Argus Makes New Gold Discovery at CUZ Zone & Expands Main Zone Deposit-Cutting 25.9 m of 2.03g/t Gold and 4.64g/t Silver
28 Novembro 2011 - 3:49PM
Marketwired
Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML),
reports assays from nine additional drill holes resulting in a new
gold discovery at the CUZ Zone and an expansion of the Main Zone
deposit at depth and to the east at its Hyland Gold Project, Selwyn
Basin, Yukon. Additional assay results are pending and will be
announced as they are received. An NI 43-101 compliant resource
update for the Main Zone has been commissioned and is anticipated
to be completed early in 2012 once all remaining assays are
received. New assay highlights include (see also table below):
New Discovery - CUZ Zone
-- 4.5 m grading 1.93 g/t gold from 25.9 to 30.4 m
-- and 4.5 m grading 0.65 g/t gold from 10.5 m to 15 m
(i)Identifies a vein-hosted source of CUZ Zone gold-in-soils anomaly
See map at http://www.argusmetalscorp.com/s/Hyland.asp
New Main Zone Results
-- 25.9 m grading 2.03 g/t gold and 6.42 g/t silver from 122.9 to 148.8 m
-- within 144.3 m grading 0.54 g/t gold and 2.84 g/t silver from 3.0 to
148.8 m
-- including 1.5 m of 11.7 g/t gold and 20.1 g/t silver at 131.2 m
(i)Extends Main Zone mineralization to depth and to the east
-- 17.7m grading 1.0 g/t gold and 8.0 g/t silver from 99.3 to 117 m
(i)Extends Main Zone mineralization to the East
-- 21.0 m grading 1.1 g/t gold and 15.0 g/t silver from 48 to 69 m
-- within 45 m of 0.65 g/t gold and 7.8 g/t silver from 24 to 69 m
(i)Extends Main Zone mineralization to the east
Exploration drilling four km south of the Main Zone at the CUZ
anomaly intersected 4.5m of 1.93 g/t Au in quartz stockwork
mineralization. Soil sampling in the 2011 summer exploration
program has also expanded the strike of the CUZ gold-in-soils
geochemical target to over two km in length. This stock work zone
is interpreted as a secondary (cross-cutting) east-west trending
structure with potential for expansion where it intersects the
primary north-south Quartz Lake Lineament.
Results of up to 25.9 m of 2.03 g/t gold and 6.42 g/t silver
have expanded the Main Zone Deposit at depth and to the east.
Additional drill results are pending for the Main Zone.
President Michael Collins comments, "In Fall 2010 Argus doubled
the size of the Hyland Claim package to exploit the new model
developed from the 2010 exploration success and the evolution of
the Selwyn Basin exploration models used by other companies
including ATAC Resources and Northern Tiger to the north of the
Hyland Gold Project. The discovery of the CUZ Zone mineralization
four km south of the Main Zone demonstrated the district-scale
potential of the now 24 km strike of the Hyland Gold Project land
package. Argus will continue to work to expand both the newly
discovered CUZ Zone mineralization and also to define promising
gold/arsenic-in-soils anomalies in the under explored north and
south extents of the Hyland Gold Project.
Main Zone drilling continues to deliver tonnage and grade
additions to the current non-NI 43-101 compliant resource.
Drillhole HY-11-41 represents the most continuous mineralization
encountered to date on the Main Zone deposit and will add to the
recalculation of the current non-NI 43-101 compliant resources both
to depth and to the east."
Table 1: Selected Assay Results from Hyland Gold Project 2011 Diamond
Drilling Program
---------------------------------------------------------------------------
From To Length Au Ag
Zone(i) Hole # (m) (m) (m) (g/t) (g/t) Target/Notes
---------------------------------------------------------------------------
MZ - HY-11-32 36.5 41.3 4.8 0.79 0.082 South of Main
South and 75 78 3 0.9 0.05 Zone
---------------------------------------------------------------------------
SE EW Structure
HY-11-33 10.5 14.9 4.9 0.4 16.4 target
---------------------------------------------------------------------------
Geophysical
Conductor
SE HY-11-34 NSV target
---------------------------------------------------------------------------
CZ HY-11-37 10.5 15 4.5 0.62 0.1 CUZ Zone, Soil
and 25.9 30.4 4.5 1.93 0.25 Anomaly
---------------------------------------------------------------------------
CUZ Zone Test
Hole. Failed to
reach target
CZ-SUR HY-11-39 NSV depth. 30m EOH
---------------------------------------------------------------------------
Main Zone 60 m
East Step out
MZ HY-11-40 99.3 117 17.7 1 8.12 Hole
---------------------------------------------------------------------------
Main Zone 10 m
East step out
HY-11-41 122.9 148.8 25.9 2.02 6.42 hole and Test
with 131.2 132.7 1.5 11.7 20.1 to Depth below
MZ within 3 148.8 145.8 0.54 1.84 oxide zone
---------------------------------------------------------------------------
MZ HY-11-42 48 69 21 1.07 15.24 Main Zone 80 m
within 24 69 45 0.65 7.77 East step out
---------------------------------------------------------------------------
Failed to reach
mineral target
zone. Abandoned
MZ HY-11-44 22.5 51.3 28.8 0.24 1.62 at 51.3 m
---------------------------------------------------------------------------
(i)MZ = Main Zone, CZ = CUZ Zone, SE = Southeast Extension Zone
The Results received to date from 2011 Diamond drilling have resulted in:
1. Identified a vein-hosted source for the gold-in-soil geochemical anomaly
at the CUZ Zone - similar to the 3ACE project of Northern Tiger in the
northern portion of the Hyland Gold District, Selwyn Basin.
2. Further expansion of the sulphide mineralization to depth, below the
"Main Zone" oxide horizon.
3. Expansion of the "Main Zone" gold mineralization (oxide and sulphide
horizons) to the east.
4. Confirmation of, and extension to the Main Zone gold mineralization
towards an updated N.I. 43-101 compliant resource.
Assays remain pending for drillholes HY-11-35, HY-11-36,
HY-11-38, and HY-11-43(totalling 621 samples). Exploration diamond
drilling results are expected soon for these holes that targeted
the THAS, CUZ and Main Zones.
The Company also awaits the analyses of soil (945 samples
pending), stream sediment (117 samples pending) and rock (198
samples pending) samples from the Hyland, Tina and Ike Projects
which have been submitted to the lab for analysis. Upon receipt of
these samples, the results will be compiled and a news release
issued on the entirety of the Hyland and Hyland Regional summer
2011 exploration programs.
GeoVector Management Inc. has been contracted to review and
update the 1990 non-compliant N.I. 43-101 resource(i) estimate of
the "Main Zone". The historic resource was reported to contain
approximately 117,000 ounces of gold (Au) within 3.2 million tonnes
grading 1.1 grams per tonne (g/t) Au.
(i)The reliability of the historical data is unknown but is
considered relevant by Company management. The historical data is
non-NI 43-101 compliant and should not be relied upon. It is the
Company's intention to verify the historical data. However
confirmation work may produce results that differ substantially
from the historic results.
All drill core from the Hyland Gold 2011 drilling program was
analyzed at ACME Analytical Labs of Vancouver, B.C. utilizing a 1EX
ICP 44-element analytical package with G6 Fire Assay finish for
gold on all samples. All core samples were split on-site at the
Hyland exploration camp and shipped to Acme Analytical Labs
preparation facility in Whitehorse where samples were sorted and
crushed to appropriate particle size (pulp) and representatively
split to a smaller size for shipment to Acme's Vancouver analysis
facility. A comprehensive system of standards, blanks and field
duplicates was implemented in the 2011 exploration program
(regional/diamond drilling) and is analyzed as chemical assay data
becomes available. Paul D. Gray, P.Geo. is the Company's Qualified
Person with respect to the Company's Hyland Gold Project and has
reviewed and approved this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins, President and CEO
We seek safe harbour.
Certain statements set out in this news release constitute
forward-looking statements. Forward-looking statements (i) are
often, but not always, identified by the use of words such as
"expect", "may", "could", "anticipate", or "will", and similar
expressions; (ii) may describe expectations, opinions or guidance
that are not statements of fact and which may be based upon
information provided by third parties, or upon the opinions,
expectations and estimates of management of the Company as at the
date the statements are made; (iii) are subject to a variety of
known and unknown risks and uncertainties and other factors that
could cause actual events or outcomes to differ materially from
those anticipated or implied by such forward-looking statements,
including, but are not limited to risks, uncertainties and other
factors that are beyond the control of the Company, risks
associated with the industry in general, commodity prices and
exchange rate changes, operational risks associated with
exploration, development and production operations, delays or
changes in plans, risks associated with the uncertainty of reserve
estimates, health and safety risks and the uncertainty of estimates
and projections of production, costs and expenses. In light of the
risks and uncertainties associated with forward-looking statements,
readers are cautioned not to place undue reliance upon
forward-looking information. In particular, there is no assurance
that (i) mineralization on the Hyland Gold Project will be as
projected; (ii) the 2011 work program will proceed as projected,
(iii) that any positive results will result from such program, (iv)
that the Company will be able to complete its work program prior to
weather causing the close of the season, or (v) that any new
resource estimate of the Main Zone will be better than historic
estimates. Although the Company believes that the expectations
reflected in the forward-looking statements set out in this press
release or incorporated herein by reference are reasonable, it can
give no assurance that such expectations will prove to have been
correct. The forward-looking statements of the Company contained in
this press release, or incorporated herein by reference, are
expressly qualified, in their entirety, by this cautionary
statement.
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.
Contacts: Argus Metals Corp. Michael Collins President and CEO
(604) 687-2471 (604) 687-2472 (FAX)www.argusmetalscorp.com
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