VANCOUVER,
March 28 /PRNewswire/ - Argentex
Mining Corporation ("Argentex" or "the Company") (TSXV:
ATX) (OTCBB: AGXM) is pleased to announce the first
drilling results of its 2011 exploration program at its 100%-owned
Pinguino Project, located in the mining friendly Santa Cruz Province of Argentina. The primary purpose of the 2011
exploration program, which includes a 17,000-meter drill program
and a 12,000-meter trenching program, is to test known existing
structures at a shallow depth to expand the current silver and gold
resource at Pinguino. The Marta Noroeste vein is the first target
to be tested within a 420-meter zone along a mineralized zone
totaling approximately 1,500 meters in strike length. Drilling
continues to return excellent grades and the highest to date within
the structure, including 4.0 meters grading 965 g/t Ag and 3.23 g/t
Au.
The following table displays selected analytical
results from a total of 7 percussion (RC) holes from Marta
Noroeste. All of the holes in the table intersected oxidized
gold and silver mineralization at shallow levels below
surface. A map of drill hole collars is available at
http://www.argentexmining.com/images/MNW.jpg.
Drill Hole |
From (m) |
To (m) |
Interval
(m)*1 |
Gold (g/t) |
Silver
g/t |
PR14-11
Including |
0.00
5.00 |
32.00
6.00 |
32.00
1.00 |
0.07
1.02 |
41.7
659.0 |
PR16-11 |
23.00 |
24.00 |
1.00 |
0.02 |
8.6 |
PR18-11
Including |
23.00
26.00 |
42.00
27.00 |
19.0
1.00 |
0.17
2.18 |
39.3
692.0 |
PR20-11
Including |
24.00
26.00 |
32.00
29.00 |
8.00
3.00 |
0.32
0.36 |
105.9
214.3 |
PR21-11
Including |
118.00
124.00 |
125.00
125.00 |
7.00
1.00 |
0.28
1.40 |
51.0
274.0 |
PR23-11
Including |
19.00
23.00 |
28.00
27.00 |
9.00
4.00 |
1.97
3.23 |
473.0
965.0 |
PR28-11 |
18.00
41.00 |
20.00
44.00 |
2.00
3.00 |
0.33
0.28 |
67.5
46.4 |
*1True widths are
estimated to be 85-90% of the stated core length
"These intersections on Marta Noroeste continue
to highlight the presence of a significant mineralized silver and
gold system, and represent another successful milestone in
showcasing the potential of the exploration camp. Our experienced
technical team, led by technical advisor Diego Guido, PhD, continues to identify a
precious metals vein swarm consisting of 51+ veins over an
approximate strike length of 75+ line-kilometers to date, making
this one of the largest discoveries to date on the Tranquilo Trend,
second only to the world-class Cerro
Vanguardia mine (Anglo
Ashanti) located to the south east. With the recent
announcement of a positive Preliminary Economic Assessment ("PEA"),
based on only a small portion of the Pinguino project, we believe
that we are making significant progress in advancing the deposit to
development stage," commented Ken
Hicks, President of Argentex. "Marta Noroeste is the
first of more than 13 separate structures targeted in this program
and we continue to be encouraged by these results, and look forward
to reviewing additional data over the ensuing months from the
17,000-meter drill program".
Initial drilling in 2011, together with a trenching
survey, identified three shoots developing along the Marta Noroeste
vein. The Central shoot, which was identified by previous drilling
in 2010, has increased in the 2011 drilling to date, and remains
open in all directions. The North shoot, discovered by the current
2011 drill program (hole PR14-11 that reports 1 m @ 1.02 g/t Au and
659 g/t Ag), remains open to the north. The South shoot, discovered
by trenches (MNW-08-10 that reports 13.6 m @ 0.53 g/t Au and 32 g/t
Ag), remains open in all directions and will be drill tested in the
2011 program. Of interest, the Marta Noroeste shoot develops down
to 80 meters below surface, which is deeper than the average 50
meters deep oxidation limit on other shoots on the property.
Of the 17,000 meters planned for the first half of
2011, a total of 106 reverse circulation ("RC") drill holes,
covering 7,300 meters, have been completed with the first drill rig
at the Pinguino property. The second rig recently added at Pinguino
has completed 12 diamond drill holes for a total of 1,720 meters to
date.
About Pinguino
Argentex's Pinguino property is located in
Argentina's Patagonia region,
within the Deseado Massif of Santa
Cruz province. Argentex believes that 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, and
includes multiple active advanced and early stage exploration
projects.
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.
Exploration on the Pinguino property is being
conducted under the supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a
"Qualified Person" (QP) as defined by Canada's National Instrument 43-101.
About Argentex:
Argentex Mining Corporation is an exploration
company focused on the discovery of silver, gold and polymetallic
deposits on its advanced late-stage exploration projects in the
Patagonia region of southern Argentina.
In 2011, through an extensive targeted exploration
program, Argentex is currently advancing its highly prospective
projects, focusing primarily on its 100%-controlled Pinguino
project, located in Santa Cruz
province. An early 2011 drill program of approximately 17,000
meters is underway at Pinguino, where Argentex plans to drill test
the extents of previously identified high-grade silver targets
discovered in 2010. More than 9,000 meters of the proposed
17,000-meter program have been completed to date. The new
discoveries being drill tested include the Tranquilo and Luna veins
at Pinguino, which returned high-grade results in previous drill
programs, including 6.0 meters of over 2,428 g/t silver and 0.22
g/t gold and 6.4 meters of 486.6 g/t silver and 1.91 g/t gold. More
than 51 individual veins have so far been discovered at Pinguino,
with a combined strike length in excess of 75
line-kilometers. Only a small percentage of veins and
potential targets have been drill tested in the 42,300 meters of
drilling completed at Pinguino to date.
Argentex's 10,000-hectare Pinguino property is
located in Argentina's Patagonia
region, within the Deseado Massif of Santa Cruz province. Pinguino is easily
accessible, situated approximately 400 meters above sea level in
low-relief topography. An existing system of all-weather
roads provides year-round access to the property.
In total, Argentex owns 100% of the mineral rights
to more than 35 projects located within approximately 307,981 acres
(124,636 hectares) of highly 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.
On behalf of Argentex Mining Corporation:
"Ken E. Hicks"
President
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 test known existing structures at a shallow
depth to expand the current silver and gold resource at Pinguino
and test the limits of recent high-grade silver targets discovered
in 2010, its belief that it is making significant progress in
advancing the deposit to development stage and its belief that
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