The name Argonite is probably derived from the name of the real-life element Argon. In reality, Argon is a noble gas, and cannot be smithed or wielded.
However, Argonite is a mixture of equal volumes of Argon and Nitrogen.
Argon, the gas from which Argonite's name is derived, will produce a blue glow when exposed to an electric current, which is most likely where Argonite's colour is derived from.
Argonite may be a subtle reference to Kryptonite, since argon and krypton are both noble gases.
The colour of Argonite is comparable to that of Mithril, with similar smithing requirements, but wielding requirements of Dragon metal.
Argonite can also be derived from name of band of heroes in Greek mythology, Argonauts, who in years before the Trojan War, accompanied Jason to Colchis (modern day Georgia), in his quest to find the Golden Fleece.