VANCOUVER, Jan. 24 /CNW/ - Argentex Mining Corporation (TSX-V: ATX,
OTCBB: AGXM) is pleased to announce that the company has commenced
drilling at its Pinguino silver project in Santa Cruz, Patagonia,
The proposed 17,000-meter drill program will initially target shallow,
silver-rich mineralization discovered in late 2010 drilling. Multiple
centers of this type of high-grade mineralization were discovered
throughout the Pinguino property in veins including Tranquilo, Marta
Norte, Tranquilo Sur and Luna. These discoveries remain wide open in
all directions and have excellent potential for expansion. Previously
published results in these areas include Hole P349-10, which returned
an 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
"We have a strong treasury and we are excited to begin this strategic
phase of drilling at Pinguino, targeting the previously discovered
high-grade silver intersections for expansion along strike and at
depth," said Ken Hicks, President of Argentex. "We have never been in a
better position to move the company forward and demonstrate the
excellent geological potential at Pinguino."
Drilling will also target a potential new zone of mineralization
believed to occur throughout the Pinguino district-scale mineralized
vein system. This zone is represented at the transition point above the
contact between oxide and primary mineralization. Management believes
this zone represents an area of mineralized enrichment that has only
recently been recognized. It holds potential for higher grade
Additionally, drilling will target numerous areas with well-defined
drill targets to expand the existing mineral resource at depth.
Gradient IP surveys currently in progress will be used to further
refine targets, expand known mineralized signatures to depth and
develop new drill targets.
Argentex's recent acquisition of the surface rights overlaying Pinguino
solidifies the company's presence and commitment to the long-term
vision for the project. Securing both the mineral and surface rights is
a key combination in creating the stable environment that meets the
needs of the company now and in the future.
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 the newly tested Tranquilo 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 and early-stage
exploration projects are also widespread throughout the Deseado Massif
with junior, mid-tier and senior exploration companies active in the
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 ALS Chemex (Argentina) in
Mendoza, Argentina. Argentex, Acme and ALS Chemex all maintain
comprehensive and independent Quality Control/Quality Assurance
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
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.
Ken Hicks, President
Argentex Mining Corporation
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 "these discoveries remain wide open in all directions and have
excellent potential for expansion. Drilling will also target a
potential new zone of mineralization believed to occur throughout the
Pinguino district-scale mineralized vein system. This zone is
represented at the transition point above the contact between oxide and
primary mineralization. Management believes this zone represents an
area of mineralized enrichment that has only recently been
recognized." 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:
Ken Hicks, President
Argentex Mining Corporation