VANCOUVER, Jan. 20 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on the diamond drill program currently underway on its silver-zinc-indium Pinguino property in Santa Cruz province, Argentina, where progress remains on schedule.
Drilling for the 2009-2010 field season commenced in December at Pinguino's Marta Norte zone, a high-grade silver area that has previously returned promising results and that remains open along strike and at depth.
A total of 14 shallow drill holes totaling 607 meters (1,991 feet) have been completed to date in the near-surface oxidation zone. Core samples have been sawn and shipped to Acme Labs for analysis with analytical results expected next month.
Soil sampling as well as excavator trenching of new targets at Marta Norte is also underway. So far more than 600 soil samples have been collected. Soil geochemistry has proven to be an excellent indicator of blind or covered veins that are hidden by a thin layer of overburden common in the area. Excavator trenching is exposing more of the mineralized system and allows insitu rock sampling in preparation for drilling.
"Marta Norte is one of the most promising areas to increase our existing mineral resources with additional high-grade silver mineralization," said Ken Hicks, President of Argentex. "Using detailed prospecting, geochemistry and trenching, we are finding indications of new parallel and conjugate vein targets in the Marta Norte area."
This program is expected to continue into the second quarter of 2010, after which time Argentex is planning to complete a revised mineral resource estimate. Concurrently, preliminary metallurgical testing and a scoping study (PEA) are in progress with an independent engineering firm. Argentex anticipates that the PEA and metallurgical testing should be completed in the second quarter of 2010.
Visit Argentex at Mineral Exploration Roundup 2010
Argentex will be exhibiting at today's Mineral Exploration Roundup in Vancouver. Management will be on hand to provide information about Pinguino and answer questions during its display in the map tent from 9:30 am to 5:00 pm PT.
Now in its 27th year, the Mineral Exploration Roundup is one of the world's largest technical mineral exploration conferences. It takes place at Vancouver's Westin Bayshore hotel.
Pinguino is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Argentex discovered the unique silver-indium-zinc-lead-gold mineralization at Pinguino, has so far drilled 283 holes for a total of 30,635 meters (100,508 feet) and retains a 100% interest in the property.
According to a preliminary 43-101 resource estimate, Pinguino contains 35.4 million tonnes at 4.0 oz/t (123.63 g/t) silver equivalent in the inferred category and 7.3 million tonnes at 5.5 oz/t (169.64 g/t) silver equivalent in the indicated category, with additional information available in the company's press release dated September 14, 2009.
Mineralization at Pinguino is contained in multiple zones that remain open-ended along strike and to depth. More than 47 veins have been mapped on the property to date and 15 of these veins have been tested by drilling.
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 company's belief that this program is expected to continue into the second quarter of 2010, after which time Argentex is planning to complete a revised mineral resource estimate. Concurrently, preliminary metallurgical testing and a scoping study (PEA) are in progress with an independent engineering firm. Argentex anticipates that the PEA and metallurgical testing should be completed in the second quarter of 2010. 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