VANCOUVER,
May 5 /PRNewswire/ - Argentex Mining
Corporation's (TSXV: ATX) (OTCBB: AGXM) is pleased to release
additional drill results from the ongoing 2011 exploration program
at its 100%-owned Pinguino project in Santa Cruz, Argentina. The latest
results include 8.0 meters of 470.0 g/t silver and 1.64 g/t gold,
and 7.0 meters of 121.9 g/t silver and 2.77 g/t gold at Marta
Centro.
Argentex's current exploration program at
Pinguino is scheduled to include approximately 17,000 meters of
drilling and 12,000 meters of trenching. To date, the Company has
completed 4,851 meters of diamond drilling in 26 holes and 11,195
meters of RC drilling in 162 holes. Results below are from
the most recent nine holes from the Marta Centro and Marta Norte veins.
"The large intervals of silver mineralization,
with the higher than expected gold values from this recent
drilling, is very encouraging for the project", commented
Ken Hicks, President of Argentex.
"The consistency of the silver and gold values in the mineralized
holes continues to highlight Pinguino's growing potential. Our
technical team is currently reviewing an aggressive drill program
to expand these zones further along strike and to depth."
| Drill Hole |
From
(m) |
To
(m) |
Interval
(m)* |
Gold
(g/t) |
Silver
g/t |
| Marta Centro Vein |
|
PR89-11 |
12.00 |
31.00 |
19.00 |
0.63 |
118.1 |
| including |
14.00 |
17.00 |
3.00 |
3.21 |
678.0 |
| PR90-11 |
14.00 |
34.00 |
20.00 |
0.89 |
205.5 |
| including |
15.00 |
23.00 |
8.00 |
1.64 |
470.0 |
| and includes |
20.00 |
23.00 |
3.00 |
3.25 |
714.3 |
| PR88-11 (A) |
9.00 |
11.00 |
2.00 |
0.15 |
14.7 |
| PR88-11 (B) |
30.00 |
32.00 |
2.00 |
0.15 |
11.9 |
| PR94-11 |
12.00 |
28.00 |
16.00 |
0.48 |
30.0 |
| Including |
19.00 |
26.00 |
7.00 |
0.94 |
41.6 |
| and includes |
25.00 |
26.00 |
1.00 |
3.33 |
56.4 |
| PR95-11 |
8.00 |
24.00 |
16.00 |
1.50 |
20.4 |
| Including |
17.00 |
22.00 |
5.00 |
4.39 |
25.0 |
| and includes |
19.00 |
20.00 |
1.00 |
18.70 |
40.1 |
| PR96-11 |
8.00 |
29.00 |
21.00 |
1.18 |
86.2 |
| Including |
11.00 |
25.00 |
14.00 |
1.70 |
118.9 |
| and includes |
17.00 |
24.00 |
7.00 |
2.77 |
121.9 |
| and include |
19.00 |
20.00 |
1.00 |
11.30 |
41.0 |
| PR97-11 |
7.00 |
21.00 |
14.00 |
0.22 |
20.6 |
| Including |
7.00 |
8.00 |
1.00 |
0.10 |
154.0 |
| Marta Norte Vein |
| PR85-11 (A) |
12.00 |
17.00 |
5.00 |
0.17 |
26.7 |
| including |
14.00 |
16.00 |
2.00 |
0.35 |
49.0 |
| PR85-11 (B) |
35.00 |
36.00 |
1.00 |
0.04 |
46.0 |
| PR87-11 |
31.00 |
39.00 |
8.00 |
0.05 |
55.8 |
| including |
38.00 |
39.00 |
1.00 |
0.19 |
133.0 |
*True widths are estimated to be 85-90% of
the stated core length
(A) (B) represent multiple mineralized intercepts within a
single drill hole
Results
The table above displays selected analytical
results from a total of 162 reverse circulation holes. The drill
program was designed to expand silver targets from the
reconnaissance 2010 program as well as test new targets. A map of
drill hole collars is available on our web site at
www.argentexmining.com.
The Pinguino project, located in the central
part of the Deseado Massif, is host to two separate and distinct
mineralizing events. The ultimate mineralizing episode is
represented by an extensive series of veins, which exploration
results to date show contain high-grade silver-gold epithermal
mineralization. This is the main exploration priority of the
company at this time,
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.
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. 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 properties 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.
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 the company's anticipation that it
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. 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