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Argus Releases Final Hyland Gold Project Drillholes, Completes Earn-In Work Expenditure Requirements, Waits on Regional Data ...
Date :
01/04/2012 @ 4:06PM
Source :MarketWire Canada
Stock :Victoria Gold Corp. (VIT)
Quote :0.395 0.005 (1.28%) @ 3:59PM
Argus Releases Final Hyland Gold Project Drillholes, Completes Earn-In Work Expenditure Requirements, Waits on Regional Data.
Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML) announces:
-- Exploration drilling in 2011 resulted in a new "Gold Discovery" south of
the Main Zone on the Quartz Lake Structural Trend, and expanded the Main
Zone deposit with newly identified gold/silver mineralization east and
west of historic drill intersections. An updated N.I. 43-101 compliant
Main Zone resource estimate is pending from GeoVector Management Inc.
-- Preliminary results from district scale regional exploration in 2011
highlight several compelling geochemical (gold-in-soils and gold-in-
stream sediment) targets which will be discussed in a forthcoming news
release once detailed analysis by a third party geochemical specialist
is received.
-- The Company has completed all required work expenditures to earn a 100%
interest in the core "Hyland Gold Property" and has one year in which to
make a final $100,000 cash payment and issue an additional 300,000
shares, thereby completing its earn-in option.
-- Assays have been received from the last two drill holes (HY-11-35 and
HY-11-43) from the 2011 exploration program. These holes targeted the
western extension of the Main Zone deposit and the newly defined THAS
anomaly, respectively:
-- HY-11-43 intersected mineralization near surface and at depth (due
to technical issues drilling halted short of target depth) with the
hole ending in 2.1m of 0.97 g/t Au and 8.6 g/t Ag. This
mineralization was intersected approximately 115m west (down dip) of
the nearest historic intersections, demonstrating that the Main Zone
mineralization model is robust and open to expansion.
-- HY-11-35 targeted the THAS "arsenic-in-soils via XRF" anomaly east
of the Carbonate Zone and intersected trace gold mineralization. The
anomaly remains unexplained and the Company will look to follow up
these results in 2012.
President Michael Collins comments, "2011 was an extremely successful year at
the Hyland Gold Project where exploration work has greatly expanded the historic
Main Zone deposit, identified a gold discovery by drilling 4km to the south on
the Quartz Lake Structural Trend and generated new gold targets regionally.
These results continue to demonstrate the district scale potential of the Hyland
Gold Project. Management looks forward to the new Main Zone resource as well as
the results of the geochemical analysis of the Hyland Property and regional
targets as the Company plans for the 2012 exploration season."
With the receipt of the final drilling results, the data has been compiled and
transmitted to GeoVector Management Inc. who 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. The Company expects to release a new N.I. 43-101 compliant resource estimate
later this month.
(i) The reliability of the historical data is unknown but is considered relevant
by Company management. The historical data is non-N.I. 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.
With the close of the 2011 exploration season, Argus has completed the required
work expenditures of $2,250,000 to earn a 100% interest in the core "Hyland Gold
Property" and has one year in which to make a $100,000 payment and issue an
additional 300,000 shares to close the purchase option. The agreement with
Victoria Gold Corp. ("VIT") covers the 299 claims optioned in December 2009 as
well as claims within a 1 km area of interest. VIT and underlying stakeholders
hold a maximum 2.5% NSR with up to a 1% buyback clause. The Tina and Hyland
Extension Projects are 100% held by Argus. The Ike Project is joint-ventured to
Great Bear Resources which has the option to earn up to a 75% interest, (see
press release, May 31, 2011).
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
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