Argentex drills bonanza silver intersection at Pinguino: 6.0 meters of 2,428
g/t silver on Tranquilo Trend
VANCOUVER, Sept. 13 /CNW/ - Argentex Mining Corporation's (TSX-V: ATX, OTCBB: AGXM) is pleased to release the most recent drill results from the Tranquilo vein on its wholly owned Pinguino property in Santa Cruz province, Argentina. This recent drilling, which focused on new silver-gold targets, successfully intersected the highest-grade silver mineralization ever discovered on the property.
Hole P349-10, which was drilled into the 11-kilometer long Tranquilo Trend crosscutting the Pinguino property, returned a thick intersection of high-grade silver mineralization containing 6.0 meters of 2,428 g/t silver, 0.22 g/t gold, 0.32% copper and 0.74% lead. This new mineralization was discovered at shallow depths of less than 15 meters within the oxidized zone. Holes P349-10, P348-10, P358-10 and previously published hole P323-10 together confirm a new mineralized trend containing bonanza-grade silver. This trend is in excess of 275 meters in length and remains open ended along strike and at depth.
"These are truly spectacular silver results from Tranquilo. This prominent regional Tranquilo fault remained the largest untested structure at Pinguino until commencement of our 2010 drill program," said Ken Hicks, President of Argentex. "The discovery of this type of bonanza-grade silver mineralization within such a massive structure has added a new dimension to Pinguino's potential. Tranquilo has emerged as the most significant silver discovery at Pinguino to date and we intend to focus our exploration efforts there on further expansion and definition."
Results
The following table displays selected analytical results from the Tranquilo and Luna veins, both located within the northwest Tranquilo Trend. All of the holes in the table intersected oxidized gold and silver mineralization. A map of drill hole collars is available on our web site.
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Drill Hole From To Interval Gold Silver Copper Lead
(m) (m) (m)* (g/t) (g/t) % %
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Vein: TRANQUILO
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P348-10 43.15 45.05 1.90 0.15 195.9 0.22 0.28
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P349-10 9.00 20.20 11.20 0.14 1315.8 0.20 0.45
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including 9.00 15.00 6.00 0.22 2428.3 0.32 0.74
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including 9.00 12.93 3.93 0.30 3568.8 0.37 0.95
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P350-10 42.00 44.70 2.70 0.08 228.7 0.50 0.15
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P353-10 36.65 43.25 6.60 0.16 229.0 0.92 3.03
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P358-10 45.20 54.30 9.10 0.09 168.1 0.36 1.25
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including 46.20 50.80 4.60 0.16 313.0 0.57 2.32
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Vein: LUNA
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P346-10 127.20 137.10 9.90 0.04 61.8 0.02 0.07
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including 130.70 134.55 3.85 0.07 110.7 0.03 0.04
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* True widths are estimated to be 85-90% of the stated core length
A total of 89 drill holes (P270-10 through P358-10) covering 6,224 meters have been completed at the Pinguino property as part of the 2009-10 drill program. The program was designed to drill test new precious metal targets and expand known discoveries. Drilling focused on precious metal discoveries in the Tranquilo and Luna veins, two major new silver and gold veins located within the 11-kilometer long Tranquilo Trend.
About Pinguino
Pinguino is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. With more than 75 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.
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 (www.argentexmining.com) 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, "Tranquilo has emerged as the most significant silver discovery at Pinguino to date and we intend to focus our exploration efforts there on further expansion and definition." 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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