Argentex Announces Drill Results from Its Pinguino Silver-Gold Project Including 4 Metres Averaging 132.9 g/t Ag and 2.53 g/t Au
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 28, 2013) - Argentex Mining Corp. ("Argentex" or the "Company") (TSX VENTURE:ATX)(OTCQB:AGXMF) is pleased to announce the first drilling results from its 58-hole, 3,003-metre 2013 Phase IX resource development drill program at its 100%-owned Pingüino silver and gold project, located in Santa Cruz Province, Argentina. To date, the Company has received results from 8 reverse circulation ("RC") holes, while 50 RC holes remain to be processed in the lab.
"We are pleased to see continued positive results from the Karina vein. Karina was discovered in 2012, and was previously identified through ground magnetics and soil surveys. The Karina vein has a known strike length of about 1,000 meters in three different segments (Karina I to III), and is crosscut and displaced by the northwest-oriented veins, Marta Noroeste and Savary," commented Michael Brown, President and CEO of Argentex. "We will be adding these results and those that are still to be received to our internal geological model to update the current resource."
Results from the Karina Vein are tabulated below:
| Drill Hole | From (m) | To (m) | Length (m) | Ag (g/t) | Au (g/t) | Ag eq (g/t) * | Cu (%) | Pb (%) | Zn (%) | In (g/t) |
| PR243-13 | 41.00 | 76.00 | 35.00 | 55.5 | 0.48 | 79.3 | 0.02 | 0.84 | 0.24 | 0.9 |
| including | 45.00 | 49.00 | 4.00 | 132.9 | 2.53 | 259.4 | 0.02 | 3.19 | 0.97 | 5.8 |
| including | 70.00 | 74.00 | 4.00 | 151.5 | 0.41 | 172.1 | 0.02 | 0.89 | 0.16 | 0.1 |
| PR255-13 | 40.00 | 82.00 | 42.00 | 44.0 | 0.39 | 63.5 | 0.01 | 0.56 | 0.21 | 2.0 |
| including | 46.00 | 50.00 | 4.00 | 206.8 | 1.39 | 276.4 | 0.06 | 2.36 | 1.01 | 7.8 |
| including | 60.00 | 64.00 | 4.00 | 49.1 | 1.47 | 122.6 | 0.01 | 0.79 | 0.18 | 2.0 |
| PR258-13 | 49.00 | 51.00 | 2.00 | 63.1 | 0.77 | 101.8 | 0.01 | 0.46 | 0.02 | 0.2 |
| PR259-13 | 18.00 | 32.00 | 14.00 | 36.9 | 0.52 | 63.0 | <0.01 | 0.15 | 0.05 | 0.5 |
| including | 21.00 | 24.00 | 3.00 | 128.7 | 0.82 | 169.5 | <0.01 | 0.25 | 0.03 | 1.5 |
| including | 30.00 | 32.00 | 2.00 | 4.8 | 1.20 | 64.9 | <0.01 | 0.07 | 0.03 | 0.1 |
| PR260-13 | 23.00 | 54.00 | 31.00 | 54.4 | 0.27 | 68.0 | 0.01 | 0.63 | 0.13 | 4.6 |
| including | 32.00 | 42.00 | 10.00 | 103.6 | 0.47 | 127.1 | 0.02 | 1.17 | 0.17 | 10.5 |
| and including | 35.00 | 36.00 | 1.00 | 519.0 | 2.25 | 631.4 | 0.03 | 5.74 | 0.04 | 31.9 |
| PR261-13 | 4.00 | 8.00 | 4.00 | 22.9 | 1.20 | 83.0 | <0.01 | 0.06 | 0.06 | 0.2 |
| PR261-13 | 45.00 | 56.00 | 11.00 | 42.3 | 0.65 | 75.0 | 0.01 | 0.19 | 0.26 | 0.5 |
| including | 45.00 | 47.00 | 2.00 | 140.0 | 2.41 | 260.5 | 0.03 | 0.44 | 0.45 | 1.4 |
| PR262-13 | 15.00 | 23.00 | 8.00 | 160.4 | 0.17 | 169.1 | 0.03 | 0.67 | 0.29 | 1.7 |
| including | 16.00 | 18.00 | 2.00 | 581.5 | 0.60 | 611.4 | 0.07 | 1.96 | 0.31 | 5.6 |
| PR263-13 | 7.00 | 15.00 | 8.00 | 111.5 | 0.27 | 125.1 | <0.01 | 0.14 | 0.04 | 0.0 |
| including | 7.00 | 9.00 | 2.00 | 278.0 | 0.87 | 321.3 | <0.01 | 0.29 | 0.05 | 0.0 |
* 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 higher grades located near intersections with adjacent or crosscutting veins suggests a potential for high grade shoots to continue to depth. Arrayed from west to east, those veins are Marta Este, Savary and CSV Norte. Targeting these prospective shoots at depth may add new high grade mineralisation and other intersections to Pingüino's resources. A long section and cross section for these results are posted along with the news release on Argentex's website (www.argentexmining.com).
About Pingüino
Argentex's 10,000-hectare advanced silver and gold exploration Pingüino 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 Pingüino system has grown to 70+ individual veins, with a combined strike length approaching ~113 line-kilometers. The Pingüino 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.
Pingüino 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.
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.
About Argentex
Argentex Mining Corp. is an exploration company focused on developing its advanced Pingüino 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.
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 Corp.:
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 will be adding these results and those that are still to be received to our internal geological model to update the current resource and the higher grades located near intersections with adjacent or crosscutting veins suggests a potential for high grade shoots to continue to depth and targeting these prospective shoots at depth may add new high grade mineralisation and other intersections to Pingüino's resources. 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.
Contact
Argentex Mining Corp.
Peter A. Ball
EVP Corporate Development
604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
604-568-1540
peter@argentexmining.com
www.argentexmining.com