Argus Metals Corp.

Argus Metals Corp.

July 14, 2010 09:24 ET

Argus Metals Corp.: Hyland Gold 2010 Drill Program Begins

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2010) -


Argus Metals Corp. (TSX VENTURE:AML) (the "Company") announces that the summer 2010 program has begun on the Company's Tintina Gold Belt, Hyland Gold Project, Liard District, Yukon. The Hyland exploration camp was opened on July 5th and the Phase I program culminating in the selection of drill holes locations for the upcoming Phase II drilling program is substantively complete. The Company's diamond drill contractor is slated to mobilize to the Hyland Project in late July, when the Phase II Program will begin.

Objectives of the summer 2010 program include:

  • Drill confirmation of historic 117,000 ounce Au (within 3.2 million tonnes grading 1.1 grams per tonne Au), non-National Instrument 43-101 compliant resource*
  • Exploration drilling to expand the known "Main Zone" oxide deposit on strike and to depth (historic drilling is concentrated only within the near surface, <50 meters)
  • Exploration drilling to investigate a newly interpreted structurally controlled massive-sulphide target associated with historic grades from 1.1 to highs of 5.1g/t Au*
  • Property wide geological mapping and updated structural interpretation

*The reliability of the historical data is unknown but is considered relevant by Company management. The historical data is non-N.I. 43-101 compliant and should not be relied upon. It is the Company's intention to verify the historical data and confirmation work may produce results that differ substantially from the historic results.

The Company's Phase I geological program identified a series of stacked iron oxide units containing semi-massive to massive sulphides, which had been suggested by previous workers to be isolated skarns. Company geologists have re-interpreted these units to represent structurally controlled mineralized corridors and have traced one such unit over one (1) kilometre in length, demonstrating continuity and viability to depth. This re-interpretation has the potential to greatly expand the known gold mineralization on the Property and is a high priority target for this program (see Company news release of February 1, 2010).

Michael Collins, President of Argus Metals Corp., stated, "I believe the Hyland project and this summer's program has the potential to add significant value to the Company and its shareholders. The last two years have seen impressive new results from Yukon programs, such as the Atac and White Gold District projects and we expect Argus and the Hyland project to benefit from this attention plus the new geological model and a focused work program."

The Company has the option to earn a 100% interest in the Property from Victoria Gold Corp. (TSX VENTURE:VIT) by making cash payments totalling $175,000CAD, issuing 800,000 Company shares and completing $2,250,000CAD in exploration work over 3 years. The Property will be subject to a 2.5% capped net smelter return royalty with a provisional buyback of 1.5% for $1,000,000CAD (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.


Michael Collins, President and CEO


Certain of the statements made and information contained herein is "forward-looking information" within the meaning of bulk tonnage, anomalies, deposits, historic results and the execution of drill programs. Each of these activities involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise. The potential for the Company to replicate historical resource estimates or grades, or for new data to expand tonnage or grade, is conceptual and is based on historical reports which have not been verified by a qualified person. There is a risk that current exploration and test work will not result in the delineation of NI 43-101 compliant resource estimates or verify historically reported grades.

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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