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| | February 25, 2010
Kaituma Gold-Uranium Project Drilling To Begin In March
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| | February 25, 2010 - Vancouver, BC, - Argus Metals Corp. (TSX.V:AML) (the "Company") announces that following the granting of the Kaituma East Prospecting License (PL) (S53/2009), Phase I exploration drilling program on the Kaituma Gold- Uranium Project is scheduled to begin in March 2010. Camp preparation and mobization has begun. This program demonstrates the Company's focus in advancing the Kaituma Project and proving its value as a Rossing-type uranium deposit in scale and grade.- The Kaituma Project represents a near surface, intrusive-hosted uranium-gold target, similar to the Namibian Rossing and Rossing South open pit, bulk tonnage uranium deposits.
- The Kaituma East PL covers approximately 4 kilometres in strike length of the Kaituma radiometric anomaly.
- Trenching assays of up to 0.23% U on the western extension of the Kaituma radiometric anomaly.
- Gold-in-soil "Anomalies# 1-3" contain reported grades of up to 827 ppb, on the Kaituma West PL.
- Access and infrastructure are readily accessible with a deep water port, all weather access road and a resource focused town of ~3,000 people on the northern property boundary.
Michael Collins, President of Argus Metals Corp. stated "The Kaituma radiometric anomaly has never been drill tested and Argus is pleased to be the first Company to do so. The Company believes that this will generate significant value for shareholders. The Kaituma Project is a near surface, bulk tonnage uranium target and represents a deposit of the lowest quartile production cost model. All sampling conducted to date has been restricted to the leached saprolitic cap rocks on the property and importantly this work demonstrates increased grade with depth and validates the target and the model."
Maps and geological information may be found on the corporate web site at:
http://www.argusmetalscorp.com/s/KaitumaGuyana.asp
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 these programs have demonstrated a high level of correlation of results between operators and techniques, demonstrating the robust nature of the uranium target.
Work on the Kaituma West PL, (PL35/2005) has identified 3 gold anomalies with grades from trace and up to 827 ppb Au, (averaging 9 ppb) and demonstrates an association with both hydrothermal alteration in greenstones on the margins of the intrusive (Anomalies #1 and 2), and also shear related mineralization internal to the intrusive rock (Anomaly #3).
Right to prospect for gold, precious and radioactive minerals to the Kaituma East PL was received by the Company on February 4, 2010. The Kaituma East PL covers 4,094 hectares of prospective ground in Northwest Guyana, and lies immediately south of the town of Port Kaituma. The Property is traversed by secondary and logging roads, as well as a railroad grade.
The Kaituma "syenite" a medium grained hornblende biotite granite with moderate to strong foliations containing porphyritic feldspars defines the dominant lithology on the Kaituma East PL and is the interpreted mineralization hostrock. The Kaituma radiometric anomaly and associated uranium mineralization have been interpreted to be of primary origin within these Paleoproterozoic intrusive complexes.
The 2005 soil survey over the Kaituma West PL collected 3428 soil samples that ranged from 0.3 ppm U to 48.4 ppm U and averaged 9 ppm U. Work by StrataGold in 2006 consisted of 10 trenches that tested the uranium soil anomalies. 551 channel samples were collected which returned results ranging from 6.6 ppm U to 2,322 ppm U, and averaged 30 ppm U: demonstrating increased uranium enrichment with depth.
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
For further information, please contact:
Argus Metals Corp.
350-580 Hornby Street,
Vancouver British Columbia, Canada V6C 3B6
Telephone: (604) 687-2471
Facsimile: (604) 687-2472
www.argusmetalscorp.com
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.
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. |
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