Argus Metals Corp.

Argus Metals Corp.

November 10, 2011 13:16 ET

Argus Assays up to 19.4 g/t Gold and over 300 g/t Silver at Iron King Project, Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2011) - Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML), reports sample assays of up to 19.4 g/t gold and greater than 300* g/t silver from the recently completed Phase II reconnaissance program at the Company's Iron King Project, Lima Province, Peru. The program consisted of the collection and analysis of 169 rock samples and identified four discrete areas hosting anomalous gold mineralization within a 12 square kilometers section of the 120 square kilometer license. Highlights include:

Granite-Magnetite Zone - Three grab samples over 200m:

  • 3.67 g/t gold
  • 14.6 g/t gold
  • 16.9 g/t gold

and from:

  • 4.9 g/t to 33.8 g/t silver
  • 0.07 g/t to 0.3% copper

Marcela Zone - 12 grab and chip samples over square 300m

  • 0.022 g/t to 1.64 g/t gold
  • 0.1 g/t to 126.4 g/t silver with anomalous copper and zinc

Skarn Zone - Two 30cm chip samples separated by 140m returned:

  • 5.4 g/t gold
  • 19.4 g/t gold


  • 3.8 g/t silver
  • 23.4 g/t silver

Limonite Gossan Zone, Six 2 m chip samples over a 60m wide gossanous structure:

  • 0.014 g/t to 1.4 g/t gold
  • 2.3 g/t to >300* g/t silver (*over limit silver assays pending)
  • 0.005% to 1.06% lead
  • .003% to 0.60% copper

President Michael Collins comments, "These results have demonstrated the presence of high grade gold and silver mineralization on the Iron King Project where the Company has already identified iron, tungsten and bulk tonnage gold targets in the Phase I property reconnaissance program. Argus looks forward to further delimiting and expanding on the gold showings identified in Phase I and II programs and will continue to systematically explore this 120 square km land package that is the Iron King Project."

The Phase II program targeted a 12 km2 section of the >60km2 Iron King Project and was designed to verify and expand upon gold mineralization identified during the Phase I Property reconnaissance program. Four discrete areas within this 12km2 section of the property returned highly anomalous gold assays and the further definition and expansion of these mineralized showings will be the focus of the Company's next exploration campaign on the Iron King Project.

The Iron King Project is a 65/35 joint venture with San Lorenzo DV Consultores where Argus can earn up to a 100% interest with a 2% NSR subject to a buyout clause (see Argus news release of March 7, 2011).

Sample statistics:

Element #Samples Low High Average
Au g/t 169 trace 19.4 g/t 0.45 g/t
Ag g/t 169 trace >300 g/t 5.74 g/t
Cu% 169 trace 0.72% 0.05%
Pb% 169 trace 1.06% 0.03%

All rock samples were delivered to Acme Analytical Laboratories preparation facility in Lima, Peru, 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 where they were analyzed using 1EX ICP with G6 FA finish. Au, Pb, Ag over limits were analyzed with a G6 Gravimetric Finish. A 5% blank and 5% duplicate sample insertion quality control program was conducted on these samples with no problematic results returned.

Paul D. Gray, P.Geo. is the Company's Qualified Person with respect to the Iron King Project and has reviewed and approved this press release.


Michael Collins, President and CEO

We seek safe harbour.

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 Iron Mountain Project will be as projected; (ii) the 2011 work program will proceed as projected, or that any positive results will result from such program. 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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