VANCOUVER ,
March 7 /PRNewswire/ - Argentex
Mining Corporation (TSXV: ATX) (OTCBB: AGXM) is pleased to announce
that a second drill rig has been deployed to its 100% owned
Pinguino property in Santa Cruz
province, Argentina. The company
is ramping up its proposed 17,000-meter drilling program to
accommodate the large number of generated targets, with this second
rig specifically dedicated to core drilling. To date, approximately
850 meters of HQ core has been completed between the Marta Este and
Marta Centro zones as part of the
2010-2011 program.
At the same time, ongoing reverse circulation (RC)
drilling at Pinguino project is progressing well, with
approximately 5,500 meters completed to date. The 2011 exploration
budget for Pinguino is approximately $4
million.
The RC drilling completed has tested the upper part
of the oxide horizon within 13 silver-dominant zones including
Tranquilo, Marta Este and Marta
Norte. An additional target is the contact of oxide-primary
mineralization, located approximately 50 meters below surface.
Geological modeling suggests a possible zone of secondary silver
enrichment at that interface. Excellent potential exists within
these targets for expansion and definition of additional silver
mineralization.
Complementing the drilling program is an extensive
program of trenching to test strategic surface targets. To date,
eight silver-gold veins including silver-rich Marta Norte have been trenched for a total of
6,980 meters. The focus of our exploration activities at Pinguino
is the expansion of near-surface silver discoveries with our
overall goal of defining the extensive mineralized footprint.
Rock samples from RC and diamond drilling together
with diamond saw channel samples from trenching have been submitted
to Acme Analytical Laboratories for analysis and results are
pending.
The exciting new discoveries in 2010 of high-grade
silver within the Tranquilo and Luna structures adds to the overall
potential of the previously known precious metal mineralization at
Pinguino. More than 50 individual veins have been discovered to
date at Pinguino, with a combined strike length in excess of 75
line kilometers. Only a small percentage of Pinguino's entire
system of veins and known targets has been drill tested to
date.
Pinguino Drilling
Argentex is scheduling to drill a total of 17,000
meters using a combination of reverse-circulation drilling (13,500
meters) and diamond drilling (3,500 meters) to expand near-surface
oxidized silver-gold mineralization. We have also budgeted for
12,000 meters of trenching in our 2010-2011 exploration
program.
About Pinguino
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
newly tested structures 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
exploration as well as early-stage projects are also well
established in this area.
Quality Assurance
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.
ABOUT ARGENTEX:
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 ATX on the TSX Venture Exchange and on the
OTCBB under the symbol AGXM.
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.
FURTHER INFORMATION:
Ken Hicks, President
Argentex Mining Corporation
1-866-594-7687
info@argentexmining.com
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 anticipation that
the proposed program will included 17,000 meters of drilling and
12,000 meters of trenching and its statements that "geological
modeling suggests a possible zone of secondary silver enrichment at
that interface. Excellent potential exists within these targets for
expansion and definition of additional silver mineralization.",
"The exciting new discoveries in 2010 of high-grade silver within
the Tranquilo and Luna structures adds to the overall potential of
the previous known precious metal mineralization at Pinguino" and
"Recent high-grade silver discoveries within newly tested
structures of the district-scale vein system at Pinguino show
potential for the development of a significant silver resource."
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