VANCOUVER, March 24 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on its ongoing exploration activities in the silver-gold district of Santa Cruz, Argentina.
The focus of 2009-2010 drilling at the company's flagship Pinguino property has expanded beyond the core zone of indium-rich silver-zinc-lead mineralization to test the adjacent silver-gold veins. Initial drilling results included a number of high-grade silver intersections, including 3.06 meters (10 feet) of 836.6 g/t silver for the first drilled target. Drilling is ongoing.
A total of 50 drill holes covering 2,736 meters (8,976 feet) have been completed to date at the Pinguino property. This includes 14 drill holes covering 989 meters (3,244 feet) at Marta Norte, 16 holes covering 1,052 meters (3,451 feet) on the Tranquilo fault, 9 holes on the Luna veins for 505 meters (1,656 feet) and 5 other holes on various targets. Samples have been collected from these holes and submitted for analysis. Results will be published as they are received.
Simultaneous with the drilling of new veins at Pinguino, Argentex continues to conduct detailed prospecting and geological mapping, resulting in the discovery of additional new epithermal veins. These new discoveries occur parallel to the Marta Norte vein, the most silver-rich area discovered at Pinguino to date. This continues to reinforce management's belief that the Pinguino vein system is the largest undeveloped vein system in Santa Cruz province. All of the drilled veins at Pinguino remain open along strike and at depth.
"Silver and gold mineralization is the primary focus of our current exploration program in this very prospective district in Santa Cruz. With an extensive land portfolio, we have no shortage of good targets to test," said Ken Hicks, President of Argentex. "Our early acquisition of high-quality properties in Santa Cruz is a solid foundation from which to grow the company organically without expensive joint venture or purchase agreements."
Grab samples return up to 59 g/t gold at Condor
Concurrent with ongoing work at Pinguino, Argentex has been carrying out target-definition exploration on the drill-ready gold Condor property. Detailed ground magnetometry and 3D IP surveys have been completed in addition to mapping and rock chip sampling.
Recently completed detailed exploration at Condor's El aguila vein area included 16 grab samples ranging in value from 0.25 g/t gold to 59 g/t gold (0.008 oz/t to 1.897 oz/t gold) within an area of approximately 2,000 meters (6,560 feet) by 250 meters (820 feet). Multiple parallel and conjugate veins were encountered in this vein swarm. The extent of these mineralized samples represents a potential 400% increase from the previously determined estimate of 400 meters (1,312 feet) of strike length. The highest values come from an outcrop displaying visible gold in ginguro bands (fine black disseminated sulphides).
Detailed mapping at Condor has also discovered multiple occurrences of silicified travertine and other "shallow" epithermal features, suggesting a paleo hot spring environment. More work is needed to fully evaluate these targets at depth, but considering the classic epithermal model, the company believes that this sinter represents the highest level of the system and therefore has potential to preserve precious metal mineralization below the surface.
Pinguino is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. With more than 74 line kilometers (46 line miles) 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. Although more than 47 veins have been mapped on the property to date (with vein widths ranging from under one meter to more than 10 meters), only 15 of these veins have been tested by drilling. To date, Argentex has drilled 319 holes at Pinguino for a total of 32,736 meters (107,401 feet).
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.
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 24,710-acre (10,000-hectare) 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.
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 307,981 acres (124,636 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. Forward-looking statements in this news release include statements about the company's belief that its current exploration efforts can enhance and define zones of near surface mineralization and that preliminary field work in the vicinity of Marte Norte suggests potential for additional silver-gold discoveries. Also that the extent of these mineralized samples represent a potential 400% increase from the previously determined estimate of 400 meters (1,312 feet) of strike length . 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
For further information: For further information: Ken Hicks, President, Argentex Mining Corporation, 1-866-594-7687, email@example.com