TORONTO, Feb. 8, 2012 /CNW/ - Argentium Resources Inc. (CNSX: AOK) ("Argentium or company") is pleased to provide an update on its 100%-owned Sill Lake silver/lead
property located near Sault Ste. Marie, Ontario.
As part of the process of preparing an updated NI 43-101, management has
undertaken an extensive review of historical work completed on the
property. As part of that review, management is pleased to report that
the lead present on the property was historically reported as "Low
Lead usually occurs in combination with other minerals and impurities
many of which are alpha emitters such as uranium and thorium. Low alpha
lead requires an ore body wherein the lead mineral is high grade and
coarsely disseminated making it easier to free it from impurities. Host
rock needs to be relatively low in alpha emitters, such as a carbonate
rock that is typically low in alpha emitters. Such deposits include
Polaris on Little Cornwallis Island, the Pine Point in the Northwest
Territories and at Bixby, Mo. All contain galena as the main lead
mineral as well as some oxidized lead forms.
Subsequently, Argentium contracted AGAT Laboratories of Mississauga
Ontario to assay 3 samples of high-grade galena-bearing
quartz-carbonate vein retrieved from the Sill Lake mine. Initial assays
on the silver content were above the detectable limits of 500g/t for
silver and have been re-assayed. The company has also assayed the
isotopes and shall be reporting them as well. The re-assay data is
being compiled now and shall be released as soon as it is available.
Argentium has dispatched a ground crew to bring the property into
compliance with the Ministry of Northern Development and Mines (MNDM)
standards. All fencing of open cuts and openings have been brought into
compliance by re-cutting all the lines and properly mapping them to
correct past drilling interpretations.
Working with the Ministry of Natural Resources, the Company has
relocated structures on the property to bring them into compliance as
well as improved existing road access. Argentium has also commenced
application with the Ministry to bring their claims to lease.
The Company furthermore commenced baseline environmental studies
necessary to apply for and receive a dewatering permit of the
underground workings in order access them and allow for proper
Argentium is also compiling all the historic data into a 3D model to
identify new drill targets and optimize its upcoming drill program. The
Company has selected a drill company and drilling on the property is
slated to commence this quarter.
The project boasts historical measured, indicated, and inferred
resources of 1,058,000 ounces of silver and 97 million lbs. of lead, as
per the company's current NI 43-101 (which is available at www.argentiumresources.com). Argentium' s management team is planning to complete the work
required to move the inferred resource into NI 43-101 compliance status
while striving to expand the resource.
"Under the leadership of our new management team we have taken the
initial steps in a focused exploration program at our Sill Lake
Project," commented John Carter, President & CEO. "We have a sizable
historical resource upon which to build and we believe we can expand it
with targeted ground work and drilling. Our team has done the necessary
work to bring us into compliance with the Ministries. This is a new
beginning for Argentium and we are eager to report our progress as we
start our drill program and discover the potential of our flagship
About Argentium Resources Inc.
Argentium Resources Inc. pursues silver mining exploration, development
and production opportunities within North America and other
international jurisdictions. Argentium's project pipeline consists of a
balance of high-potential pre-feasibility and early stage exploration
properties. The company's goal is to start generating cash flow with
highly potential projects which can be used to finance further
expansion of resources and exploration of other, untested, high-grade
targets. Argentium is well-positioned for sustained growth and
performance with a fundamental commitment to both sustainable growth
for shareholders and to the environment.
ARGENTIUM RESOURCES INC.
"John A. Carter"
President & CEO
The CNSX has neither approved nor disapproved the contents of this press
This News Release may contain forward-looking statements.
Forward-looking statements are statements which relate to future events
and conditions and therefore involve inherent risks and uncertainties.
Such forward-looking statements 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 statements. While these forward-looking
statements, and any assumptions upon which they are based, are made in
good faith and reflect our current judgment, actual results will almost
always vary, sometimes materially, from any estimates, predictions,
projections, assumptions or other future performance suggested herein.
Except as required by applicable law, the Company does not intend to
update any of the forward-looking statements to conform these
statements to actual results.
For further information:
please visit: www.argentiumresources.com