VANCOUVER , March 7 /PRNewswire/ - Argentex Mining Corporation (TSXV: ATX) (OTCBB: AGXM) is pleased to announce that a second drill rig has been deployed to its 100% owned Pinguino property in Santa Cruz province, Argentina. The company is ramping up its proposed 17,000-meter drilling program to accommodate the large number of generated targets, with this second rig specifically dedicated to core drilling. To date, approximately 850 meters of HQ core has been completed between the Marta Este and Marta Centro zones as part of the 2010-2011 program.
At the same time, ongoing reverse circulation (RC) drilling at Pinguino project is progressing well, with approximately 5,500 meters completed to date. The 2011 exploration budget for Pinguino is approximately $4 million.
The RC drilling completed has tested the upper part of the oxide horizon within 13 silver-dominant zones including Tranquilo, Marta Este and Marta Norte. An additional target is the contact of oxide-primary mineralization, located approximately 50 meters below surface. Geological modeling suggests a possible zone of secondary silver enrichment at that interface. Excellent potential exists within these targets for expansion and definition of additional silver mineralization.
Complementing the drilling program is an extensive program of trenching to test strategic surface targets. To date, eight silver-gold veins including silver-rich Marta Norte have been trenched for a total of 6,980 meters. The focus of our exploration activities at Pinguino is the expansion of near-surface silver discoveries with our overall goal of defining the extensive mineralized footprint.
Rock samples from RC and diamond drilling together with diamond saw channel samples from trenching have been submitted to Acme Analytical Laboratories for analysis and results are pending.
The exciting new discoveries in 2010 of high-grade silver within the Tranquilo and Luna structures adds to the overall potential of the previously known precious metal mineralization at Pinguino. More than 50 individual veins have been discovered to date at Pinguino, with a combined strike length in excess of 75 line kilometers. Only a small percentage of Pinguino's entire system of veins and known targets has been drill tested to date.
Argentex is scheduling to drill a total of 17,000 meters using a combination of reverse-circulation drilling (13,500 meters) and diamond drilling (3,500 meters) to expand near-surface oxidized silver-gold mineralization. We have also budgeted for 12,000 meters of trenching in our 2010-2011 exploration program.
Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. 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. Advanced exploration as well as early-stage projects are also well established in this area.
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.
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. It holds an undivided 100% interest in the mineral rights to the Pinguino property. In total, the company owns 100% mineral rights to more than 35 properties with approximately 307,981 acres (124,636 hectares) of 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.
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 and as part of company management, he 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.
Ken Hicks, President
Argentex Mining Corporation
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 anticipation that the proposed program will included 17,000 meters of drilling and 12,000 meters of trenching and its statements that "geological modeling suggests a possible zone of secondary silver enrichment at that interface. Excellent potential exists within these targets for expansion and definition of additional silver mineralization.", "The exciting new discoveries in 2010 of high-grade silver within the Tranquilo and Luna structures adds to the overall potential of the previous known precious metal mineralization at Pinguino" and "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." 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.
SOURCE Argentex Mining Corporation