VANCOUVER, Dec. 8 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) reports that it has initiated its 2009-2010 drill program on the silver-zinc-indium Pinguino property in Santa Cruz, Patagonia, Argentina.
The initial phase of the program is focused on expanding high-grade silver-gold and silver-zinc-indium targets at Pinguino, starting with diamond drilling at Marta Norte, a high-grade silver zone that has previously returned promising results and that remains open along strike and at depth.
"The level of interest in Santa Cruz province has grown substantially and exploration activity in the region has accelerated," said Ken Hicks, President of Argentex. "We are excited to be drill testing open-ended zones of silver-gold and silver-zinc-indium mineralization at Pinguino. Our initial resource estimate in September incorporated data from just nine of the 47 veins identified on the property to date. The goal of our current drill program is to upgrade the existing resource estimate through widely spaced drilling on these existing targets."
Comprehensive Drilling to Increase Pinguino Mineralization
After work at Marta Norte is complete, Argentex intends to use a combination of diamond drilling and reverse-circulation drilling to expand near-surface oxidized silver-gold mineralization and deeper sulphide mineralization at Pinguino. Widely spaced drilling is proposed along strike of zones with previous closely spaced drilling. Drilling at Pinguino in 2009-2010 is designed to test both shallow and deep areas of the mineralized system.
Major Perforaciones S.A., a division of Major Drilling Group International, has been contracted for the upcoming drill program.
Ongoing 2009-2010 Exploration on Santa Cruz Properties
Detailed mapping conducted by Argentex geologists in the last two months provides a solid geological framework of prospective ground within the Condor, Cerro Conteras, Nuevo Oro and La Leona claim blocks. Using this information, Argentex proposes to design detailed ground magnetic surveys with a higher resolution and tighter control compared with airborne surveys. Survey design is underway and magnetic anomalies derived from these surveys will be used for further drill target definition.
Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. The 2006 discovery of silver-indium-zinc-lead-gold mineralization at Pinguino 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 the initial discoveries at Marta Centro and Yvonne and now encompasses 15 drill-tested veins from more than 47 veins mapped on the property to date. Argentex has drilled a total of 269 holes at Pinguino for a total of 30,028 meters (98,517 feet).
Indium, a significant component of Argentex's polymetallic discovery at Pinguino, is 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.
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. 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 goal of our current drill program is to upgrade the existing resource estimate through widely spaced drilling on these existing targets." Widely spaced drilling is proposed along strike of zones with previous closely spaced drilling. Drilling at Pinguino in 2009-2010 is designed to test both shallow and deep areas of the mineralized system." 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, firstname.lastname@example.org