TORONTO, May 2, 2012 /CNW/ - Argentium Resources Inc. (CNSX: AOK, OTC:AGTMF) ("Argentium or company") is pleased to report the results of sampling from its 100%-owned Sill Lake silver/lead property located near Sault Ste. Marie, Ontario.
As previously reported (see news February 8th, 2012) the initial sample assays of the silver content were above the detectable limits for silver and had to be re-assayed through gravimetric analysis. The new assay results from these 3 samples of high-grade galena-bearing quartz-carbonate vein are listed in the below table:
|Sample||Lead (%)||Silver (g/t)||Copper (%)||Gold (g/t)|
"I am very pleased with these high-grade results, especially given that the samples were of a substantial size weighing 1.5, 3 and 5.4 kilograms respectively. To obtain the results such as these is indicative of a strong system and we are eager to continue our exploration work on the property," commented John Carter, President and CEO of Argentium.
The main sulfide in the mineralized vein is argentiferous galena (gn), although sphalerite (sp), chalcopyrite (cp), pyrite and free silver are also present. Enrichment at Sill Lake is primarily silver, lead and copper, however they are commonly accompanied by enrichment in other metals including Gold (au), nickel (Ni), and zinc (Zn).
Argentium has also undertaken lead isotope testing and has confirmed presence of the low alpha isotope within samples from the main vein. Results from the assays and an update about the potential for Low Alpha Lead at Sill Lake shall be announced at the market close on Thursday May 3rd, 2012.
The known silver-lead mineralization is within a NW-SE striking fault zone trending across the central part of the Sill Lake holdings. The mineralization trend extends at depth to at least 200 feet and has previously been developed by underground mining methods, extracting 7,000 tons of high grade ore.
It is Argentium's plan to further investigate and evaluate the property. A complete budget has been prepared to include; completion of the data compilation, building a 3D model of the historical workings, drilling, and extensive channel sampling of the exposed vein to obtain fresh samples. This work will also help with the next stage which includes ground geophysics, dewatering of the underground workings, taking mining claims to lease and designing a drill program to determine the extent of the mineralization at depth and evaluate the potential of a possible parallel structure to start bulk sampling. Currently the permitting processes are underway for dewatering of the shaft and for a bulk sampling program.
Assaying was completed by AGAT Laboratories Ltd. (Mississauga). Gold values were obtained by method of fire assay with an ICP-OES finish. A 43 element ICP-OES metals package was also run on the 3 samples followed by gravimetric analysis for silver as they all initially assayed over 100g/t.
Technical information in this news release has been reviewed by Ms. Lindsay Moss, P. Geo. and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. A 43-101 Technical Report on the Sill Lake property is available on the Company website.
Argentium Resources Inc. pursues silver mining exploration, development and production opportunities within North America and other international jurisdictions. Argentium's project pipeline consists of a balance of high-potential pre-feasibility and early stage exploration properties. The company's goal is to start generating cash flow with highly potential projects which can be used to finance further expansion of resources and exploration of other, untested, high-grade targets. Argentium is well-positioned for sustained growth and performance with a fundamental commitment to both sustainable growth for shareholders and to the environment. Please visit: www.argentiumresources.com
CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release contains "forward looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the US. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated operational plans, planned use of proceeds. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ab1ity to complete its development work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's continued development work, technical, safety or regulatory issues. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
For further information:
John Carter, President