Argentex Drills 9.2 Meters of 1.48 g/t Au and 35.9 g/t Ag at Ivonne Norte Vein at Pinguino Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/17/11 -- Argentex Mining Corporation ('Argentex' or the 'Company') (TSX VENTURE: ATX)(OTCBB: AGXMF) is pleased to release additional drill results from its 2011 exploration program at the Pinguino project, located in Santa Cruz province, Argentina. The program consisted of 19,704 meters of drilling in 206 holes. To date, the Company has received analytical results from 16,013 meters of drilling from 175 holes, with approximately 15% of holes remaining to be processed in the lab.
Drill results below are from the most recent drill testing of the Ivonne Norte and the southern part of the Savary veins from the Pinguino property. (Maps of drill hole collars are available on the Company's web site at www.argentexmining.com).
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From To Interval Gold Silver (ii)Silver Eq.
Drill Hole (m) (m) (m)(i) (g/t) (g/t) (g/t)
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IVONNE NORTE
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P393-11 199.00 217.85 18.85 0.79 34.0 74.9
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including 200.00 209.20 9.20 1.48 35.9 112.7
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SAVARY
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PR117-11 18.00 30.00 12.00 1.04 49.5 103.5
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including 18.00 20.00 2.00 4.73 204.0 450.2
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PR118-11 0.00 1.00 1.00 0.03 1.3 2.8
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P383-11 118.85 124.35 5.50 0.51 25.7 52.3
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including 121.75 123.35 1.60 1.63 46.1 131.0
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P384-11 50.35 83.90 33.55 0.23 9.7 21.6
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including 80.35 82.90 2.55 2.64 76.6 213.8
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P398-11 92.85 93.85 1.00 1.48 245.0 321.9
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P397-11 96.00 116.25 20.25 0.12 16.2 22.6
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including 97.00 98.75 1.75 0.07 92.1 95.7
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(i) True widths are estimated to be 85-90% of the stated interval; (ii)
Silver Eq. is Silver Equivalent of gold plus silver and based upon a price
ratio of 52:1 gold to silver; 'P' represents core holes, 'PR' represents RC
holes
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'The 800 meter long NNW trending Ivonne Norte vein has been drilled from surface to a depth of 200 meters and has intersected consistent and widespread gold mineralization. The chemistry and genesis appear to be similar to the gold-enriched Ivonne vein immediately to the southeast,' commented Ken Hicks, President of Argentex. 'The Savary vein, measuring close to four kilometers in length and located approximately one kilometer to the east, has a similar strike and also falls within the 'gold-enriched' vein designation at Pinguino. Both veins remain open along strike and at depth.'
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.
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. Argentex believes that recent high-grade precious metal discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver-gold resource.
To date the Company has completed over 56,000 meters of drilling in over 500 holes on 19 veins. More than 50 individual vein segments have been identified to date, comprising more than 75 line-kilometers of strike length.
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 located 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. Mr. Hicks is not considered 'independent' of the issuer as he is part of Company management.
About Argentex
Argentex Mining Corporation is an exploration company focused on the discovery of silver, gold and polymetallic deposits on its advanced exploration project portfolio in the Patagonia region of southern Argentina. 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.
Shares of Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and under the symbol AGXMF on the OTCBB.
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 that recent high-grade precious metal discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver-gold resource and the chemistry and genesis appear to be similar to the gold-enriched Ivonne vein immediately to the southeast. 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 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 (AIF) and other public disclosure documents filed on the EDGAR website maintained by the Securities and Exchange Commission and the SEDAR website maintained by the Canadian Securities Administrators.
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.
Contacts:
Argentex Mining Corporation
Peter A. Ball
Executive Vice President Corporate Development
604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
peter@argentexmining.com
www.argentexmining.com