Argentex discovers new silver-gold zone at Pinguino, Tranquilo Trend returns
6.40 meters of 486.6 g/t silver and 1.91 g/t gold
VANCOUVER, June 15 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on ongoing diamond drilling and exploration activities at its wholly owned 10,000-hectare Pinguino property in the silver-gold district of Santa Cruz, Patagonia, Argentina.
As part of the ongoing drill program at Pinguino, Argentex drill tested structures that lay along the Tranquilo Trend, a major northwest regional feature crosscutting the Pinguino property. Within it, Argentex has discovered a completely new mineralized structure (Luna vein) containing wide intervals of high-grade silver mineralization with associated gold values. The new mineralized structure returned results including 6.40 meters of 486.6 grams per tonne (g/t) silver and 1.91 grams per tonne (g/t) gold.
The Luna vein is known to extend for 920 meters along strike and is currently the subject of follow-up drilling with the goal of defining and expanding the high-grade mineralization. Drilling also tested structures along the Marta Trend, which contains the high-grade silver Marta Norte vein.
"We are excited to have discovered mineralization in the very first holes drilled into the Tranquilo Trend, which crosscuts 11 kilometers of the Pinguino property. Not only is the structure mineralized along a considerable length, it also contains wide intervals of high-grade silver-gold mineralization such as we have intersected in the Luna vein," said Ken Hicks, President of Argentex. "The Luna discovery is a great incentive to increase our exploration efforts in interpreting the local geology and targeting high-grade silver-gold mineralization along the Tranquilo Trend. We expect that this new discovery within a major property-scale structure could provide a significant boost to Pinguino's overall precious metal potential."
With more than 74 line kilometers of veins discovered to date, the Pinguino property is host to the largest known undeveloped vein system in Santa Cruz province after the developed AngloGold Ashanti Cerro Vanguardia mine. Both vein systems fall within the Tranquilo regional fault, a major northwest structural corridor in central Santa Cruz. To date, Argentex has drilled 333 holes at Pinguino for a total of 33,559 meters.
Results
The following table displays selected analytical results for 19 new holes from the company's 2009-2010 drill program. The holes are located along two of the Pinguino property's major trends, the Tranquilo Trend (14 holes) and the Marta Trend (5 holes). Tranquilo has so far tested in only selected areas along its 11 kilometer length. Each of the veins listed in the table below are annotated as to their general spatial location within each trend as to northern, central or southern. A map showing drilling zones is available on the company's web site: http://www.argentexmining.com/fileupload/pdf/2010-06-15_Figure_1.pdf.
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Drill Hole From To Interval Gold Silver
(m) (m) (m)* (g/t) (g/t)
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TRANQUILO TREND (TT)
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Area: LUNA VEIN (NORTHERN TT)
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P301-10 17.20 18.20 1.00 0.05 128.0
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and
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P301-10 23.50 25.00 1.50 0.13 97.3
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P303-10 27.30 30.00 2.70 0.10 202.3
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including
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P303-10 29.30 30.00 0.70 0.28 429.0
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and
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P303-10 31.00 35.80 4.80 0.73 82.9
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P304-10 24.30 26.80 2.50 0.52 89.0
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including
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P304-10 25.96 26.80 0.84 0.80 139.0
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P307-10 27.00 29.80 2.80 0.28 91.8
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P308-10 23.90 30.30 6.40 1.91 486.6
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including
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P308-10 24.30 28.00 3.70 3.17 725.3
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P309-10 59.05 60.60 1.55 0.24 92.9
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P311-10 8.80 10.10 1.30 2.43 212.3
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and
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P311-10 23.00 23.60 0.60 0.03 217.0
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Area: TRANQUILO NORTE (NORTHERN TT)
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P312-10 55.60 60.10 4.50 1.39 4.3
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including
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P312-10 55.60 57.50 1.90 2.48 3.3
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and including
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P312-10 55.60 56.60 1.00 3.56 1.0
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Area: TRANQUILO (CENTRAL TT)
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P313-10 34.40 35.10 0.70 0.06 127.0
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P314-10 18.20 19.70 1.50 0.92 103.5
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P328-10 29.80 44.30 14.50 0.02 116.9
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including
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P328-10 30.80 39.97 9.17 0.03 169.5
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including
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P328-10 35.60 38.60 3.00 0.06 331.7
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Area: TRANQUILO SUR (SOUTHERN TT)
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P317-10 22.20 30.20 8.00 0.00 64.4
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including
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P317-10 24.20 26.20 2.00 0.00 97.5
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P317-10 73.38 75.38 2.00 0.00 84.1
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P323-10 25.80 29.50 3.70 0.03 124.1
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P324-10 31.15 32.10 0.95 0.00 186.6
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MARTA TREND (MT)
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Area: ISLA (NORTHERN MT)
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P285-10 34.77 35.80 1.03 1.28 205.0
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Area: MARTA NOROESTE (CENTRAL MT)
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P290-10 32.60 35.40 2.80 0.68 138.3
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including
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P290-10 34.60 35.40 0.80 2.22 412.0
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Area: FANTASMA (NORTHERN MT)
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P305-10 28.30 30.15 1.85 0.23 85.5
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including
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P305-10 29.30 29.60 0.30 0.65 368.0
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P318-10 35.20 35.60 0.40 1.24 128.0
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Area: MARTA NORTE (NORTHERN MT)
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P321-10 34.50 35.80 1.30 0.61 96.8
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P321-10 45.30 46.00 0.70 0.53 196.0
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*True widths are estimated to be 85-90% of the stated core length
In addition to the silver and gold values presented in the results chart above, hole P314 returned 4.26% copper over a 1.5-meter width. Significantly, this is the highest copper grade discovered to date at Pinguino and will be interpreted within the local and regional geology for future high-grade copper potential.
A total of 64 drill holes covering 3,933 meters have now been completed at Pinguino as part of the 2009-2010 program. Samples have been collected from these holes and submitted for analysis. Additional results will be published as they are received.
About Pinguino
Pinguino is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. With more than 74 line kilometers of veins discovered to date, the Pinguino property is host to the largest known undeveloped vein system in Santa Cruz province after the developed AngloGold Ashanti Cerro Vanguardia mine. Both vein systems fall within the Tranquilo Trend, a major northwest structural corridor in central Santa Cruz.
Mineralization at Pinguino is unique in the region, containing silver-indium-zinc-lead-gold in multiple zones that remain open-ended along strike and to depth. To date, Argentex has drilled 333 holes at Pinguino for a total of 33,559 meters.
Pinguino is easily accessible, situated approximately 400 meters above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
Quality Assurance
Exploration samples selected for analysis are sent to Acme Analytical Laboratories' sample preparation lab in Mendoza, Argentina. From there sample pulps are sent to Santiago, Chile for fire assay gold analysis and to Vancouver, Canada for Group 1DX multi-element MS-ICP analysis. Samples with over-limit zinc, lead, silver and/or copper are reanalyzed using an ore-grade high detection limit 7AR analysis, also conducted in Vancouver. Acme Analytical Laboratories is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver. Referee analyses will be carried out by ALS Chemex in Mendoza, Argentina and La Serena, Chile. Argentex, Acme and ALS Chemex all maintain comprehensive and independent Quality Control/Quality Assurance programs.
ABOUT ARGENTEX:
Argentex Mining Corporation is a Delaware corporation. It is a junior mining company in the exploration stage with significant holdings in the Patagonia region of Argentina. In total, the company owns 100% mineral rights to more than 35 properties with approximately 141,020 hectares of prospective land located in the Santa Cruz and Rio Negro provinces of Argentina, including the Pinguino property. Shares of Argentex common stock trade under the symbol AGXM on the OTCBB and on the TSX Venture Exchange under the symbol ATX.
Exploration on the Pinguino property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex's President and a Qualified Person as defined by Canada's National Instrument 43-101. Mr. Hicks has read and approved the contents of this release. Mr. Hicks is not considered independent of the issuer.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements in this news release include statements about the Company's expectation that the new discovery could provide a significant boost to Pinguino's overall precious metal potential. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. These risks and uncertainties include, among other things, competition for qualified personnel and risks that are inherent in Argentex's operations including the risk that the Company may not find any minerals in commercially feasible quantity or raise funds sufficient to prosecute its exploration plans. These and other risks are described in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
For further information: Ken Hicks, President, Argentex Mining Corporation, 1-866-594-7687, [email protected]
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