Argus Assays up to 19.4 g/t Gold and over 300 g/t Silver at Iron King Project, Peru
10 Novembre 2011 - 7:16PM
Marketwired
Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML),
reports sample assays of up to 19.4 g/t gold and greater than
300(i) g/t silver from the recently completed Phase II
reconnaissance program at the Company's Iron King Project, Lima
Province, Peru. The program consisted of the collection and
analysis of 169 rock samples and identified four discrete areas
hosting anomalous gold mineralization within a 12 square kilometers
section of the 120 square kilometer license. Highlights
include:
Granite-Magnetite Zone - Three grab samples over 200m:
-- 3.67 g/t gold
-- 14.6 g/t gold
-- 16.9 g/t gold
and from:
-- 4.9 g/t to 33.8 g/t silver
-- 0.07 g/t to 0.3% copper
Marcela Zone - 12 grab and chip samples over square 300m
-- 0.022 g/t to 1.64 g/t gold
-- 0.1 g/t to 126.4 g/t silver with anomalous copper and zinc
Skarn Zone - Two 30cm chip samples separated by 140m
returned:
-- 5.4 g/t gold
-- 19.4 g/t gold
with
-- 3.8 g/t silver
-- 23.4 g/t silver
Limonite Gossan Zone, Six 2 m chip samples over a 60m wide
gossanous structure:
-- 0.014 g/t to 1.4 g/t gold
-- 2.3 g/t to greater than 300(i) g/t silver ((i)over limit silver assays
pending)
-- 0.005% to 1.06% lead
-- .003% to 0.60% copper
President Michael Collins comments, "These results have
demonstrated the presence of high grade gold and silver
mineralization on the Iron King Project where the Company has
already identified iron, tungsten and bulk tonnage gold targets in
the Phase I property reconnaissance program. Argus looks forward to
further delimiting and expanding on the gold showings identified in
Phase I and II programs and will continue to systematically explore
this 120 square km land package that is the Iron King Project."
The Phase II program targeted a 12 km2 section of the greater
than 60km2 Iron King Project and was designed to verify and expand
upon gold mineralization identified during the Phase I Property
reconnaissance program. Four discrete areas within this 12km2
section of the property returned highly anomalous gold assays and
the further definition and expansion of these mineralized showings
will be the focus of the Company's next exploration campaign on the
Iron King Project.
The Iron King Project is a 65/35 joint venture with San Lorenzo
DV Consultores where Argus can earn up to a 100% interest with a 2%
NSR subject to a buyout clause (see Argus news release of March 7,
2011).
Sample statistics:
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Element #Samples Low High Average
---------------------------------------------------------------------------
Au g/t 169 trace 19.4 g/t 0.45 g/t
---------------------------------------------------------------------------
Ag g/t 169 trace greater than 5.74 g/t
300 g/t
---------------------------------------------------------------------------
Cu% 169 trace 0.72% 0.05%
---------------------------------------------------------------------------
Pb% 169 trace 1.06% 0.03%
---------------------------------------------------------------------------
All rock samples were delivered to Acme Analytical Laboratories
preparation facility in Lima, Peru, 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 where they were analyzed using 1EX ICP with G6 FA finish.
Au, Pb, Ag over limits were analyzed with a G6 Gravimetric Finish.
A 5% blank and 5% duplicate sample insertion quality control
program was conducted on these samples with no problematic results
returned.
Paul D. Gray, P.Geo. is the Company's Qualified Person with
respect to the Iron King 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 Iron Mountain Project will be as
projected; (ii) the 2011 work program will proceed as projected, or
that any positive results will result from such program. 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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