Argus Reports Initial Assays from 2012 Kaituma Project
Vancouver, B.C., July 26, 2012 - Argus Metals Corp. (the "Company" or "Argus") (TSX.V:AML) announces that the Company has received chemical analyses for 3 complete holes and portions of 2 additional holes of the 17 total reverse circulation ("RC") drillholes of the 2012 drill program on the Kaituma Project in north-west Guyana. No significant uranium mineralization was encountered within these drillholes.
While assays for an additional 14 drillholes, and portions of the 2 partially reported holes remain pending, the low levels of mineralization intersected thus far effectively rule out the potential for defining a large low grade/bulk tonnage uranium deposit at Kaituma. Additional results may give indications of more focused uranium mineralization on the project. Additionally, the assays received to date demonstrate an interesting enrichment in certain rare earth elements (REEs) including Cerium and Lanthanum combined with pervasively anomalous Barium and Potassium grades. More detailed analyses of the chemical analyses will be required to further comment on anomalous elements after all assay data is received and compiled.
The gold mineralization in the "4 Mile" and "10 Mile" gold camps on the southern boundary of the project, were not tested in this program and will require a follow-up exploration program. These placer mines have operated in these two gold camps since the late 1800's. Additional gold targets exist in the central and northern portions of the Kaituma West License and remain untested by drilling.
The Company will now return its focus to the successful Hyland Gold Project in the Yukon, Canada. The Hyland Gold Project contains a compliant inferred resource, at a 0.6 g/t gold equivalent ("AuEq") cut-off of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t. The Hyland Gold Project also has potential for expansion in and around the Main Zone as well as to the north and south at the CUZ Zone.
Argus is focused on developing value at the Hyland Gold Project and will work towards selling non-core assets. The Company will also be evaluating other corporate strategies for the benefit of the shareholders.
The Company commends its staff and field crew for a quick and efficient execution of the 2012 Kaituma Drill Program.
Argus press continues at the link below.
Comment: In the popular game "Battleship" this would be called a "Miss."
Disclosure: Argus Metals Corp. is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team are actively accumulating and hold long positions in AML.V or ARGXF.