VANCOUVER, Sept. 30 /CNW/ - Argentex Mining Corporation (TSX-V: ATX,
OTCBB: AGXM) is pleased to announce the discovery of nine new epithermal veins
at its Plata Leon property, which is located adjacent to the company's
flagship Pinguino property in Santa Cruz, Argentina. The new veins were
identified during reconnaissance exploration conducted during the 2007-2008
season. Like Pinguino, Plata Leon lies along the "Tranquilo Trend," named for
the prominent northwest-trending structure that Argentex believes to be an
important factor in the formation of epithermal mineralization at Pinguino.
Argentex is the largest holder of mineral rights along the Tranquilo Trend.
"We developed the geological framework of our model for Pinguino during
the early stages of exploration on the property. Since then, we have refined
that model through more than 30,000 meters of diamond drilling, by expanding
known mineralization and drill testing many new zones. We are now taking the
next step -- using our accumulated knowledge and experience and successfully
applying it on our other properties in the Deseasdo Massif," said Ken Hicks,
President of Argentex. "This new discovery at Plata Leon is a testament to the
strength and dedication of the entire Argentex exploration team, underscoring
our confidence in our exploration model and expanding the overall potential of
the Tranquilo Trend."
The topographic surface at Plata Leon is largely covered by a thin layer
of overburden, which masks detailed structures and makes interpretation of
geological mapping difficult. Consequently, Landsat TM7+ multispectral imagery
was used to develop targets based on the Pinguino intrusive-related
mineralization model. High-resolution IKONOS satellite coverage was also
acquired to help define targets and for mapping purposes. Two separate
clusters of vein material were discovered through detailed exploration work in
the Plata Leon claim block. Prospecting in Area One revealed nine new in-situ
epithermal veins exposed through the thin overburden. Area Two exploration
work resulted in the discovery of large boulders of quartz-rich epithermal
vein material with excellent boiling-point replacement textures (angel wings),
which have yet to be traced to their source. While these boulders have not
been traced to their in-situ source, they provide an excellent indicator for
the formation of epithermal mineralization.
Selected grab samples from Plata Leon have been collected and submitted
for analysis. Analytical results are pending and further investigation is
"Angel wing" or "lattice" textures are formed by the replacement of platy
calcite by a quartz-rich assemblage during boiling of epithermal fluids. Fluid
boiling is a critical process in metal deposition in epithermal systems.
Argentex's Pinguino property is located in Argentina's Patagonia region,
within the Deseado Massif of Santa Cruz province. The
zinc-indium-lead-silver-gold-copper discovery at Pinguino in 2006 marked a
major exploration milestone for the company. This was the first discovery of
its kind in the region, unique in that it contains both silver-gold and
indium-enriched base-metal mineralization. This mineralization is contained in
multiple zones that remain open-ended along strike and to depth. Since 2006,
exploration of base-metal-rich targets has expanded beyond discoveries at
Marta Centro and Yvonne and now encompasses 15 drill-tested veins from more
than 35 veins mapped on the property to date.
Indium, a significant component of Argentex's polymetallic discovery at
Pinguino, is a high-value metal 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.
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. Drilling is being conducted by Boart Longyear Connors
Argentina S.A. and Major Perforaciones SA.
Argentex Mining Corporation is a junior mining exploration company with
significant holdings in the Patagonia region of Argentina. It holds an
undivided 100% interest in the mineral rights to the Pinguino property. The
company also owns 100% mineral rights to more than 30 properties with over
377,490 acres (152,766 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
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news 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 are based on current
facts and analysis and on forecasts of future results, estimates of amounts
not yet determined and assumptions of management. Forward-looking statements
in this news release include statements about the "'Tranquilo Trend,' named
for the prominent northwest-trending structure that Argentex believes to be an
important factor in the formation of epithermal mineralization at Pinguino,"
and, "Using our accumulated knowledge and experience and successfully applying
it on our other properties in the Deseasdo Massif," and, "This new discovery
at Plata Leon is a testament to the strength and dedication of the entire
Argentex exploration team, underscoring our confidence in our exploration
model and expanding the overall potential of the Tranquilo Trend." 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. 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:
For further information: Ken Hicks, President, Argentex Mining
Corporation, 1-866-594-7687, firstname.lastname@example.org