Argus Metals has commenced the Phase I gold exploration at the Iron Mountain project in Department Lima, Peru, which is situated approximately 4 km from the boundary with Ancash department.
The Iron Mountain concessions enclose more than 60 km2 of a district-level porphyry structure having zoned modification typical of a huge porphyry system.
The company has planned the Phase I exploration at Iron Mountain project to confirm and describe the extent of the formerly known gold mineralization by wide chip and channel sampling with analogous stream and soil geochemical sampling studies, and outline targets to summarize geophysics and drilling. Alteration and geological mapping will be used to define the inferred copper-gold porphyry system. Also, Argus has announced to stake 60 km2 of added concessions close to the south, east and west of the Iron Mountain project.
Argus’ Phase I exploration program will show the potential of Iron Mountain as copper-gold porphyry project. As the company is staking additional concessions, the potential of the Phase I exploration doubles. The Iron Mountain Project has formed a Joint Venture with San Lorenzo DV Consultores in the ratio of 65/35 where Argus can make 100% interest with 2% NSR depending on a buyout clause.