VANCOUVER, April 12 /PRNewswire/ - Argentex Mining Corporation (TSXV: ATX,OTCBB: AGXM) is pleased to release additional drill results from its 2011 exploration program at its 100%-owned Pinguino project located in Santa Cruz, Argentina. To date, the Company has completed 11,195 meters of RC drilling in 162 holes and 3,611 meters of diamond drilling in 19 holes. The following table includes results from the most recent 18 holes from the Marta Este and Marta Sur veins.
|Drill Hole|| From
|Marta Este Vein|
|Marta Sur Vein|
*True widths are estimated to be 85-90% of the stated core length
"We continue to define significant near surface silver mineralization at Pinguino. With more than 51 veins mapped to date and many targets remaining to be tested, our 2011 exploration program is focused on expanding our silver resource," commented Ken Hicks, President of Argentex. "We are encouraged by the large intervals of silver mineralization and the higher than expected gold values from this recent drilling. We continue to plan additional drilling in our efforts to further expand these zones along strike and at depth."
The table above displays selected analytical results from a total of 18 reverse circulation holes; 10 of these holes are from Marta Este and eight are from Marta Sur. All of the holes in the table intersected oxidized gold and silver mineralization at shallow levels below surface. A map of drill hole collars is available on our web site at www.argentexmining.com.
The program was designed to expand silver targets from our 2010 reconnaissance program as well as test new targets. Two drills are currently operating on the project. Results will be published based upon the highest number of completed holes per zone within approximately a two-week period.
Prior to 2010, primary mineralization at Marta Este was drill tested at depth and high concentrations of silver were discovered, meriting further investigation. The new shallow drilling intersected wide intervals of silver and gold mineralization with higher-grade values in the centers. Hole PR62-11 returned an interval of 24 meters grading 277.4 g/t Ag and 0.68 g/t Au, and contained a higher-grade core of 12 meters grading 512.5 g/t Ag and 1.12 g/t Au.
The Marta Sur zone has had minimal drill testing, but contains large exposures of banded and colloform epithermal quartz, which is typically found in areas of prospective epithermal mineralization. Previous reconnaissance drilling in this zone returned 33.7 g/t Ag and 7.82 g/t Au over 3.26 meters in hole P44-05. The recent eight shallow drill holes, as shown above, intersected anomalous silver and gold mineralization. To date, drilling at Marta Sur has been tested along strike length for 1,000 meters and to a depth of 90 meters.
Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Argentex believes that recent high-grade silver discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver resource.
The Deseado Massif is an active region of mining with four precious metal mines currently in production, and includes multiple active advanced and early stage exploration projects.
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.
Exploration on the Pinguino property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a "Qualified Person" (QP) as defined by Canada's National Instrument 43-101.
Argentex Mining Corporation is an exploration company focused on the discovery of silver, gold and polymetallic deposits on its advanced late-stage exploration projects in the Patagonia region of southern Argentina.
In 2011, through an extensive targeted exploration program, Argentex is focusing primarily on advancing its 100%-controlled Pinguino project, located in Santa Cruz province. An early 2011 drill program of approximately 17,000 meters is underway at Pinguino, where Argentex plans to drill test the extents of high-grade silver targets discovered in 2010. More than 15,000 meters of the proposed 17,000-meter program have been completed to date.
The new discoveries being drill tested include the Tranquilo and Luna veins at Pinguino, which returned high-grade results in previous drill programs, including 6.0 meters of over 2,428 g/t silver and 0.22 g/t gold and 6.4 meters of 486.6 g/t silver and 1.91 g/t gold. More than 51 individual veins have so far been discovered at Pinguino, with a combined strike length in excess of 75 line-kilometers.
Argentex's 10,000-hectare Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. 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.
In total, Argentex owns 100% of the mineral rights to more than 35 projects located within approximately 307,981 acres (124,636 hectares) of highly prospective land located in the Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and on the OTCBB under the symbol AGXM.
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.
On behalf of Argentex Mining Corporation:
"Ken E. Hicks"
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 recent high-grade silver discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver resource and its plans to drill test the extents of high-grade silver targets discovered in 2010. 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.
Peter A. Ball
Executive Vice President Corporate Development
Phone: 604-568-2496 or 1-888-227-5285
Email: [email protected]
SOURCE Argentex Mining Corporation