Argentex Announces Final Drill Results From Its Pinguino Silver-Gold Project Including 6.0 Metres Averaging 0.60 g/t Au and 7...
20 Enero 2014 - 7:15AM
Marketwired Canada
Argentex Mining Corporation ("Argentex" or the "Company") (TSX
VENTURE:ATX)(OTCQB:AGXMF) is pleased to announce final drill results from its
58-hole, 3,003-metre 2013 Phase IX resource development drill program at its
100%-owned Pinguino silver and gold project, located in Santa Cruz Province,
Argentina.
Highlights of the most recently received drill intersections are tabulated below
(see Appendix A below for full results):
----------------------------------------------------------------------------
Drill From To Length Au Ag Ag eq
Vein Hole (m) (m) (m) (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
Savary PR294-13 24 27 3 2.21 110.7 221
----------------------------------------------------------------------------
Tranquilo PR301-13 18 24 6 0.09 379.2 384
-----------------------------------------------------------------
PR302-13 22 31 9 0.04 317.2 319
-----------------------------------------------------------------
PR303-13 19 25 6 0.60 702.4 732
-----------------------------------------------------------------
PR304-13 25 30 5 0.47 444.0 467
-----------------------------------------------------------------
PR305-13 31 36 5 0.30 331.6 346
-----------------------------------------------------------------
PR306-13 22 26 4 0.16 196.8 205
----------------------------------------------------------------------------
Tranquilo PR307-13 19 22 3 0.01 134.7 135
Sur
-----------------------------------------------------------------
PR308-13 24 26 2 0.02 116.4 117
----------------------------------------------------------------------------
Luna PR309-13 52 57 5 0.07 200.0 203
----------------------------------------------------------------------------
Nudo-MW PR311-13 23 26 3 0.86 119.6 163
----------------------------------------------------------------------------
Nudo-MC PR285-13 36 38 2 0.46 229.1 252
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill From To Length Cu Pb Zn In
Vein Hole (m) (m) (m) (%) (%) (%) (g/t)
----------------------------------------------------------------------------
Savary PR294-13 24 27 3 0.03 1.02 0.08 25.2
----------------------------------------------------------------------------
Tranquilo PR301-13 18 24 6 0.41 1.24 0.37 0.1
-----------------------------------------------------------------
PR302-13 22 31 9 0.03 0.27 0.01 0.0
-----------------------------------------------------------------
PR303-13 19 25 6 0.16 0.78 0.04 0.1
-----------------------------------------------------------------
PR304-13 25 30 5 0.05 0.14 0.02 0.0
-----------------------------------------------------------------
PR305-13 31 36 5 0.25 0.19 0.07 0.1
-----------------------------------------------------------------
PR306-13 22 26 4 0.04 0.18 0.04 0.0
----------------------------------------------------------------------------
Tranquilo PR307-13 19 22 3 0.14 0.04 0.23 0.0
Sur
-----------------------------------------------------------------
PR308-13 24 26 2 0.09 0.22 0.13 0.0
----------------------------------------------------------------------------
Luna PR309-13 52 57 5 0.03 0.30 0.06 0.0
----------------------------------------------------------------------------
Nudo-MW PR311-13 23 26 3 less 3.33 0.03 18.2
than
0.01
----------------------------------------------------------------------------
Nudo-MC PR285-13 36 38 2 0.02 4.24 0.04 8.4
----------------------------------------------------------------------------
(i) Ag Eq is Silver Equivalent of gold plus silver and based upon a price ratio
of 50:1 gold to silver. True widths are estimated to be 85 to 90% of the drilled
intersection length.
"The results from the Phase IX program were very successful in identifying new
high grade mineralisation outside of the existing resource. We believe that the
impact on an updated resource will be value adding, given that the new areas are
relatively shallow and generally of oxide material. The Tranquilo drilling has
significantly expanded the area of high grade mineralisation discovered to date.
Additionally, hole PR309-13 in the Luna vein may also represent a new high grade
zone at a relatively shallow level, which remains open along strike and at
depth," commented Michael Brown, President and CEO of Argentex. "We still have
numerous targets in untested veins and in open areas of known veins that may add
additional oxide resources. The most significant upside potential remains
relatively untested, which is the deeper primary vein mineralisation. Based on
the results to date, I believe the resource has considerable potential for
expansion with relatively low risk drilling. In the meantime, our team is
expediting an updated mineral resource in a revised technical report."
The shallow drilling on Tranquillo vein has significantly expanded the high
grade zone of silver mineralisation in its northern area. The vein is covered by
relatively thin post Jurassic sediments that blanket that area of the project
(see our website for a longitudinal view). Oxide mineralisation remains open
along strike to the north, and at depth in sulphide mineralization, to the
south.
The moderate amount of drilling on the Luna vein excluded it from the 2012
resource model as higher priority veins, based on a tonnes and grade
expectation, received greater attention in previous drill programs. This round
of drilling has changed our perspective, with hole PR309-13 indicating possible
high grade material in the northern area of the vein. The Luna vein
mineralisation has very similar mineralogical and geochemical characteristics to
the Tranquilo vein, and it too shows potential for high grade oxide
mineralisation along strike and at depth for sulphide mineralisation.
Drilling results from Savary indicate consistent low to medium grade gold and
silver along the length of the vein. Its higher ratio of gold to silver suggests
that mineralisation is associated with the earlier higher temperature
mineralisation seen at Pinguino (including Ivonne and Ivonne Norte veins).
Mineralisation appears to be strongly controlled in grade terms by the presence
of cross-cutting structures. Hole PR294-13, which intersected 3 m @ 2.21 g/t Au
and 110.7 g/t Ag, is located near the intersection with the ENE-WSW Kasia vein.
Although the level of oxidization encountered at Savary is quite shallow, there
remains considerable potential for high grade shoots associated with cross
cutting structures, as seen in PR224-12, which intersected 5 m @ 18.66 g/t Au
and 355.2 g/t Ag (see news release of Oct. 11 2012) and is located near the
intersection with the ENE-WSW striking Karina vein.
The Tranquilo Sur drilling has confirmed the presence of wide zones of lower
grade veinlet-hosted silver mineralisation around a narrower (2 to 3 m)
brecciated vein grading up to 134.7 g/t Ag. This is consistent with gossanous
outcrop exhibiting multiple structural events including some that post-date
mineralisation.
The long sections for these results are posted along with this news release on
Argentex's website (www.argentexmining.com).
About Pinguino
Argentex's 10,000-hectare advanced silver and gold exploration Pinguino project
is located in Argentina's Patagonia region, within the Deseado Massif of Santa
Cruz province. 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.
The Pinguino system has grown to 70+ individual veins, with a combined strike
length approaching approx. 113 line-kilometres. The Pinguino project is unique
within the Deseado Massif region of Santa Cruz province in that it contains two
different and spatially distinct types of mineralisation; a precious metal
intermediate sulphidation epithermal system and a polymetallic sulphide-rich
system.
Pinguino is easily accessible, situated approximately 400 metres above sea level
in low-relief topography. An existing system of all-weather roads provides
year-round access to the property.
Technical content of this press release has been reviewed and approved by Mr. J.
David Williams, P. Eng., an independent "Qualified Person" as defined by NI
43-101.
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 its
laboratory in Vancouver, Canada for multielement ICP-MS analysis (1DX
procedure). Samples overlimit in silver, lead, zinc, and/or copper are
reanalysed by a high detection limit ICP-ES analysis (7AR procedure). Samples
overlimit in silver from that procedure and gold results greater than 300 ppb
are rerun by fire assay (G6 procedure). Acme Analytical Laboratories is an ISO
9000:2001 accredited, full-service commercial laboratory, with its head office
located in Vancouver.
About Argentex
Argentex Mining Corporation is an exploration company focused on developing its
advanced Pinguino silver-gold project located in Santa Cruz, Patagonia,
Argentina. In total, Argentex owns 100% of 100,000+ hectares of highly
prospective land located in the Santa Cruz and Rio Negro provinces. Shares of
Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and
under the symbol AGXMF on the OTCQB.
The Company is continuing discussions with Austral Gold regarding a potential
business combination.
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.
On behalf of Argentex Mining Corporation:
Michael Brown, President and CEO
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 the
statement "we believe that the impact on an updated resource will be value
adding"; "we still have numerous targets in untested veins and in open areas of
known veins that may add additional oxide resources"; "in the meantime, our team
is expediting an updated mineral resource in a revised technical report"; and
the Company is continuing discussions with Austral Gold regarding a potential
business combination. 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, management's assumptions about
the availability of the necessary consultants and capital and the risks inherent
in Argentex's operations, including the risks that the Company may not find any
minerals in commercially feasible quantity or raise enough money to fund its
exploration plans. These and other risks are described in the Company's Annual
Information Form and other public disclosure documents filed on the SEDAR
website maintained by the Canadian Securities Administrators and the EDGAR
website maintained by the Securities and Exchange Commission.
Appendix A - Full Disclosure of Drill Results
----------------------------------------------------------------------------
Au Ag Ag eq
Vein Drill Hole From To Length (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
Savary PR277-13 21 23 2 0.54 28.1 55
---------------------------------------------------------------
PR294-13 11 30 19 0.51 42.4 68
---------------------------------------------------------------
including 24 27 3 2.21 110.7 221
---------------------------------------------------------------
PR295-13 23 26 3 0.81 16.0 57
---------------------------------------------------------------
PR296-13 16 34 18 0.33 32.2 49
---------------------------------------------------------------
including 23 28 5 0.68 43.3 77
---------------------------------------------------------------
PR297-13 11 13 2 0.03 57.3 59
---------------------------------------------------------------
PR298-13 14 22 8 0.48 31.4 55
---------------------------------------------------------------
PR313-13 14 21 7 0.31 28.7 44
---------------------------------------------------------------
including 18 20 2 0.93 58.0 105
----------------------------------------------------------------------------
Tranquilo PR299-13 8 13 5 0.05 66.8 69
---------------------------------------------------------------
PR300-13 29 32 3 0.08 43.3 47
---------------------------------------------------------------
PR301-13 10 31 21 0.03 133.7 135
---------------------------------------------------------------
including 18 24 6 0.09 379.2 384
---------------------------------------------------------------
PR302-13 0 38 38 0.01 94.7 95
---------------------------------------------------------------
including 22 31 9 0.04 317.2 319
---------------------------------------------------------------
PR303-13 17 36 19 0.28 302.0 316
---------------------------------------------------------------
including 19 25 6 0.60 702.4 732
---------------------------------------------------------------
PR304-13 23 62 39 0.08 88.8 93
---------------------------------------------------------------
including 25 30 5 0.47 444.0 467
---------------------------------------------------------------
PR305-13 9 40 31 0.07 95.9 99
---------------------------------------------------------------
including 31 36 5 0.30 331.6 346
---------------------------------------------------------------
PR306-13 15 31 16 0.06 62.2 65
---------------------------------------------------------------
including 22 26 4 0.16 196.8 205
----------------------------------------------------------------------------
Luna PR309-13 16 70 54 0.05 52.3 55
---------------------------------------------------------------
including 52 57 5 0.07 200.0 203
---------------------------------------------------------------
PR312-13 10 12 2 0.17 32.9 42
----------------------------------------------------------------------------
Tranquilo Sur PR308-13 14 33 19 0.01 43.1 43
---------------------------------------------------------------
including 24 26 2 0.02 116.4 117
---------------------------------------------------------------
PR307-13 13 30 17 0.01 48.7 49
---------------------------------------------------------------
including 19 22 3 0.01 134.7 135
----------------------------------------------------------------------------
Nudo-ME PR310-13 22 26 4 0.74 34.9 72
----------------------------------------------------------------------------
Nudo-MW PR311-13 17 30 13 0.35 46.3 64
----------------------------------------------------------------------------
Nudo-MW including 23 26 3 0.86 119.6 163
----------------------------------------------------------------------------
Nudo-MC PR285-13 28 38 10 0.36 61.8 80
----------------------------------------------------------------------------
including 36 38 2 0.46 229.1 252
----------------------------------------------------------------------------
Nudo-MC PR286-13 55 60 5 0.27 37.5 51
----------------------------------------------------------------------------
Nudo-MC PR287-13 23 25 2 0.62 53.6 85
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cu Pb Zn In
Vein Drill Hole From To Length (%) (%) (%) (g/t)
----------------------------------------------------------------------------
Savary PR277-13 21 23 2 less 0.15 0.09 1.2
than
0.01
---------------------------------------------------------------
PR294-13 11 30 19 0.02 0.31 0.06 15.2
---------------------------------------------------------------
including 24 27 3 0.03 1.02 0.08 25.2
---------------------------------------------------------------
PR295-13 23 26 3 0.02 1.04 0.04 3.8
---------------------------------------------------------------
PR296-13 16 34 18 0.02 0.19 0.06 2.6
---------------------------------------------------------------
including 23 28 5 0.03 0.24 0.10 3.3
---------------------------------------------------------------
PR297-13 11 13 2 0.02 0.18 0.15 1.6
---------------------------------------------------------------
PR298-13 14 22 8 0.06 1.47 0.26 6.6
---------------------------------------------------------------
PR313-13 14 21 7 0.02 0.60 0.05 30.7
---------------------------------------------------------------
including 18 20 2 0.03 0.97 0.06 26.8
----------------------------------------------------------------------------
Tranquilo PR299-13 8 13 5 0.05 0.21 0.09 0.1
---------------------------------------------------------------
PR300-13 29 32 3 0.09 0.09 0.12 0.2
---------------------------------------------------------------
PR301-13 10 31 21 0.17 0.54 0.16 0.0
---------------------------------------------------------------
including 18 24 6 0.41 1.24 0.37 0.1
---------------------------------------------------------------
PR302-13 0 38 38 0.03 0.11 0.01 0.0
---------------------------------------------------------------
including 22 31 9 0.03 0.27 0.01 0.0
---------------------------------------------------------------
PR303-13 17 36 19 0.08 0.35 0.02 0.1
---------------------------------------------------------------
including 19 25 6 0.16 0.78 0.04 0.1
---------------------------------------------------------------
PR304-13 23 62 39 0.03 0.07 0.03 0.0
---------------------------------------------------------------
including 25 30 5 0.05 0.14 0.02 0.0
---------------------------------------------------------------
PR305-13 9 40 31 0.06 0.06 0.02 0.0
---------------------------------------------------------------
including 31 36 5 0.25 0.19 0.07 0.1
---------------------------------------------------------------
PR306-13 15 31 16 0.02 0.10 0.04 0.0
---------------------------------------------------------------
including 22 26 4 0.04 0.18 0.04 0.0
----------------------------------------------------------------------------
Luna PR309-13 16 70 54 0.01 0.06 0.03 0.0
---------------------------------------------------------------
including 52 57 5 0.03 0.30 0.06 0.0
---------------------------------------------------------------
PR312-13 10 12 2 less 0.01 0.01 0.0
than
0.01
----------------------------------------------------------------------------
Tranquilo Sur PR308-13 14 33 19 0.05 0.08 0.08 0.0
---------------------------------------------------------------
including 24 26 2 0.09 0.22 0.13 0.0
---------------------------------------------------------------
PR307-13 13 30 17 0.06 0.08 0.09 0.0
---------------------------------------------------------------
including 19 22 3 0.14 0.04 0.23 0.0
----------------------------------------------------------------------------
Nudo-ME PR310-13 22 26 4 less 0.45 0.01 10.1
than
0.01
----------------------------------------------------------------------------
Nudo-MW PR311-13 17 30 13 0.02 1.14 0.03 14.8
----------------------------------------------------------------------------
Nudo-MW including 23 26 3 less 3.33 0.03 18.2
than
0.01
----------------------------------------------------------------------------
Nudo-MC PR285-13 28 38 10 less 1.31 0.05 2.1
than
0.01
----------------------------------------------------------------------------
including 36 38 2 0.02 4.24 0.04 8.4
----------------------------------------------------------------------------
Nudo-MC PR286-13 55 60 5 less 0.54 1.51 9.2
than
0.01
----------------------------------------------------------------------------
Nudo-MC PR287-13 23 25 2 less 0.42 0.05 9.7
than
0.01
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Argentex Mining Corporation
Peter A. Ball
EVP Corporate Development
604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
604-568-1540 (FAX)
peter@argentexmining.com
www.argentexmining.com
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