Argentex Intersects 4.0 Meters Grading 965 g/t Ag and 3.23 g/t Au at its 100%-Owned Pinguino Silver/Gold Project in Santa Cruz, Argentina
VANCOUVER, March 28 /CNW/ --
VANCOUVER, March 28 /CNW/ - Argentex Mining Corporation ('Argentex' or 'the Company') (TSXV: ATX) (OTCBB: AGXM) is pleased to announce the first drilling results of its 2011
exploration program at its 100%-owned Pinguino Project, located in the
mining friendly Santa Cruz Province of Argentina. The primary purpose
of the 2011 exploration program, which includes a 17,000-meter drill
program and a 12,000-meter trenching program, is to test known existing
structures at a shallow depth to expand the current silver and gold
resource at Pinguino. The Marta Noroeste vein is the first target to be
tested within a 420-meter zone along a mineralized zone totaling
approximately 1,500 meters in strike length. Drilling continues to
return excellent grades and the highest to date within the structure,
including 4.0 meters grading 965 g/t Ag and 3.23 g/t Au.
The following table displays selected analytical results from a total of
7 percussion (RC) holes from Marta Noroeste. 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 at http://www.argentexmining.com/images/MNW.jpg.
_______________________________________________________
|Drill Hole|From (m)|To (m)|Interval|Gold (g/t)|Silver |
| | | |(m)*(1) | | g/t |
|__________|________|______|________|___________|_______|
|PR14-11 | 0.00 |32.00 | 32.00 | 0.07 | 41.7 |
|Including | 5.00 | 6.00 | 1.00 | 1.02 | 659.0 |
|__________|________|______|________|___________|_______|
|PR16-11 | 23.00 |24.00 | 1.00 | 0.02 | 8.6 |
|__________|________|______|________|___________|_______|
|PR18-11 | 23.00 |42.00 | 19.0 | 0.17 | 39.3 |
|Including | 26.00 |27.00 | 1.00 | 2.18 | 692.0 |
|__________|________|______|________|___________|_______|
|PR20-11 | 24.00 |32.00 | 8.00 | 0.32 | 105.9 |
|Including | 26.00 |29.00 | 3.00 | 0.36 | 214.3 |
|__________|________|______|________|___________|_______|
|PR21-11 | 118.00 |125.00| 7.00 | 0.28 | 51.0 |
|Including | 124.00 |125.00| 1.00 | 1.40 | 274.0 |
|__________|________|______|________|___________|_______|
|PR23-11 | 19.00 |28.00 | 9.00 | 1.97 | 473.0 |
|Including | 23.00 |27.00 | 4.00 | 3.23 | 965.0 |
|__________|________|______|________|___________|_______|
|PR28-11 | 18.00 |20.00 | 2.00 | 0.33 | 67.5 |
| | 41.00 |44.00 | 3.00 | 0.28 | 46.4 |
|__________|________|______|________|___________|_______|
*(1)True widths are estimated to be 85-90% of the stated core length
'These intersections on Marta Noroeste continue to highlight the
presence of a significant mineralized silver and gold system, and
represent another successful milestone in showcasing the potential of
the exploration camp. Our experienced technical team, led by technical
advisor Diego Guido, PhD, continues to identify a precious metals vein
swarm consisting of 51 veins over an approximate strike length of 75
line-kilometers to date, making this one of the largest discoveries to
date on the Tranquilo Trend, second only to the world-class Cerro
Vanguardia mine (Anglo Ashanti) located to the south east. With the
recent announcement of a positive Preliminary Economic Assessment
('PEA'), based on only a small portion of the Pinguino project, we
believe that we are making significant progress in advancing the
deposit to development stage,' commented Ken Hicks, President of Argentex. 'Marta Noroeste is the first of more than 13 separate structures
targeted in this program and we continue to be encouraged by these
results, and look forward to reviewing additional data over the ensuing
months from the 17,000-meter drill program'.
Initial drilling in 2011, together with a trenching survey, identified
three shoots developing along the Marta Noroeste vein. The Central
shoot, which was identified by previous drilling in 2010, has increased
in the 2011 drilling to date, and remains open in all directions. The
North shoot, discovered by the current 2011 drill program (hole PR14-11
that reports 1 m @ 1.02 g/t Au and 659 g/t Ag), remains open to the
north. The South shoot, discovered by trenches (MNW-08-10 that reports
13.6 m @ 0.53 g/t Au and 32 g/t Ag), remains open in all directions and
will be drill tested in the 2011 program. Of interest, the Marta
Noroeste shoot develops down to 80 meters below surface, which is
deeper than the average 50 meters deep oxidation limit on other shoots
on the property.
Of the 17,000 meters planned for the first half of 2011, a total of 106
reverse circulation ('RC') drill holes, covering 7,300 meters, have
been completed with the first drill rig at the Pinguino property. The
second rig recently added at Pinguino has completed 12 diamond drill
holes for a total of 1,720 meters to date.
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
currently advancing its highly prospective projects, focusing primarily
on 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 previously identified high-grade silver targets discovered in 2010.
More than 9,000 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. Only a small percentage of veins and potential
targets have been drill tested in the 42,300 meters of drilling
completed at Pinguino to date.
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.
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 anticipation that the proposed program
test known existing structures at a shallow depth to expand the current
silver and gold resource at Pinguino and test the limits of recent
high-grade silver targets discovered in 2010, its belief that it is
making significant progress in advancing the deposit to development
stage and its 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.
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/March2011/28/c6958.html
For further investor information, please contact the company at:
E-mail: info@argentexmining.com
Phone: 604-568-2496 or 1-866-594-7687
Website: www.argentexmining.com