four diamond drill holes totaling 1,002 metres.
An additional 29 RC holes totaling 5,651 metres were completed.
Monarch abandoned the property.
In December, Silver Standard Resources Inc. ("Silver Standard") located the current San Agustin claims.
After an extensive mapping and sampling program, Silver Standard completed an RC drilling program consisting of 23 holes totaling 3,917 metres. Most of this work was focused in better defining mineralized areas originally identified by Monarch.
In August, Silver Standard optioned the San Agustin property to Geologix Explorations Inc. ("Geologix"). Its work included drilling of 40,717 metres in 176 core holes.
In February, Geologix returned the San Agustin property to Silver Standard.
In December, Argonaut purchased the San Agustin property from Silver Standard.
In early 2014, Argonaut initiated a drilling campaign designed to better define the San Agustin resource area that was partially outlined by previous operators. By mid-2014, Argonaut had completed 24,765 metres in 240 RC holes and 999 metres in 13 core holes. The core holes were used for metallurgical testing and twinning of RC holes. Subsequent to this resource drilling a Phase 2 program totaling 5,277 metres in 31 RC holes was completed. This wide-spaced Phase 2 drilling was mainly positioned along the Northwest Trend and was designed to help identify the overall resource potential on the property. Starting in late March and continuing into early July of 2015, an additional 35 RC drill holes totaling 4,179 metres were completed with most of this positioned within the Northwest Trend. The Phase 2 drilling in 2014 and 2015 was successful in expanding the deposit potential.
Argonaut commenced construction on the San Agustin Mine during November.
The San Agustin Mine poured its first gold during September 2017 and achieved commercial production during October 2017.