Argus Metals has completed the Phase I reconnaissance program at the "core" 60 sq. km claim block of the Iron King project. The company has discovered long iron magnetite outcrops trend of 2 km in the west part of the project along with a central iron unit, which is mapped to having a true width of 25 m over >300 m.
This central iron unit is open to depth and on strike where the sampled assays returned 54.8% iron and 25 samples yielded >20% iron. The location of the iron magnetite outcrops are around 60 km to the eastern part of Porto Supe’s deep water port and 13 km from the power lines with high voltage.
The company concluded the phase I program by means of compilation and appraisal of 741 samples along with around 40% of the project that was mapped. It will follow up the mineralized targets through a phase II exploration and these targets were discovered during the phase I program and reconnaissance sampling and mapping the residual 60% of the property, which contains many historical gold mining locations. The previous gold mining at the Iron Mountain project comprised thin layer deposits typical to the area and large-scale targets, which may be open to the bulk mining techniques.
The further mineralization targets found the exploration program of Argus contained the discovery of a quartz stockwork zone that bears gold yielding 277 ppm of silver and traces of gold connected with arsenopyrite mineralization. The showing displays a locally strong pervasive epidote and sericite alteration in the stockwork vein system. These targets also have a low sulphidation gold zone, which includes low sulphidation style alteration area of 300 x 800 m interrupted by the grab sample discovery with 5.028 g/t gold.
The company has proposed the phase II program for the fall of 2011 and this program will methodically sample and define the targets having a focus on the artisanal historic gold production regions.
The offices of Argus Metals SRL Lima are open having a focus on the appraisal of the further Peruvian projects and exploration planning, execution for the property’s extension project.
The President of Argus Metals has stated that the preliminary program results show the existence of major gold and iron mineralization at the Iron King project and offer excellent iron mineralization targets and past gold mining regions, will be the most important priority of the phase II program.
This Iron King project is formed by a 65-35% joint venture between Argus and San Lorenzo DV Consultores, wherein Argus can obtain up to 100% of the interest along with a 2% NSR dependent on a buyout clause.
Source: http://www.argusmetalscorp.com/