Argentex Announces Additional Drill Results from its Pinguino Silver-Gold Project Including 3 Metres Averaging 712.7 g/t Ag and 8.24 g/t Au
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 19, 2013) - Argentex Mining Corp. (TSX VENTURE:ATX)(OTCQB:AGXMF) ("Argentex" or the "Company") is pleased to announce drilling results from an additional 36 holes of 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 44 reverse circulation ("RC") holes, with results from the final 14 RC holes still pending.
"We are excited to see high grade gold intersects in the Ivonne Norte Vein, continuing on from those discovered in the Savary Vein last year (please refer to the news release dated October 11, 2012). The high grade intersections in the oxide zone at Ivonne Norte may represent the upper portions of high grade shoots, which would open up the potential for additional high grade resources to be identified in deeper drilling. Overall, I view these results revealing more of the true potential of the Pingüino system as we advance the development of the project," commented Michael Brown, President and CEO of Argentex. "We expect to receive final results from the remaining holes shortly, which will allow us to focus on updating the resource model in 2014."
Highlights of the 36 holes reported are tabulated below:
| Vein | Drill Hole | From | To | Length (m) | Ag (g/t) | Au (g/t) | Ag Eq. (g/t) | Pb [%] | Zn [%] | In (g/t) |
| PR288-13 | 17.00 | 19.00 | 2.00 | 15.5 | 0.97 | 63.8 | 0.12 | 0.09 | 8.1 | |
| 36.00 | 40.00 | 4.00 | 20.8 | 0.51 | 46.2 | 0.06 | 0.58 | 17.1 | ||
| PR289-13 | 19.00 | 21.00 | 2.00 | 7.8 | 0.25 | 20.1 | 0.13 | 0.03 | 19.8 | |
| PR290-13 | 14.00 | 42.00 | 28.00 | 92.6 | 1.62 | 173.4 | 0.91 | 0.05 | 16.5 | |
| Ivonne | including | 25.00 | 34.00 | 9.00 | 258.0 | 3.79 | 447.3 | 2.46 | 0.04 | 17.3 |
| Norte | and including | 28.00 | 31.00 | 3.00 | 712.7 | 8.24 | 1124.5 | 6.90 | 0.03 | 24.7 |
| PR291-13 | 25.00 | 34.00 | 9.00 | 9.8 | 0.81 | 50.3 | 0.08 | 0.06 | 24.3 | |
| PR292-13 | 20.00 | 31.00 | 11.00 | 22.6 | 4.50 | 247.6 | 0.57 | 0.07 | 17.6 | |
| including | 25.00 | 28.00 | 3.00 | 64.6 | 14.07 | 768.2 | 1.52 | 0.14 | 34.1 | |
| PR293-13 | 27.00 | 29.00 | 2.00 | 5.0 | 0.64 | 37.1 | 0.03 | 0.01 | 12.2 | |
| PR278-13 | 7.00 | 16.00 | 9.00 | 48.3 | 0.09 | 53.0 | 0.06 | 0.01 | 0.0 | |
| including | 9.00 | 11.00 | 2.00 | 129.0 | 0.35 | 146.7 | 0.10 | 0.01 | 0.0 | |
| PR279-13 | 60.00 | 61.00 | 1.00 | 0.9 | 0.09 | 5.5 | 0.01 | 0.01 | 0.0 | |
| Marta | PR281-13 | 15.00 | 18.00 | 3.00 | 67.8 | 0.01 | 68.2 | 0.29 | 0.05 | 0.0 |
| Noroeste | including | 15.00 | 16.00 | 1.00 | 129.0 | 0.01 | 129.4 | 0.37 | 0.06 | 0.0 |
| PR282-13 | 89.00 | 91.00 | 2.00 | 45.9 | 0.10 | 50.9 | 0.37 | 0.06 | 0.2 | |
| PR283-13 | 44.00 | 47.00 | 3.00 | 486.0 | 1.30 | 550.8 | 0.16 | 0.03 | 0.1 | |
| PR284-13 | 47.00 | 48.00 | 1.00 | 21.6 | 0.11 | 27.3 | 0.04 | 0.04 | 0.0 | |
| PR280-13 | 13.00 | 14.00 | 1.00 | 0.9 | 1.23 | 62.3 | 0.01 | 0.01 | 0.0 | |
| PR264-13 | 29.00 | 31.00 | 2.00 | 106.2 | 0.16 | 114.2 | 0.11 | 0.10 | 0.1 | |
| PR265-13 | 15.00 | 17.00 | 2.00 | 121.4 | 0.19 | 130.7 | 0.19 | 0.05 | 0.1 | |
| 32.00 | 34.00 | 2.00 | 83.8 | 0.23 | 95.5 | 0.24 | 0.24 | 1.1 | ||
| CSN | PR266-13 | 10.00 | 11.00 | 1.00 | 78.5 | 0.25 | 90.8 | 0.46 | 0.12 | 0.8 |
| PR269-13 | 0.00 | 2.00 | 2.00 | 39.0 | 0.33 | 55.6 | 0.10 | 0.06 | 0.9 | |
| 6.00 | 8.00 | 2.00 | 54.2 | 0.17 | 62.8 | 0.26 | 0.05 | 0.1 | ||
| PR270-13 | 1.00 | 2.00 | 1.00 | 44.6 | 0.12 | 50.8 | 0.02 | 0.02 | 0.0 | |
| Karly | PR267-13 | 2.00 | 5.00 | 3.00 | 254.6 | 0.15 | 262.1 | 0.28 | 0.10 | 0.6 |
| PR268-13 | 14.00 | 16.00 | 2.00 | 63.6 | 0.19 | 73.0 | 0.61 | 0.06 | 1.3 | |
| PR271-13 | 55.00 | 57.00 | 2.00 | 21.3 | 0.33 | 37.9 | 0.17 | 2.01 | 1.6 | |
| PR272-13 | 8.00 | 25.00 | 17.00 | 39.4 | 0.25 | 52.0 | 0.03 | 0.03 | 0.1 | |
| including | 8.00 | 11.00 | 3.00 | 193.8 | 0.25 | 206.4 | 0.06 | 0.04 | 0.5 | |
| PR274-13 | 4.00 | 18.00 | 14.00 | 44.3 | 0.79 | 83.6 | 0.26 | 0.05 | 1.6 | |
| CSS | including | 4.00 | 6.00 | 2.00 | 142.3 | 1.06 | 195.6 | 0.14 | 0.03 | 0.1 |
| including | 12.00 | 16.00 | 4.00 | 11.2 | 1.98 | 110.1 | 0.28 | 0.06 | 2.3 | |
| PR273-13 | 18.00 | 19.00 | 1.00 | 3.9 | 0.11 | 9.5 | 0.01 | 0.01 | 0.1 | |
| 15.00 | 16.00 | 1.00 | 51.4 | 0.34 | 68.5 | 0.90 | 0.08 | 0.9 | ||
| PR276-13 | 13.00 | 16.00 | 3.00 | 48.4 | 0.09 | 53.0 | 0.16 | 0.08 | 3.4 | |
| 74.00 | 78.00 | 4.00 | 76.7 | 0.13 | 83.3 | 0.54 | 1.95 | 1.6 | ||
| * 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 mineralisation at Ivonne Norte (IVN) is interpreted to represent the earliest higher temperature phase mineralising event at Pingüino. It is typically more Au-rich than the subsequent phases of mineralisation. The infill drill program at IVN was designed to define grade and continuity to the vein for inclusion in the next resource update planned for 2014.
Two of the holes returned high grade mineralisation:
- Hole PR292-13, in the southern area of the vein, returned 11 m @ 22.6 g/t Ag and 4.5 g/t Au, including 3 m @ 64.6 g/t Ag and 14.07 g/t Au.
- Hole PR290-13 returned 9 m @ 258.0 g/t Ag and 3.79 g/t Au, including 3m @ 712.7 g/t Ag and 8.24 g/t Au. The high silver grades in this hole have not been previously encountered in IVN drilling, and are possibly related to the southern extension of later Marta Noroeste structure and mineralisation pulse. These results may indicate the existence of higher grade shoots within the vein, which would require deeper drilling to delineate.
Higher grade shoots are considered to be structurally controlled, as is evident in other veins at Pingüino. The success of the Phase IX drill program in demonstrating continuity of structure and mineralisation will be reviewed with the goal of adding the IVN vein to the updated resource model in 2014.
New drilling of the Karly, CSS and CSN veins followed up their initial discovery in 2012. They represent a more east-west trending vein splay set, which remains open at depth and to the east, although drilling to date has not encountered continuous high grades. The drilling at Marta Noroeste (MNW) discovered a potential higher grade shoot in its southern extent (hole PR283-13), which included an intersection of 3 m @ 486 g/t Ag and 1.30 g/t Au from 44 m. This hole was in follow up to mineralisation encountered in trench MNW08-10 and in drill hole PR250-12. This potential high grade shoot remains open at depth and could have the same west-north-west plunge as the main shoot.
Work has begun on updating the geological and resource sections in preparation for an update to the resource model, which is planned for completion in 2014. Long sections and cross sections 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.
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 multi-element 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 >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 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 statements: "The high grade intersections in the oxide zone at Ivonne Norte may represent the upper portions of high grade shoots, which would open up the potential for additional high grade resources to be identified in deeper drilling", and "We expect to receive final results from the remaining holes shortly, which will allow us to focus on updating the resource model in 2014", and "These results may indicate the existence of higher grade shoots within the vein, which would require deeper drilling to delineate", and "The success of the Phase IX drill program in demonstrating continuity of structure, and the mineralisation will be reviewed with the goal of adding the IVN vein to the updated resource model in 2014", and "This potential high grade shoot remains open at depth and could have the same west-north-west plunge as the main shoot", and "Work has begun on updating the geological and resource sections in preparation for an update to the resource model, which is planned for completion in 2014". 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