Another Canadian company has reported that it has been granted a prospecting licence to allow it to search for uranium, gold and precious elements in Guyana.
This is the second licence that has been acquired by Argus Metals Corp. The company, in a statement, said that the Guyana Geology and Mines Commission has granted and signed the PL29/2011 licence which allows for the exploration of uranium, gold and precious elements. PL29/2011 is west of, and contiguous with Argus’ PL53/2009 licence, which also allows for the exploration of uranium, gold and precious elements, the statement said. The blocks are located in the North-West District. “With PL29/2011 in place, Argus now holds the full 10 x 1 kilometre extent of the Kaituma uranium target and plans to execute a drill program on the project as soon as technically and financially feasible,” the company said.
“The Kaituma Project is one of the few undrilled global uranium exploration targets with the potential size to have a significant impact on uranium markets and is located one-half kilometre from a deep water shipping port, an active paved airstrip and is traversed by all-weather roads and rail grade. With all of the ground work already in place and historic data in hand, the project is drill ready and will be tested as soon as possible,” president of the company, Michael Collins was quoted as saying.
According to Argus’ website, the company plans to execute a drill program in the first quarter of this year. The statement said that historically, the Kaituma Project has been explored by various companies including Cogema and BHP, with work including airborne geophysics, ground based geophysics, soil sampling and trenching.
“The Kaituma East and West PLs covers the full ten total kilometres strike length of radiometric anomalies defined by a 1982 Cogema soil sampling and geophysical program, a 1996 BHP airborne radiometric survey and a StrataGold 2007 stream, soils and trenching program. The results of these programs have demonstrated a high level of correlation of results among operators and techniques,” the company said. It added that work on the Kaituma West PL has also identified three gold anomalies.
The statement noted that the Kaituma project was purchased from StrataGold Corporation (a subsidiary of Victoria Gold Corp) and Newmont Overseas Exploration Limited.
The company said that on a regional scale the geological setting of the Kaituma property is considered to be highly favourable for uranium mineralization. It has done some work on the first PL and said that the Kaituma Project represents a compelling uranium exploration target which warrants a multi-phased exploration program to test the project’s economic uranium potential. The project has not been adequately tested, the company noted.
Another Canadian company, U308 Corp through its local subsidiary, Prometheus (Guyana) Inc. has also been conducting exploratory work for uranium here.
