Argus Metals Corporation has received chemical analyses for three complete holes and portions of two additional holes of the 17 total reverse circulation (RC) drillholes of the 2012 drill program on the Kaituma uranium gold project in north-west Guyana.

The company said no significant uranium mineralization was encountered within these drillholes.

Assays for an additional 14 drillholes, and portions of the two partially reported holes are yet to be received.

Argus said the low levels of mineralization intersected so far effectively rule out the potential for defining a large low grade/bulk tonnage uranium deposit at Kaituma and additional results could reveal more focused uranium mineralization on the project.

Argus noted the assays received to date demonstrate an interesting enrichment in certain rare earth elements (REEs) including Cerium and Lanthanum combined with pervasively anomalous Barium and Potassium grades.

The company plans more detailed analyses of the chemical analyses to determine anomalous elements after all assay data is received and compiled.

The gold mineralization on the southern boundary of the project, were not tested in this program and will require a follow-up exploration program.

Additional gold targets exist in the central and northern portions of the Kaituma West License and remain untested by drilling.

Following the results, Argus will now return its focus to the successful Hyland Gold Project in the Yukon, Canada.

The Hyland Gold Project has a current JORC compliant inferred resource of 0.6 g/t gold equivalent cut-off of 12,503,994 tons containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t.

The company says the project also has potential for expansion in and around the main zone as well as to the north and south at the CUZ Zone.