Argentex's Marta Este Vein Returns 6.0 Meters of 1.78 g/t Au and 470.3 g/t Ag at Pinguino Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/07/11 -- Argentex Mining Corporation ('Argentex' or the 'Company') (TSX VENTURE: ATX)(OTCBB: AGXMF) is pleased to release the final 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. All analytical results from the drilling program have been received and published to date.
Results below are drill intersections from the most recent drill testing of the Marta Este and Marta Sur veins from the Pinguino property. (A map of drill-hole collars is available on the Company's web site at www.argentexmining.com.)
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(ii)Silver
From To Interval Gold Silver Eq
Drill Hole (m) (m) (m)(i) (g/t) (g/t) (g/t)
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MARTA ESTE
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PR151-11 0.00 40.00 40.00 0.75 98.2 137.4
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including 16.00 40.00 24.00 1.22 161.1 224.3
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and including 20.00 26.00 6.00 1.78 470.3 562.7
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MARTA SUR
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PR067-11 30.00 56.00 26.00 0.49 30.0 55.2
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PR070-11 45.00 51.00 6.00 0.31 38.0 54.0
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PR072-11 32.00 33.00 1.00 0.20 42.8 53.3
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PR075-11 37.00 43.00 6.00 0.05 27.6 30.2
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PR077-11 38.00 55.00 17.00 0.01 21.1 21.7
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PR080-11 47.00 119.00 72.00 0.08 17.4 21.7
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including 48.00 57.00 9.00 0.21 31.0 41.8
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including 108.00 119.00 11.00 0.11 30.5 36.3
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PR082-11 No significant values
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P364-11 132.35 149.60 17.25 0.04 27.4 29.2
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and including 144.75 149.60 4.85 0.07 51.6 55.5
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P365-11 No significant values
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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.
'Drill results at Marta Sur show a consistent trend of anomalous values within shoots plunging toward the north. We believe that this data indicates a trend of higher grade mineralization towards the north. At Marta Este, drill results display wide intervals of silver and gold mineralization with higher grade material within the core of the mineralized envelope,' commented Ken Hicks, President of Argentex.
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(ii)Silver
From To Interval Gold Silver Eq
Drill Hole (m) (m) (m)(i) (g/t) (g/t) (g/t)
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MARTA ESTE HIGHLIGHTS (Previously released)
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PR62-11 19.00 25.00 6.00 1.38 752.2 823.8
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PR148-11 37.00 41.00 4.00 3.09 759.8 920.6
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PR149-11 38.00 47.00 9.00 5.09 1348.3 1613.1
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P369-11 82.80 88.56 5.76 5.99 675.7 987.2
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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.
'The new higher-grade intervals at Marta Este represent some of the best precious metal mineralization received to date at Pinguino. Marta Este is one of the most prolific and consistently mineralized gold-silver veins at Pinguino with mineralization exposed at surface and continuing strongly to depth,' said Ken Hicks.
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 the statement 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. 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 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.
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)
(604) 568-1540 (FAX)
peter@argentexmining.com
www.argentexmining.com