Argentex drills 4.03 meters of 297.4 g/t silver at Pinguino; another new gold
vein discovered
VANCOUVER, April 23 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on ongoing exploration activities at its Pinguino property in the silver-gold district of Santa Cruz, Patagonia, Argentina.
New drilling on the silver-rich Marta Norte vein continues to expand the strike length and define near-surface mineralization. Results include hole P281-10, which returned 4.03 meters of 297.4 grams per tonne (g/t) silver.
"Our high-grade silver Marta Norte vein continues to deliver excellent drill results beginning at shallow depths," said Ken Hicks, President of Argentex. "At the same time, we continue to discover new gold veins in the vicinity using proven exploration techniques. This reinforces management's belief that there is considerable geological potential in this expanding gold-silver vein swarm at Pinguino. As part of our ongoing preliminary economic assessment (scoping study), our current resource estimate is being evaluated as to how much would be accessible from the surface. Additional new results like these from shallow mineralization at Marta Norte would likely enhance that evaluation."
Results
The following table displays select analytical results for six additional holes from the company's 2009-2010 drill program. All of the holes are located at Marta Norte, a high-grade silver vein of the Pinguino property.
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Drill Hole From To Length Gold Silver
(m) (m) (m)* (g/t) (g/t)
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Area: Marta Norte
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P275-10 0.45 25.20 24.75 0.06 114.7
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including
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P275-10 11.25 17.10 6.15 0.13 253.6
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including
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P275-10 11.25 12.75 1.50 0.14 564.3
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and including
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P275-10 23.20 24.20 1.00 0.21 439.0
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P276-10 6.53 13.10 6.57 0.02 156.2
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P279-10 26.20 31.65 5.45 0.10 177.7
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including
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P279-10 30.70 31.65 0.95 0.38 675.7
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P281-10 7.52 11.55 4.03 0.52 297.4
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including
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P281-10 9.56 10.60 1.04 1.32 808.9
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P282-10 1.50 4.40 2.90 0.16 113.6
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and
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P282-10 16.27 19.85 3.58 0.03 127.6
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including
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P282-10 16.27 17.33 1.06 0.06 295.3
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and
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P282-10 25.25 26.30 1.05 1.66 88.2
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P291-10 88.40 93.10 4.70 0.09 183.6
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* True widths are estimated to be 85-90% of the stated core length
A total of 64 drill holes covering 3,933 meters have now been completed at the Pinguino property. Samples have been collected from these holes and submitted for analysis. Results will be published as they are received.
Trenching reveals additional gold-rich vein at Pinguino
Additional trenching results from the new gold vein swarm discovered in the northwest corner of the Pinguino property continue to expand and enhance this developing precious metal quadrant. The newly discovered Maco vein, which covers a strike length of approximately 400 meters, returned 10.17 g/t gold over 0.7 meters gold within an area of thin but extensive overburden.
Drilling at Condor gold property
Drilling at our Condor property commenced on schedule and a program of approximately 2,000 meters will initially test the mineralized system at shallow depths based upon the geophysical signatures acquired in the pre-drilling phase of exploration.
Recently completed detailed exploration at Condor's El Aguila vein area included 16 grab samples ranging in value from 0.25 g/t to 59 g/t gold within an area of approximately 2,000 meters by 250 meters.
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.
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 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 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 "management's belief that there is considerable geological potential in this expanding gold-silver vein swarm at Pinguino" and "additional new results like these from shallow mineralization at Marta Norte would likely enhance that evaluation." 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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