VANCOUVER, March 31 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on ongoing exploration activities at its Pinguino property in the silver-gold district of Santa Cruz, Patagonia, Argentina.
Trenching reveals high-grade gold vein at Pinguino
One of the new veins recently discovered at Pinguino is the Isla vein, which has been mapped with approximate dimensions of 1 to 3 meters (3.2 to 9.8 feet) wide by 1,700 meters (5,577 feet) of strike length. The mineralized section is composed of quartz vein, quartz vein breccias and quartz limonite breccias represented by scattered outcrops, within a large area of thin overburden.
Geophysics and trenching were carried out on the Isla vein in advance of diamond-drill testing. Preliminary analytical results from trenching across the Isla vein have returned a high-grade gold intercept of 2.0 meters of 20.72 g/t (0.67 oz/t) gold and 75.4 g/t (2.42 oz/t) silver. Industry standard fire assay re-analysis of these high-grade samples will be carried out with an additional procedure of screening for metallic gold.
These new trench results complement the first 2010 drilling results on Pinguino's Marta Norte vein, which included 3.06 meters (10 feet) of 836.6 g/t (26.90 oz/t) silver for the first drilled target.
A total of 57 drill holes covering 3,186 meters (10,453 feet) have now been completed at the Pinguino property. This includes 20 drill holes at Marta Norte, 19 holes on the Tranquilo fault, 10 holes on the Luna vein, four holes at Isla and four other holes on various targets. Samples have been collected from these holes and submitted for analysis. Results will be published as they are received.
"We are excited by the trenching results from the Isla vein because they reveal high-grade gold within the northwestern portion of our Pinguino property. This new discovery augments the high-grade silver Marta Norte vein, which is also located in this developing precious-metal quadrant at Pinguino," said Ken Hicks, President of Argentex.
Drilling at Condor scheduled to start in one week
Argentex has concluded the drill-target-definition phase at its gold Condor project. Drilling is scheduled to start on Condor's El Aguila vein within one week and approximately 2,000 meters (6,560 feet) have been budgeted for this initial drill program.
Recently completed detailed exploration at Condor's El Aguila vein area included 16 grab samples ranging in value from 0.25 g/t 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).
"We look forward to the first-ever drilling on our Condor property as it falls along an exciting mineralized trend in the eastern Deseado Massif," added Mr. Hicks.
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 21 of these veins have been tested by drilling. To date, Argentex has drilled 326 holes at Pinguino for a total of 33,214 meters (108,970 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 "this new discovery augments the high-grade silver Marta Norte vein, which is also located in this developing previous-metal quadrant at Pinguino," and well as "looking forward to the first ever drilling on our Condor property as it falls along an exciting mineralized trend in the eastern Deseado Massif". 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