Argentex drill results reveal silver-rich grades at Pinguino
VANCOUVER, Feb. 25 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce initial drill results from the 2009-2010 drilling program at its flagship Pinguino property in Santa Cruz, Argentina. With more than 74 line kilometers (46 line miles) 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.
Analytical results have so far been received for the first six shallow holes drilled into the surface oxidized portion of Marta Norte, the most silver-rich zone discovered to date on the Pinguino property. Continuous mineralized intervals reach widths up to 22 meters with bonanza grades at the core. A total of 37 drill holes covering 2,035 meters (6,676 feet) have been completed to date as part of the ongoing 2009-2010 drill program. Results for many of these holes are pending.
"As we continue to explore Pinguino's extensive and robust mineralized system, we are drilling to enhance and define zones of near-surface precious-metal mineralization," said Ken Hicks, President of Argentex. "Preliminary field work conducted this season suggests potential for additional silver-gold discoveries in the vicinity of Marta Norte as we continue to advance our exploration programs at the property."
Results
The following table displays selected analytical results for the first six holes from the company's 2009-2010 drill program. All of the holes are located in Marta Norte, a high-grade silver vein of the Pinguino property.
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From To Length Gold Silver
Drill Hole (m) (m) (m)* (g/t) (g/t)
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Area: Marta Norte
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P270-10 12.84 13.40 0.56 0.77 3042.0
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contained within 12.84 15.90 3.06 0.53 836.6
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contained within 12.30 18.90 6.60 0.28 457.7
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and
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P270-10 28.20 31.20 3.00 0.04 147.0
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P271-10 15.50 19.50 4.00 0.31 498.0
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contained within 14.40 20.50 6.10 0.25 383.9
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P272-10 13.70 17.70 4.00 0.44 388.7
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contained within 12.70 20.70 8.00 0.28 273.2
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P273-10 14.10 20.10 6.00 1.08 476.2
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contained within 12.10 25.10 13.00 0.59 302.4
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contained within 3.10 25.10 22.00 0.42 205.2
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P277-10 21.70 22.70 1.00 0.20 373.0
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P278-10 3.40 4.30 0.90 0.01 672.0
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and 7.60 8.70 1.10 1.75 1238.1
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and 9.95 11.60 1.65 0.11 475.5
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in addition to 14.70 16.50 1.80 0.75 881.8
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and 14.00 19.30 5.30 0.27 429.0
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all contained within 3.40 19.30 15.90 0.32 334.8
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* True widths are estimated to be 85-90% of the stated core length
These holes represent a total of 249 meters (816 feet) of drill testing over a strike length of 470 meters (1,541 feet) in this typically silver-rich vein in the northwest corner of the Pinguino property. Core recovery using triple tube HQ core was approximately 80 percent.
Previous mineralogical work conducted by La Plata University in Buenos Aires has shown that native gold and native (horn) silver are enriched in the oxidized portion of the Marta Norte zone.
About Pinguino
Pinguino is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. With more than 74 line kilometers (46 line miles) 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. Although more than 47 veins have been mapped on the property to date (with vein widths ranging from under one meter to more than 10 meters), only 15 of these veins have been tested by drilling. To date, Argentex has drilled 306 holes at Pinguino for a total of 32,063 meters (105,194 feet).
Pinguino is easily accessible, situated approximately 400 meters (1,312 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
The majority of mineralized zones at Pinguino lie along the strike of the northwest-trending Tranquilo trend, which is a dominant northwest trending regional fault structure cutting across the approximately 24,710-acre (10,000-hectare) property.
Quality Assurance
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 Alex Stewart (assayers) Argentina S.A. in Mendoza, Argentina. Argentex, Acme and Alex Stewart 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 307,981 acres (124,636 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.
FURTHER INFORMATION:
Ken Hicks, President
Argentex Mining Corporation
1-866-594-7687
[email protected]
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 belief that its current exploration efforts can enhance and define zones of near surface mineralization and that preliminary field work in the vicinity of Marte Norte suggests potential for additional silver-gold discoveries. 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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