Nov 23 2010
Argus Metals Corp. (TSX VENTURE:AML) announces that it has staked an additional 1,782 new Quartz Claims in the Hyland Gold District, Yukon Territory.
The Fall 2010 staking program added over 36,000 hectares to Argus' mineral portfolio in the Yukon Territory, making Argus' the largest mineral claim land package holder in the Hyland Gold District.
Following the successful summer 2010 Hyland exploration program, and relevant drill results on the Main Zone (HY-10-26, 34.74 m of 1.1 g/t Au; and HY-10-25, 9.13m of 2.08 g/t Au).
- Confirmed the gold bearing potential of 16km long Hyland Gold sulphide-bearing host structure in carbonate rocks. Argus clearly demonstrated the sulphide potential of the large scale, "kilometer scale" Hyland Gold mineralizing system
- In addition, Atac Resources has demonstrated the viability of large scale "gold in carbonate host rocks" exploration models within the eastern side of the Tintina Fault, northwest of the Hyland Gold Project
Argus has identified 2 new "kilometer scale" geochemical anomalies with similar signatures in soils to the Hyland Gold deposit. Two new areas, (Spartan and Spy Projects) were staked to cover arsenic geochemical anomalies hosted in carbonate sedimentary rocks. The expansion of the Hyland Claim block covers historic showings and priority second order structural features in relation to regional and geochemical/geophysical data. The exploration model at the Hyland Gold Project will be further refined during the winter of 2011. Work in 2011 will focus on the expansion of the Hyland Gold deposit to depth and along strike, and on the newly staked Spartan and Spy Projects.
President and CEO Michael Collins comments, "We are pleased that The Company has been able to leverage the success of the 2010 exploration program by acquiring over 36,000 hectares of new prospective ground in the emerging Hyland Gold District. Argus is now the largest mineral claim holder in this district and has a clear and focused plan to advance all of the 3 target areas in 201l and is presently funded to do so."
Planning has begun for pre-positioning of goods and equipment in anticipation of the 2011 exploration season. Argus has filed a permit with the Territorial government to re-open the existing winter road to access the Hyland Gold Project in early 2011.
The Company has the option to earn a 100% interest in the Property from Victoria Gold Corp. (TSX.V: VIT) by making cash payments totalling $175,000, issuing 800,000 Company shares and completing $2,250,000 in exploration work over 3 years. The Property will be subject to a 2.5% net smelter return royalty with a provisional buyback of 1.5% for $1,000,000 (See Company News Release of November 9, 2009).
Paul D. Gray, P.Geo. is the Company's Qualified Person with respect to the Hyland Gold Project and has reviewed and approved this press release.
Source: Argus Metals Corp.