After supplying results on the chemical analyses from the company's Kaituma project in Guyana, Argus Metal's share price fell 44% after news that "no significant uranium mineralization was encountered within these drillholes."
Reports that the assays contained "interesting enrichment in certain rare earth elements" and that gold mineralization was not tested in the area, were not enough to deter investors from dumping the stock – which traded at 17 times the normal volume.
The company suggests that it will now return its focus to the successful Hyland Gold Project in the Yukon, Canada, stating that:
The Hyland Gold Project contains a compliant inferred resource, at a 0.6 g/t gold equivalent cut-off of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t. The Hyland Gold Project also has potential for expansion in and around the Main Zone as well as to the north and south at the CUZ Zone.