VANCOUVER, Dec. 15 /PRNewswire/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce that its 2010-2011 exploration program has commenced in Santa Cruz province, Patagonia, Argentina. The proposed US$4.0-million program is scheduled to include 17,000 meters of drilling.
The program will focus on the high-grade silver intersections discovered in reconnaissance drilling completed in 2010 in areas such as Tranquilo, Tranquilo Sur and Luna. These veins are all wide open and located within Pinguino's Tranquilo Trend, a prominent regional structure that crosscuts the property over 11 kilometers. Previously published results in these areas include Hole P349-10, which returned a thick intersection of high-grade silver mineralization containing 6.0 meters of 2,428 grams per tonne (g/t) silver and 0.22 g/t gold, Hole P358-10 containing 4.6 meters of 313 g/t silver and 0.16 g/t gold, and Hole 308-10 containing 6.40 meters of 486.6 g/t silver and 1.91 g/t gold.
Drilling will initially target these high-grade silver zones from surface to a depth of approximately 50 meters. Our geological modeling predicts a precious-metal enrichment zone near surface. Previously published metallurgical results show the mineralization in this near-surface oxidized zone to have a simple mineralogy and excellent recovery. Additional drill testing within this program is designed to test the deeper extensions of this mineralization.
More than 50 individual veins have so far been discovered 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.
"Our goal with this program is to expand the near-surface silver mineralization by approximately 70%," said Ken Hicks, President of Argentex. "As many of the known high-grade silver intersections were only recently discovered, we are excited about the potential to expand these targets."
Argentex proposes to drill a total of 17,000 meters using a combination of reverse-circulation drilling (13,500 meters) to expand near-surface oxidized silver-gold mineralization and diamond drilling (3,500 meters). The 2010-2011 program is also scheduled to include 12,000 meters of trenching.
Highlights of the 2009-2010 drill program at Pinguino show a very successful first test of silver-gold mineralization and includes intersections such as:
|Drill Hole||From (m)||To (m)||Interval (m)*||Gold (g/t)||Silver (g/t)|
|Vein: MARTA NORTE|
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 structure 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 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 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.
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, its goal to expand the near surface silver-gold mineralization by approximately 70% and its statements about the potential to expand recently discovered high grade silver intersections. 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.
CONTACT: <p>Ken Hicks, President<br/> Argentex Mining Corporation<br/> 1-866-594-7687<br/> <a href="mailto:email@example.com">firstname.lastname@example.org</a></p>
SOURCE Argentex Mining Corporation