Argentex Drills 12.0 Meters Grading 512.5 g/t Ag and 1.12 g/t Au at Pinguino Project and Expands High-Grade Silver Footprint to New Zones
VANCOUVER, April 12 /CNW/ --
VANCOUVER, April 12 /CNW/ - Argentex Mining Corporation (TSXV: ATX,
OTCBB: AGXM) is pleased to release additional drill results from its
2011 exploration program at its 100%-owned Pinguino project located in
Santa Cruz, Argentina. To date, the Company has completed 11,195
meters of RC drilling in 162 holes and 3,611 meters of diamond drilling
in 19 holes. The following table includes results from the most recent
18 holes from the Marta Este and Marta Sur veins.
_____________________________________________
| Drill Hole |From |To |Interval|Gold |Silver|
| | (m) |(m)| (m)* |(g/t) | g/t |
|____________|_____|___|________|______|______|
|Marta Este Vein |
|_____________________________________________|
|PR54-11 | 14| 28| 14| 1.6| 114.2|
|____________|_____|___|________|______|______|
| Including| 23| 28| 5| 2.68| 202.8|
|____________|_____|___|________|______|______|
|PR55-11 | 18| 31| 13| 1.08| 144.7|
|____________|_____|___|________|______|______|
| Including| 23| 28| 5| 2.36| 309.4|
|____________|_____|___|________|______|______|
|PR58-11 | 24| 27| 3| 1.35| 128.3|
|____________|_____|___|________|______|______|
|PR59-11 | 17| 27| 10| 1.47| 149.5|
|____________|_____|___|________|______|______|
| Including| 17| 19| 2| 2.29| 201|
|____________|_____|___|________|______|______|
|PR61-11 | 9| 29| 20| 0.22| 34.9|
|____________|_____|___|________|______|______|
|PR62-11 | 8| 32| 24| 0.68| 277.4|
|____________|_____|___|________|______|______|
| Including| 17| 29| 12| 1.12| 512.5|
|____________|_____|___|________|______|______|
|PR63-11 | 23| 25| 2| 0.29| 41.5|
|____________|_____|___|________|______|______|
|PR65-11 | 8| 9| 1| 0.02| 14.9|
|____________|_____|___|________|______|______|
|Marta Sur Vein |
|_____________________________________________|
|PR66-11 | 27| 29| 2| 0.56| 13.6|
|____________|_____|___|________|______|______|
|PR68-11 | 24| 41| 17| 0.15| 64.6|
|____________|_____|___|________|______|______|
| Including| 27| 30| 3| 0.36| 118.0|
|____________|_____|___|________|______|______|
|PR69-11 | 18| 36| 18| 0.03| 26.5|
|____________|_____|___|________|______|______|
| Including| 20| 21| 1| 0.15| 83.0|
|____________|_____|___|________|______|______|
|PR71-11 | 18| 38| 20| 0.04| 26.9|
|____________|_____|___|________|______|______|
| Including| 28| 29| 1| 0.17| 167.0|
|____________|_____|___|________|______|______|
|PR73-11 | 13| 46| 33| 0.17| 41.5|
|____________|_____|___|________|______|______|
| Including| 27| 37| 10| 0.12| 85.0|
|____________|_____|___|________|______|______|
|and includes| 45| 46| 1| 3.89| 42.8|
|____________|_____|___|________|______|______|
|PR74-11 | 32| 36| 4| 0.27| 12.9|
|____________|_____|___|________|______|______|
|PR76-11 | 23| 24| 1| 0.55| 5.3|
|____________|_____|___|________|______|______|
|PR78-11 | 21| 22| 1| 0.30| 0.4|
|____________|_____|___|________|______|______|
|PR79-11 | 21| 34| 13| 0.11| 44.5|
|____________|_____|___|________|______|______|
| Including| 21| 22| 1| 0.66| 327.0|
|____________|_____|___|________|______|______|
|PR81-11 | 20| 27| 7| 0.13| 37.2|
|____________|_____|___|________|______|______|
| Including| 21| 22| 1| 0.50| 123.0|
|____________|_____|___|________|______|______|
*True widths are estimated to be 85-90% of the stated core length
'We continue to define significant near surface silver mineralization at
Pinguino. With more than 51 veins mapped to date and many targets
remaining to be tested, our 2011 exploration program is focused on
expanding our silver resource,' commented Ken Hicks, President of
Argentex. 'We are encouraged by the large intervals of silver
mineralization and the higher than expected gold values from this
recent drilling. We continue to plan additional drilling in our efforts
to further expand these zones along strike and at depth.'
Results
The table above displays selected analytical results from a total of 18
reverse circulation holes; 10 of these holes are from Marta Este and
eight are from Marta Sur. 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 on our web site at www.argentexmining.com.
The program was designed to expand silver targets from our 2010
reconnaissance program as well as test new targets. Two drills are
currently operating on the project. Results will be published based
upon the highest number of completed holes per zone within
approximately a two-week period.
Prior to 2010, primary mineralization at Marta Este was drill tested at
depth and high concentrations of silver were discovered, meriting
further investigation. The new shallow drilling intersected wide
intervals of silver and gold mineralization with higher-grade values in
the centers. Hole PR62-11 returned an interval of 24 meters grading
277.4 g/t Ag and 0.68 g/t Au, and contained a higher-grade core of 12
meters grading 512.5 g/t Ag and 1.12 g/t Au.
The Marta Sur zone has had minimal drill testing, but contains large
exposures of banded and colloform epithermal quartz, which is typically
found in areas of prospective epithermal mineralization. Previous
reconnaissance drilling in this zone returned 33.7 g/t Ag and 7.82 g/t
Au over 3.26 meters in hole P44-05. The recent eight shallow drill
holes, as shown above, intersected anomalous silver and gold
mineralization. To date, drilling at Marta Sur has been tested along
strike length for 1,000 meters and to a depth of 90 meters.
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
focusing primarily on advancing 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 high-grade silver targets discovered
in 2010. More than 15,000 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.
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.
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:
'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 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 and its plans to drill test the extents of high-grade silver
targets discovered in 2010. 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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/April2011/12/c3317.html
Peter A. Ball
Executive Vice President Corporate Development
Phone: 604-568-2496 or 1-888-227-5285
Email: peter@argentexmining.com