Argentex Discovers New Veins at Pinguino Project and Intersects 2 m @ 1,459.5 g/t Ag and 1.17 g/t Au
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/17/12 -- Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE: ATX)(OTCQB: AGXMF) is pleased to announce results from 15 holes (1,203 m) of the Phase VIII reverse-circulation ("RC") drill program conducted at its 100%-owned silver-gold and polymetallic Pinguino Project, located in Santa Cruz, Argentina. To date, 45 holes (4,207 m) of the 93-hole (8,410 m) RC drill program completed in June 2012 have been announced.
"The discovery of the Karina vein through geophysics, geochemistry and trenching is an additional, potentially significant discovery at Pinguino. The Karina vein appears to have a strike of at least 1,000 metres, and remains open at depth and along strike," commented Michael Brown, President of Argentex.
RC Drill Program Review (please visit Argentex's website for graphics discussed below):
Karina ("KAR") Vein
Ten RC holes were drilled at the newly discovered KAR vein. The structure was initially identified with the combination of ground magnetics and soil surveys, and subsequently tested with rock chip sampling and trenching (please refer to news release dated July 24, 2012 where a reported intercept was 1 m @ 2,524 g/t Ag and 0.86 g/t Au). The KAR vein has a 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.
The vein was drilled in the centre and eastern segments and intersected significant mineralisation in both of these segments (Figure 2). The best intersection from PR219-12 includes 2 m @ 1,459.5 g/t Ag and 1.17 g/t Au (1,517.9 g/t Ag eq.) (Figure 3). Holes PR206-12, PR210-12 and PR218-12 did not intersect KAR III, which we interpret as being closer to an E-W strike than expected.
Florencia ("FLO") Vein
The FLO vein, a sub-cropping structure also discovered by geophysics, was drill tested by two RC holes. Hole PR245-12, drilled at the eastern end, intercepted 3 branches of the vein, with two of these returning good precious metal grades (1m @ 168.25 g/t Ag eq. and 1m @ 119.40 g/t Ag eq.) (Figure 2). The second hole, PR247-12, missed the vein in its western end, which remains a target for subsequent drilling.
We believe FLO has good potential for high-grade precious metals, noting its proximity to the Marta Este and Marta Oeste veins, where significant Ag and Au values have previously been reported.
Maria ("MIA"), Trinda ("TRI") and Kimberly ("KIM") Veins
The untested geophysical anomalies outlining the MIA, TRI and KIM veins were each targeted with a single RC drill hole (Figure 1 & Figure 2). None of the holes returned significant assays, but we believe the veins warrant further exploration.
Assay Results Summary
Analytical results received are summarized below (true widths are estimated to be 85 to 90% of the drilled intersection length):
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Drill From To Length Ag Au
Vein Hole (m) (m) (m) (g/t) (g/t)
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KAR PR223-12 4.00 53.00 49.00 51.0 0.23
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including 17.00 26.00 9.00 186.6 0.64
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and including 18.00 19.00 1.00 762.0 3.99
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PR220-12 29.00 40.00 11.00 71.2 0.11
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including 34.00 35.00 1.00 462.0 0.73
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PR222-12 24.00 38.00 14.00 47.8 0.42
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including 24.00 25.00 1.00 107.0 1.27
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PR210-12 1.00 3.00 2.00 36.9 0.16
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PR221-12 33.00 60.00 27.00 31.1 0.19
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including 41.00 42.00 1.00 113.0 0.63
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PR219-12 45.00 56.00 11.00 290.1 0.23
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including 45.00 47.00 2.00 1,459.5 1.17
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PR218-12 51.00 52.00 1.00 1.8 0.07
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PR194-12 2.00 55.00 53.00 21.8 0.31
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including 26.00 43.00 17.00 52.3 0.51
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and including 30.00 32.00 2.00 166.5 0.76
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PR206-12 24.00 25.00 1.00 7.4 0.00
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PR190-12 (I) 33.00 47.00 14.00 45.2 0.35
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including 44.00 46.00 2.00 148.9 1.39
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PR190-12 (II) 52.00 67.00 15.00 38.2 0.29
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including 60.00 64.00 4.00 76.4 0.95
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FLO PR247-12 28.00 30.00 2.00 35.1 0.21
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PR245-12 (I) 19.00 32.00 13.00 35.3 0.23
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including 23.00 24.00 1.00 144.0 0.49
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PR245-12 (II) 41.00 52.00 11.00 27.0 0.08
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including 48.00 49.00 1.00 108.0 0.23
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PR245-12 (III) 59.00 66.00 7.00 33.9 0.08
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including 62.00 63.00 1.00 69.9 0.08
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MIA PR248-12 9.00 10.00 1.00 8.0 0.03
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TRI PR181-12 75.00 78.00 3.00 35.6 0.31
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KIM PR242-12 53.00 54.00 1.00 24.4 0.00
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Drill Cu Pb Zn In Ag eq.
Vein Hole (%) (%) (%) (g/t) (g/t)
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KAR PR223-12 0.01 0.60 0.05 1.2 62.52
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including 0.03 1.19 0.06 4.0 218.48
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and including 0.13 6.42 0.26 26.3 961.60
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PR220-12 less than
0.01 0.15 0.24 0.8 76.75
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including 0.03 0.44 0.21 0.5 498.50
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PR222-12 0.01 0.70 0.05 6.5 68.78
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including 0.01 0.58 0.06 0.7 170.50
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PR210-12 less than
0.01 0.18 0.04 0.5 44.91
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PR221-12 less than
0.01 0.27 0.02 1.6 40.74
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including less than
0.01 0.29 0.01 4.3 144.40
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PR219-12 0.02 0.56 0.72 4.0 301.58
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including 0.06 2.25 2.82 20.1 1,517.90
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PR218-12 less than
0.01 0.01 0.04 0.0 5.35
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PR194-12 less than
0.01 0.18 0.04 0.7 37.12
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including 0.01 0.17 0.05 1.3 77.98
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and including 0.02 0.15 0.07 1.0 204.57
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PR206-12 less than
0.01 0.00 0.16 0.0 7.43
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PR190-12 (I) 0.01 0.50 0.19 1.9 62.79
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including 0.03 0.88 0.42 8.4 218.15
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PR190-12 (II) less than
0.01 0.15 0.07 0.9 52.90
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including less than
0.01 0.07 0.05 1.1 124.10
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FLO PR247-12 less than
0.01 0.39 0.04 5.2 45.54
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PR245-12 (I) less than
0.01 0.12 0.02 1.3 46.56
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including less than
0.01 0.25 0.03 2.4 168.25
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PR245-12 (II) less than
0.01 0.64 0.11 4.6 30.88
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including 0.01 1.49 0.05 14.4 119.40
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PR245-12 (III) less than
0.01 0.50 0.26 0.4 38.00
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including 0.01 0.98 0.36 0.3 73.87
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MIA PR248-12 less than
0.01 0.22 0.06 0.1 9.28
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TRI PR181-12 0.09 0.25 0.25 0.0 51.05
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KIM PR242-12 0.03 0.58 0.24 0.1 24.58
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(i) Silver Eq is Silver Equivalent of gold plus silver and based upon a price ratio of 50:1 gold to silver.
About Pinguino
Argentex's 10,000-hectare advanced silver and gold Pinguino exploration 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 Company has drill tested 36 of the known 70+ veins at the Pinguino system, which in total have a combined strike length approaching 113 line-kilometres. The Pinguino project is unique within the Deseado Massif region of Santa Cruz province, in that it contains two different and geographically distinct types of mineralisation, one precious metal and the other sulphide-rich polymetallic. The Company also continues to evaluate the geological model of sulphide-enriched potentially mineralized intrusives at depth, forming the probable source for the polymetallic veins exposed on surface.
Pinguino is easily accessible, situated approximately 400 metres above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
This press release has been reviewed and approved by Mr. J. David Williams, P. Eng. a "Qualified Person" (QP) as defined by Canada's National Instrument 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 multielement 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 greater than 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 Corporation is an exploration company focused on advancing its Pinguino silver-gold project in Santa Cruz, 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 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 Corporation:
Michael Brown, President & 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 discovery of the Karina vein through geophysics, geochemistry and trenching is an additional, potentially significant discovery at Pinguino; We believe FLO has good potential for high-grade precious metals, noting its proximity to the Marta Este and Marta Oeste veins, where significant Ag and Au values have previously been reported. These risks and uncertainties include, among other things, the availability of the Company's consultants 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.
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