Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML) announces an
updated NI 43-101 compliant resource estimate for the "Main Zone" gold deposit
at the Hyland Gold Project, 74 km NE of Watson Lake, Yukon. The Main Zone gold
inferred resource, at a 0.6 g/t gold equivalent ("AuEq") cutoff now stands at
12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces
silver at 5.59 g/t which represents an increase of 209% over the historic, non
NI 43-101 compliant resource. Based on the success of this previous season's
Main Zone drilling campaign and the drilling of a new discovery area 4 km away,
Argus management is planning for a much larger-scale drill campaign for the 2012
season. Final plans will be announced as soon as financing and budgets are in
place. Resource highlights are:


NI 43-101 Main Zone Inferred Resource Estimates at 0.6 g/t AuEq(i) cutoff:



--  361,692 oz gold (12,503,994 tonnes of 0.90 g/t) 
--  2,248,948 oz silver (12,503,994 tonnes of 5.59 g/t) 



Combined gold & silver, AuEq



--  396,468 oz gold equivalent (12,503,798 tonnes at 0.99 g/t)

----------------------------------------------------------------------------
AuEq                                                                        
Cut-off        Tonnes  Grade      Ozs  Ag g/t     Ag Ozs  AuEq g/t  AuEq Ozs
----------------------------------------------------------------------------
0.4 g/t    16,820,094   0.79  425,424    4.84  2,619,911      0.86   465,946
----------------------------------------------------------------------------
0.5 g/t    14,734,230   0.84  397,785    5.18  2,453,560      0.92   435,738
----------------------------------------------------------------------------
0.6 g/t    12,503,994   0.90  361,692    5.59  2,248,948      0.99   396,468
----------------------------------------------------------------------------
0.7 g/t     9,678,679   0.99  307,098    6.39  1,988,733      1.09   337,824
----------------------------------------------------------------------------
0.8 g/t     7,038,666   1.10  248,349    7.31  1,654,686      1.21   273,942
----------------------------------------------------------------------------
                                                                            
(i) "Gold equivalent" or "AuEq" is based on silver metal content valued at  
0.016 gold value using a $1016US Au price and a $15.82US Ag price, which    
approximates the average prices for these metals over the last three years. 



President Michael Collins comments, "The new resource model not only validates
the two year exploration campaign at the Main Zone deposit, but also confirms
the potential of a district-scale gold project. The new resource forms a
backstop to the new gold discovery at CUZ Zone and the compelling regional
results over the greater than 2000 claims that Argus holds in the Hyland
District. Using a systematic exploration approach in two limited scale
exploration programs, Argus has been able to more than triple the size of the
Hyland gold resource, confirm the new CUZ gold discovery and continue to define
additional gold mineralization targets through drilling and successful
geotechnical ground work."


The Hyland Deposit mineral resource estimate is based on a database of 92 drill
holes (13,615 meters) with 8,704 assay values collected through 2011. This
includes 72 drill holes (9,662 metres, 2,713 assays) completed from 1988 to
2005, and 20 drill holes (3,953 metres, 5,591 assays) completed in 2010 and 2011
by Argus. The resource estimate is categorized as inferred as defined by the
Canadian Institute of Mining, Metallurgy and Petroleum guidelines for resource
reporting. Mineral resources do not demonstrate economic viability, and there is
no certainty that these mineral resources will be converted into minable
reserves once economic considerations are applied.


Assay values were verified against drill logs and assay certificates. Drill hole
collar locations and downhole surveys were checked and verified. The mineral
resource was estimated using 1.5-meter composites of the assay values, with zero
grade inserted into intervals that were not sampled. 


A resource model was constructed of the Hyland gold and silver mineralization.
The model was used to constrain 1,332 1.5-metre composite values chosen for
interpolation into the ore blocks reported in the mineral resource. A block
model was constructed using 5-meter by 10-meter by 5-meter blocks in the x, y
and z directions respectively. Grades for gold and silver were interpolated into
the blocks by the inverse distance squared method using a minimum of 2 and
maximum of 20 composites to generate block grades. 


The inferred mineral resource estimate has been prepared in compliance with the
standards of NI 43-101 by A. Armitage, Ph.D., P.Geol., of GeoVector Management
Inc. GeoVector is an Ottawa, Ontario based consulting firm specializing in
resource estimation, project assessment and project management. A. Armitage
acted as the qualified person for the resource, as defined in NI 43-101, and is
independent of the Company. A NI 43-101 report will be finalized and filed on
SEDAR within 45 days of the date of this news release.


Additionally, the Company announces the grant of incentive stock options under
the Company's stock option plan to directors, officers, employees and
consultants of the Company to purchase up to an aggregate of 573,000 treasury
shares. The options are exercisable at a price of $0.10 per share for a period
of five years, and are subject to the policies of the TSX Venture.


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

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; or (ii) that
work will continue to expand the mineralization at the Main Zone Deposit.
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.
Grafico Azioni Akwaaba Mining (TSXV:AML)
Storico
Da Apr 2024 a Mag 2024 Clicca qui per i Grafici di Akwaaba Mining
Grafico Azioni Akwaaba Mining (TSXV:AML)
Storico
Da Mag 2023 a Mag 2024 Clicca qui per i Grafici di Akwaaba Mining