AK Drilling wins contract for Kaituma project in Guyana

13 May 2012 (Last Updated May 13th, 2012 18:30)

Canada-based Argus Metals Corp has contracted AK Drilling International to conduct a 2,500m drilling programme at its Kaituma uranium and gold project in north-west Guyana.

Canada-based Argus Metals Corp has contracted AK Drilling International to conduct a 2,500m drilling programme at its Kaituma uranium and gold project in north-west Guyana.

The drilling programme is expected to start before the end of this month.

Argus Metals Corp president Michael Collins said the project is one of the few undrilled global uranium exploration targets with the potential size to have a significant impact on uranium markets.

"With exceptional infrastructure in place, Argus expects this drill program to quickly and efficiently test this outstanding uranium target," said Collins.

Reverse circulation drilling will be undertaken in a series of 150m long drill holes over five fences to target uranium and gold anomalies.

The anomalies were identified through airborne ground-based exploration work conducted by StrataGold, BHP and Areva.

Argus Metals said the Kaituma Uranium/Gold Project is a geophysical/geochemical uranium target that is located within an episyenite intrusive in Guyana Shield Greenstone Belt.

The Kaituma project was purchased from StrataGold Corp and Newmont Overseas Exploration and is subject a 2% NSR with a provisional buy back of 0.75% of the NSR for $1.25m.