Argentex silver footprint grows at Pinguino; Trenches 1.72 meters of 487 g/t
silver in new vein
VANCOUVER, May 5 /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.
The northwestern corner of the 10,000-hectare Pinguino property continues to yield new precious metal vein discoveries and excellent results from trenching. The latest results received are from the Luna vein. Results include high-grade silver of 487 grams per tonne over a width of 1.72 meters contained within a larger zone of 6.3 meters averaging 169.9 g/t silver.
"Our silver-gold mineralization footprint continues to expand in this prospective area of the Pinguino project," said Ken Hicks, President of Argentex. "Soil sampling, prospecting, trenching and follow-up drill testing have been very effective in defining new precious metal veins, adding to the inventory of known mineralized veins at Pinguino."
Results
The following table displays select analytical results for trenching during the company's 2009-2010 work program. All of the trenches are located at the northwest corner of Pinguino in the general vicinity of the Marta Norte zone. A location map showing the drilling and trenching zones is available on our web site: http://www.argentexmining.com/fileupload/pdf/Pinguino_Drilling_Zones.pdf.
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Start Finish Length Gold Silver
Trench (m) (m) (m) (g/t) (g/t)
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Area: Luna and vicinity
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LUN 09-10 31.20 33.00 1.80 1.72 487.0
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within 26.70 33.00 6.30 0.50 169.9
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LUN 10-10 31.50 32.00 0.50 0.35 104.0
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LUN 10-10 42.60 44.80 2.20 0.12 100.6
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LUN 12-10 17.00 19.50 2.50 0.33 97.6
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LUN 15-10 21.00 24.00 3.00 0.13 114.0
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FAN 02-10 19.70 21.20 1.50 0.38 98.1
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FAN 04-10 16.60 23.60 7.00 0.38 116.8
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FAN 07-10 9.40 10.10 0.70 0.08 38.7
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TR 130-10 47.50 49.50 2.00 0.04 72.3
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TR 143-10 15.00 21.00 6.00 0.01 81.7
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TR 143-10 18.00 21.00 3.00 0.01 134.3
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MN 01-10 4.50 8.70 4.20 1.09 12.7
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ISL 02-10 8.20 10.00 1.80 1.03 313.8
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ISL 03-10 6.80 7.60 0.80 0.72 126.0
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ISL 18-10 3.60 4.60 1.00 0.89 6.2
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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. 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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