VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2010) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA US NEWSWIRE SERVICES
Argus Metals Corp. (TSX VENTURE:AML) (the "Company") announces the results of the April-May 2010 Phase I field program on the Kaituma Uranium-Gold Project. Exploration work consisted of line cutting, soil sampling, geophysical surveys, outcrop mapping, auger drilling and resampling of historic trenches.
| Highlights of Phase I include: |
- The extension of the Kaituma intrusive uranium mineralization for an additional 4km onto the Kaituma East License
- Newly defined outcrops with grades of up to 948 ppm eU (2.2 lb/t eU3O8).
- Soil sampling consistently defining anomalous uranium results
- 16 auger holes in saprolite with anomalous uranium grades increasing by an average of 60.3% with depth
Michael Collins, President of Argus Metals Corp. stated "Field work at Kaituma in April and May was successful in identifying high grade uranium in outcrop and saprolite. The mapping and sampling is refining the exploration model for the Kaituma deposit. With the identification of open pit-able uranium grades in outcrop and the proximity to the town of Port Kaituma and its deep water port, this project is an exceptional uranium exploration target."
Uranium Results:
The Phase I program extended the 2007 Stratagold survey work on the Kaituma West Licence for an additional 6 km onto the Kaituma East Licence, and represented the first time any modern systematic exploration program has been conducted on the Kaituma East Licence. The results of this work have an excellent correlation with historic work by COGEMA in the 1980's and BHP in the 1990's and define an extension of previously identified anomalous uranium grades over 4km in strike and averaging 1km wide.
A semi-lithic leucocratic granite exposure was identified and sampled within the survey area. This outcrop demonstrated the least weathering of any exposure of the target rock type. Spectral analysis with the RS-125 unit returned values of 480 to 948 ppm eU (1.1 to 2.2 lb/t eU3O8 equivalent). Chemical analysis (ICP-MS) of samples collected from this exposure returned an assay of 259 ppm U (0.6 lb/t U3O8 equivalent), demonstrating disequilibrium (e.g. near surface leaching). Company geologists interpret these results as indicative that fresh rock (below the leached saprolitic cap) may return values greater than surfical samples. Soil sampling and Scintillometer surveys on roads and on the sample grid returned values consistently in the range of 400-600 counts per second (CPS), indicating a consistency in the surface expression of radioactivity. A mappable granodiorite unit was also identified through hand sampling and a clear trend of anomalous scintillometer readings of up to 3600 CPS that correlates with potassic enrichment.
A total of 9.6 km of surveyed lines (1.6 kilometre lines spaced at 400 metres with a 2 kilometre baseline) were cut and surveyed with a Radiation Solutions Inc. handheld RS-125 scintillometer/spectrometer. Subsequent to the scintillometer survey, 58 soil samples (spaced at 25 metre centres) were collected along the survey lines identified as elevated in eU. 19 auger holes were drilled on survey lines and road side locations throughout the property. In total 141 soil, rock and auger samples were obtained and sent for assay by 41 element ICP-MS.
The auger sampling program allowed the Company to test saprolite enrichment to a maximum 5 metre depth. The auger program however was able to penetrate 1 metre or greater in 16 of the 19 holes (average depth 3.01 metres) and was successful in demonstrating increased uranium grades with depth; the average increase in chemical assay uranium grades from top of hole to bottom of hole for all 16 holes was 60.5%. Company geologists expect the full saprolite profile on the Property to be greater than 10 meters.
Historically, the Kaituma Project has been explored by various companies including Cogema and BHP, with work including airborne geophysics, ground based geophysics, soil sampling and trenching. The Kaituma East PL covers the western portion (four kilometers of the nine total kilometers strike length) of radiometric anomalies defined by; a 1982 Cogema soil sampling and geophysical program, a 1996 BHP airborne radiometric survey and a StrataGold 2007 stream, soils and trenching program. The results of this program correlate very well with historic work described above demonstrating the robust nature of the uranium target.
Gold Results:
Three historic gold anomalies were identified on the project by previous operators. In this program, two of the three targets were further evaluated. Reconnaissance sampling was also conducted on the Kaituma East License. Further work will be conducted in on this strong gold target coincident with exploration drilling on the uranium targets.
All samples collected were analyzed by Acme Analytical Laboratories Ltd. of Vancouver, B.C., Canada using ICP-MS analysis techniques.
Paul D. Gray, P.Geo. is the Qualified Person with respect to the Kaituma Project and has reviewed and approved this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins, President and CEO
FORWARD LOOKING INFORMATION DISCLAIMER
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of bulk tonnage, open pit deposits, anomalies, historic results and the execution of drill programs. Each of these activities involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.