Argus Metals has entered into an agreement with AK Drilling to implement minimum 2,500 m drill program as part of its totally owned Kaituma uranium and gold project, at north-west Guyana. Drilling will begin before May 2012 end.
In this contract operation, AK Drilling will complete at least 2,500 m of reverse circulation drilling lining up 150m long drill holes over five fences. This is specific for uranium and gold anomalies that were detected through airborne and ground-based exploration work directed by BHP, StrataGold, AREVA (nee Cogema), validated by Company's proprietary ground-based exploration programs in 2010.
The Kaituma Uranium/Gold Project characterizes geophysical or geochemical uranium target included in episyenite intrusive in Guyana Shield Greenstone Belt having analogous deposit-like geological models such as Namibia-based Husab deposit of Extract Resources (319.9M lb U3O8 at 519ppm U3O8). Other model is Brazil-based Lago Real Mine, having resources of 125M lb U3O8 at about 0.25% U3O8. The major Kaituma uranium target extends over 10 km and 1km wide scatters by grades from trace up to 0.23% U in saprolite trenches, and in weathered outcrop from trace up to 0.0948% eU .
The 1982 Cogema soil sampling and geophysical program, followed by BHP airborne radiometric survey in 1996 and StrataGold 2007 stream, soils and trenching program defines the Kaituma East and West PLs stretching up to 10 km strike length of radiometric anomalies.
The Kaituma West PL, (PL29/2011) operation has detected three gold anomalies with grades from trace and up to 827 ppb Au, representing the integration with both hydrothermal alteration in greenstones on intrusive margins and also shear-based mineralization within the intrusive rock.
The Kaituma project was procured from Newmont Overseas Exploration and StrataGold.
Source: http://www.argusmetalscorp.com/