Argentex: Management summary of mineral resource estimate and highlights of
Pinguino project developments
Pinguino Resource Estimate
In a recent press release (dated
At a cutoff grade of 1.6 oz/t silver equivalent, the mineral resource estimate includes:
- 35.4 million tonnes at 4.0 oz/t silver equivalent (inferred category)
and
- 7.32 million tonnes at 5.5 oz/t silver equivalent (indicated
category)
The silver equivalency calculation combines individual silver, gold, lead, zinc and indium grades at a specific cutoff grade and category into a single "silver equivalent" number. Argentex believes that this provides a simpler representation of the nine individual veins with differing mineralogy used in the recently completed mineral resource estimate at Pinguino. For additional details, please refer to the
Mineralization at Pinguino has a strong geophysical signature from its sulphide-rich mineralization within the vein itself (typically higher-grade material) as well as the wide envelope of disseminated and veinlet mineralization (typically lower-grade material) surrounding the veins. Nine veins of a total of 15 drill tested veins had sufficient density to be used in the mineral resource estimate. More than 47 veins have been mapped to date on the property and numerous geophysical targets remain to be tested.
"Our first mineral resource estimate was a significant milestone in our company's development as it confirms our confidence in Pinguino," said
Silver and Gold Highlights
"Significant silver and gold drill intersections form part of the body of data that was used to prepare the mineral resource estimate," adds
The following table displays highlights from previously released results of core diamond drilling at Pinguino. A map of vein distribution and drill holes at Pinguino is available on our web site: http://www.argentexmining.com/santacruz-pinguino.php.
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Drill From To Length Indium Gold Silver Lead Zinc
Hole (m) (m) (m)* (g/t) (g/t) (g/t) (%) (%)
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AREA: Marta Centro
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P053 45.70 56.50 10.80 177 0.85 138.7 3.02 8.09
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P073 34.90 37.50 2.60 27 5.52 704.0 1.28 0.06
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P074 44.65 50.50 5.85 207 1.05 201.0 4.34 8.18
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P075 43.25 64.00 20.75 46 0.22 38.0 1.59 3.72
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P076 48.00 51.30 3.30 158 0.81 113.0 2.52 9.98
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P080 67.60 70.00 2.40 127 1.17 85.0 1.39 11.29
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P081 55.07 70.00 14.93 105 0.41 78.0 2.03 6.91
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P082 59.10 71.40 12.30 188 0.58 101.0 1.95 9.37
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P083 60.60 70.80 10.20 91 0.33 78.0 1.70 6.92
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P085 86.60 88.98 2.38 185 0.70 201.0 6.76 16.14
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P086 82.40 97.10 14.70 117 0.42 73.0 1.72 7.22
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P090 68.94 70.75 1.81 108 14.90 100.0 1.19 7.74
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P093 59.40 60.80 1.40 43 0.61 191.0 4.67 14.48
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P131 113.20 114.70 1.50 148 0.50 108.0 1.90 11.30
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P132 108.20 108.90 0.70 434 0.50 124.0 3.80 22.70
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P133 105.82 112.50 6.68 165 0.58 113.7 2.52 9.69
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P134 108.55 111.92 3.37 169 0.61 228.7 6.57 11.42
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P138 123.30 127.10 3.80 135 0.40 119.0 3.30 9.90
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P140 116.48 123.00 6.52 45 0.41 103.4 3.43 7.07
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P163 213.26 219.54 6.28 69 0.51 83.9 2.83 12.11
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P164 200.15 205.35 5.20 117 0.81 310.2 7.28 11.61
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P173 247.56 253.30 5.74 79 0.69 142.1 3.44 10.10
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AREA: Marta Este
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P001 33.80 35.20 1.40 Na 7.35 140.0 na na
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P011 49.87 52.04 2.17 Na 5.89 362.0 na na
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P016 73.19 76.00 2.81 Na 3.83 272.3 na na
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P021 76.75 77.15 0.40 Na 12.43 24.0 na na
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P145 72.60 79.70 7.10 1 1.78 997.8 2.78 3.59
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P146 74.54 79.00 4.46 1 0.90 484.1 2.75 2.57
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P153 70.70 81.33 10.63 10 3.30 554.5 0.30 0.07
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P154 67.80 77.83 10.03 2 3.02 718.9 0.15 0.07
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P155 73.80 76.82 3.02 2 0.49 582.3 2.56 0.17
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P208 107.85 112.95 5.10 5 0.81 316.9 4.09 6.54
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P209 145.50 147.15 1.65 13 0.69 314.2 6.37 9.62
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AREA: Marta Norte
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P029 37.14 39.05 1.91 Na 0.36 523.4 na na
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P031 43.60 46.50 2.90 Na 0.56 509.3 na na
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P032 28.30 37.10 8.80 Na 0.90 1094.9 na na
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AREA: Marta Noroeste
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P024 32.00 33.90 1.90 Na 8.19 916.7 na na
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P025 14.00 17.38 3.38 Na 1.14 525.9 na na
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P026 23.00 25.40 2.40 Na 2.26 620.3 na na
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P196 72.90 79.60 6.70 0 11.04 38.5 0.09 0.02
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P197 99.15 100.50 1.35 0 6.99 100.0 0.15 0.11
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AREA: Yvonne
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P047 40.20 41.70 1.50 152 2.55 22.3 0.49 5.65
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P048 22.30 23.30 1.00 73 30.64 100.0 0.57 0.31
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P095 35.37 36.37 1.00 107 8.00 95.0 0.34 0.51
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AREA: Marta Sur
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P044 57.25 59.90 2.65 Na 8.69 37.2 na na
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AREA: Sonia
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P113 31.45 33.30 1.85 121 0.73 273.6 5.33 12.35
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AREA: Yvonne Norte
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P103 51.48 52.60 1.12 118 0.39 29.8 0.33 4.78
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AREA: Yvonne Sur
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P200 70.38 81.28 10.90 33 0.25 130.2 6.49 7.89
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AREA: Kasia
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P111 60.36 62.75 2.39 145 0.66 29.3 0.81 6.25
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*True widths are estimated to be 85-90% of the stated core length
Canadian Institute of Mining ("CIM") definitions were followed for
Mineral Resource estimation and classification. As defined, Mineral
Resources do not have demonstrated economic viability and Indicated
Resources have a higher degree of confidence than do Inferred Resources.
The Mineral Resources fall within a volume or shell defined using long
term metal price estimates of US $795.45/oz for gold, $13.83/oz for
silver, $1.14/lb for zinc, $0.92/lb for lead and spot price of $465 per
kilogram for indium.
Silver equivalent calculation uses a 36 month rolling price average.
London gold and Silver were determined from the PM price fix in USD. Zinc
and lead average prices were calculated from 36 month rolling averages,
International Monetary Fund dataset. Indium does not have a world fixed
price but trades on the spot market. Indium prices quoted are current
spot prices.
The Silver Equivalent (AgEq) calculation is as follows:
AgEq = Ag(g/t) + (Au g/t * 25.57 / 0.44) + (Pb % *
20.282 / 0.44) + (Zn % * 25.132 / 0.44) + (In g/t * 0.465 / 0.44)
Indium mineralogy is dominated by solid solution with sphalerite. Indium
is recovered in the smelting of zinc concentrates. At this time no
metallurgy has been completed on Pinguino, so for the purpose of creating
the Silver Equivalent, the study assumed 100% recovery. Actual recoveries
will undoubtedly be lower. In addition to presenting the individual metal
grades, we have used the Silver Equivalent in an effort to simplify the
presentation of all variables in a grade tonnage table that allows for
metal zonation and demonstrates the scope of the mineralized system. The
most likely cut-off grade for this deposit is not known at this time and
must be confirmed by the appropriate economic studies. The estimation of
mineral resources may be materially affected by environmental,
permitting, legal, title, taxation, sociopolitical, marketing, and other
relevant issues.
SI metric units are used as the basis for this study; however Imperial
units are sometimes used in the mining industry therefore conversion
factors are provided: 31.103481 grams in one troy ounce, one metric tonne
= 1000 kilograms = 2204.6 pounds, 1% =
22.046 pounds, one meter = 3.28 feet, one hectare =
2.471 acres
The resource estimate was prepared by
About Pinguino
Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of
Indium, a significant component of Argentex's polymetallic discovery at Pinguino, is used in flat-panel (LCD, plasma) displays, and in leading-edge thin-film solar cell technology.
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 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,
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
Exploration on the Pinguino property is being conducted under the supervision of
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 belief that untested exploration targets at Pinguino provide excellent exploration potential for new discoveries and that a preliminary economic assessment and an aggressive exploration program can commence shortly. 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 other risks that are inherent in Argentex's operations including the risk that the Company may not find any minerals in commercially feasible quantity and the Company's ability to raise the capital required to fund a preliminary economic assessment and an aggressive exploration program and otherwise 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.
Cautionary note to U.S. investors: The terms "indicated mineral resource", and "inferred mineral resource" used in this news release have been adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves. Use of these terms in disclosure is recognized and at times required by the Canadian Securities Administrator's National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), but the Securities and Exchange Commission (the "SEC") does not recognize them and prohibits use of them in documents filed with the SEC. U.S. investors are cautioned that mineral resources that are not mineral "reserves" do not have demonstrated economic viability and there can be no assurance that any part of a mineral deposit included in the measured and indicated categories will ever be converted into a reserve. "Inferred mineral resources" in particular have a great amount of uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. NI 43-101 provides that estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable.
For further information: Ken Hicks, President, Argentex Mining Corporation, 1-866-594-7687, [email protected]
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